EPSA launches power trading ethics initiative, announces top-level steering committee

WASHINGTON, June 10, 2002 — The Electric Power Supply Association (EPSA) on Monday launched an initiative to affirm the highest ethical standards for the power trading industry.

“The goal of this blue-ribbon effort will be to move very quickly to achieve the broadest possible consensus with regard to a guiding code of conduct for this segment of the industry,” said EPSA President Lynne H. Church. “Recent disclosures and allegations about our business have created an understandable crisis of confidence that we will address head on and forthrightly, re-emphasizing along the way our commitment to providing customer value.”

The steering committee volunteers include Alan Noia, chairman, president & CEO, Allegheny Energy; Edward Mills, president & COO, Aquilla Merchant Services; Michael Cyrus, president & CEO, Cinergy Energy Merchant Services; J. Michael Stice, president, Conoco Gas & Power Marketing; Mayo Shattuck III, president & CEO, Constellation Energy Group; Jim Donnell, president & CEO, Duke Energy North America; Stephen Bergstrom, president & COO, Dynegy; Ian McLean, president, Exelon Power Team; and former Federal Energy Regulatory Commission ( news – web sites) Chair Elizabeth Moler, senior vice president, Exelon Corp.

Also on the steering committee are Marce Fuller, CEO, Mirant Corp.; Craig Mataczynski, president & CEO, NRG North America; Graham Brown, COO, Ontario Power Generation; Thomas Boren, president & CEO, and Lyn Maddox, president & COO, trading, PG&E National Energy Group; Frank Cassidy, president & COO, PSEG Power; Steve Letbetter, chairman, president & CEO, Reliant Energy; Deborah Wernet, president, Shell Trading Gas & Power; Robert Fagan, chairman, president & CEO, TECO Energy; and William Hobbs, president & CEO, Williams Energy Marketing & Trading.

“This effort is intended to complement, and not be a substitute for, other industry or regulatory initiatives that may ultimately result in more detailed best practices,” Allegheny Energy’s Alan Noia said. “The resulting set of guiding principles will feed into other ongoing discussions.”

“Indeed, this is a process that will also seek valuable input from our customers and other groups,” PG&E’s Tom Boren said. “It will serve no one if this code does not meet the expectations of our stakeholders.”

“This is a vital initiative,” said Exelon’s Elizabeth Moler. “Energy trading is an important industry. Unfortunately, it has gotten a bad name because of recent events. Exelon and many other market participants have always maintained the highest standards of operation, and it is critical that we now build a broader consensus and communicate those values to all of our audiences. We welcome the opportunity to play a leadership role in developing the highest ethical standards for the industry to assure consumer value.”

Church said the steering committee hopes to complete its initial work on the project before the end of the summer.

“As we go forward, we hope to demonstrate to regulators, other policy-makers and certainly our customers, the industry’s commitment to the highest ethical standards of operation,” Church said.

EPSA is the national trade association representing competitive power suppliers, including independent power producers, merchant generators and power marketers.

These suppliers, who account for more than a third of the nation’s installed generating capacity, provide reliable and competitively priced electricity from environmentally responsible facilities serving global power markets. EPSA seeks to bring the benefits of competition to all power customers. Web site: http://www.epsa.org.

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