Aquila Says New York Times Article Inaccurate.Business Editors KANSAS CITY, Mo.--(BUSINESS WIRE)--May 17, 2002 Aquila, Inc. (NYSE NYSE See: New York Stock Exchange : ILA ILA abbr. insulinlike activity ) today rebutted misstatements contained in an article and related information chart in today's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times on broadband trading, which incorrectly stated that Aquila engaged in round-trip trades while it operated its broadband trading desk Trading Desk A desk where transactions for buying and selling securities occur. Trading desks can be found in most organizations (banks, finance companies, etc.) involved in trading investment instruments such as equities, fixed-income securities, futures, commodities and foreign from August 2000 to fourth quarter 2001. "We stated at the time of the interview and confirm now that we did not engage in broadband round-trip trades, yet the article and related chart indicate otherwise," said Ed Mills, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Aquila Merchant Services subsidiary. "Round-trip trades are simultaneous buy-sell transactions with another party at the same price. Despite our acknowledgement that we did not engage in round-trip trades, the Times in their story characterized the situation differently. At a time when the energy merchant sector is under serious pressure because of actions committed by others, this type of reporting is not helpful and, in fact, is irresponsible," said Mills. The trades identified in the article were not done simultaneously and were done for proper business reasons, Mills added. Based in Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. , Aquila (formerly UtiliCorp United) is an international energy and risk management company. Aquila is one of the largest wholesalers of electricity and natural gas in North America, provides wholesale energy services in the United Kingdom and has a presence in Germany and Scandinavia. It also operates electricity and natural gas distribution networks serving more than 6 million customers in seven states and in Canada, the United Kingdom, New Zealand and Australia. At March 31, 2002, Aquila had total assets of $12.3 billion and 12-month sales of $37.3 billion. More information is available at www.aquila.com. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion