Risk at the margin

Competition and deregulation has led to new ways of running utilities, and the commodity-trading model has emerged as the leading approach. But the challenge lies in how it is applied, argues Lawrence Haar

Since the deregulation and privatisation of power and gas network utilities over the last two decades, the challenge of finding the best business model has remained. At one time, risks inherent to the production and marketing of gas and power were subsumed in larger cost structures and/or paid for through surplus capacity and sub-optimal operation. With deregulation and privatisation, the emergence of deregulated and privatised independent entities with varying degrees of vertical

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