Energy
Isda raises Basel-linked concerns
Bankers have been preparing for the implementation of the Basel II Capital Accordfor a number of years. But Isda says that it is still concerned about the effectthe Accord may have on the commodities markets. By Paul Lyon
EU adopts linking directive...
The European parliament has given the thumbs-up to the so-called linking directiveallowing companies within member states to benefit from emissions projects outsideof the EU. By James Ockenden and Paul Lyon
Governments face carbon allocation legal action
European governments face legal action from industry if they fail to provide carbon allocation plans by the end of the year, according to Peter Vis of the climate change unit of the European Commission.
EU adopts linking directive for emissions trading
The European parliament today voted to adopt the directive linking the European Union emissions trading scheme to other trading systems and CO2 reduction projects. The parliament agreed on a text for the linking directive earlier this month.
Crude protection
Oil producers are divided over the value of hedging oil prices. Are investorslooking for high returns and high risk, or more stable revenues? And how muchdoes hedging actually boost an oil producer’s value? By Joe Marsh
European companies outline concerns over emissions trading
Corporates are expressing concern at the ramifications of the European UnionEmissions Trading Scheme – just as EU member states finalise their nationalallocation plans. By Paul Lyon
Norway's Statoil sets up emissions trading unit
Norwegian energy company Statoil has formed a unit for trading carbon dioxide emissions. The Oslo-based firm said: “The Norwegian emissions trading regime will govern Statoil’s involvement in the purchase and sale of carbon quotas.”
Deutsche asks SEC to clarify guidelines
Deutsche Bank claims the SEC’s guidelines for estimating oil reserves are outdated. And Shell, unsurprisingly,also believes that the SEC should clarify its reserve rules. By Joe Marsh
Statoil and Alex Kvaerner swap chief executives
Helge Lund has joined Norwegian energy company Statoil as chief executive, replacing acting CEO Inge Hansen. Hansen replaces Lund as CEO of one of three divisions of newly restructured Norwegian industrial group Aker Kvaerner.
Nybot in Nymex sights, but IPE rumours are put on ice
Nymex is rumoured to be interested in acquiring Ice. Here, in an exclusive interviewwith Energy Risk, Nymex president Bo Collins suggests the exchange may also besetting its sights elsewhere. By James Ockenden
Bank of America settles for $17.85m in weather derivatives lawsuit
For four years, Bank of America has been seeking recompense for a weather derivatives deal written by the now-defunct CWWIA. Finally, the bank has settled its case. 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
Ex-Merrill Lynch energy trader pleads guilty to fraud
At 24, Daniel Gordon headed Merrill Lynch’s energy trading business. He has now pleaded guilty to a $43 million fraud. Paul Lyon reports
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
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
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
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
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
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.