FOR IMMEDIATE RELEASE
Contact: Mark Stultz, 202-494-2662
Francine Greenberg, 202-628-8200
EPSA Launches Power Trading Ethics Initiative;
Announces Top-level Steering Committee
Washington, D.C., June 10, 2002 – The Electric Power Supply Association launched today an
initiative, which will be directed by a top-level steering committee, to affirm the highest ethical
standards for the power trading industry.
“The goal of this blue-ribbon effort will be to move very quickly to achieve the broadest possible
consensus with regard to a guiding code of conduct for this segment of the industry,” said EPSA
President Lynne H. Church. “Recent disclosures and allegations about our business have
created an understandable crisis of confidence that we will address head on and forthrightly, reemphasizing along the way our commitment to providing customer value.”
The steering committee volunteers include Alan Noia, chairman, president & CEO, Allegheny
Energy; Edward Mills, president & COO, Aquila Merchant Services; Michael Cyrus, president &
CEO, Cinergy Energy Merchant Services; J. Michael Stice, president, Conoco Gas & Power
Marketing; Mayo Shattuck III, president & CEO, Constellation Energy Group; Jim Donnell,
president & CEO, Duke Energy North America; Stephen Bergstrom, president & COO, Dynegy;
Ian McLean, president, Exelon Power Team; and former Federal Energy Regulatory
Commission Chair Elizabeth Moler, senior vice president, Exelon Corp..
Also on the steering committee are Marce Fuller, CEO, Mirant Corp.; Craig Mataczynski,
president & CEO, NRG North America; Graham Brown, COO, Ontario Power Generation;
Thomas Boren, president & CEO, and Lyn Maddox, president & COO, trading, PG&E National
Energy Group; Frank Cassidy, president & COO, PSEG Power; Steve Letbetter, chairman,
president & CEO, Reliant Energy; Deborah Wernet, president, Shell Trading Gas & Power;
Robert Fagan, chairman, president & CEO, TECO Energy; and William Hobbs, president &
CEO, Williams Energy Marketing & Trading.
“This effort is intended to complement, and not be a substitute for, other industry or regulatory
initiatives that may ultimately result in more detailed best practices,” Allegheny Energy’s Alan
Noia said. “The resulting set of guiding principles will feed into other ongoing discussions.”
“Indeed, this is a process that will also seek valuable input from our customers and other
groups,” PG&E’s Tom Boren said. “It will serve no one if this code does not meet the
expectations of our stakeholders.”
“This is a vital initiative,” said Exelon’s Elizabeth Moler. “Energy trading is an important industry.
Unfortunately, it has gotten a bad name because of recent events. Exelon and many other
market participants have always maintained the highest standards of operation, and it is critical
that we now build a broader consensus and communicate those values to all of our audiences.
more
We welcome the opportunity to play a leadership role in developing the highest ethical
standards for the industry to assure consumer value.”
Church said the steering committee hopes to complete its initial work on the project before the
end of the summer.
“As we go forward, we hope to demonstrate to regulators, other policy-makers and certainly our
customers, the industry’s commitment to the highest ethical standards of operation,” Church
said.
-EPSA-
EPSA is the national trade association representing competitive power suppliers, including independent
power producers, merchant generators and power marketers. These suppliers, who account for more
than a third of the nation’s installed generating capacity, provide reliable and competitively priced
electricity from environmentally responsible facilities serving global power markets. EPSA seeks to bring
the benefits of competition to all power customers.
1401 New York Avenue, N.W., 11th Floor, Washington, DC 20005
telephone: (202) 628-8200  facsimile: (202) 628-8260
www.epsa.org