Energy Risk - Volume7/No12

Seam shifts in central Europe

Gordon Feller looks at the changing coal economies of Bulgaria, the Czech Republic and Slovenia and the effect of electricity sector moves in the region

Asian basket spreads and other exotic averaging options

Giuseppe Castellacci and Michael Siclari of OpenLink introduce a class of exotic options that simultaneously generalises both Asian and basket options. They develop approximate analytic models for real-time pricing of complex instruments that average…

Climbing the competition Pole

The Polish government hopes to boost competition in the electricity market through a controversial securitisation plan that it will use to buy out long-term contracts between generators and the transmission grid operator. Maria Kielmas reports

Playing a waiting game

With energy – and particularly natural gas – costs on the rise, are end-users finally coming to terms with the importance of hedging or are they still waiting to get burned before they enter the hedging market? Kevin Foster reports

US retreat hits European trading

The retreat of US energy firms from energy trading has reportedly hit European volumes hard. But volumes aside, James Ockenden finds that the withdrawal may bring a fundamental change in the market. With additional reporting by Eurof Thomas

US energy prices: in line for a fall?

A combination of concerns in the second half of January 2003 has boosted US oil and natural gas prices to levels not seen since the winter of 2000/2001. Will the higher prices stick? Logical Information Machines examines cause and effect

Opportunity knocks for smelters

Aluminium manufacturers have long used sophisticated hedging and risk management techniques to protect against fluctuating metal prices, yet they have only recently looked at transferring these skills to power risk management. David Wilson reports

Credit watch

Risk management and analytics firm RiskMetrics gives this month’s analysis of energy companies’ credit quality using its CreditGrades tool

Margin notes

Brett Humphreys explains how to measure and manage margin risk, an often-overlooked – yet often-significant – risk exposure

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