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Fortnightly Magazine - April 2006

Energy Hedge Funds: Market Makers or Market Breakers?

Should utilities and consumers be concerned about these obscure investment groups?

The total hedge-fund universe currently approaches $1.1 trillion, about 5 percent of which is dedicated exclusively to energy. These numbers for energy hedge funds are likely to grow at unprecedented rates. How can your company benefit?

“Mysterium tremendum et fascinans”: The Latin phrase, coined by German theologian Rudolf Otto, which characterizes humans as being overwhelmed and fascinated by experiences that are totally different from ordinary life.1

Byline: 
By Dan Scotto
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A Primer on Hedge Funds

“Hedge funds … are unregistered private investment partnerships, funds, or pools that may invest and trade in many different markets, strategies, and instruments (including securities, non-securities, and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in Hedge Funds.”1

Byline: 
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Special Section On Metering: Thinking Smart

Legislation and technology developments give a jump-start to smart metering

What a difference a year makes. In 2004, automated metering infrastructure (AMI) was in something of a slump, but the Energy Policy Act of 2005, an uptick in natural disasters, and encouraging results from pilot projects have strengthened the business case for investing in AMI.

What a difference a year makes.

In 2004, the automated metering industry was in something of a slump. After the 2003 Northeast blackout, and facing rising gas prices and diminished investor confidence during a time of war, many utilities put automated meter reading (AMR) on the back burner.

Byline: 
By Michael T. Burr
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Special Section On Metering: Needed in New England: Stronger Market Connections, Savvier Electricity Usage

The region’s retail and wholesale electricity markets should be linked via dynamic pricing.

The time has come to start the transition from the current economic demand-response programs to demand response that arises naturally through market-based retail pricing.

Over the past few decades, utility sponsored conservation and load-management programs have helped thousands of customers better manage their energy costs. While these programs have helped lower overall electricity use, they generally have not provided an economic incentive for customers to reduce their consumption at specific times in response to wholesale electricity prices.

Byline: 
By Henry Yoshimura, Amr Ibrahim, And Robert Laurita
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A Hard Look at BPL: Utilities Speak Out

After closer study of the technology’s ongoing implementation and obstacles, the crystal ball remains cloudy.

What will it take for broadband over power line (BPL) technology to take hold? Is BPL on track to become, as the National Association of Regulatory Utility Commissioners (NARUC) once contemplated, the “third broadband pipe into residential consumers’ homes, providing significant competition for cable and DSL service,” and an integral part of the 21st century “smart grid”?

Byline: 
By Christian Hamaker
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