Excellence in Energy Trading

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1 Excellence in Energy Trading Finalists: EDF Trading Endesa France Gaselys Morgan Stanley Société Générale With continuing market volatility in crude, natural gas and other key energy source and derivative products, energy trading was again a pivotal business function in Given the need to address energy trading across all products and geographic markets, the winner of the Gold Award had to be a company that excelled across the global energy portfolio. Morgan Stanley Commodities began trading in 1982 and has expanded strategically, continuing to have one of the largest energy footprints in existence today. The breadth and depth of its commodities group's product and geographical coverage is second-to-none. They provide global liquidity across the energy classes (oil, natural gas, power, emissions, coal, freight etc.) and around the world with offices in New York, Calgary, London, Moscow, Singapore, Tokyo and Shanghai. The size of their business and longevity in the marketplace enables Morgan Stanley to accommodate large-volume, long-term derivative transactions. They offer not only standardised derivatives instruments, but have proven capabilities in providing specialised swaps and options for less actively traded markets. Morgan Stanley s dominance in the underlying commodities markets translates seamlessly into their capabilities and expertise in the derivatives they offer on these underlyings. In an energy marketplace where products have become increasingly interdependent, the diverse trading opportunities provided by Morgan Stanley make it the worthy winner of the Gold Award for the second year running and as reflected in the voting from the industry In 2007, Endesa France (a subsidiary of Spain s Endesa) has been innovative and successful in developing its energy business. One example is for trading the clean dark-spark spread in order to optimise on a long-term basis its coal power plants and CCGT s that are being built for a startup in 2009 (2X400MW of installed capacity). The new plants will allow Endesa France to diversify the fuel used at its generation assets by introducing natural gas - a move aimed at establishing a more balanced, competitive and environmentally compatible generation portfolio. The use of natural gas will boost generation productivity and reduce greenhouse gas emissions and water consumption. Earlier this year, Endesa France launched the first half-hour electricity exchange platform in France. This management system (the only one of its kind in France) allows for trading of half-hour contracts, optimising the management of shortfalls and increasing the value of the surpluses of each member of the platform. Endesa France is also rewarded for maintaining a high level of activity, performance and services for its customers on the French market, in spite of the introduction of a regulated tariff (TRTAM) Excellence in Energy Risk Management Finalists: BNP Paribas Gaselys Morgan Stanley SGX AsiaClear Société Générale Silver winner in this category last year, the view of the judges and voters was clear-cut in favour of Morgan Stanley, which continues to offer its clients a complete range of risk management services, encompassing both exceptional physical and derivative capabilities and assisted by the breadth and depth of its product and geographical coverage. Morgan Stanley Commodities is an international team of over 300 professionals from over 40 countries. They provide liquidity and risk management solutions to industrials, corporates and financial institutions across a uniquely broad commodity spectrum. Over its many years in the business, Morgan Stanley Commodities has maintained its commitment to providing outstanding service to its client base - essential in meeting the needs of increasingly experienced and diversified market participants. Over the last year, Morgan Stanley has continued to grow the business strategically through synergistic acquisitions such as those of Heidmar and Transmontaigne, as well as through proactively expanding its trading and risk management universe to include more commodities in areas such as emissions and biofuels. Morgan Stanley Commodities has been able to provide more comprehensive energy risk management solution for its clients by leveraging the capabilities of its Global Capital Markets, Investment Banking and Credit Advisory and Derivatives businesses 2007 has seen strong demand for commodity derivative products and BNP Paribas ambitions in this area were reflected in some key hires during the year. Their ambition of becoming a top tier player in the commodity derivatives arena was rewarded in the voting. Moreover, by grouping together under a single management umbrella all of the bank s expertise in energy, commodities, infrastructures, capital goods and asset financing, BNP Paribas continues to create an innovative structure that meets the full array of client needs and effectively leverages synergies between the various businesses. As with its trading division, BNP Paribas Energy Commodities Export Project (ECEP) has enabled the development of a one-stop-shop for risk management, bringing together standard short-term transactions and more structured longer-term transactions, meeting the diverse risk management needs of customers, both large and small 1

