Much-Maligned Energy Merchants Face the Music on Wall

Oil Daily, The, June, 2002

Much-Maligned Energy Merchants Face the Music on Wall Street

Energy merchants and independent power producers faced institutional investors head-on on in New York on Monday, defending their much-maligned trading operations while emphasizing new asset-based business strategies.

Hordes of fund managers packed presentations by Aquila, Calpine, Reliant Resources, Williams, Duke Energy, and Mirant at an investment conference sponsored by Banc of America Securities, hoping to gain some insight into a sector that has come under heavy criticism for its debt- laden balance sheets, poor financial disclosure, and shady trading practices.

"I think it's clear that we're suffering through some immature growing pains because of our limited track record. It seems...