Aquila to Exit Trading Business, Cut Jobs

Aquila Inc., the utility owner that had been the country’s fourth-largest power trader, said it would quit wholesale trading and cut nearly 500 jobs to ease a cash crunch and reduce risk.

The Kansas City-based company, which owns utilities in Missouri and Kansas, said it would exit the energy-trading business by the end of next month.

Shares of Aquila were unchanged at $5.74 on the NYSE.

Separately, Williams Cos., a U.S. power and natural gas trader, said it would cut at least 33% of the 330 jobs at its Williams Energy Marketing & Trading unit.

Bloomberg News