Dealings in diesel

In the latest in a series of articles in which Energy Risk profiles energy users’ risk management and hedging strategies, Joe Marsh talks to US rail company Amtrakabout how it deals with its fuel exposures

Fuel may represent a far lower percentage of a train operator’s costs than it does of, say, an airline’s, but Amtrak still has a very active fuel price hedging strategy. “We usually hedge 50% of our yearly fuel consumption, with the aim of limitingprice exposure to a maximum of $10 million,” says Raj Srinath, senior directorof corporate finance at the US rail company.

The Washington, DC-based firm, which operates in 46 US states, runs 351 of itstrains with diesel fuel – the other 74, in the

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