Download Managing energy risk : a nontechnical guide to markets and by John Wengler PDF

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By John Wengler

Deregulation has compelled an entire new international of buying and selling and threat administration jargon onto the power marketer. Wengler identifies the problems, discusses and analyzes them, and in list style prioritizes for managers what they have to do to be triumphant regardless of assorted dangers. Contents: The 'Top Ten list' of items to do The bull, the endure, and the spark unfold hazard administration guidelines and methods beginning together with your risk-return technique the danger roster: personalities and specialties power hazard boot camp: 'must understand' strategies for managers and administrators The deal strategy: from the table to supply The portfolio strategy: beginning with what have we received? And what will we wish? Measuring danger: how may possibly our portfolio swap? Hedging: navigating towards our portfolio goals severe course IT matters taking a look ahead: the following ten administration matters Appendix word list Index

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Sample text

But when inflation started to corrode vault value, the money markets responded with risk management practices. In essence, the derivatives market started as a “defensive” or “asset protection” activ22 wengler 02 pp019-046 10/16/02 1:19 PM Page 23 The Bull, the Bear, and the Spark Spread ity; only later did players come on the scene to play a speculative role of buying and selling risk. We currently see a parallel evolution in the world of power—only here we see electricity replacing the bank’s cash as the central asset.

13 wengler 01 pp001-018 10/16/02 1:17 PM Page 14 Managing Energy Risk: A Nontechnical Guide to Markets and Trading Chapter 4: Starting with Your Risk-Return Strategy Chapter 4 offers four types of “Risk-Return Strategies” that an energy trading organization could pursue to achieve their profit objectives. The trading strategies include that of Treasury, Speculation, Arbitrage, and Market Maker. The chapter concludes with how strategic conflicts can help explain the market horror stories of Orange County, CA, and Federal Energy Sales.

Common sense is worth more than you think. Communication is worth even more. It is the key and the goal for all effective managers. But, you really do need to know what is at risk. And the only way to know for certain is to measure it. Just like in other parts of your organization, what gets measured, gets done, and usually gets done well. Continue to seek the truth about what is at risk and you will improve. Finally, consider the idea that scare tactics won’t work if you need support within the organization.

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