Feature
Trading places
Canada’s energy landscape is being reshaped. The NGX has changed handsand looks set to expand. Meanwhile, an Ontario government report warns more workneeds to be done to secure future power supplies. By Paul Lyon
Louise Kitchen
Growth potential is what makes Louise Kitchen tick, and she relishes the chanceto build up UBS’s energy trading team. By James Ockenden
Unlimited liability
Potential liabilities for European nuclear operators are set to rise sharply.Financial guarantees for nuclear operators will have to be restructured. Aregovernments and the insurance industry up to the task? MariaKielmas reports
Emission control
Bakony Power’s Hungarian Ajka plant needed a vital upgrade, but bank loansand bond issues were not forthcoming. Now forward sales of carbon credits havegiven the plant a death-row pardon. By James Ockenden
Welcome to the Energy Risk awards 2004
The fourth annual Energy Risk awards recognise excellence and innovation in the field of risk management. And to mark the ever-changing face of the industry, Energy Risk has added three new awards this year.
Erasing Enron
Enron’s story may finally be drawing to a close. Jeffrey Skilling has finally been indicted and the company’s creditors have begun receiving ballots to vote on a plan of reorganisation. By Paul Lyon
WRMA rebukes NAIC white paper
The Washington DC-based Weather Risk Management Association (WRMA), has issued a formal response to a draft white paper written by the US National Association of Insurance Commissioners (NAIC). In its report, the NAIC claimed that weather derivatives are…
Rethinking regulation
Market manipulation and inaccurate pricing led to the reregulation of Ontario’s electricity market. But at the right price, the Canadian province may see a revival of competition, reports CatherineLacoursière
Cautious comeback
Global consultancy PricewaterhouseCoopers says the slump in global merger andacquisition deal activity in the energy sector may have bottomed out and confidencecould be starting to return. By Joe Marsh
The big picture
Focusing only on measuring VAR and stress tests limits the role of the risk manager.And there are great benefits from a wider view of what risk management can achievefor a company. By Brett Humphreys
Old dog, new teeth?
If the North American Electric Reliability Council does not receive federal backing,as proposed in the present US energy bill, Ferc may set its own mandatory gridrules – an unpopular scenario, finds Joe Marsh
The cost of good data
The US-based Committee of Chief Risk Officers plans to propose voluntary standardsfor energy price reporting later this year, in the hope of ruling out any needfor mandatory standards. Joe Marsh reports
Golden procurement
The new energy procurement rules are designed to boost reliability and injectsome confidence back in to California’s ailing power market. But not allagree that they will keep California’s lights on. By CatherineLacoursière
Repeal repercussions
Opinions are divided over the possible repeal of the Public Utility Holding CompanyAct. All agree that the environment for investor-owned electric utilities woulddramatically change if the repeal were to go ahead. By Paul Lyon
Bob Anderson
Former chief risk officer with El Paso, Bob Anderson now heads the Committeeof Chief Risk Officers full time. By James Ockenden
Innovation of the year & Exchange of the year
Winner: Nymex
House of the year – natural gas, Europe
Winner: Barclays Capital
House of the year – weather & emissions
Winner: Evolution Markets
House of the year – electricity
Winner: EDF Trading
Energy risk manager of the year
Winner: BP
Broker of the year
Winner: Spectron