Energy Risk - Volume1/No6

Crude protection

Oil producers are divided over the value of hedging oil prices. Are investorslooking for high returns and high risk, or more stable revenues? And how muchdoes hedging actually boost an oil producer’s value? By Joe Marsh

Deutsche asks SEC to clarify guidelines

Deutsche Bank claims the SEC’s guidelines for estimating oil reserves are outdated. And Shell, unsurprisingly,also believes that the SEC should clarify its reserve rules. By Joe Marsh

Taking stock

Stock options are losing favour as a method of remuneration. Chicago-based PeoplesEnergy, for one, is to stop offering them altogether. And the onset of new USaccounting rules could well lead others to follow suit. By Paul Lyon

The matrix

Abstract: Portfolio-wide risk management requires a model that accounts correctlyfor the volatility of, and the correlations between electricity forward products.In this paper Kjersti Aas and KjetilK°aresen discuss a joint model for electricityforward…

Skating on thin Ice

Profits at the Intercontinental Exchange fell by more than half last year thanksto a contraction in over-the-counter revenues. Yet the exchange reports recordvolumes for its IPE business. Paul Lyon analyses the results

A fertile future

The CME is hoping its introduction of fertiliser futures will protect the industryfrom fluctuations in the price of natural gas – a vital ingredient in mostnitrogen fertilisers. But is it a case of too little too late? By Paul Lyon

Dollar distress

Scottish Power has announced a £400 million cash windfall through its currencyhedging programme. Others have not been so lucky – but everyone is nowwaking up to currency trading. By James Ockenden

Rethinking Kyoto

A long-awaited debate on the Kyoto Treaty has begun in Europe. Just how muchwill it cost industry and the EU economy? Long-term Energy Risk contributor MariaKielmas gives her views on the latest developments

Trading places

Canada’s energy landscape is being reshaped. The NGX has changed handsand looks set to expand. Meanwhile, an Ontario government report warns more workneeds to be done to secure future power supplies. By Paul Lyon

Using a square peg

Hedging load exposures is a complex issue, and plumping for hedging the expectedvolume is unlikely to be the best solution. Brett Humphreys and RahulGill showthat sometimes, the best hedge of a shaped position is an over-hedge

Louise Kitchen

Growth potential is what makes Louise Kitchen tick, and she relishes the chanceto build up UBS’s energy trading team. By James Ockenden

Unlimited liability

Potential liabilities for European nuclear operators are set to rise sharply.Financial guarantees for nuclear operators will have to be restructured. Aregovernments and the insurance industry up to the task? MariaKielmas reports

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