Articles by Risk Staff
Energy clearing – solutions for a changing trading environment
E. Michael Jesch, head of business development at Clearing Bank Hannover, examines the effect of energy market liberalisation, globalisation and recent technological advancement on short- and long-term trading
Judicial stalemate
German natural gas market liberalisation is stalled between the courts and a corporatist business culture, finds Maria Kielmas
The bigger they come…
The German market is at the heart of the European power business, but it has stuttered since its early promise, and has yet to set the pace for the region as a whole. From a new entrant’s point of view, this is only to be welcomed, argues Ben Tait
Ahead of the green game
Given the efforts they have already made to reduce emissions, many German firms do not share their environment minister’s enthusiasm for the EU’s new, obligatory cross-border greenhouse gas emissions trading market. Jessica McCallin reports
Exchanges gradually gain pace
After much talk of new trading solutions for German power, only one platform – EEX – has made significant progress, although the new clearing solution from Clearing Bank Hannover seems to be picking up steam. James Ockenden reports
Exchanging blows
Conflict in the US and growth in Europe marked another turbulent year for energy exchanges. Kevin Foster casts an eye back over 2002
A clear market leader
How will SunGard’s acquisition of rival vendor Caminus change the market for energy risk management software? Kevin Foster reports
Structured finance caught off-balance
Efforts by energy and finance professionals to stress the difference between legitimate off-balance-sheet entities and Enron’s opaque devices have had little impact, as US regulators rush to clean up structured finance. Maria Kielmas reports
Coal on the rocks
Faced with liquidity problems, falling volumes and uncertainty over the accuracy of price data, coal trading has had many of the same difficulties as the natural gas and power sectors over the past year. How can it get back on its feet, asks Kevin Foster
US gas market challenges
A new report from the investigative office of the Federal Energy Regulatory Commission finds that competitive natural gas markets in the US are robust, but warns of challenges ahead. Kevin Foster reports
Crude oil takes a double hit
Mark Powell of GlobalView Software looks at how crude prices are being affected by the impending war with Iraq and the general strike in Venezuela
Enough’s enough
Brett Humphreys takes the guesswork out of determining how many simulations are needed to calculate value-at-risk
US pipelines follow the market
Todd Shipman of credit rating firm Standard & Poor’s finds that pipeline companies in the US will face more market risk than regulatory risk in the coming year
Making the grade
As credit risk is now a major concern in the energy industry, EPRM takes a look at CreditGrades, a risk measurement tool from risk analytics firm RiskMetrics