Feature
Risk manager of the year – retail
Winner: Reliant Energy Solutions
Risk manager of the year – consumer
Winner: Bayer
House of the year – oil products
Winner: Koch Supply & Trading
Software house of the year
Winner: KWI
House of the year – natural gas, US
Winner: Bank of America
Energy finance house of the year
Winner: ABN Amro
House of the year – crude oil
Winner: Société Générale
Storms ahead
Weather traders in Europe are celebrating the issuance of an innovative catastrophe bond by EDF. Meanwhile, US traders are concerned over attempts to regulate weather risk contracts as insurance, rather than derivatives. By Paul Lyon
Taking the slow road
Recent developments suggest that clearing is likely to gain widespread acceptance in the European energy market. Market participants feel it is a question of how and when – not if – robust, liquid solutions will emerge. By Joe Marsh
Nybot in Nymex sights
Nymex aims to buy Nybot as part of its expansion and acquisition drive, according to Nymex president Robert Collins.
Flying high
The US airline industry is struggling due to high jet fuel prices. Accordingly, one trade association is urging the Bush administration to change its oil purchasing strategy. By Paul Lyon
The deal deluge
Last year was certainly an interesting time for energy company financing, and some of the most important deals were completed just before year-end. Paul Lyon looks back at some of the major trends and asks what 2004 will hold
LNG drive gears up
The global push for LNG has reached a new level – particularly in the US. Big players had projects rubber-stamped or proposed further terminals, and the inaugural LNG summit took place. Joe Marsh reports
Risk at the margin
Competition and deregulation has led to new ways of running utilities, and the commodity-trading model has emerged as the leading approach. But the challenge lies in how it is applied, argues Lawrence Haar
Nuclear stockpile
The US Nuclear Regulatory Commission has come under fire for not adequately monitoring the decommissioning funds of nuclear power plants. But the NRC says the criticism is unwarranted. By Paul Lyon
Banks grab distressed UK assets
Six European banks intend to buy around 10GW of distressed UK power assets usingfinancial instruments. But their main rival, MMC, says hard cash is needed towin the UK market. By James Ockenden
The future of freight
The Baltic Exchange has recently shelved plans to offer freight derivatives,yet rising freight rates should aid the development of the embryonic forwardfreight agreement market. By Paul Lyon
Brokers look toshow their worth
Brokers are increasingly looking to provide energy price data. The choice may be wider, but are energy firms getting the credible data and analysis they need for intelligent price forecasts? Joe Marsh reports
Modernisingprice reporting
Recent investigations have seriously affected the voluntary reporting of energy price data. Now, the market is ready to move on. Edison Electric Institute’s Richard McMahon gives his organisation’s views on the future operation of indexes
Protection treaty
Matthew Saunders , of law firm DLA, introduces the bilateral investment treaty which, though often overlooked, can be an effective method of affording legal protection for energy investments and minimising energy project risk
Capital calculations
The latest Committee of Chief Risk Officers white paper offers capital adequacy guidelines for energy merchants. But why should energy firms perform these calculations? Glyn Holton asks whether the CCRO has missed the point
In pursuit of the eurobarrel
The markets say they do not want oil prices in euros. But denominating internationalcrude prices in euros is a political ambition the European Union seems determinedto pursue – starting with Russia. MariaKielmas reports
Cash upfront
Memphis Light, Gas & Water is readying a landmark bond sale to fund a prepay electricity contract with the Tennessee Valley Authority. But some fear the deal could set a dangerous precedent. By Paul Lyon
Flexible bonds
A depressed power market means major firms face an uphill struggle to refinancetheir debt. But a commodity hedge has given US energy giant Calpine Corp considerableflexibility in its $800 million bond issue. By James Ockenden