Foreign exchange
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
Demystifying credit risk
Satyan Malhotra, Fred Cohen and Rafael Cavestany formulate an analysis for the measurement of credit risk in the energy industry
A whole new ball game
Enron’s bankruptcy has changed the playing field for credit risk in the energy sector. Kevin Foster reports on the renewed significance of assessing credit quality
Heeding the warning signs
Following the Enron bankruptcy, the use of bond-spread analysis has become increasingly important. Mark Williams looks at how firms can benefit from it
Proper procedures
Rajiv Arora examines the processes necessary for effectively measuring, managing and hedging credit risks
Growing quietly
The liberalised German markets now allow large industrial end-users to manage their energy price risk. But, while the competition to manage their exposures is large, these firms are playing their cards close to their chests, reports Joel Hanley
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 home and abroad
Given its location at the centre of Europe, Germany is the key to any future pan-European energy market. But some of its leading companies have their eyes on markets beyond continental Europe, reports Robin Lancaster
Out on its own
European countries tend to have an appointed power market regulator, but Germany has taken a self-regulatory approach. How does the electricity spot price behave as a result? Tobias Federico offers an econometric analysis
Controlling power
Maggi Shippy-Ksionsk and Stefan Ulreich explain how portfolio risk management gives a company control over its energy procurement
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
Two hubs or one?
Independent traders are desperate for a hub that will provide real liquidity and help force the Ruhrgas-dominated German natural gas market to open to competition. Peter Joy reports