Credit markets
King coal still fired up
Despite the soaring cost of emissions reduction credits, the EU emissions trading scheme has yet to dampen utilities’ demand for coal. But, finds Oliver Holtaway, it may affect their long-term investment decisions
BarCap launches commodity-linked credit product
Fixed-income investors can now make use of a credit instrument that provides access to commodities as an asset class, says Barclays Capital. The investment bank has launched Apollo, a collateralised commodity obligation (CCO), which uses derivatives…
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…
EEX to launch spot carbon contract
German-based electronic exchange European Energy Exchange (EEX) is to launch a spot contract to trade EU carbon emissions allowances in January 2005.
Buyouts are back
Private equity funds have been making bold inroads into energy markets in the past year – the number of deals has doubled since 2003, and the acquisitions are getting bigger. CatherineLacoursiere 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
Pemex gains $1.25bn credit facility
Mexican oil company Pemex yesterday set up a credit facility of $1.25 billion, arranged by four firms, including French bank BNP Paribas.
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
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
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
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…
New Energy Associates, a Siemens Company, presents 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…