Exclusive Trading

Financial In Market Not so long ago, trading was touted as the next great thing for the nation's energy conglomerates. Then came the Enron scandal, and the steam went out of the engine.

The false trades were discovered in a review of El Paso's natural gas trades by the U.S. Federal Energy Regulatory Commission earlier this year, Shelby said.

Oriental Trading Today, Enron is bankrupt and many other traders are leaving the business, including Houston-based Dynegy, which said last week it was shuttering its trading operations.

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Financial Forex Forex Software NUI Corp. CEO John Kean Jr. yesterday became the latest energy-company executive to take questions about his company's business -- this time from employees.

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Trading NUI, which owns six natural gas utilities, including Elizabethtown Gas Co., which serves 250,000 New Jersey customers, also has come under scrutiny, particularly after its performance helped trigger NUI's second profit warning in just three months. After the announcement Friday, shares fell by more than half, closing at $10.17, its lowest level in two decades. The stock rose 6 percent yesterday, closing up 64 cents, at $10.64.

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Trading Financial System NUI's problems stem from the difficulties engulfing the energy sector as companies struggle with high debt, increased skepticism from investors and questions about efforts to embark on new businesses like energy trading.

Alistair Darling, the trade and industry secretary, has highlighted the need for the government to pursue cleaner and greener sources of energy.

Day Trading "You see very few instances where traditional utility companies have been successful in branching out into non-regulated businesses," said Rebecca Followill, an analyst with Howard Weil Labouisse.

Forex Financial Trading The At this point, NUI has no plans to follow the steps of Dynegy, according to George Koodray, a spokesman.

Fortune Make Option Trading Kean spent yesterday afternoon trying to soothe investors in New York and was unavailable for comment.

Science Of Financial Market "Trading is one of the things we've done well with before, and it's an important part of our business," Koodray said. "We've had a great deal of success with it."

Future Trading In a conference call with investors last week, Kean noted trading operations contributed 20 percent of the factors which led NUI to revise its earning guidance. Most of that was because of a write-off of joint ventures with other companies in new business initiatives in its trading operations.

Financial Sales Services As energy markets were deregulated, many utilities turned to unregulated businesses such as energy trading to boost profits. With the sector in upheaval because of regulatory investigations into questionable trading practices, companies are finding it harder to make it a profit -- especially in a business that requires a lot of money and has low margins.

Commodity Trading "The golden era of energy trading is over," said William Potter, a Princeton lawyer who specializes in energy issues. "As the markets shake out, the role of the energy trader diminishes because others have figured out how to buy and sell electrons."

Financial Services Trading Potter does not think utilities should enter arenas like energy trading. "When you mix a highly competitive, low-margin business like energy trading with an old-fashioned utility company, you just don't have a good business fit," he said.

Online Forex Trading In the future, NUI will see a smaller top line in its reported revenues from its energy trading business as a result of a change in accounting practices.

Financial Portfolio Trade In the past, energy companies reported the gross value -- or entire dollar amount -- of energy trading contracts as revenue. Because of the change in rules, they now can only report the net -- the profit from those contracts -- as revenue. The change will not affect NUI's bottom line, Kean told investors.

Sierra Trading Post By Tom Johnson
Star-Ledger - 10/22/2002

Topic: Energy

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