14 October 2002 – US American Electric Power is pulling out of the German and Nordic power trading markets as part of a global cutback in energy trading, traders for other companies said on Friday.

German traders said the company had informed counterparties to say it was withdrawing from the German power market immediately.

AEP’s European headquarters in London declined to comment but last Thursday the US headquarters issued a statement saying it was cutting its exposure to speculative energy trading and would be downsizing its trading and wholesale marketing operation.

AEP said that its market activity would be focused around its assets and that it would remain in the power markets in the Midwest and Texas as well as in the power and coal markets in the UK.