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.
Merchant
Articles from Merchant
California Steps Up Low-Carbon Fuel Standards
Clean fuel advocates in the utility and merchant energy sectors Tuesday lauded California Gov. Arnold Schwarzenegger for signing a new law to help implement the state’s low-carbon fuel standard (AB 118), authored by his political ally in the state legislature, Assembly Speaker Fabian Nunez.
Coral to Acquire Avista Merchant Energy Unit; $202M Book Value
Shell’s U.S. energy trading arm, Coral Energy Holding LP, has agreed to buy essentially all of Spokane, WA-based Avista Corp.’s merchant energy operations that comprise Avista Energy Inc., the companies said. The value and terms of the sale will not be fully worked out until the closing, which is expected in the late second quarter or early third quarter of this year.
NGI The Weekly Gas Market Report
Excelerate Developing Ship-to-Ship LNG Cargo Transfer
While the global liquefied natural gas (LNG) infrastructure is being built on the back of long-term contracts, Excelerate Energy LP has begun to see its merchant model bear fruit as cargo fungibility and an LNG spot market continue to develop.
UBS Acquires El Paso Trading Positions for Undisclosed Amount
Investment giant UBS on Friday said it acquired about 200 physical and financial natural gas positions of El Paso Corp.’s noncore merchant natural gas portfolio in late September. Terms of the transaction were not disclosed.
UBS Acquires El Paso Trading Positions for Undisclosed Amount
Investment giant UBS on Friday said it acquired about 200 physical and financial natural gas positions of El Paso Corp.’s noncore merchant natural gas portfolio in late September. Terms of the transaction were not disclosed.
Fortis Focused on Building Recently Acquired Trading Asset
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.
Entrance into Physical Market Bolsters Fortis Trading, Product Offering
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.
Fastow’s Guilty Plea Expected to Expand Investigation
Andrew Fastow, the 42-year-old financial whiz kid who helped propel Enron Corp. to the top of the energy merchant industry only to see all of his intricate financial schemes sink the company into bankruptcy, worked out one of the most intricate deals of his career last week, after pleading guilty Wednesday to conspiracy to commit wire fraud and conspiracy to commit securities fraud. He faces a 10-year prison sentence, forfeiture of $23.8 million in cash and assets, and he is permanently barred from serving as an officer or director of a public company.
Fastow Pleads Guilty; Probable 10-Year Sentence, $23.8M Fine
Andrew Fastow, the 42-year-old financial whiz kid who helped propel Enron Corp. to the top of the energy merchant industry only to see all of his intricate financial schemes sink the company into bankruptcy, pleaded guilty Wednesday to conspiracy to commit wire fraud and conspiracy to commit securities fraud. He faces a 10-year prison sentence, forfeiture of $23.8 million in cash and assets, and he is permanently barred from serving as an officer or director of a public company.
