Regulation
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
Who is left to manage risk?
The exodus of energy trading companies from the market has created a gap in managing risk. David Johnson and Ross Warriner of Protiviti report
The Power Sector Model
David Soronow, Mike Pierce and King Wang, of Financial Engineering Associates, introduce the firm’s Power Sector Model as the next step in derivatives pricing
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the dark cloud to prepare for what looks to be a brighter future, one issue has become critical – the need to upgrade outdated ETRM systems with 21st century architecture, portfolio…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
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
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
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
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