Energy Risk
Don’t blame Opec
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EEX to launch carbon derivatives contract
The European Energy Exchange (EEX) plans to launch a futures contract for carbon emissions allowances in October, pending regulatory approval.
Nymex plans to sell 10% stake to private equity firm
The New York Mercantile Exchange (Nymex) has signalled its intention to sell a 10% equity stake to General Atlantic, a US-based private equity firm, for $135 million.
Amerex's Prokop joins Energy Data Hub board
The Energy Data Hub has appointed Mike Prokop, senior vice president at energy brokerage Amerex, to its board of directors.
Risk management key for freight, says Baltic Exchange chief
Baltic Exchange chief executive Jeremy Penn has stressed the importance of risk management at a forum of freight derivatives brokers and traders this week.
LCH.Clearnet launches OTC clearing for freight derivatives
LCH.Clearnet has launched an OTC clearing service for the forward freight agreements (FFAs).
Nymex pit opens in London
Some 76 individuals and 12 companies showed up to trade Brent and gas oil futures on the first day of trade at the New York Mercantile Exchange’s London trading floor today (Monday).
TFS starts brokering CDM and JI emissions credits
TFS, a New York-based inter-dealer broker, has started brokering emissions credits under the Kyoto Protocol’s Clean Development Mechanism (CDM) and Joint Implementation (JI) schemes.
Indian exchange to list IPE Brent crude futures
Oil traders in India will from September 15 be able to trade rupee-denominated Brent crude futures, settled monthly by reference to the benchmark IPE Brent crude futures contract.
Bear Stearns and Calpine form energy marketing and trading company
Investment bank Bear Stearns and California-based power company Calpine Corp have formed an energy marketing and trading venture focused on physical natural gas and power trading and related structured transactions.
The cost of power
The market in European Union emissions allowances is taking off, largely thanks to Nord Pool
A revival of the coal business
The boom in world coal prices has not been sustained in 2005.Two industry experts, Alexandre Kervinio and Christopher Connelly, of Société Générale, look at the reasons why
Getting a head-start
North American Energy Credit and Clearing may have gained an advantage by being the first to clear over-the-counter physical electricity contracts. But it still has to prove that it is reliable and efficient. Joe Marsh reports
● Accounting standards ● Nordic energy
This month’s Energy Risk debate covers the topical issues of accounting standards, followed by an expert question and answer panel on the influential Nordic energy region
Hoodwinked!
Have you got a good grip on your view of volatility and correlation? Neil Palmer shows that, thanks to ever -present measurement errors, even the steadiest markets can throw up big surprises
Understanding Sam
The Samuelson Effect – backwardation in the term structure of forward volatility – can lead to valuation inaccuracies. In capturing the Samuelson Effect in energy derivatives valuation, analysts have tried both historical approaches and those that rely…
Seasonal surprises
Understanding how price relationships fluctuate on a seasonal basis is critical for risk managers. During 2005, two of the longest lasting seasonal patterns in the US oil markets have been turned on their heads. Sandy Fielden explains the patterns and…
Pieces of a puzzle
To get enterprise-wide risk management to work, a firm needs to piece together the right models, processes and software – and the right attitude. US utility Allegheny Energy has done just that, finds Oliver Holtaway
The scandal in Sudan
A fragile peace may at last have come to Sudan after 21years of civil war, but a bitter and unresolved dispute over oil exploration acreage in the south of the country couldendanger that peace. Report by Maria Kielmas
A disciplined approach
E&P companies tend not to strategically hedge in a rising market. But there are good reasons for them to do so, and some are sticking to their hedging strategies, despite suffering losses on their derivatives contracts. By Joe Marsh