Turning points: Constellation Energy’s managing director, risk, Harald Ullrich

Constellation Energy’s managing director, risk, Harald Ullrich, talks to Pauline McCallion about lessons learnt from the financial crisis and what now lies in store for energy risk managers

If there is one thing that risk managers should take away from the financial crisis of 2008, it's that liquidity risk needs to be given the same importance by risk managers as market, credit or operational risk, according to Harald Ullrich, managing director, risk at Constellation Energy. Pointing to recent energy price volatility that saw oil reach more than $147 per barrel in July 2008, before dropping back to between $30 and $40 per barrel for the month of December 2008, he says: "When market