Cinergy Corp. has moved to integrate its purchase of ProducersEnergy Marketing, LLC (ProEnergy) with its own commodity marketingoperation, cutting some ProEnergy executives and planning theintegration of its smaller Houston office into the larger ProEnergyfacilities in Houston.
A Cinergy spokesman confirmed the company had cut five “uppermanagement” positions. NGI has learned from sources the personnelcut included ProEnergy’s president and two marketing vicepresidents, the supply vice president and the chief financialofficer. The spokesman would not confirm the titles nor supplynames. Questioned as to whether there would be other cuts, he saidonly that the company was continuing an evaluation of the entireorganization. Another company spokesman said he knew of no specificplans at this point.
Changes have been expected since Cinergy, based in Ohio and theparent of Cincinnati Gas & Electric, purchased the ProEnergywholesale gas marketing firm last June, saying it would make a goodfit with Cinergy’s wholesale electric marketing business. Cinergybought the firm from owners Oryx Energy and Apache Corp. for $42million. It also signed a 10-year alliance with the producers tomarket their entire gas supply of about 1.1 Bcf/d. The new tradingunit, Cinergy Capital and Trading, is headed by Madeleine W.Ludlow, president, and Michael J. Cyrus, executive vice president.
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