Energy Risk - Volume2/No11

James Tweed and Dave Wardley

At the end of last year, JAMES TWEED and DAVE WARDLEY launched the first hedge fund dedicated solely to trading freight. Stella Farrington meets them

A disciplined approach

E&P companies tend not to strategically hedge in a rising market. But there are good reasons for them to do so, and some are sticking to their hedging strategies, despite suffering losses on their derivatives contracts. By Joe Marsh

The scandal in Sudan

A fragile peace may at last have come to Sudan after 21years of civil war, but a bitter and unresolved dispute over oil exploration acreage in the south of the country couldendanger that peace. Report by Maria Kielmas

Pieces of a puzzle

To get enterprise-wide risk management to work, a firm needs to piece together the right models, processes and software – and the right attitude. US utility Allegheny Energy has done just that, finds Oliver Holtaway

Seasonal surprises

Understanding how price relationships fluctuate on a seasonal basis is critical for risk managers. During 2005, two of the longest lasting seasonal patterns in the US oil markets have been turned on their heads. Sandy Fielden explains the patterns and…

Understanding Sam

The Samuelson Effect – backwardation in the term structure of forward volatility – can lead to valuation inaccuracies. In capturing the Samuelson Effect in energy derivatives valuation, analysts have tried both historical approaches and those that rely…


Have you got a good grip on your view of volatility and correlation? Neil Palmer shows that, thanks to ever -present measurement errors, even the steadiest markets can throw up big surprises

Getting a head-start

North American Energy Credit and Clearing may have gained an advantage by being the first to clear over-the-counter physical electricity contracts. But it still has to prove that it is reliable and efficient. Joe Marsh reports

A revival of the coal business

The boom in world coal prices has not been sustained in 2005.Two industry experts, Alexandre Kervinio and Christopher Connelly, of Société Générale, look at the reasons why

The cost of power

The market in European Union emissions allowances is taking off, largely thanks to Nord Pool

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