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Derivatives

Enron Nordic Energy Up For Sale

Enron Nordic Energy is looking for buyers for its 60-member weather and power trading and sales operation. Thor Lien, managing director in Oslo, said it hopes to find a buyer in the coming days or weeks, adding, "the clock is ticking the wrong way." One head of weather derivatives in London said he would not buy the desk as it would be easier to poach the employees, adding that the desk would likely only be of value to a cash-rich player that did not have a weather or power operation and wanted Enron's well respected technology. European weather derivatives pros declined to put a dollar value on the desk.

The desk consists of six weather and 15 power derivatives traders and structurers as well as marketing and sales pros. Enron Europe was put into administration last week but Lien said the separate Nordic company is "still alive and kicking." Although no one will enter new contracts with the troubled energy company, it is still unwinding customer business where it is economically justifiable, according to Lien. Alex Parsons, a spokesman at Enron, did not return calls.

 

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