2 Excellence in Energy Technology Finalists: Allegro Development DataGenic Sophis TradeCapture Triple Point Technology Today s energy business climate requires the processing of more and more data than ever before and using that data for ever increasing and complex uses. Maintaining a consistent interpretation of energy business data for all stakeholders is paramount for operational and strategic decision making, regulatory compliance and risk management. DataGenic is meeting these current and future challenges by offering the next generation architectural flexibility for managing all types of data - providing a complete data management framework for profiling, quality, integration, enrichment and monitoring. From a low-cost entry level to a full enterprise strength system, DataGenic sets a new standard in data management and operational efficiency by delivering the system infrastructure, flexibility and features to empower all business functions transforming data into a strategic asset. Independent to the database environment, providing multiple deployment options and visionary user interfaces, DataGenic transforms data into a strategic asset, providing a tangible ROI. DataGenic solutions include Genic DataManager, a data management system which provides a controlled framework for the acquisition, processing, validation, management and distribution of complex usage data, Genic PowerView, an interactive graphical user environment designed for Profile Management, Forecasting and Sales and Genic EnergyView, a powerful charting, analytical and programming environment designed for energy market analytics, traders and researchers. With an R&D spend above the industry average and with new financing in place, DataGenic is looking to further accelerate its development program and time to market an important criteria given the reduced tolerance in waiting for new functionality. The quality of the DataGenic team and the compelling value proposition of their technology have positioned them for continued success as the provider of mission-critical data management solutions for the energy and finance industry The Gold winner in this category last year, Triple Point Technology remains a leader in trading and risk management solutions for commodities including; power, oil, gas, coal, metals, agricultural products, freight and biofuels. Triple Point s Commodity XL 6.0 meets all the requirements for trading in today s highly volatile environment: multi-commodity capabilities, real-time integration of physical and financial positions, comprehensive risk management and scalability. Though already one of the highest performing ETRM systems, Triple Point Commodity XL 6.0 has demonstrated a 5-times leap forward in performance. This record setting performance level enables the Triple Point solution to provide enterprise-wide functionality and granular decision support that is not available in competitive systems. Used by 3,000 traders to manage more than US$3.5 trillion in risk, Triple Point s award winning solutions are used by a wide variety of clients. With Commodity XL 6.0 with Management Dashboard (MD), Triple Point takes risk management to a higher level, aggregating data from a variety of functions, providing management with key performance indicators and sophisticated analytic tools all in realtime. Through its ability to synthesise vast sums of data and integrate information from across the business, it helps mitigate risk by driving intelligent decision-making. MD mines data to provide unique, insightful analysis not available elsewhere and displays the information via high-impact visuals Excellence in Energy Policy & Implementation Finalists: Climate Change Capital EFET IPCC IEA Westminster Energy The mission statement of the European Federation of Energy Traders (EFET) is, to improve conditions for energy trading in Europe and provide an exchange for non-commercially sensitive information between organisations and members of the developing pan-european energy industry. The past year has been an important period for policy development, and in particular the emissions/renewable energy policy targets at the EU Council in March and the third energy legislative package in September not to mention the plethora of EU Member State policy initiatives. EFET has also engaged in dialogues with the European Commission, ERGEG and ETSO to emphasise the importance of transmission rights, issued as firm contracts by TSOs across a range of maturities, under terms which render them fully transferable. EFET is in agreement with the Commission that completion of the internal market must remain the priority for EU energy policy. Notably, they welcome deeper unbundling of monopoly transmission infrastructure from production, import and supply businesses, to improve system operators impartiality and thereby promote non-discriminatory grid access, as well as the creation of a regulatory agency at EU level to foster deeper collaboration among national regulators and help solve many remaining obstacles to cross-border market access. Through its lobbying with authorities and communicating with market and grid operators and their associations, public relations, distribution of information to participating companies and its working group meetings, EFET has been a valuable communicator of market information and this Award recognises this energy business contribution over the past year 2

