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Less is more

With Phase II of the European Union Emissions Trading Scheme set to be rolled out, Miles Austin investigates whether it will deliver greater emission reductions than Phase I

An uncertain future

European natural gas demand is expected to rise in the next three decades. But, as Anouk Honore finds, the overall picture is not easy to predict, and depends on what happens in individual countries – particularly Italy and Spain

Depending on Russia

Europe's increasing dependence on Russia for gas supplies throws up new risks that must be assessed. Understanding political risk is key, but the biggest risk to supply could be the lack of investment in the sector, finds Roderick Bruce

Richest US state hedges to dodge blackouts

The US state of Connecticut is rolling out an innovative method of power contracting which it hopes will alleviate some of the state's energy woes. If effective, the model could spread to other states, writes Elisa Wood

Moves to maturity

While many obstacles to the liquid short-term trading of gas in Europe remain, the market infrastructure is showing some signs of maturing. Oliver Holtaway looks at hub development in the European gas markets

Gateway to Europe

Turkey has ambitious plans to open its rapidly-growing gas market up to competition. Yesim Akcollu looks at how realistic these plans are

In defence of VAR

High profile losses such as those at hedge fund Amaranth last year had people questioning risk management tools, particularly value-at-risk. But Chris Schlegel and Andrew Kosnaski believe VAR would have given adequate signals to traders in the volatile…

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Robert Lepone

The head of European loan trading at Morgan Stanley in London discusses issues surrounding the new loan CDS indices

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CPDOs: A volatility game

A triple-A rated structure that pays Libor plus 200bp. Who wouldn't be interested in such a product? Perhaps the sceptics warning against the 15 times leverage and the instrument's high exposure to volatility. Laurence Neville reports

Is US BCP courting disaster?

The US authorities have fallen silent over business continuity management (BCM) of late, raising fears that the issue will slip down the American business agenda in 2007. Peter Madigan investigates

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