March 4, 2010 / 12:40 AM / 10 years ago

EcoSecurities closes U.S. office - source

WASHINGTON, March 3 (Reuters) - EcoSecurities, a clean energy project developer and carbon trader bought by JP Morgan Chase (JPM.N) late last year, has closed its U.S. office as the country’s climate bill stalls, a market source said on Wednesday.

An EcoSecurities source told Reuters earlier this week that the company would cut an unspecified number of staff in a strategic review process following its acquisition by the bank [ID:nN03108332]. That source said the company’s offices in Britain and Ireland would remain open.

EcoSecurities has about 20 carbon professionals in the United States, much more than any other carbon desk in the country, market sources said this week.

JP Morgan and EcoSecurities this week would not confirm how many people they have working on U.S. carbon products.

An economy-wide U.S. cap-and-trade bill that would limit greenhouse gas emissions faces stiff opposition in the Senate. One of three senators working on the compromise bill on Tuesday called such a program “dead”. [ID:nN02177727].

Futures in the Regional Greenhouse Gas Initiative, which trade over the Chicago Climate Exchange, have stalled at a year low around $2.10 a ton. In Europe, where governments limit greenhouse gas emissions, carbon prices have been nearly 10 times greater.

JP Morgan and EcoSecurities press offices could not be reached for comment on Wednesday.

Last week, JP Morgan said a head of origination of North American environmental markets at the bank would leave the company. The last day for the trader, Ben Feldman, will be later this month. (Reporting by Timothy Gardner)

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