RWE expands European trading and launches trading in Houston

Sep 14, 2001 02:00 AM

The energy trading arm of one of Europe's largest utility companies, RWE Group, has made a splash in the energy trading sector by creating a North American trading entity -- RWE Trading Americas -- to be located in Houston.
And the new shop has raided Houston-based Tractebel Energy Marketing for its top trading honchos. Heading RWE's new trading office is the former head of trading and risk management at Tractebel, Bill Coorsh, RWE has announced. Jumping ship along with Coorsh are former Tractebel traders Gerald Balboa, Kevin Masek, Wayne Herndon and Randy Aucoin.
RWE plans to launch its trading efforts in 2002, dealing in the physical commodities of electricity, gas, coal and oil, as well as financial derivatives. "With RWE Trading Americas we intend to exploit the extremely attractive earnings potential in the American energy trading market," says Hans-Dieter Erfkemper, CEO of RWE Trading.

RWE also is expanding its European trading operations, having launched over-the-counter trading of financial power contracts in the Nordic over-the-counter power market last month. RWE Trading is Europe's third-largest energy trader, dealing in power, natural gas, coal and petroleum. In its 2000-2001 fiscal year, the company generated a trading sales volume of 1.6 bn euros.
RWE Trading's parent company, RWE Group, has said it is looking for potential acquisitions in the US. Meanwhile, Houston-based Enron and Dallas-based TXU are among a dozen companies that plan to trade on Powernext, a spot electricity market scheduled to start up in France in October.

Source: American City Business Journals Inc.
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