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By John Wengler

Deregulation has compelled a complete 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 need to do to be triumphant regardless of various hazards. Contents: The 'Top Ten list' of items to do The bull, the endure, and the spark unfold hazard administration regulations and tactics beginning together with your risk-return technique the danger roster: personalities and specialties power hazard boot camp: 'must comprehend' ideas for managers and administrators The deal procedure: from the table to supply The portfolio technique: beginning with what have we received? And what can we wish? Measuring threat: how could our portfolio swap? Hedging: navigating towards our portfolio pursuits serious course IT matters having a look ahead: the following ten administration concerns Appendix word list Index

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Forward Strips A forward strip is a series of equivalent standardized contracts that differ only in terms of the period of forward delivery that they cover. While not all markets require tradable forward markets, forward markets (including options) are essential to commodities that are not easily storable and for players who want to hedge their future profit-loss scenarios. 25 wengler 02 pp019-046 10/16/02 1:19 PM Page 26 Managing Energy Risk: A Nontechnical Guide to Markets and Trading Liquidity As measured by quantity, liquidity is the relative number of units being traded of an asset in a particular market.

9 wengler 01 pp001-018 10/16/02 1:17 PM Page 10 Managing Energy Risk: A Nontechnical Guide to Markets and Trading Express Your “Risk-Return Strategy” Risk and return. Unless you’ve found the perfect arbitrage, you can’t have one without the other. -return from the board—or recommend it to them. Without a riskreturn strategy, the manager would be like the airline executive allowing the flight crew to fly wherever (or whatever) they want. ) Line Up Your Political Sponsor The words “risk management” or “derivatives” can suggest hocus pocus with images of rogue traders in the mist.

Endnotes 1 I first presented a version of this checklist at the PowerMart tradeshow in October 1999. 17 wengler 01 pp001-018 10/16/02 1:17 PM Page 18 wengler 02 pp019-046 10/16/02 1:18 PM Page 19 chapter 2 The Bull, the Bear, and the Spark Spread Tale of Three Statues A statue of a large bull stands in New York’s Wall Street neighborhood. 1 As a corporation, Enron fits somewhere between these extremes of money and megawatts, two types of assets kept apart by regulation since the days of Thomas Edison.

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