Eric van der Walde, who led the meteoric rise in energy marketing and trading at American Electric Power (AEP) only to see the entire sector collapse in less than a year, announced his resignation Thursday. AEP decided earlier this month to limit its energy trading activities, redirecting its business strategies toward its traditional generation assets (see Daily GPI, Oct. 11).
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Idacorp May Face Sanctions for Subsidiaries’ Power Deals
Idacorp’s efforts to unwind the power marketing operations may be hindered after the company acknowledged last week that FERC is considering regulatory action for some marketing transactions between subsidiaries Idacorp Energy and Idaho Power. Apparently, they did not have regulatory approval for some power trading transactions, and also had not gotten formal approval to transfer power contracts. Idacorp said it did not know what sanctions it might face, nor what effect the actions might have on earnings.
September 16, 2002
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