Overview

he definitive third edition of the best-selling multi-author reference source on global energy and power markets - fully revised, updated and extended to incorporate current market realities and theory enabling practitioners to effectively measure, structure, hedge and manage risk in today's energy related transactions. - Provides a complete review of the current state of the energy markets, with insights into how leading practitioners, academics and regulators are now tackling the issues and developments - All the main energy areas including natural gas, oil, coal and electricity as well as related markets such as emissions are covered within five easily accessible sub sections, each introduced by Vincent Kaminski to help correlate the entire book: - Energy Instruments - Developments in Energy Markets - Risk Measurement and Reporting - Tools for Risk Analysis - Real Options - Relates quantitative issues to both the needs of today's corporations and to the reality of current market practice - Explains technical terms and concepts using worked examples and real life market insights - Largely re-written to incorporate developments over the last four years, this third edition now includes additional new chapters that cover the management of retail energy markets, gas storage, the emissions market, international coal markets and the issue of financial style hedging and risk management of assets that are subject to physical risk amongst others - Brings together contributions and insight from some of the world's most respected practitioners, academics and regulators to reflect the current state of price risk management in the energy industry - A near complete compendium of knowledge designed to enable risk managers and senior executives make more informed decisions as well as identifying some key unanswered questions to help direct future research on the subject matter

Full Product Details

Author:   Vincent Kaminski
Publisher:   Incisive Media Investments Ltd
Imprint:   Incisive Media Investments Ltd
Edition:   3rd Revised edition
ISBN:  

9781908823793

ISBN 10:   1908823798
Publication Date:   01 March 2004
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction Vincent Kaminski, Rice University ENERGY INSTRUMENTS Section Introduction - Vincent Kaminski 1. Energy Swaps Jack Kellett, Standard Bank London Ltd 2. Energy Options Michael Hampton, HDS Shipping 3. Energy Exotic Options Vincent Kaminski, Rice University and Stinson Gibner and Krishnarao Pinnamaneni, Constellation Power Source 4. Commodity Risk Management in Energy Project Finance Lloyd Spencer, PricewaterhouseCoopers DEVELOPMENTS IN ENERGY MARKETS Section Introduction - Vincent Kaminski 5. Risk and Regulatory Developments in US Energy Markets William Hederman and Lee Ken-Choo, Federal Energy Regulatory Commission 6. The Oil Market Etienne Amic and Phillipe Lautard, Elf Trading 7. The Natural Gas Market Vincent Kaminski, Rice University and Ross Prevatt, Centrica 8. The Development of European Electricity Markets Richard Lewis and Paul Dawson, Barclays Capital 9. Retail Energy Transactions in the US - Valuation, Risk and Supply Mia T. Vu, Reliant 10. Dealing with Emissions Cyriel de Jong, Rotterdam School of Management at Erasmas University and Kasper Walet and Andre Oosterom, Maycroft Consultancy Services RISK MEASUREMENT AND REPORTING Section Introduction - Vincent Kaminski 11. VAR, Stress Testing and Supplementary Methodologies: Uses and Constraints in Power and Energy Portfolio Risk Management Brian Senior, RWE Trading 12. Credit Risk in Power and Gas Markets Ellen Lapson, Denise Furey and Richard Hunter, Fitch Ratings 13. Accounting vs. Economics: Not Always a Perfect Match Lesley Knowlton, Deloitte and Touche TOOLS FOR RISK ANALYSIS Section Introduction - Vincent Kaminski 14. Power Forward Curves Alexander Eydeland and Krzysztof Wolniac, Mirant Corp 15. Arbitrage-Free Valuation of Energy Derivatives Kaushik Amin, Lehman Brothers, Victor Ng, Goldman Sachs and Craig Pirrong, Bauer College of Business at the University of Houston 16. Volatility in Energy Prices Darell Duffie, Stanford University, Stephen Gray, University of Queensland and Philip Hoang, Australian National University 17. Correlation in Crude Oil and Natural Gas Markets Carol Alexander, ISMA Centre, University of Reading Business School REAL OPTIONS Section Introduction - Vincent Kaminski 18. Real Options Ehud I. Ronn, University of Taxas at Austin 19. Gas Storage Management Cyriel de Jong, Rotterdam School of Management at Erasmas University and Kasper Walet and Andre Oosterom, Maycroft Consultancy Services 20. Valuation and Risk Management of Physical Assets Steve Leppard, Gaselys

Reviews

Previous editions of Managing Energy Price Risk have deservedly come to be regarded as key reference works in the field... This new edition confirms the book's status as a key reference work in the area of energy risk. Satyajit Das, The Finance and Treasury Professional I think this book reveals why we rely on Dr Kaminski. Clearly organised and comprehensive... Managing Energy Price Risk belongs on every risk managers' shelf. Arthur Warga, Bauer College of Business, University of Houston A welcome addition to round out any risk management library Mark Williams, Finance and Economics Department, Boston University

Author Information

Vincent Kaminski Mr Vincent Kaminski has spent fourteen years working in different positions related to quantitative analysis and risk management in the merchant energy industry. The companies he has worked for include Citigroup, Sempra Energy Trading, Reliant Energy, Citadel Investment Group, and Enron (from 1992 to 2002) where he was the head of the quantitative modeling group. Prior to beginning a career in the energy industry, Mr Kaminski was a vice president in the research department, bond portfolio analysis group, of Salomon Brothers in New York (from 1986 to 1992). In September 2006 Mr Kaminski accepted an academic position with Rice University in Houston (Jesse H. Jones Graduate School of Business) where he is teaching MBA level classes on energy markets, energy risk management and valuation of energy derivatives. Mr Kaminski holds an M.S. degree in international economics, a Ph.D. degree in theoretical economics from the Main School of Planning and Statistics in Warsaw, Poland, and an MBA from Fordham University in New York. He is a recipient of the 1999 James H. McGraw award for Energy Risk Management (Energy Risk Manager of the Year). Mr Kaminski has published a number of papers, and contributed to several books, on the energy markets.

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