3 Gold winner in this category in 2006, the International Energy Agency has broadened its role as energy watchdog and policy adviser to the OECD. Under the leadership of Claude Mandil (who stepped down in September) the stature of the IEA has grown with it now more intimately involved in the G8 process of energy policy making. The IEA continues to collate and report on key energy market developments to governments and the marketplace alike with their key publications eagerly awaited by both policy makers and risk managers. As such, the IEA remains the pre-eminent inter-governmental body committed to advancing security of energy supply, economic growth and environmental sustainability through energy policy co-operation for industrialised nations. The energy picture has changed radically in the last few years and the IEA recognises that the new realities of today s energy marketplace have become harsher and the relative competitive position of fuels and nation states has altered dramatically. New IEA Executive Director Nobuo Tanaka will continue to ensure excellence in its reporting on all aspects of the energy sector, promoting rational energy policies in a global context through co-operative relations and dialogue. We wish him well Excellence in Emission Markets Finalists: ABN Amro Asia Carbon Group EDF Trading Evolution Markets LLC TFS Energy Over the past few years there has been a rapid development of the emissions market, particularly in Europe through the first phase of the EU emission trading scheme. And it is because of the importance attached by both the EU and the UN to cap-andtrade schemes that emissions and trading have almost become synonymous. It is not surprising then that a trading company, EDF Trading, should win this year s Gold Award. EDF Trading is recognised as one of the leading traders in European emission allowances (EUAs) and certified emission reduction credits (CERs), being active in the EU emissions market since it began and the Clean Development Market since 2004 with its global reach spanning CDM project developers in China, India, Brazil and Russia; industrial customers in EU countries; Japanese counterparts; and utilities and banks. EDF Trading is also ranked as one of the top buyers of carbon credits from CDM projects globally, and has built a broad portfolio of carbon credit purchase contracts by working with project developers worldwide with these projects using over 15 different methodologies of carbon emission reduction. The company says its approach to emissions extends well beyond simply purchasing carbon credits and involves building partnerships with CDM project developers through, among others, flexible pricing structures to fit project production and the appetite for price risk. But the most important development of the past year has been the setting up of a carbon fund in December 2006 with the objective of supporting greenhouse gas reduction projects in emerging countries within the CDM framework. The EDF carbon fund involves EDF and its European affiliates, and has a buying capacity of almost 300m making it one of the biggest players in the sector. Management of the fund has been entrusted to EDF Trading, with EDF Chief Executive Pierre Gadonneix explaining: The creation of this carbon fund is an additional stage in the development of the synergies between the various Group entities and reflects its strong commitment to Sustainable Development The financial sector, banks and hedge funds have become increasingly involved in the emissions market as the commoditisation and financial value of carbon has increased. To address the needs of the evolving carbon market there has been increasing innovation from the financial sector, and it is one of these leading innovators, ABN Amro, that is the recipient of this year s Silver Award. ABN Amro has successfully applied its recognised talent for innovation in other asset classes to the emissions market, with structured investment products such as CARE (CER Asset REpackaging) notes and securitisation of returns from CER flows (for a 5-year flow of Biogas of Brazil). It is also recognised by clients for its ability to apply market intelligence in trading, including successfully executing a mandate for sale of the Dutch New Entry Reserve allowances, and for its primary access to high quality CERs that meet demanding specifications for the voluntary market. ABN Amro has also excelled in emission trading, which is a cornerstone of its unique, integrated Eco-Markets group, and has the banking sector s broadest Eco-sector expertise Excellence in Renewable Energy Finalists: Beacon Landfill Gas Holdings LLC Camco Credit Suisse Econcern/One Carbon Shell Renewables The past year has seen an increased focus on renewable energy, with the most important market development being the agreement of EU Member States to commit to a collective EU renewable energy target (as a percentage of energy use) of 20% by All energy and utility companies have been active in the rapidly developing renewable energy market, and the unanimous view of voters in this year s Awards is that Shell Renewables has excelled the most. 3

