The business of European energy trading has not only recovered but also grown significantly since the dark days of Enron’s collapse (see box 1). The signs are everywhere: trading volumes on the IntercontinentalExchange/International Petroleum Exchange (IPE) and New York Mercantile Exchange are once again providing liquidity to a larger pool of market participants; new European energy exchanges are popping up in many countries; many large and mid-sized utilities have increased their energy tradin
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