Policy risk
Rethinking Kyoto
A long-awaited debate on the Kyoto Treaty has begun in Europe. Just how muchwill it cost industry and the EU economy? Long-term Energy Risk contributor MariaKielmas gives her views on the latest developments
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
WRMA rebukes NAIC white paper
The Washington DC-based Weather Risk Management Association (WRMA), has issued a formal response to a draft white paper written by the US National Association of Insurance Commissioners (NAIC). In its report, the NAIC claimed that weather derivatives are…
Rethinking regulation
Market manipulation and inaccurate pricing led to the reregulation of Ontario’s electricity market. But at the right price, the Canadian province may see a revival of competition, reports CatherineLacoursière
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
Repeal repercussions
Opinions are divided over the possible repeal of the Public Utility Holding CompanyAct. All agree that the environment for investor-owned electric utilities woulddramatically change if the repeal were to go ahead. By Paul Lyon
Bush urges TVA to modify debt estimates
The Bush administration last month said it intends to propose legislation that will require the Tennessee Valley Authority (TVA), the largest public power producer in the US, to count its lease-leaseback deals as debt.
Storms ahead
Weather traders in Europe are celebrating the issuance of an innovative catastrophe bond by EDF. Meanwhile, US traders are concerned over attempts to regulate weather risk contracts as insurance, rather than derivatives. By Paul Lyon
Flying high
The US airline industry is struggling due to high jet fuel prices. Accordingly, one trade association is urging the Bush administration to change its oil purchasing strategy. By Paul Lyon
Protection treaty
Matthew Saunders , of law firm DLA, introduces the bilateral investment treaty which, though often overlooked, can be an effective method of affording legal protection for energy investments and minimising energy project risk
In pursuit of the eurobarrel
The markets say they do not want oil prices in euros. But denominating internationalcrude prices in euros is a political ambition the European Union seems determinedto pursue – starting with Russia. MariaKielmas reports
US Senate rejects energyderivatives legislation
Energy traders applauded the Senate’s decision in November to veto proposed legislation that would place stricter controls on derivatives trading. By Paul Lyon
Energy bill enters into Senate
The US energy bill was presented to Congress in late November. But while it contains a wide range of provisions, ranging from tax incentives to improvements in reliability, critics say the bill still needs work. Joe Marsh reports
Open for business
The Russian government has taken the first steps toward the deregulation of its gas and power markets, and despite recent the high-profile Yukos scandal, investors are eyeing up some interesting opportunities. By Paul Lyon
Contract killing
The California Public Utilities Commission wants to renegotiate long-term contractsthe Department of Water Resources entered into during the state’s energycrisis. So far, Ferc has been less than receptive to the request. By Paul Lyon
Nuclear renaissance
Both Canadian and US governments want to bring more nuclear power capacity online, but will the private investors come? By Catherine Lacoursière
Richard Rosen
Richard Rosen of the Tellus Institute in Boston controversially believes thatthere is no need for a wholesale power market. By Paul Lyon
TVA will go bust, say academics
US academics say that the Tennessee Valley Authority would be close to bankruptcy if it were not for the promise of a government bailout, reports Paul Lyon