A change in atmosphere
The overall condition of the weather derivatives market is in flux, but there are still plenty of financial institutions who don’t mind a mixed forecast. By Navroz Patel, with additional reporting by Paul Lyon
Reading the skies over the weather derivatives industry is difficult these days, such is the mix of sunshine and cloud. The collapse of energy giant Enron in late 2001 caused some market participants to reassess their commitment to the business. BNP Paribas and IntesaBci have left the market, while, according to traders at other firms, energy firm Aquila could be unwinding its weather book as part of an effort to boost its credit rating.
But despite these big name departures
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