Market risk
Quality data and solutions for a challenging market
FAME provides today’s uncertain energy market with transparent information and the tools to analyse it
End of an era for GdF
Gaz de France is certain to lose its monopoly position – without it, what strategy can the gas giant adopt in a liberalised European market? Mickael Laurans reports
Power price discovery in Europe
Logical Information Machines’ Sandy Fielden compares different price discovery mechanisms in European electricity markets
Weather option pricing with transaction costs
The weather derivatives market is becoming more liquid, and dynamic hedging of weather options with weather swaps is now possible, though limited by transaction costs. Here Stephen Jewson investigates the effect of such hedging on option pricing
Entergy-Koch reaps the benefit
While its quiet discipline made Entergy-Koch Trading one of the less glamorous energy trading houses during the Enron boom years, its steady business model is now paying off, as James Ockenden reports
A mark-to-market u-turn
A reversion to the old, non-mark-to-market regime for accounting for energy trading contracts is changing the energy supply business, reports Catherine Lacoursière
Weighing up the options
The Brazilian energy market is set for more upheaval as the incoming president seeks a compromise between his campaign promises of greater state control over energy and the goal of attracting foreign investors into the sector. Maria Kielmas reports
El Paso helps RiskMetrics adapt
RiskMetrics Group, a company more often associated with the financial sector, is implementing its risk solution software at energy firm El Paso Corp. How is it adapting the software to the specifics of the energy sector? Kevin Foster reports
A long road to deregulation
Prospex Research’s Ben Tait reports on Spain and Portugal’s progress in integrating their power markets. High ambitions for deregulation are proving difficult to achieve
All clear for energy
Several organisations have brought over-the-counter clearing to the US energy markets over the past six months. Kevin Foster assesses their progress and asks whether they can all survive
FAS 133: increasing transparency
Standard & Poor’s Jack Kennedy and Neri Bukspan believe new Financial Accounting Standards Board rules for US energy traders will make it easier to measure a firm’s risk management ability, liquidity position and equity capital
Gas storage and power prices: inextricably linked
While much has been made of the effect of natural gas storage on gas prices, very little thought has been given to its impact on the price of electricity. John Hopper, president of Falcon Gas Storage Company, analyses the situation
Looking to the long term
After years of public debate, the European Commission, energy companies and governments of gas-producing countries all seem to agree that long-term gas contracts are here to stay. So why is it still such a big issue, asks Maria Kielmas
LNG: handling flexibility risk
Even though the euphoria about the global liquefied natural gas market has dissipated, experts still forecast significant long-term growth. But in a buyer’s market the supplier has to understand the new risks. Maria Kielmas reports
Prices stable in market turmoil
Given the major changes taking place in the energy trading sector at present – and in view of recent events – it is not surprising that prices are behaving very differently from those last year. Eric Fishhaut of GlobalView Software gives an appraisal
Mark-to-market accounting revisited
New risk disclosure and valuation regulations are aiming to revive energy trading in the US, but cumbersome accounting rules may put companies off hedging altogether, finds Catherine Lacoursière