By Risk Books
* totally revised and prolonged that will help you achieve a point of view on the entire most recent innovations and advancements in power possibility administration * Seven NEW chapters written via a staff of skilled industry practitioners * New contextualising introductions through one of many world's Most worthy practitioners, Vincent Kaminski of Enron * Relates quantitative concerns to the wishes of firms and to the truth of industry perform * Explains technical phrases and ideas utilizing designated labored examples and real-life marketplace insights
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Additional resources for Managing energy price risks
After deregulation, industrials will easily be able to solicit competitive bids from multiple sources of supplies. One important factor in the popularity of energy derivatives is the heterogeneous nature of energy commodities. It is true that electrons or natural gas molecules are perfectly homogeneous in terms of their physical characteristics. What is often missed is that physical fungibility does not necessarily translate into fungibility in an economic sense. Power or natural gas supplies made available at a different time of the day, or at different geographical locations, represent significantly different commodities.
Therefore, the trader will try to limit the number of situations where it is likely to be forced to "stack" its hedge in short-dated positions against a longer-dated swap. This focus on further-out risk suggests that the problems are concentrated in this area. But, in practice, short-term risks also need to be managed. The need to hedge a large exposure in any given month itself generates a hedge risk, because any major trade in the futures market is liable to move the price. Where the degree of exposure is clear some time ahead, all these problems can be overcome.
Note that this is the opposite of one much-discussed structure recently offered to energy companies and airlines. In this case, put premiums were used to secure sub-Libor financing up-front. However, this led to large unhedged losses as the market declined through 1998. if they buy oil in dollars. However, if they buy oil in the local currency then it is possible to arrange both the fixed and floating side in that currency. Clearly the currency risk element in a swap out of dollars into any other currency will need a certain amount of management.
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