Energy Convergence: The Beginning of the Multi-Commodity Market
- Book Review,
by Peter C. Fusaro, Peter C. Fusaro
Book Description
Praise for Energy Convergence "Another outstanding contribution to the understanding of risk management by Peter Fusaro. A useful work for the workplace, executive management training, and the classroom." –Dennis O’Brien, Director, Institute for Energy Economics and Policy and John A. Brock Professor for Energy Economics and Policy Sarkeys Energy Center, University of Oklahoma "Energy Convergence identifies and addresses the key elements in the ongoing development and evolution of the energy trading markets. This book is an important addition to the literature on contemporary energy trading markets. It pulls together in one place thoughtful discussions about the way the energy markets are converging from different starting points." –Andrea S. Kramer, Partner, McDermott, Will & Emery, and author of Financial Products: Taxation, Regulation, and Design "Peter Fusaro is the worldly-wisest commentator on commodity markets and exchanges that I know and should have been listened to far more often than he has been. This new book provides everyone with a fresh opportunity. With several colleagues he has written the best up-to-date introduction to market risk management and energy trading which should be studied by both the new practitioner and the oldest hand on the exchange." –Napier Collyns, Cofounder of Global Business Network, former Public Director of the New York Mercantile Exchange "Peter Fusaro has once again assembled a team of energy professionals to provide their views on emerging commodity markets and evaluation techniques. The book provides an excellent overview of market developments and market interactions, as well as presenting the business case for convergence of commodity markets via online trading and the Internet. Overall, a very unique and insightful book." –Wayne Moore, Manager, Risk Control, Generation and Energy Marketing, Southern Company "Considering the recent upheavals in U.S. energy markets, from the California electricity crisis to Enron’s demise, this volume provides a timely introduction for anyone interested in developing a better understanding of the turbulent nature and complex interdependencies of energy markets." –Riaz Siddiqi, President and CEO, Capstone Global Energy, LLC
Book Info
Identifies and addresses the key elements in the ongoing development and evolution of the energy trading markets. Provides another outstanding contribution to the understanding of risk management.
From the Inside Flap
Energy Convergence An energy investor of the 1970s or 1980s would hardly recognize the energy market of today. Global changes in regulatory structures, privatization efforts, and competitive market forces are engineering a variety of trading innovations. Multinational corporations are consolidating and constructing new commodities and new markets for trading that are changing the shape of the energy industry. Veteran energy insider Peter Fusaro shows you how to negotiate this shifting terrain and participate in Energy Convergence: The Beginning of the Multi-Commodity Market. In spite of the tumult that accompanies any period of rapid change, the savvy investor or entrepreneur now enjoys remarkable opportunities to receive a significant return. An industrywide emphasis on risk management created, in part, the new commodity markets, and there are now more risk management techniques than ever before, including sophisticated options strategies and more flexible, Web-based risk management software solutions. New weather, telecommunications bandwidth, and emissions markets continue to be followed by even newer commodity markets, such as LNG (liquefied natural gas), and Web-based trading exists for all of these commodities. As trading liquidity grows in the global marketplace, the Internet-based trading platforms will absorb much of the liquidity and enhance growth. Assembling an all-star cast of contributors, Fusaro examines these developments and their ramifications from every conceivable angle, providing the first comprehensive coverage of all the new markets. Nick Ward of the Spectron Group analyzes weather derivatives and reinsurance, while J. P. Crametz of RateXchange covers the development of bandwidth market liquidity. Robert Brooks, president of Financial Risk Management LLC, examines new techniques in energy options, and convergent systems are covered by P. Kumar and Shiva Gowrinathan of Nirvanasoft, Inc. Other topics addressed include: Freight trading as an emerging commodity market Market risk in electric generation finance Energy risk management in the merger context Emerging financial markets for protecting the environment A glossary of energy risk management terms is also included, making Energy Convergence a convenient, easy-to-use guide for the novice and expert alike. "Energy trading," Fusaro writes, "has changed forever." Be sure your investment strategy changes with it.
From the Back Cover
Praise for Energy Convergence "Another outstanding contribution to the understanding of risk management by Peter Fusaro. A useful work for the workplace, executive management training, and the classroom." –Dennis O’Brien, Director, Institute for Energy Economics and Policy and John A. Brock Professor for Energy Economics and Policy Sarkeys Energy Center, University of Oklahoma "Energy Convergence identifies and addresses the key elements in the ongoing development and evolution of the energy trading markets. This book is an important addition to the literature on contemporary energy trading markets. It pulls together in one place thoughtful discussions about the way the energy markets are converging from different starting points." –Andrea S. Kramer, Partner, McDermott, Will & Emery, and author of Financial Products: Taxation, Regulation, and Design "Peter Fusaro is the worldly-wisest commentator on commodity markets and exchanges that I know and should have been listened to far more often than he has been. This new book provides everyone with a fresh opportunity. With several colleagues he has written the best up-to-date introduction to market risk management and energy trading which should be studied by both the new practitioner and the oldest hand on the exchange." –Napier Collyns, Cofounder of Global Business Network, former Public Director of the New York Mercantile Exchange "Peter Fusaro has once again assembled a team of energy professionals to provide their views on emerging commodity markets and evaluation techniques. The book provides an excellent overview of market developments and market interactions, as well as presenting the business case for convergence of commodity markets via online trading and the Internet. Overall, a very unique and insightful book." –Wayne Moore, Manager, Risk Control, Generation and Energy Marketing, Southern Company "Considering the recent upheavals in U.S. energy markets, from the California electricity crisis to Enron’s demise, this volume provides a timely introduction for anyone interested in developing a better understanding of the turbulent nature and complex interdependencies of energy markets." –Riaz Siddiqi, President and CEO, Capstone Global Energy, LLC
About the Author
PETER C. FUSARO is founder and President of Global Change Associates, a New York—based energy consulting firm offering strategic advice on energy industry restructuring, price risk management, and energy e-commerce solutions. He is the author of Energy Derivatives: Trading Emerging Markets and the author and editor of Energy Risk Management.
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