Central banks
SGX and CBOT to partner on commodities
The Singapore Exchange (SGX) and Chicago Board of Trade (CBOT) will launch a joint commodities derivative exchange early this year, marking a step towards fulfilling SGX's strategy to be an Asian gateway. Joe Marsh reports
Counting on coal
NRG Energy's move to buy Texas Genco seems a wise one for a company with strong dark-spread exposure, but it has its risks, despite the target company being backed by an active hedging programme. Joe Marsh reports
A good bet for 2005
2005 is forecast to be a tough year for many hedge funds, but the saturation of some of their traditional markets could prove a boon to the energy sector, finds Stella Farrington
Sovereign solutions
As we saw last month, most governments prefer stabilisation funds over hedging to protect against oil price risks. But multilateral institutions such as the World Bank advise otherwise. By Maria Kielmas
AsiaRisk Awards
Here we feature two outstanding winners from our sister publication AsiaRisk’s Annual Awards, published in October. Thanks largely to Macquarie Bank, alternative investments are gaining a real foothold in Australia, while Westpac has been instumental in…
Good neighbours
Spanish and Portuguese energy market participants are hopeful that a joint Spanish-Portuguesepower market is imminent. But how competitive will the Portuguese side of themarket be? Joe Marsh reports
Looking to the east
Can power market operators in the new EU member states in eastern Europe gainthe liquidity they need to challenge either bilateral electricity contracts orthe established exchanges? Joe Marsh reports
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
Ahead of the green game
Given the efforts they have already made to reduce emissions, many German firms do not share their environment minister’s enthusiasm for the EU’s new, obligatory cross-border greenhouse gas emissions trading market. Jessica McCallin reports
Who is left to manage risk?
The exodus of energy trading companies from the market has created a gap in managing risk. David Johnson and Ross Warriner of Protiviti report
Tools for the trade
Ken Nichols examines the mechanisms available for incorporating credit risk management into an energy company’s portfolio
Higher or lower?
Kevin Foster looks at how credit rating agencies assign a rating to companies in the energy sector and what kind of factors are taken into account
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 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