Dollar distress

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Hedging currency risk is the exception rather than the rule in the UK – indeed, according to Tony Wilson, director of corporate foreign exchange for global currency trader Travelex, only 5% of UK corporates hedge these risks. But for Scottish Power, a regulated utility with a $6 billion US subsidiary whose shareholders are used to low earnings volatility, covering its exposure to foreign exchange rates is an absolute necessity.

Its risk strategy was developed in 2000, shortly after its

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