Merchants' trading volumes and revenue are still too inflated.
Merchant energy trading and marketing certainly has represented a valuable earnings growth vehicle to many utilities. That much is certain. But in the post-Enron world, many continue to question the legitimacy of the practice of inflating revenues through the trading business to bolster the company's financial picture. At least that's the view of the Petroleum Finance Company (PFC), which recently conducted a study called "Distorting Reality? Inflated Sales of Energy Traders."
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