Enron
Trading with a small ‘t’
What made headlines before is now becoming everyday news: energy companies are scaling back or leaving energy trading. Some industry observers are emphasising the shift to ‘trading around assets’. Anne Ku investigates just what this means
SEC charges Merill Lynch in Enron case
The US Securities and Exchange Commission (SEC) yesterday charged Merrill Lynch and four of its former senior executives with aiding and abetting Enron’s alleged securities fraud – the first time a regulator has charged a bank with aiding the Houston…
Enron charged with gas and broadband manipulation
The US Commodity Futures Trading Commission (CFTC) yesterday finally charged bankrupt energy trader Enron and a former company vice-president with manipulating natural gas prices. Also yesterday, federal authorities arrested on fraud charges two Enron…
SPV Ruling: Counting the cost
The recent crop of high-profile accountancy scandals has forced the US accounting regulator to clamp down on the 'creative' use of special purpose vehicles to shift liabilities off balance sheet. Saskia Scholtes investigates the ramifications for firms…
Senators move to establish stronger federal oversight of energy markets
A group of US senators yesterday introduced legislation, called the Energy Market Oversight Act, that seeks to restore the Commodity Futures Trading Commission’s (CFTC) authority over online and bilateral energy trades and give the Federal Energy…
Feinstein asks CFTC to investigate gas pricing manipulation
Dianne Feinstein, the Democrat senator for California, yesterday urged the Commodity Futures Trading Commission (CFTC) to work with the Federal Energy Regulatory Commission (FERC) to investigate whether there has been manipulation of the US natural gas…
Derivatives are “time bombs”, warns Buffett
Derivatives are “time bombs” for the parties that deal in them and for the economic system as a whole, high-profile US investor Warren Buffett warned yesterday.
US retreat hits European trading
The retreat of US energy firms from energy trading has reportedly hit European volumes hard. But volumes aside, James Ockenden finds that the withdrawal may bring a fundamental change in the market. With additional reporting by Eurof Thomas
US energy prices: in line for a fall?
A combination of concerns in the second half of January 2003 has boosted US oil and natural gas prices to levels not seen since the winter of 2000/2001. Will the higher prices stick? Logical Information Machines examines cause and effect
Ex-Aquila weather traders find new jobs
Ravi Nathan, formerly head of weather trading at Missouri-based energy company Aquila, is to join insurance firm ACE, heading its weather risk management division out of its Philadelphia office. Meanwhile, six of his former Aquila colleagues are set to…
Merrill reaches agreement with SEC over Enron
Merrill Lynch has reached an agreement with the US Securities and Exchange Commission (SEC) to pay an $80 million fine as a result of its dealings with Enron.
No place for government in energy price reporting or clearing, says Ferc head
Pat Wood, chairman of the US Federal Energy Commission (Ferc), has said he does not believe regulatory agencies should be involved in compiling energy price reporting. He also said the government has no place in suggesting that energy merchants should…
The bigger they come…
Germany
Exchanging blows
Conflict in the US and growth in Europe marked another turbulent year for energy exchanges. Kevin Foster casts an eye back over 2002
A clear market leader
How will SunGard’s acquisition of rival vendor Caminus change the market for energy risk management software? Kevin Foster reports
Kiodex adds forex capability to energy trading platform
Kiodex, a New York-based energy risk management technology company, has released an updated version of its flagship web-based platform, the Kiodex Risk Workbench. Enhancements include a foreign exchange risk management module, new value-at-risk and…
Viability of UBS’ online energy trading in doubt
The future of UBS Warburg Energy’s online energy trading service UBSWenergy.com is in question, as the company took the trading website offline on December 10 and prepared to lay off 290 of the Swiss bank’s 380 Houston-based energy employees. Ninety…
Sempra buys CMS' gas trading business
Sempra Energy Trading, the Connecticut-based gas, power and petroleum dealer, has bought the gas trading book of Michigan-based CMS Energy for $17 million, a Sempra spokesman confirmed today.
Nymex sues Ice as battle for market supremacy mounts
The New York Mercantile Exchange (Nymex) is suing IntercontinentalExchange (Ice), the Atlanta-based online commodities trading platform, for alleged copyright infringement, a Nymex spokeswoman told RiskNews . Nymex and Ice have been fighting for…
UBS shuts Houston energy trading desk
UBS is to close its Houston-based energy trading desk, laying off an undetermined number of staff. But the Swiss bank also said it will move some of Houston’s 380 energy staff to its Stamford, Connecticut, office, where energy trading will continue.
Weather risk market remains buoyant, claims Clemmons
The global weather risk market is still healthy, despite high profile departures from the market, speakers told delegates at Risk 's WeatherRisk conference in London today.
Dynegy exits trading and cuts jobs
Dynegy became the latest big-name US energy company to confirm its withdrawal from the worldwide energy-trading arena in October, as attempts to find a partner for its trading business failed.