Much has changed in the international gas market since the first edition of Gas Trading Manual was published in 2001. As expected progress has continued towards greater market liberalisation. European gas and electricity markets are gradually being opened up to competition and EU energy ministers have finally agreed to speed up the process, setting a new target date of July 2007 by which time all consumers must be able to choose their gas supplier. At the same time mergers and acquisitions have changed the corporate landscape creating big new multinational utility companies with new priorities. Confidence in the role of trading has been hit by corporate failures such as the collapse of Enron which has forced many companies to re-evaluate the role of trading in their businesses. Nevertheless trading is here to stay and the opening up of the European gas and electricity markets continues to foster the development of new market structures wherever they are needed.
The new edition of GTM takes all these changes into account whilst presenting the single most complete source of information currently available on the international gas markets. GTM is the leading information source on this complex industry and this new edition is set to further enhance its reputation.
The manual is divided into four complementary parts
Part 1: Introduction to gas trading. Covers the changing nature of the gas business, fundamentals of the market, supply and production, the different markets for gas and introduces the main trading instruments, including weather derivatives.
Part 2: European gas market. Examines the key role of the EU Gas Directive in changing the structure of the European gas market. Focuses on the prospects for competition in Continental Europe and the UK traded gas and goes on to deal in detail with the international petroleum exchange (IPE) natural gas futures contract, the standard OTC agreement, the On-the-day Commodity Market (OCM), the Network Code, and take-or-pay contracts and gas pricing.
Part 3: Administration. Deals with the essential 'back-room' aspects of gas trading operations, including internal control frameworks, accounting for derivative instruments and the taxation of gas trading.
Part 4: Gas and Electricity. Covers the important area of the role of gas in power generation and the convergence of the gas and electricity markets.
GTM is the only publication to provide a comprehensive, regularly-updated reference source on the structure and conduct of the international gas markets. The manual covers all the major gas trading instruments and their applications, the trading centres, contracts, uses and users, and the administrative, management, tax and accounting implications of participating in them.
Compiled from the contributions of leading industry professionals, it is an indispensable practical companion for all those involved in the trading of gas.
0 Comments:
