Energy & Emissions Markets

Collision or Convergence?

By: Peter C. Fusaro, Tom James

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Product code: 22897
ISBN: 0470821582
350 pages
Format: Hb
Published by: John Wiley & Sons, 2006, 1st edition

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Energy & Emissions Markets - front page cover image

Description of Energy & Emissions Markets

Written by best selling author Peter C. Fusaro and renowned energy market expert and commentator Tom James, this book demonstrates that the forces of energy and environmental issues and linked more than ever before. The beginning of European emissions and trading in 2005 and the implementation of the Kyoto protocol have accelerated efforts already underway in the US to use market forces to remediate environmental issues.

Topics such as emissions trading, renewable energy trading, the fourth dimension in energy trading, and new outcomes on green project finance will be analyzed in this book.

Energy & Emissions Markets - Chapter headings

Foreword Roy Leighton (Calyon Bank) NYMEX or IPE

1. Introduction Setting the Stage for Collision or Convergence

2. Background to Creation of the Global Emissions Markets:
- Montreal Protocol of 1987
- Clean Air Act Amendments of 1990
- Rio Climate Convention
- Kyoto Protocol of 1997

3. Introduction: What are the Green Trading Schemes

4. Types of Global Trading Schemes: Cap & Trade, Voluntary etc.

5. Market Mechanisms for Reducing Greenhouse Gas Emissions

6. Overview of Carbon Markets, Exchanges, Participants and Purposes (Trading markets, comparisons, trends such as Chicago Climate Exchange, EU ETS, OTC & IPE)

7. Green Power Trading: Regional Developments and Opportunities
- What is Green Power or Renewable Energy: Rec or Rocs
- What are Environmental Attributes
- How is Traded
- What are Renewable Energy Creations
- What are Negawatts or Energy Efficiency Units (Demand Response)

8. Emissions Risks and Rewards:
- Credit for Early Action
- Double Counting

9. Impact & Opportunities of the 4th Dimension of energy trading (price, quality, delivery date, now emission value)
- How the energy value chain is no overlaid with an environmental value chain
- Electric Power
- Oil & Gas Companies: Upstream & Downstream
- Refiners
- Airlines
- Shipping
- Green Buildings

10. The Emissions Factor in Energy Markets: Environmental Premia versus the Price Structured for CO2, SOX, NOX and Mercury Trading

11. Global Trends
- What are the benchmarks
- Creating a fungible commodity
- Cross commodity arbitrage: weather & emissions, fossil fuels & emissions

12. Environmental Investment Opportunities in Emissions:
- Hedge Funds
- Investment Banks
- Aggregators
- Institutional Investing
- Income Trusts
- Application examples

13. Green Project Finance
- Application of structured finance
- Monetisation of emissions credits

14. Legal Structures
- Actual contracts
- Mitigating Environmental Liability

(maybe software chapter here)

15. What the Future Holds: Global Market Convergence & Fungibility

Glossary of Risk Management Terms
Appendices