Brazil switches on to risk management
As Brazil's electricity market restructures, increasingly sophisticated risk management tools and systems are required, writes Leigh Parkinson
The Brazilian power market poses enormous challenges for the companies that operate within it. It is a completely physical market and no financial instruments exist to help participants manage their risk. Adding to the difficulty is the market restructuring that is currently taking place.
This restructuring is intended to lay the foundations for developing a more sophisticated marketplace, but it also means rules tend to change at any time without much notice. As a result, deregulation is a very
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