National Energy Marketers Association
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National Energy Marketers Association
FOR IMMEDIATE RELEASE Contact: Craig Goodman June 4, 2002 Telephone: (202) 333-3288 Website: www.energymarketers.com. Facsimile: (202) 333-3266
Leaders of the National Energy Marketers Association Call for Presidential Commission to Address Credit, Risk and Financial Governance Issues National Restructuring Conference to Focus on Growing Crisis in Energy and Financial Markets Washington, DC –The Risk Valuation, Management and Financial Accountability Task Force of the National Energy Marketers Association (NEM) has initiated work to address the myriad of credit, risk and financial issues facing the industry in the wake of the Enron Collapse. “Once we started our work it was obvious that the standards and practices that need to be developed and implemented will affect a number of U.S. industries and could have a significant impact on the U.S. economy as well as broad-based investor confidence.” said Craig Goodman, President of NEM. “Task Force leaders will review their preliminary findings at our Annual Membership Meeting and National Restructuring Conference at the Marriot Metro Center in Washington, DC on June 20 and 21. We have refocused our Conference on the growing crisis in the energy and financial markets,” said Goodman.
NEM’s Risk Valuation, Management and Financial Accountability Task Force comprised of experts from the energy, financial services, accounting, telecom, technology and risk management industries met in Washington in April to develop a code of conduct in the wake of the latest round of Enron-related disclosures. “Given the eroding confidence in the credit and equity markets, swift and effective guidelines are needed,” said Lee Taylor Sr. VP of Prebon Energy and Co-Chair of the NEM Task Force
“ The energy industry is facing challenges similar to the over-the-counter derivatives controversy of the mid-nineties,” said Bob Young, Firm Director of Deloitte and Touche, an NEM task force leader. “An initiative known as the Derivatives Policy Group (DPG) brought together market participants, and regulators to ensure maximum credibility with investors, rating agencies, and regulators,” said Young. “However, any efforts must also address key management concerns and maintain market participant competitiveness,” said Task Force leader Harry Fry, Senior Managing Director of Cantor Fitzgerald and President of TradeSpark, a new industry trading platform. “In the same vein, NEM has sought widespread expertise and input on the issues and will coordinate its efforts with regulators and other industry groups,” said Young. “Once the right experts from both government and industry are involved in the policy development process, we are hopeful this will develop into the same bi-partisan Presidential-level Commission that addressed the derivative issues several years ago,” said NEM President Goodman. Keynote speakers at NEM’s Annual Membership Meeting and National Restructuring Conference will include U.S. Senator Wayne Allard, Congressman Joe Barton, FERC Chairman Pat Wood, FERC Commissioner Nora Brownell, FTC Commissioner Mozelle Thompson, NARUC President William Nugent, Chairman of the Pennsylvania PUC Glen Thomas, Chair of the Maryland PUC Catherine Riley, and Commissioners Stan Wise from Georgia, Connie O. Hughes from New Jersey, Brett Perlman from Texas and Robert Nelson from Michigan will be discussing current issues facing competition in the energy industry. FERC Chairman Pat Wood will conclude with the keynote address and stakeholder luncheon to examine, "What Will it Take to Make Markets Work?" Industry experts and CEOs of energy, telecom and financial service firms from the U.S., Canada and the U.K. will discuss the Growing Crises in the Energy, Credit and Financial Markets.
The National Energy Marketers Association (NEM) is a national, non-profit trade association representing wholesale and retail marketers of energy, telecom and financial- related products, services, information and related technologies throughout the United States, Canada and the U.K. NEM's Membership includes wholesale and retail suppliers of electricity and natural gas, independent power producers, suppliers of distributed generation, energy brokers, power traders, and electronic trading exchanges, advanced metering and load management firms, billing and information technology providers, credit, risk management and financial services firms, software developers, clean coal technology firms as well as energy-related telecom, broadband and internet companies.
For additional information on the Task Force or to sign up for NEM's National Restructuring Conference, please call (202) 333-3288 or visit www.energymarketers.com.