Editor's letter

Few markets have stirred as much interest with energy producers and consumers as the carbon trading market. It's been fascinating to chart the development of the European Union's Emissions Trading Scheme since its birth in 2005. If the 1,700 or so delegates at Point Carbon's carbon congress in Copenhagen last month are any indication, interest in the market is still intense. With the US widely expected to start a carbon trading scheme too, anticipation of big changes is once more in the air.

In our cover story, Oliver Holtaway looks at what the next stage of carbon market development could bring.

In this issue we also take a look at the new prospects arising in energy trading in Canada. Our Special Report focuses on Russia, looking at opportunities and challenges to energy projects that the investment climate poses there.

I'd like to take this opportunity to thank everyone who submitted nominations to the Energy Risk awards. The judging panel will spend the next month selecting the winners and these will be announced in the next issue.

Talking of awards, we have some exciting news ourselves. Energy Risk is proud to announce that we have been short-listed for International Business and Professional Magazine of the Year by the Periodical Publishers' Association. Thank you to all our readers for providing us with the first class ideas for articles that have made this achievement possible.

Finally, look out for our new quarterly publication Commodity Risk. The first issue will be published in May and you'll receive it with your copy of Energy Risk.

PS – We hope to see many of you at our Energy Risk USA conference in Houston in May. See our website www.energyrisk.com for the full programme.