8 July 2003 – Utilyx, the UK energy consultancy and procurement service provider, has appointed Gordon Parsons, ex TXU sales director, to spearhead a push into energy risk management. Along with a further 4 new hires, Gordon Parsons will help Utilyx meet the increasing demand from large energy consumers for energy risk management services.
In a statement, Utilyx said, “The effect of NETA, the relationships between oil, gas and electricity and the shifts in energy prices brought about by new UK and European regulations have created an increasingly risky environment. Many companies simply don’t have the systems and in house skills to monitor markets on an hour to hour and day to day basis let alone structure and execute price hedging instruments.”
Gordon Parsons has extensive experience of energy trading and risk management and was responsible for developing the strategy and pricing for TXU’s Industrial and Commercial (I&C) business.
Commented Chris Bowden, CEO of Utilyx: “For many I&C buyers fixed price annual contracts don’t provide enough flexibility; indeed buyers have realised that the savings from actively managing their exposure to energy prices can be significant. In addition buyers can lock into longer term supply contracts without locking into a long-term price. Utilyx believes in providing the services buyers need and we intend to stay at the forefront of developments in energy risk management; with the addition of Gordon and the other new hires we can do that.”