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Fortnightly Magazine - January 1 2002

Energy Trading & Marketing: The Evolution of the Deal

Energy traders and risk managers reengineered their business dealings to manage against unexpected political and financial risks posed by California and Enron in 2001.
Public Utilities


Gas Marketers: Oblivious to All the Fuss

New mega-marketers, niche players emphasize opportunity.
Los Angeles Times


Making Markets Work: How ISO Rules Still Cause Problems

How obscured spot prices, unhedgeable basis differentials, unreliable and financially insecure clearing practices inhibit market liquidity.
see sidebar


Credit Risk Exposure

Measures of Credit Risk
Brett Humphreys and David Shimko are founding partners of Risk Capital Management Partners, a consulting firm that focuses on energy and credit risk management. Related research is available at the company's Web site, They can be contacted at or



Enron makes an exit; FERC cost-based rates return.

You have two cows. You sell three of them to your publicly listed company using letters of credit opened by your brother-in-law at the bank.


Thomas R. Kuhn is president of the Edison Electric Institute, the Washington-based association of U.S. shareholder-owned electric utilities that deliver nearly three-fourths of the nation's electric power.


News Analysis

The transmission industry may have to wait even longer for a final decision on challenges to Order 2000 if FERC gets its way.
Brief for Respondent Federal Energy Regulatory Commission, Public Utility District No. 1 of Snohomish Co., Washington v. FERC, No. 00-1174 (FERC Brief)

Off Peak

A very odd departure, indeed
Natural Gas Week

"Enron is taking an artificially harsh hit, which most analysts were aware of for the last year or two. Does it look bad for Enron? Yes. Is it fixed? I think so. Are there any others? I don't think so."

-Sanders Morris Harris' John Olson, ,
October 19, 2001