Managing Energy Price Risk
First published:
ISBN: 9781782722090
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Coal
Jay Gottlieb
Coal
Introduction
May You Live in Interesting Times
The Dodd–Frank Act and its Impact on the Energy Industry
Assessing Regulatory Risk
Introduction to Price-Reporting Agencies
Fundamental Data in Energy Markets
European and Asian Natural Gas Market Developments – Swamped by the Present?
US Natural-Gas Markets
Managing Oil Price Risk: Dealing with the Time-Varying Relationship between the Price of Oil and Fundamentals
Electricity Markets: US
European Electricity Markets: Part I
European Electricity Markets: Part II
Coal
Energy Real Options: Valuation and Operations
Commodity-Based “Swing” Options
Gas Storage Pricing and Hedging
Valuation and Risk Management of Physical Assets
Arbitrage-Free Valuation of Energy Derivatives
Introduction to Value-at-Risk
Introduction to Portfolio Value-at-Risk
Introduction to Default Risk and Counterparty Credit Modelling
Credit Risk in Power and Gas Markets
Credit in the Energy Markets
This chapter provides the risk-management professional with an orientation for understanding this oldest and oddest of energy markets. The chapter explains the physical characteristics of coals, coal market structure and dynamics, and the coal price indices and trading venues used for transacting financial derivatives. The chapter covers key developments in the fundamentals of coal, along with an understanding of the broad range of instruments available to manage risk in that market. It will provide a picture of market drivers and their interaction, and examine the beginnings of a reference for detailed data needed for analysis of the coal market.
OVERVIEW
Coal seems to be the unwanted stepchild of the energy world: dirty, old-fashioned, not really used any more. Who cares? Or, often those that care a lot seem to echo the now famous words of a White House Adviser on Energy and the Environment (Blake 2015):
A Harvard University geochemist who serves as a scientific adviser to President Obama is urging the administration to wage a “war on coal.”
“The one thing the president really needs to do now is to begin the process of shutting down the conventional coal plants,” Daniel P
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