Editor's letter

Well, what a year 2005 has been for energy! There was certainly no shortage of events to write about, and plenty of opportunities to make (and lose) money this year.

We hope our Review of the Year evokes the dynamic flavour of 2005 as it charts the biggest developments in the energy markets, and remembers some of the surprises - China Aviation Oil and Refco for example.

We also hope you enjoy our Pioneers special feature, which celebrates some of the finest, most innovative talent in the industry. Here we honour individuals and teams who, through hard work and winning ideas, have helped shape the markets into what they are today.

This issue also brings you, exclusively, an important White Paper by BP. In the paper, BP's derivatives specialists discuss what the company is doing to help customers manage energy price risk in today's changing energy markets. It looks at how globalisation has transformed the energy industry and how it has led the company to adopt an integrated approach to supply chain management. With case studies on how BP is using the forward curve in oil and gas, how it is applying risk management in heating oil, and a history of M&A in the North Sea, this referential paper offers practical advice as well as making very interesting reading.

So as the Christmas break draws near, it just remains for me to wish you safe and happy holidays - I hope you get the rest you all deserve!

Merry Christmas from all the Energy Risk team!