Editor's letter

Thanks very much to all of you who took the time to fill out our recent readership survey. All your comments were extremely valuable to us, and in the coming months you will see many of your ideas and suggestions appearing in the magazine.

In this issue, our two special reports both focus on new markets - the emissions market, and the emerging power markets of eastern Europe.

Whilst much has been written about the EU Emissions Trading Scheme, in our supplement we explore the less discussed issue of the potential for carbon trading in the US (page 12). We also look at the emergence of investment-driven carbon funds, and their impact on global carbon markets.

Our Eastern European power report takes an in-depth look at some of the exciting developments in these fledgling markets. It includes a fascinating interview with Alan Svoboda, executive director for sales and trading at CEZ.

Also in this report, Italian power major Enel provides a new entrant's view of the region, and aluminium giant RUSAL writes about its investment in hydro-power projects in the region, which extends as far as Tajikistan.

Meanwhile, don't miss Energy Risk's European conference, taking place this year in London on October 3 and 4.

And, for those of you interested in weather derivatives, Energy Risk is holding a free e-symposium on October 19, where you can put questions to expert speakers. For more information on both events, visit our website: www.energyrisk.com