11 January 2010
Macquarie Group (“Macquarie”) (ASX: MQG; ADR: MQBKY) today announced the formation of Macquarie Energy LLC following the merger of its North American natural gas and electric marketing and trading businesses, Macquarie Cook Energy, LLC and Macquarie Cook Power Inc. The merger will be effective February 1, 2010.
As a result of the merger, Macquarie’s natural gas and electric power trading activities will have a single brand in the North American marketplace as “Macquarie Energy”. Macquarie Energy will offer clients and counterparties a wide spectrum of energy products and solutions including trading, hedging, transportation and physical supply across the natural gas and power sectors.
Nicholas O’Kane, Executive Director and Global Head of Macquarie Group’s Energy Markets Division, said: “Given the growth and evolution of our gas and power operations in North America, combining them to form Macquarie Energy was a logical step. This transaction is about being able to better serve our clients in a seamless manner under one platform.”
Nicholas O’Kane will be Head of Macquarie Energy. Ben Preston and Tim Bourn will continue in their current roles as Heads of Power Trading and Natural Gas Trading respectively.
A similar entity name change and common branding will be in effect for Macquarie Cook Energy Canada Ltd, the firm’s Canadian energy markets affiliate.
About Macquarie Energy
Macquarie Energy will be the North American energy marketing and trading arm of Macquarie Group, specializing in short- and long-term energy supply, asset optimization and management, hedging solutions, sophisticated risk management tools, and structured transactions for various natural gas and electricity producers, utilities, industrial users and other energy sector participants in North America.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Founded in 1969, Macquarie operates in more than 28 countries and employs over 12,700 people. Assets under management total approximately $US319 billion (as of November 30, 2009, including proforma AUM for Delaware Investments).
Through its Fixed Income, Currencies and Commodities (FICC) Group, Macquarie is active in a broad range of financial and physical commodities markets globally, with a worldwide team of professionals who have in-depth knowledge across a range of commodity sectors.
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