Marketers

Massachusetts Attorney General Tom Reilly said that some energy suppliers and wholesale power marketers are manipulating the energy markets in Massachusetts, resulting in higher electricity prices for customers across the state. Reilly, who singled out Sempra Energy, called on the state Department of Telecommunications and Energy (DTE) and ISO New England to take immediate actions to stop the alleged practices.

While BP and ConocoPhillips, the continent’s top two natural gas marketers, lumbered along complacently with 8% increases in physical gas sales in the second quarter of 2005 compared to 2Q2004, some of the runners-up were putting on the speed, with 15-31% increases in sales volumes.

One of the nation’s largest merchant energy marketers, recently renamed and publicly held Commerce Energy Group, Inc., Monday named a new CEO with an extensive energy background, Steven S. Boss. He will bring along a new chief financial officer following last week’s removal of the president/CEO and CFO at the Southern California-based firm.

Energy marketers involved in “wash” transactions were almost drowned last week with bad news, as investors bailed on their stocks and regulators called for a good soaping of the industry. It was a dreary week overall, but those taking the worst baths included Dynegy Inc., CMS Energy Corp. and Reliant Energy Inc. By the end of the week, at least three top trading executives at two companies had resigned and the weather showed no sign of clearing anytime soon.

Over three years after the company discovered that some of its marketers had engaged in round-trip or “wash” energy trades (see Daily GPI, May 13, 2002), CMS Energy on Friday said it has reached an agreement to settle a related shareholder derivative lawsuit.

Two to three years after the crash of the wholesale energy marketers the results of a new Standard & Poor’s survey of today’s market participants are “troubling,” to the ratings agency, which found that not all had learned the lesson of sound risk management practices regarding liquidity. Some also harbor the mistaken belief that it can’t happen again.

Two to three years after the crash of the wholesale energy marketers the results of a new Standard & Poor’s survey of today’s market participants are “troubling,” to the ratings agency, which found that not all had learned the lesson of sound risk management practices regarding liquidity. Some also harbor the mistaken belief that it can’t happen again.

Major gas producers and liquefied natural gas (LNG) importers/marketers have assailed Southern Natural Gas Co.’s bid for a rate increase of approximately $35 million.

Major gas producers and liquefied natural gas (LNG) importers/marketers have assailed Southern Natural Gas Co.’s bid for a rate increase of approximately $35 million.