Environment-Renewables
A legal rollercoaster
US-based Polygon wants to see a better restructuring deal for British Energy’sshareholders. But the hedge fund faces a struggle to prevent the UK nuclear powergenerator from delisting. Joe Marsh reports
Offshore wind to be big business, says new Fitch MD
Offshore wind projects and the newly expanded European Union will both bring good opportunities to Fitch Ratings over the coming 18 to 24 months, according to the Fitch Energy Group’s new European, Middle East and Africa (EMEA) managing director Andrew…
Teething troubles
Following decades of cloistered state control and the exit of a number of largeUS players, the Australian power market is going through a period of hiccups. Paul Lyon reports on the outlook for the country’s electricity sector
Evolution looks west with Unger
Evolution Markets is expanding to provide brokerage services to the California emissions trading markets. Leading the company’s efforts in San Francisco is Samantha Unger, one of the California emissions markets’ most experienced brokers.
Nordic volumes heading south
Nordic region electricity trading volumes are falling fast, which is damagingprofits at Oslo-based power exchange Nord Pool. The company may face postinga loss for 2004 if it cannot reverse this trend. Joe Marsh reports
EC fails emissions scheme, says E&Y director
The European Commission’s failure to challenge eight EU national allocation plans undermines Europe’s ability to meet its carbon dioxide emissions reduction targets agreed under the Kyoto Protocol according to Ernst & Young’s director of emissions…
Banks make first Isda emissions trade
Investment banks Dresdner Kleinwort Wasserstein and Fortis Bank have made the first ever trade of European Union emission allowances (EUAs) using an annex to the International Swaps and Derivatives Association (Isda) Master Agreement.
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.
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.”
Nuclear stockpile
The US Nuclear Regulatory Commission has come under fire for not adequately monitoring the decommissioning funds of nuclear power plants. But the NRC says the criticism is unwarranted. 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
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
Scaling the credit cliff
How are designers of credit risk software reacting to the new credit realities of the energy trading sector? Kevin Foster talks to some leading companies to find out
A clear answer to credit problems
US firm PA Consulting is working with a number of major US energy companies to set up a one-off trade netting scheme. Kevin Foster investigates the proposals
Standing out from the crowd
Credit risk management groups can differentiate themselves from their competitors through their different capabilities. Randy Baker and Brett Humphreys explain how
Post-delivery problems
The credit exposures that arise from trading physical and financial energy are inherently more complicated and volatile than those encountered in trading purely financial products. Richard Sage looks at the different elements to be considered
Cross-border conundrums
Analysts at rating agency Standard & Poor’s Lee Munden and Paul Lund look at the future of cross-border trading in Europe, given the credit crises of 2002
Delaying the inevitable?
As Reliant Resources celebrates a $6.2 billion refinancing deal, some in the industry say such deals are merely postponing problems that are bound to resurface. James Ockenden reports
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
Judicial stalemate
German natural gas market liberalisation is stalled between the courts and a corporatist business culture, finds Maria Kielmas