Editor's letter

So here we are in February, a month famous for containing 28 days, Valentine's Day and the Energy Risk/Risk commodity rankings! We bring you the results of the industry's biggest poll on pages 25-45, along with analysis and interviews by Oliver Holtaway. This year we also publish metals and grains categories.

It's been just over a year since Gazprom grabbed the headlines for cutting off gas supplies to Ukraine. A less well-reported story is how its trading and marketing wing has been progressing across Europe, and more recently into the US. Gazprom Marketing & Trading (GM&T) has also branched into power, oil and liquefied natural gas trading. Roderick Bruce went along to GM&T's offices in London to catch up with head of trading Keith Martin.

Meanwhile from the US, David Watkins brings us an interesting interview with Ken Toole, Montana's newly appointed public service commissioner who is campaigning for a return to regulated power markets in Montana.

Our Special Report this issue is brought to you by popular demand, due to many requests for articles on the subject made in our readership survey last year. It looks at the thorny topic of operational risk management, covering all areas from compliance to logistics, as well as how to integrate this lesser known discipline into wider risk management programmes.

Finally, voting opens this month for the prestigious Energy Risk awards. Emails will be going out soon asking you to nominate your company or another for an Energy Risk award. We look forward to receiving your entries.

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