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Industry News

Entergy-Koch Ceases Reporting Trade Data

LCG, May 28, 2003--One of the earliest participants in the reporting of electricity and gas trade data to index publishers, Entergy-Koch Trading LP, has announced that regulatory pressures have led it to the decision not to report transaction data for the foreseeable future.

"Due to the high level of uncertainty around the standards to apply to price reporting, Entergy-Koch Trading has suspended all price reporting until there is further clairty and certainty around industry expectations and the government regulators' guidelines," Stephanie Goodman, a spokeswoman for the enterprise said yesterday.

Recently, the company shifted to a system of reporting transactions by means of spreadsheets provided to index publishers, rather than through informal conversations between traders and reporters.

Some companies, such as American Electric Power Co. (AEP), Dynegy, and CMS Energy, have disclosed that fabricated trade information had been reported to publishers by traders who worked for them. Entergy-Koch has not made such a disclosure, but was named in a report by Federal Energy Regulatory Commission staff in March as having reporting wash trades, which have no net impact other than to boost the appearance of volume.

Entergy-Koch said it would resume reporting trade data after regulatory uncertainties have ended, and is in support of disclosing prices. The company is a joint venture between Entergy Corp., the New Orleans utility, and Koch Industries, a private company based in Wichita, Kansas. It had reported net income in the first quarter or $395 million, largely based on trading.
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