ArcLight Energy Marketing Acquires Progress Energy Ventures' Trading and Marketing Platform
Posted on: Wednesday, 10 October 2007, 09:00 CDT
RALEIGH, N.C., Oct. 10 /PRNewswire/ -- ArcLight Energy Marketing, LLC (AEM) today announced the completion of its acquisition of the commodity trading and marketing platform of Progress Ventures Incorporated (PVI). AEM is indirectly owned by ArcLight Liquid Energy Opportunities Fund, L.P., a specialized energy investment fund managed by ArcLight Capital Partners, LLC.
In addition to acquiring the trading and marketing platform, AEM hired several key managers from PVI and within the energy industry, including Robert E. Adrian, who joined AEM as its chief executive officer. Adrian most recently was head of commercial operations at Progress Energy Ventures. Prior to joining Progress Energy Ventures, Adrian held various senior management positions within the power and gas sector over his 25-year career, including leadership roles at TECO Power Services, Cinergy Corporation, and Occidental Petroleum's MidCon Corporation.
The AEM management team also includes Philip Chesson, who joined AEM as its chief financial officer. Chesson previously held positions as chief risk officer at NRG and Williams Corporation.
Steve Bergstrom, former COO of Dynegy Corporation, will serve as AEM's chairman.
AEM's business primarily will consist of the management of physical assets and financial risks across the wholesale energy complex. AEM's professionals have extensive experience moving physical gas and power, and AEM expects to provide producers and consumers with market reach and liquidity. Currently, AEM is involved in the management of power plants, gas storage facilities, gas transportation, and various other physical assets.
"We're excited to begin implementing ArcLight Energy Marketing's unique value proposition," Adrian said. "AEM combines experience and reputation in the physical and financial commodity markets, as well as the financial debt and investment markets."
AEM is headquartered in Raleigh, N.C., with offices in The Woodlands, TX.
ArcLight Energy Marketing, LLC
CONTACT: John Tisdale, General Counsel of ArcLight Capital Partners,LLC, +1-617-531-6316, jtisdale@arclightcapital.com
Source: PRNewswire
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