Cinergy Fields a New Team of Trading Players
After defaulting on multiple contracts last July during a period
of extreme power prices and taking huge losses to make up for the
problem, Cinergy considered getting out of trading entirely.
However, it ended up scaling back its national operations to a
regional focus and it brought in a large new team of more
The reorganization adds "new scope, scale and expertise," the
company said. "Over the past few months, we have recruited new
talent to all areas of the marketing and trading organization,
attracting what we believe are franchise players in the energy
business," said Michael J. Cyrus, president of the energy
commodities business unit. "The new personnel completes a
substantial phase of our reorganization started in the second half
of 1999, when we announced new top management for marketing and
The new personnel include Robert C. McCarthy, chief risk officer
who previously held a similar position with Tennessee Valley
Authority; Mike A. Abdalla, vice president of Midwest marketing who
previously was a vice president with Williams Energy Marketing and
Trading; Timothy B. Ferguson, managing director of power trading
and operations who was senior director of power trading at Dynegy;
Dennis Flaherty, managing director of commercial operations who
previously was senior director of transmission trading and
development at Dynegy; John S. Daly, managing director of financial
trading who was director of risk management for Valero Energy; and
Paul Drexelius, managing director of transportation and storage who
was manager of asset optimization for Columbia Energy Services.
Other additions to the Cinergy trading staff include: Brad E.
Banky, Michael Whalen, Kenneth J. King, Charles R. Whitlock, Renee
M. Marko, and Jeffery L. Robertson
Last year, several senior management changes were implemented.
Timothy J. McCabe joined the company as vice president trading and
operations, and Joseph W. Toussaint was hired as vice president,
marketing. Art Vivar was promoted to vice president, business
development, and Douglas F. Esamann was promoted to vice president
and chief financial officer of the energy commodities business
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