SAN DIEGO, March 21, 2003 (PRIMEZONE) -- Sempra Energy Trading, the wholesale energy trading unit of Sempra Energy (NYSE:SRE), applauded today's announcement by the government of Ontario, Canada, to preserve the autonomy of its competitive wholesale electricity market.
"With its actions, the Ontario government has demonstrated its commitment to striking the right balance between consumer protection and promotion of a competitive energy market," said David Messer, president of Sempra Energy Trading. "This move will help ensure a stable supply of energy in the future for Ontario's residential and business customers, and spur economic growth."
According to Messer, large consumers of electricity already have price protection in place, in the form of the Market Power Mitigation Agreement, which mandates that they will receive a rebate of some of the generating profits above a fixed price. Messer said that the government's decision to keep the agreement intact recognizes large customers' concerns, while still allowing for the continued existence of a free wholesale market.
Based in Stamford, Conn., Sempra Energy Trading -- a subsidiary of Sempra Energy Global Enterprises, the umbrella for Sempra Energy's growth businesses -- is a leading participant in marketing and trading physical and financial commodity products, including natural gas, power, petroleum products and base metals. Sempra Energy Trading combines trading and risk-management experience with physical commodity expertise to provide innovative solutions for its customers worldwide.
Sempra Energy, based in San Diego, is a Fortune 500 energy services holding company with 2002 revenues of $6 billion. The Sempra Energy companies' 12,000 employees serve more than 9 million customers in the United States, Europe, Canada, Mexico, South America and Asia.
Sempra Energy Trading is not the same company as the utilities SDG&E/SoCalGas, and it is not regulated by the California Public Utilities Commission.