What were you doing 15 years ago?
In 1994 I was director of the capital markets division of brokerage Exco, executing interest rate swaps and forward rate agreements. In 1995, I was made redundant along with about 1,000 brokers in the run-up to European monetary union. I joined Eurobrokers in 1995 and in 1996 they asked me to run the new UK electricity desk.

What was the UK power market like in 1996?
There were only about 30 terawatt hours traded through the broker market per year – about 10% of