Banks have dominated the Energy Risk awards this year, but Electrabel, part of international industrial, services and energy group Suez, is a notable exception. An asset-based company, Electrabel's main area of operation is Benelux, but its expansion into other countries and the development of trading hubs across Europe has made it a standout participant in developing liquidity in European gas markets.

"Our presence in illiquid markets is justified by the company's assets," says David Fabri,