Feature
Clearing the way?
The German over-the-counter market has been growing quickly in recent years, but a series of shocks has sparked fears of credit risk exposure. Can trading regain recent highs and save the OTC market from credit-wary traders, asks Joel Hanley
At home and abroad
Given its location at the centre of Europe, Germany is the key to any future pan-European energy market. But some of its leading companies have their eyes on markets beyond continental Europe, reports Robin Lancaster
Out on its own
European countries tend to have an appointed power market regulator, but Germany has taken a self-regulatory approach. How does the electricity spot price behave as a result? Tobias Federico offers an econometric analysis
Controlling power
Maggi Shippy-Ksionsk and Stefan Ulreich explain how portfolio risk management gives a company control over its energy procurement
At the heart of Europe
As the rest of Europe has still to get fully to grips with cross-border energy trading in a liberalising environment, Germany, Austria and Switzerland are providing an example of a workable regional electricity market, says Eurof Thomas
Two hubs or one?
Independent traders are desperate for a hub that will provide real liquidity and help force the Ruhrgas-dominated German natural gas market to open to competition. Peter Joy reports
Opening up Germany’s gas market
The German government has yet to step forward and commit to the European objective of an internal market for natural gas. Dr Jörg Spicker of Aquila Energy GmbH says now is the time for action
Weather risk solutions
The weather risk management industry is showing encouraging development around the world. Element Re outlines its strategy for keeping up with the growing needs of the market-place
Knowing your limits
Value-at-risk limits are widely used risk management instruments. But issues over the allocation of Var limits remain, says Brett Humphreys
Not just a quick fix
Real options are an accepted risk management technique in the energy sector. Kevin Foster takes a look at how are they being used and what factors are affecting their development and implementation
When the wind doesn’t blow
In light of the increased interest in investing in renewable energy following the publication of the EU renewables directive in September, David Pethick, Rebecca Calder and Chris Clancy suggest a method of reducing wind risk
Airlines tackle price turbulence
Industry woes force airlines to get serious about improving efficiencies, including implementing new hedging and procurement tools, as Don Stowers discovers
A hedge by any other name
It is one of the most commonly used phrases in risk management parlance, but what exactly is meant by the term ‘hedge’? Here we propose a new definition. By Brett Humphreys
Trading software: tailored to maturity
It is critical that an energy company looking to acquire risk management and trading software be aware of its current as well as future needs. By Fred Cohen and Satyan Malhotra
Setting a new pace
‘Broken records and shattered dreams’ was the headline for last year’s exchange review – but it could easily have been appropriate for this year’s. Certain exchanges have reported stellar growth, while others are suffering, for various reasons. By Joel…
On a slow road
Many in the energy industry are touting Italy as the next country in Europe to fully open its energy market to competition. But on closer examination, the country has a long way to go if it is to emulate the UK, the Nordic region and Germany. By Robin…
LNG comes in from the cold
Will the current rise in activity in the liquefied natural gas industry result in the product being traded in the same way as other commodities? By Eurof Thomas
Oil giants look to gas and power trading
Despite the fall of energy trader Enron, Shell and BP are both seeking to develop their wholesale trading side, and have selected Tibco’s systems to help them do so. By Don Stowers
Where now for Nordic?
The Nordic electricity sector is usually held up as the best working market in the world. We investigate why it is so successful and what it plans to do now that other countries in Europe are opening up their power sectors. By Joel Hanley
Poor relations
Here EPRM outlines an approach for sorting out common problems relating to calculating correlation measures in value-at-risk. By Brett Humphreys
Deutsches data duel
Statistical analysis of competing meteorological data from two different sources in Germany might lead to disparate views of weather risk management. By Bob Dischel