Natural Gas

Sluggish Energy Pricing Forces Some Exits?

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SocGen exits N. American physical gas, power; BNPP closing Houston office
Houston (Platts)–16Dec2011/519 pm EST/2219 GMT

French bank Societe Generale is exiting its North American physical gas and power trading business, a bank spokesman said Friday. Sources noted it had stopped all new business and began unwinding positions this week.

A source close to the matter said the physical gas and power desks employs about 150 people with the bulk located in Stamford, Connecticut.

The trading unit’s assets aside from its original book of business, was bought about 11 months ago by SocGen from RBS Sempra for an undisclosed amount. Separately, in October 2010 JP Morgan had

Generation

Quebec steps closer to forming cap-and-trade pact with California

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Quebec steps closer to forming cap-and-trade pact with California
Washington (Platts)–16Dec2011/446 pm EST/2146 GMT

Quebec’s adoption of greenhouse gas cap-and-trade regulations on Thursday moved the Canadian province a step closer to forming a regional program linked to California, according to Jeff King, Toronto-based head of environmental markets at Scotia Bank.

“This move confirms that Quebec intends to trade with California when the program starts,” he said in an interview.

Quebec and California must next harmonize their cap-and-trade regulations, and then sign recognition agreements to essentially form a single market, beginning in 2013, said a statement issued by Quebec’…