Energy Risk at 30: Learning from the past
Energy Risk looks back at the seminal events and developments that have shaped today’s energy markets
For the past three decades, Energy Risk has followed closely the energy sector’s many triumphs and disasters, charting its course through the early 1990s’ challenges of applying quantitative models to power markets, to the monumental effort required today to achieve the energy transition.
There is much to be learnt from the past – and not just to avoid repeating mistakes – but because peeling back the layers is a good way to better understand the mind-boggling complexity of some of today’s markets.
Here we present a selection of articles that cover some of the major developments in energy trading and risk management of the past 30 years.
Analysing the biggest failures and losses at energy firms can build a case for the value of consistent, high-quality risk management. This article looks at the biggest energy risk managment disasters to occur between 1993 and 2010.
Past disasters can prove the value of energy risk management
This article tells the sometimes-painful story of how quantitative analysis of power markets began and evolved.
In this article, first published 10 years after the dramatic 2001 collapse of Enron, Energy Risk talks to ex-employees about how the company achieved what it did and what lessons it can still teach us today. It also gives clear accounts, with a timeline, of what went wrong.
More on Risk management
Energy supply chain challenges prompt risk management rethink
As supply chain challenges grow, energy risk managers are taking a more dynamic and holistic approach to managing and anticipating supply chain risk, say Sapna Amlani and Stephen Golliker at Moody’s
Energy Risk Europe Leaders’ Network: the challenge of unpredictability
The European Leaders’ Network, sponsored by Engie, convened in London on June 29, 2026, and focused on the impact of geopolitical tension, price volatility and policy uncertainty on European energy markets.
Break down silos to manage geopolitics – risk managers
Risk Live: Experts says scenario planning helps identify who has information needed in a crisis
Treat AI models as would-be hackers, says quant
Risk Live: Models capable of “strategic deception” require different risk management, says former Risk.net quant of the year
AI autonomy may redefine risk management roles
Risk Live: Machine validation of autonomous processes may emerge “relatively soon”, EIF risk chief says
Managing extreme volatility in commodities
Persistent volatility requires a rethink of technology architecture, says Murex head of market risk practice
Commodity volatility prompts a rethink of risk frameworks
Commodity market volatility is exposing the cracks in firms’ risk management frameworks and policies
Asian banks close out energy clients as Iran war bites
Firms with short jet fuel positions faced losses up to $100 million as initial margin soared 566%
