Feature
Bouncing back
Business may be sluggish in the energy sector, but energy risk technology companiesare adapting to the tough market environment and proving their resilience, evenif that means partnering with rivals. By Paul Lyon
Open for business
The Russian government has taken the first steps toward the deregulation of its gas and power markets, and despite recent the high-profile Yukos scandal, investors are eyeing up some interesting opportunities. By Paul Lyon
Contract killing
The California Public Utilities Commission wants to renegotiate long-term contractsthe Department of Water Resources entered into during the state’s energycrisis. So far, Ferc has been less than receptive to the request. By Paul Lyon
Nuclear renaissance
Both Canadian and US governments want to bring more nuclear power capacity online, but will the private investors come? By Catherine Lacoursière
Degreasing palms
The United Nations is likely to ratify extensive anti-corruption legislation in December. But recent scandals at energy giants Elf and Statoil highlight the difficulties in stamping out bribery and corruption. By Joe Marsh
Back to basics
Correlation and volatility methods are accepted ways of measuring risk. But areview of the underlying assumptions underlying the statistics used for risk management can identify areas where errors can occur, says Brett Humphreys
Winter of content
Some forecasters are warning of a volatile winter in Europe and the US, whichmeans fluctuating demand for fuel over the coming months. Weather derivativestraders are hopeful of an upturn in business. By Paul Lyon
Bound by the rules
In his last day in office, Governor Gray Davis announced the Californian energy crisis was over. Revelations from indicted traders, and the punishments doled out to them, will have a profound effect on how the market moves forward. By Catherine…
Searching for sellers in 2003
High volatility and rising prices in 2003 clearly above fundamental levels signal the need for improved guidelines from legislative institutions andeasily accessible information
The future of ETRM
As generation, trading and retailing companies come out from under the dark cloud to prepare for what looks to be a brighter future, one issue has become critical – the need to upgrade outdated ETRM systems with 21st century architecture, portfolio…
Creative challenges in customer-driven risk management
Shell Trading’s Ken Gustafson and Jemmina Gualy shed light on the environment in North America for customers and dealers in risk management, and look at the opportunities ahead for the business
Weathering the problems
Weather derivatives can reduce or eliminate the potential economic disastersthat extreme weather can provoke. Ross McIntyre of Deutsche Bank examines thevarious ways in which weather can affect key industries and reviews the benefitsof weather derivatives
Koch smooths volatile waters
Koch has marketed the first energy volatility swap in a deal with hedge fund Centaurus, a move the oil trader hopes will increase its share in options marketsand attract more hedge funds to the energy business. JamesOckenden reports
A dark futurefor clearing
Clearing was the energy buzz word of early 2003. But as Clearing Bank Hannover goes into liquidation and the future of EnergyClear’s business remains uncertain, it seems energy clearing has lost its appeal. By Paul Lyon
Blackouts spark supply debate
The world’s energy regulators met in Rome last month, days after the Italian blackout on September 28. Perfect timing, it would seem – but what are the regulators going to do about Europe’s bottlenecked grid? Paul Lyon reports
Radioactiveliabilities
Creditors have agreed nuclear generator British Energy’s restructuring package. But without European Union agreement over the UK government’s £4 billion in subsidy, these creditor agreements could be meaningless. James Ockenden reports
The credit charge
Brett Humphreys describes a simple method for charging traders for the credit risk embedded in a contract, using an example based on an oil purchase agreement. Such a charge creates proper incentives for traders with regard to credit risk
A slow recovery
Recent research carried out by Fitch Ratings says the energy merchant sector has made great strides towards solving its near-term liquidity woes. But there is much work still to be done, finds Paul Lyon
Running late
Compliance with the new International Financial Reporting Standards is likely to have a big effect on the volatility of oil, natural gas and utility companies’ reported earnings. Yet the sector has been slow to implement the IASB standards, finds James…
Gas prices hit fertiliser industry
North American fertiliser producers are struggling for survival, thanks to the high cost of natural gas. Some have turned to hedging and pre-purchasing their gas, but such measures may not be sufficient. Paul Lyon reports
Russian roulette
European and US oil companies are tipped to be big investors in Russia’s oil market. But while rewards could be great, any decision to invest in thecountry will be fraught with difficulties. Paul Lyon reports
Competing at the highest level
BP is fast becoming as well known for its risk management services as it is as a global energy company.
Lands of confusion
Oil production uncertainties in Iraq and political doubts in Russia and Venezuelaare keeping crude prices well above historical averages. MariaKielmas reports
Opec keeps a tight grip
The latest production quota cut by the Organisation of Petroleum Exporting Countries has forced prices up, but will crude oil producers in Europe and elsewhere co-operate to help them stay up? EricFishhaut examines the situation