4 The list of its recent achievements is impressive, including plans for a new Maui wind farm, the first delivery of clean electricity from the North Sea to Dutch households, and its joint venture with Saint-Gobain to develop next generation solar panel production. But its most important involvement has been as part of the consortium behind the London Array, which will be the world s largest wind farm. In December 2006 consent was given for the go ahead for the offshore sections of the 1,000 MW wind farm, which will displace nearly 2 million tonnes of CO 2 a year and generate enough electricity to power 750,000 homes, equivalent to a quarter of Greater London s households. And in November final consent was given for the onshore substation, necessary to connect London Array into the national grid, bringing the vision of the London Array a step closer. Shell Renewables is a worthy winner of this award for its renewable vision and conviction, embracing all renewable technologies and working in partnership with other companies to the benefit of the wider market. Shell has invested US$ 1 billion in renewables since 2000, it has the broadest alternative energy portfolio of any major energy company, has hydrogen filling stations in five countries, is one of the largest developers of wind farms, and is a leading developer of next generation solar technology In tandem with energy company involvement in the renewable sector, the financial sector has also continued to be a valued participant in this rapidly evolving market. This year s Silver Award goes to one of the leading financial players in the renewables market, Credit Suisse, which is recognised as a foremost renewables focused international financial institution. Credit Suisse has assembled a team of highly qualified industry professionals to build a leading platform in the renewable energy field, has pioneered transaction advisory and capital raising in the renewable energy space, and has mapped-out the most substantial footprint in the industry. Since 2005, its Renewable Practice has been involved in over 50 transactions with an aggregate value in excess of US$ 20bn (almost twice as many renewable transactions as any other bank), and no other financial institution has been as instrumental in facilitating the mobilisation of capital in the renewable sector. By dedicating significant resources to serve renewable energy companies, the Renewable Practice has also helped fuel growth in this developing market sector Excellence in Energy Marketing & Communications Finalists: EFET GreenStream Network Moffatt Associates Point Carbon Sparx Marketing and communications has become an increasingly important energy business discipline as energy prices increase, supply security concerns become more acute, and the growing awareness of climate issues places more pressure on companies to manage their carbon footprint. It is perhaps because of the growing importance of this business discipline that this category was more keenly fought than in previous years. That said, with climate change dominating the energy business agenda over the past year, and given the increasing importance of climate market awareness and communication, it is little surprise that Point Carbon has won the Gold Award for the third consecutive year. Point Carbon is a world leading provider of independent news, analysis and consulting services for European and global power, gas and carbon markets. Its comprehensive services provide climate and energy professionals with market-moving information through monitoring fundamental information, key market players and business and policy developments. In the last year the company has further developed its global information provision by supplementing its Carbon Market Analyst reports with a North American version, and has also developed its energy information provision with the launch of its Energy Market Analyst product. Augmenting its information service the company has also developed a number of conferences and seminars/workshops. In addition to its annual Carbon Markets Insights conference, widely regarded as the best networking event in the climate calendar, Point Carbon has also developed an equally successful conference for the Americas as well as co-organising its first event in Asia EFET s role continues as one of improving the structure and conditions for the operation of European wholesale energy markets for the benefit of all. An industry association representing over 90 trading companies operating in 20 European countries, EFET plays a pivotal role in the decision making and deliberation process in the EU energy sector and beyond. EFET has traditionally been active in identifying and implementing practical harmonisation and standardisation work. Best known are the contracts for physical OTC trading for electricity, gas and emissions allowances. EFET s work this year has continued to present alternatives and remedies to current European energy market imperfections believing in, and promoting, the establishment of (and confidence in) an open and fully liberalised European energy sector. EFETtakes the Silver Award for its effectiveness in communicating and consulting with the markets and then putting its policy options and recommendations forward effectively and concisely. The drive towards a truly EU internal market in power, gas, renewables and emissions remains the goal 4

