European

If at first you don’t succeed, try, try again. After being rebuffed in its first bid for Baltimore-based Constellation Energy in mid-October, European electricity giant Electricité de France S.A. (EDF) is attempting an end-around as subsidiary EDF International proposes to acquire through a joint venture a 50% ownership interest in Constellation’s nuclear generation and operation business for $4.5 billion.

If at first you don’t succeed, try, try again. After being rebuffed in its first bid for Baltimore-based Constellation Energy in mid-October, European electricity giant Electricité de France S.A. (EDF) is attempting an end-around as subsidiary EDF International proposes to acquire through a joint venture a 50% ownership interest in Constellation’s nuclear generation and operation business for $4.5 billion.

Natural gas supply imports to the United States fell in 2006 as European and Asian markets offered higher prices for liquefied natural gas (LNG) and volumes available from Canada fell, the Energy Information Administration (EIA) said. However, the government’s molecule counter enumerated global LNG liquefaction developments that will feed all markets, including the U.S.

Natural gas supply imports to the United States fell in 2006 as European and Asian markets offered higher prices for liquefied natural gas (LNG) and volumes available from Canada fell, the Energy Information Administration (EIA) said. However, the government’s molecule counter enumerated global LNG liquefaction developments that will feed all markets, including the U.S.

Fortis Energy Marketing and Trading (FEMT), a division of the European financial firm Fortis Merchant and Private Banking, said Jim Fallon, who had been head of Cinergy Marketing and Trading (CMT) when it was bought by Fortis a year ago, will step down at the end of this year from his leadership post at FEMT. The Fortis organization’s management structure is being changed, the company said, and a new position of U.S. head of energy and commodities is being created. Didier Giblet, current global head of energy and commodities at Fortis, will take over at FEMT in Houston until the new position is filled. Waldo Abbot, CEO of Fortis North America said, “Jim was instrumental to the integration of the Cinergy Marketing & Trading business over the past year, and we are all grateful to him for his vision and contributions.” Fortis bought the Cinergy marketing organization from Duke Energy, which had purchased Cinergy and kept the utilities, with a plan to marry its financial trading operations and credit with CMT’s physical trading.

Ben Hollins, head of European gas and power consulting for Wood Mackenzie, said it is not unusual for the Gas Exporting Countries Forum (GECF) to form a committee to look at pricing. “As such, a study of pricing is not in itself inconsistent with the stated remit of the GECF. Nonetheless it begs the question to what extent a gas OPEC (Organization of the Petroleum Exporting Countries) might be able to influence the future global gas market and its prices — a question which is addressed in our report.”

Ben Hollins, head of European gas and power consulting for Wood Mackenzie, said it is not unusual for the Gas Exporting Countries Forum (GECF) to form a committee to look at pricing. “As such, a study of pricing is not in itself inconsistent with the stated remit of the GECF. Nonetheless it begs the question to what extent a gas OPEC might be able to influence the future global gas market and its prices — a question which is addressed in our report.”

With its acquisition of Duke Energy’s commercial marketing and trading business now closed, European merchant bank Fortis says it has a full slate of energy capabilities and is poised to climb to the upper ranks of natural gas and power marketers.

With its acquisition of Duke Energy’s commercial marketing and trading business now closed, European merchant bank Fortis says it has a full slate of energy capabilities and is poised to climb to the upper ranks of natural gas and power marketers.