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Excerpt:
"Most of us who have been in the energy industry for a
while have a story or two of how unexpected events can cause
serious problems. Stories like the California energy crisis, the
collapse of Enron, or the failure of the First Energy transmission
system and the resulting northeast blackout have captured
international attention, and there are less-well-known
personal stories of how seemingly good positions quickly
turn bad.
Recently, as the banking crisis unfolded and the $700 billion
bailout bill was rushed into law, many in the energy industry
found themselves once again confronted by events that
no one would have thought possible a few months earlier.
Naturally many have questioned the effectiveness of energy
risk management methods—some of the same methods supposedly
in place to protect the banks.
Many in the energy industry have stopped. . ."
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