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Industry Briefs

February 23, 2007
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The New York Mercantile Exchange Inc. (Nymex) announced that beginning on Monday it will expand block trading and exchange of futures for swaps (EFS) to include its core energy futures contracts. Additionally, trading at settlement (TAS) will be expanded on the floor and electronically. Block trades will be available with a minimum quantity of 200 contracts for crude oil futures, and 100 contracts for natural gas, heating oil and gasoline futures. Block trades may be submitted on the trading floor or by fax to the Nymex facilitation desk, if registered for Nymex ClearPort. An additional fee of $1.50 per lot per side will apply. EFS will be available for crude oil and heating oil futures, as is currently available for natural gas and gasoline futures contracts. Nymex said submission will be expanded beyond the trading floor to include Nymex ClearPort. A fee of $2.50 per lot per side will apply. TAS will expand to include the third nearby trading month for all eligible energy contracts on the Nymex trading floor and on the CME Globex electronic trading platform.

PG&E Corp. announced late Wednesday it was elevating utility CEO Thomas King to the newly filled role of president at the holding company. He will report to PG&E CEO Peter Darbee, who previously also held the title of president. Darbee will remain chairman and CEO. The move is effective July 1, and was approved by the utility holding company's board. In his new role, King will be in charge of "strategic growth opportunities" in addition to continuing to oversee the overall utility operations in Pacific Gas and Electric Co. Replacing King as CEO of the utility will be William Morrow, the current COO at the utility. Morrow in his new role will be in charge of all utility operations, including the electric part of the utility, which King had headed up as utility CEO. Three years removed from its utility's emergence from Chapter 11 bankruptcy and the break up of its merchant energy businesses, PG&E is signaling that it is ready to look for more growth opportunities, and Darbee's prepared statement on the promotions undercores this: "These changes are designed to optimize our leadership structure as we prepare to take the company to the next level in pursuit of our vision to be the nation's leading utility," Darbee said. "It reflects PG&E's commitment to deploying our best talent where it can have the greatest impact for shareholders and customers."

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