5 Energy Company of the Year Finalists: E.ON Exxon Mobil Lukoil Singapore Petroleum Company Total E.ON is a heavyweight in energy market terms and now the world s biggest utility by sales. Headed by Dr. Wulf Bernotat, recently released results for 2007 point to the progress the group has made in many areas of its activities. Our nine-month results and the rapid implementation of our ambitious package of initiatives again provide impressive evidence that E.ON is already the most international of the major energy companies. We operate successfully in almost 30 countries, make an increasingly large percentage of our earnings outside Germany, and have now again added high-growth markets - Russia and wind power in North America - to our portfolio. This is a clear signal for our stakeholders and above all for our employees and shareholders that we will continue to work resolutely to broaden our platform for growth and enhance our performance. Our positive performance in the current year confirms that we're on the right strategic course, says Bernotat. Operating profit rose 12% in the first 9 months of the year to 7.1 billion on sales of 49.4 billion (up 7%). Many expect operating profit to rise 10% or more for the full year. In less than half a year, E.ON has already achieved key strategic objectives of the initiatives and 60 billion in investments it announced in late May. The acquisition of Airtricity North America has enabled E.ON to enter the world's most attractive renewables market. Airtricity operates highly profitable wind farms with an aggregate installed capacity of more than 210 MW and will have an additional 880 MW in service by the end of Following the acquisition of wind farms in Spain and Portugal, E.ON is accelerating the expansion of its international renewables business. E.ON has already invested the 3 billion it originally earmarked for renewables and plans to double its renewables investments to 6 billion through By acquiring a majority ownership interest in Russia's OGK-4, a major power producer, E.ON has also entered Russia s fast growing electricity market. OGK-4 operates four gas-fired power plants and one coal-fired plant with an aggregate installed capacity of about 8,600 MW. E.ON's intend to expand OGK-4 s highly efficient generation fleet by constructing technologically advanced power plants with a total capacity of 2,400 MW by In late June 2007, E.ON launched a 7 billion share buyback and as of October 31 st, 2007, E.ON had repurchased 2.8 billion of its own stock. By year end this figure will be 3.5 billion. Energy Exchange of the Year Finalists: APX Group Dubai Mercantile Exchange European Climate Exchange ICE NYMEX The past year has been good for exchanges, with volatile markets leading to new trading volumes being posted. But this Award is not conferred on the exchange with the largest trading volume, but on the exchange that has excelled in taking the exchange market forward to the benefit of the overall energy marketplace. That exchange is IntercontinetalExchange (ICE), which is named Energy Exchange of the Year for the second successive year. ICE operates global commodity and financial products marketplaces, including the world s leading electronic energy markets, with its diverse futures and OTC markets offering access to contracts based on crude oil and refined products, natural gas, power and emissions. The exchange is headquartered in Atlanta with offices in Calgary, Chicago, Dublin, Houston, London, New York and Singapore. As in previous years, last year saw more new contracts listed, including two coal contracts based in Rotterdam, Netherlands and Richards Bay, South Africa that are cash settled against the API 2 and API 4 coal indices published in Argus/McCloskey s Coal Price Index Report, and ten new cleared OTC oil contracts. But it was the continuing innovation that again saw ICE lead the energy exchange field. These included: In December, ICE announced the successful launch of its ICE econfirm Broker Matching Service for OTC transactions. Designed to facilitate fast and accurate post-trade confirmation, ICE econfirm s electronic trade confirmation platform extended its reach to the interdealer broker community. The addition of the Broker Matching Service automates the broker check out process and reduces the potential for trade data errors. In January, ICE entered into an agreement with PVM Oil Associates for the provision of daily oil market commentary and market information to ICE customers. PVM is the leading independent broker of OTC oil instruments and the largest execution-only broker of ICE Futures oil contracts. The agreement allows customers to access a complement of oil market information designed for active market users, including commentary on oil fundamentals, technical analysis and price data for both futures and OTC markets. PVM s daily oil market reports had previously been available only to its OTC and futures customers. And in March, ICE announced the deployment of a new matching engine in its OTC Henry Hub natural gas markets. The new OTC matching engine allows the Henry Hub market to take advantage of advanced features developed for ICE s futures markets, including rapid execution speeds, reduced bandwidth requirements and enhanced spreading functionality. The enhanced OTC spread-implication functionality is designed to improve the experience for traders who trade longer-dated contracts by facilitating liquidity in back-month contracts. The implied spread functionality, which has been deployed in ICE Futures markets, is able to generate long-chained multi-legged spread prices. The reduced bandwidth requirements are intended to improve quality of access via the Internet and to reduce costs for those utilising private network lines 5

