Energy Risk

Banks make first Isda emissions trade

Investment banks Dresdner Kleinwort Wasserstein and Fortis Bank have made the first ever trade of European Union emission allowances (EUAs) using an annex to the International Swaps and Derivatives Association (Isda) Master Agreement.

RWE signs up to Raft

RWE, the German utility company, has signed up to use Raft’s credit risk management technology, Raft Credit. Raft International, the London-based risk technology company, did not disclose the size of the contract.

GFI to go public

GFI Group has announced its intentions to become a public company, filing for an initial public offering (IPO) with the US Securities and Exchanges Commission (SEC).

Tepco hedges weather

The Tokyo Electric Power Company (Tepko) has entered into weather derivatives contracts with both Tokyo Gas Company and Osaka Gas Company. The deals have been finalised in a bid to limit the effect on Tepco’s earnings from summer temperature conditions,…

PSE&G closes $600 million credit facility

Public Service Electric and Gas Company (PSE&G) has closed on a new $600 million revolving credit facility. This transaction is one of the first five-year revolvers in the power sector in recent years.

Merrill Lynch tipped to bid for EKT

Rumours are circulating that Merrill Lynch may snap up Entergy-Koch Trading (EKT) following last week’s news that New Orleans-based Entergy Corporation and Wichita’s Koch Industries are considering selling their Houston-based energy trading business.

WRMA elects new president

The Weather Risk Management Association (WRMA) today said that its vice president, Brian O’Hearne, has stepped up to serve as the association’s president. O’Hearne is also president and chief executive of Kansas City-based GuaranteedWeather.

Senator releases Enron evidence

US Senator Maria Cantwell (Democrat, Washington) and Washington State’s Snohomish County Public Utility District (PUD) yesterday released financial documents and audiotapes that allegedly show how Enron illegally obtained at least $1.1 billion in profits…

Nord Pool entices Russian companies

A delegation of Russian companies yesterday met with Nord Pool to discuss the possibility of becoming members of the Oslo-based electricity exchange.

IPE hires Fredrik Voss

Fredrik Voss, one-time chief executive of the UK power Exchange, is to join the London-based International Petroleum Exchange (IPE), as director of market development.

Nymex chief quit over pay cut

Bo Collins' decision to resign as president of Nymex was triggered by the board cutting his compensation package, said a source at Nymex.

Nymex fires opening shots for ICE

Nymex has made a $150 million cash bid for the Atlanta based Intercontinental Exchange (ICE), and would also pay $67 million for shareholders of the International Petroleum Exchange (IPE), according to a senior Nymex official. The bid, which includes…

CFTC director resigns

Michael Gorham has resigned from his post at the US Commodity Futures Trading Commission (CFTC), effective June 30. Gorham was recruited by CFTC chairman James Newsome to become the first director of the Commission's Division of Market Oversight (DMO) in…

US puts trust in Canadian finance

Canadian income trusts have been trading at all-time highs. Now that the Canadiangovernment is allowing bigger players onto the market, interest from US energyfirms in such vehicles is growing. By Catherine Lacoursiere

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