The president of the Italian association of energy suppliers and traders (Aiget)has long encouraged the use of derivatives contracts by energy market participants.Yet Fabio Leoncini now acknowledges that only energy traders, suppliers, producersand the bigger, more energy-intensive industrials are likely to be able to usesuch products.

“Small and medium-sized energy users will want to avoid the nasty surprises encounteredby many Italian industrial companies that have in recent years been mis