6 Energy Broker of the Year Finalists: Evolution Markets Inc. GFI/Amerex ICAP Energy Spectron Group TFS Energy Energy broking is an intensely competitive market, which was illustrated by the close voting in this year s Awards, but the awards panel agreed with the votes cast and make Spectron Group the Energy Broker of the Year. Unlike most other brokers in the energy space Spectron, which was founded in 1988, is a dedicated energy brokerage and operates the largest independent global marketplace for energy from its offices in London, Singapore, Frankfurt and across the US. Spectron acts as an intermediary broker in a number of wholesale markets, including natural gas, electricity, oil, coal, metals, weather, petroleum products and emissions with more than US$ 150bn worth of energy products trading through Spectron annually. It facilitates the trading of financial derivatives as well as physical transactions and is able to guarantee clients neutrality because it does not trade or take market positions. In addition to its broking business Spectron is also a leading specialist provider of other energy market services, including market data, benchmark energy indices, OTC clearing and consultancy. And Spectron s market information has become musthave market-monitoring tools for thousands of energy professionals, from traders to regulators and government agencies. Spectron has a reputation for being an innovator in the energy and climate markets, playing a key role in the development of several markets as well as pioneering numerous market initiatives, including: the first company in Europe to broker several markets, including online gas swaps, cleared OTC coal, 2012 emissions allowances, online gas storage products, spark spreads and dark spreads; the first to launch a set of audited energy indices; the first to offer straight-through deal processing via API; and the first to offer OTC clearing across the main electricity and gas markets. Building on Spectron s impressive history it has had another strong year. Aside from witnessing significant growth in most energy markets the company pioneered electronic confirmation matching for traders in Europe, potentially slashing back office costs, and became the first broker to receive EFET certification for this service. Spectron also launched the first intraday OTC trading screen for the French and German power markets, introduced new trading screens for German gas, Czech electricity and CERs, and also brokered the first cleared Belgian OTC power trade. Notable developments in the US market included Spectron putting together the first ever OTC REC option, launched a global uranium desk from the US, and significantly expanding its US weather derivatives team. And in Asia, Spectron set up an alliance with GFI to create a new regional powerhouse broker for the oil, petroleum products and biofuels markets in the fast developing Asia region THE ENERGY BUSINESS AWARDS 2007 A TWO STAGE PROCESS Stage 1: The first stage of Nominations opened in July 2007 and conclude on 14 th September, We asked energy industry practitioners to tell us who they thought deserved recognition and reward for advancing energy business expertise in any or all of the categories listed. The Awards recognise excellence in 10 categories. They are reflective of the processes, technology, vision, strategy and execution of business throughout the energy sector in oil, gas, electricity, coal, nuclear, renewables, emissions, weather, energy IT and other related markets. Nominations were submitted directly from individuals, companies or from a third party. Nominations were submitted at the official Energy Business website, or as an word file. ONLY nominated companies were eligible to go through to the second voting stage. Stage 2: The second stage is Voting which was conducted exclusively online through the Energy Business website and concluded on 26 th October All multiple votes were destroyed. Votes received from company employees for their own organisation were taken into consideration. Voting took place during September and October 2007 and involved choosing from 5 shortlisted nominated companies in each category as drawn up by the Awards Panel. energy-business.com 6

7 Energy Business Awards, 2008 THE ENERGY BUSINESS AWARDS 2008 A TWO STAGE PROCESS Would you like your company to be considered for an Award in 2008? It s simple. Nominations to the Energy Business Awards 2008 will open in July and conclude at the end of October There are 10 categories in which to enter, for your own company or a third party. You will be informed if your company is selected as one of the 5 finalists in each category. In September 2008, all categories will then be open to voting from the energy business community. Voting is conducted exclusively online through the Energy Business website. Participants can vote in as many categories as they wish. All multiple votes will be destroyed. Votes received from company employees for their own organisation will be taken into consideration. The Energy Business Awards 2008 are also open to sponsors either for individual Awards or the process in its entirety. Contact Anna Liza [T: + 44 (0) , E: now.com] for more details. energy-business.com The Energy Business Awards are produced by Isherwood Production and Jeremy Wilcox. Isherwood Production are the UK based publishers of Commodities Now magazine, WorldPower and other specialised commodity market intelligence. Jeremy Wilcox is an independent journalist and advisor to the energy markets. 7

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