Energy Risk - Volume8/No2

The case for financially settled contracts

Banks and hedge funds have shied away from trading electricity due to fear and ignorance of the physical nature of the market. But, as Todd Bessemer of Accenture points out, financially settled contracts can avoid the complexity of physical delivery and…

A Spanish power struggle

A takeover bid by gas distributor Gas Natural for power utility Iberdrola may provide the impetus for much-needed competition in the Spanish energy market. But the bid has upset many traditional links in politics, finance and business. By Maria Kielmas

The LMP supermodel

With Ferc’s standard market design (SMD) seeking a shift from zonal power pricing to nodal pricing, the concept of locational marginal pricing (LMP) has become a key policy issue. Henwood Energy’s Vikram Janardhan proposes 10 key modelling features to…

Carbon across Europe

Pan-European emissions trading is a step closer after agreement of an EU directive. Atle Christiansen and Kristian Tangen of Point Carbon look at the consequences

Tough talk on derivatives

The Commodity Futures Trading Commission and Ferc are getting tough in throwing fines around. Is this a ploy to avoid being lumbered with further over-the-counter regulatory responsibilities? Some market participants certainly think so. By Paul Lyon

Wanted: cash for new lines

Can Ferc’s standard market design encourage much-needed investment in the US power grid and develop a merchant model for transmission assets? By Kevin Foster

Speculate away

A new report argues that speculative trading in the crude oil markets contributes far less to volatility than its critics suggest. Kevin Foster looks at the arguments

A formula for high prices

The US chemical industry is crying foul over spiralling natural gas prices, but there are measures they can take to protect themselves, as Kevin Foster discovers

How to spot a VaR cheat

Traders can use weaknesses in VaR measurement to make it appear that they are not taking any risks. Brett Humphreys exposes how easily this can be done

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