Operational risk
Icap will not pay Prebon’s £2m damage claim
Icap has no intention of recognising rival broker Prebon’s £2 million claim for damages after a dispute over the employment of three Icap coal brokers, according to its director of corporate affairs Mike Sheard.
Trading places
Canada’s energy landscape is being reshaped. The NGX has changed handsand looks set to expand. Meanwhile, an Ontario government report warns more workneeds to be done to secure future power supplies. By Paul Lyon
Unlimited liability
Potential liabilities for European nuclear operators are set to rise sharply.Financial guarantees for nuclear operators will have to be restructured. Aregovernments and the insurance industry up to the task? MariaKielmas reports
New clearing system for Nordic market
Nord Pool Clearing, the clearing organization for the Nordic power exchange Nord Pool, has launched a new clearing system for the electricity derivative market. OM Technology is the system provider.
Old dog, new teeth?
If the North American Electric Reliability Council does not receive federal backing,as proposed in the present US energy bill, Ferc may set its own mandatory gridrules – an unpopular scenario, finds Joe Marsh
Golden procurement
The new energy procurement rules are designed to boost reliability and injectsome confidence back in to California’s ailing power market. But not allagree that they will keep California’s lights on. By CatherineLacoursière
Storage strategies
Abstract: Salt-dome storage facilities are a flexible way to take advantage of arbitrage opportunities in the natural gas market. Kislay Sinha and colleagues at Arizona Public Service discuss the valuation of a storage asset, examine ways of capturing…
Trading techniques
Abstract: A majority of merchant power plants built during the last few years in the US are combined-cycle units fired by natural gas. This article discusses asset-backed trading strategies for a merchant single-block power plant, showing how unit…
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
Beat the system
The complexity of the energy markets has given rise to a host of risks that traditional trading systems often do not address. Paul McLean-Thorne gives his views on a well-designed energy trading and risk management system
Risk at the margin
Competition and deregulation has led to new ways of running utilities, and the commodity-trading model has emerged as the leading approach. But the challenge lies in how it is applied, argues Lawrence Haar
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
El Paso to cut debt by a third, while gas trader pleads guilty
US natural gas company El Paso – which has recently survived a bid toreplace its board and seen one of its tradersindicted – has unveiled aplan to significantly reduce its debt. By Joe Marsh
Modernisingprice reporting
Recent investigations have seriously affected the voluntary reporting of energy price data. Now, the market is ready to move on. Edison Electric Institute’s Richard McMahon gives his organisation’s views on the future operation of indexes
Jean-Marc Bonnefous
Jean-Marc Bonnefous, BNP Paribas’ global head of commodity derivatives, says his unique division will keep it ahead of the game. By Paul Lyon
FirstEnergy to blame for US blackout, say reports
Utilities in Ohio – chiefly FirstEnergy – were at fault for the US blackout in August, conclude separate reports from a US-Canadian task force and Michigan regulators. But the midwest system operator does not escape blame. By Joe Marsh
Nuclear renaissance
Both Canadian and US governments want to bring more nuclear power capacity online, but will the private investors come? By Catherine Lacoursière
Degreasing palms
The United Nations is likely to ratify extensive anti-corruption legislation in December. But recent scandals at energy giants Elf and Statoil highlight the difficulties in stamping out bribery and corruption. By Joe Marsh
Bound by the rules
In his last day in office, Governor Gray Davis announced the Californian energy crisis was over. Revelations from indicted traders, and the punishments doled out to them, will have a profound effect on how the market moves forward. By Catherine…