Exchanges
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
JP Morgan Chase plans electricity trading foray
JP Morgan Chase is planning to enter power trading, just as the US energy regulator overturns its onerous stock-holding limit rule. PaulLyon reports
Warming to the exchanges
Weather derivatives may not be the most widely traded product on exchanges, but new initiatives and strong trading volume at the Chicago Mercantile Exchange bode well for the development of a mature exchange-traded market. Paul Lyon reports
Joining up the markets
The Amsterdam Power Exchange has recently developed a market-coupling system. This spot market system supports international trading – linking two independent markets based on area-based elasticity curves, it also allows flexible block orders
Gas hubs jockey for position
The Bunde-Oude natural gas hub on the German-Dutch border is the most likely candidate to become the Henry Hub of Europe, according to a survey of European natural gas experts conducted by Maycroft Consultancy Services
The derivatives burden
Former International Petroleum Exchange official Chris Cook looks at the issues raised at a debate on the future of the European energy markets at the end of London’s Derivatives Week event. The regulatory burden on firms took centre stage
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
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
Own, sell or restructure
UK and US utilities are presently saddled with a lot of debt, thanks to overcapacity and low power prices. But what’s the best way for these firms to deal with the power plants they don’t need? By Jessica McCallin
Online clearing: the shape of energy markets to come
The energy trading market is moving towards a structure in which participants achieve market presence through a dedicated market network, rather than having to use local or regional exchanges, says strategic consultant Chris Cook
Exchanges gradually gain pace
After much talk of new trading solutions for German power, only one platform – EEX – has made significant progress, although the new clearing solution from Clearing Bank Hannover seems to be picking up steam. 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
The bigger they come…
The German market is at the heart of the European power business, but it has stuttered since its early promise, and has yet to set the pace for the region as a whole. From a new entrant’s point of view, this is only to be welcomed, argues Ben Tait
Judicial stalemate
German natural gas market liberalisation is stalled between the courts and a corporatist business culture, finds Maria Kielmas
Exchanging blows
Conflict in the US and growth in Europe marked another turbulent year for energy exchanges. Kevin Foster casts an eye back over 2002
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…
Making sense of the new power market
Bank of America’s Rogers Herndon and David Mooney examine expectations in the energy and power markets before and after the collapse of Enron and outline their predictions for the future
Trading natural gas futures with weatherfutures at the CME
Craig Jimenez and Mirant’s Vishu Kulkarni discuss how the burgeoning relationship between the natural gas futures market and the weather futures market is providing opportunities for traders, hedgers and speculators alike
Tools for the trade
Ken Nichols examines the mechanisms available for incorporating credit risk management into an energy company’s portfolio
Avoiding over-exposure
Eurof Thomas finds the European energy market is increasing its focus on credit risk mitigation in the wake of Enron’s demise
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