National Energy Marketers Association applauds new energy market design and aggressive actions on corporate wrongdoing

WASHINGTON, Aug. 15, 2002 — The National Energy Marketers Association (NEM) on Thursday applauded the government for its prompt and aggressive actions to restore financial integrity in energy and other markets.

“There is no place in the energy industry or corporate America for fraud or deceit,” said Craig Goodman, President, National Energy Marketers Association.

“Leaders of the National Energy Marketers Association are pleased that this Administration has taken such prompt and aggressive actions to attempt to restore investor confidence and financial integrity in both energy markets and the overall equity markets as well,” said Goodman.

“If the capital or credit needed to expand energy supplies is unavailable or too expensive, the entire country and the economy will suffer,” said Goodman.

The association praised the Federal Energy Regulatory Commission (FERC) and the Securities Exchange Commission (SEC) for implementing a series of proposals intended to restore stability, credibility and financial integrity to the energy and financial markets.

NEM said FERC has proposed a “bold and visionary” initiative to bring liquidity and transparency into a competitively neutral energy marketplace of the future. NEM said it has several task forces analyzing the FERC Giga-NOPR as well as the Risk Valuation, Management and Financial Governance Issues that have fallen out of the Enron Collapse over the last year.

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 and Users 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.

Source: National Energy Marketers Association.


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