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Cinergy Fields a New Team of Trading Players

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 experienced players.

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 trading."

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 unit.

Rocco Canonica

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