能源与排出物市场
2006-2
John Wiley & Sons Inc
James, Tom/ Fusaro, Peter
454
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As the world's energy markets continue to expand in the light of rising global demand, environmental standards such as the Kyoto Accord are creating uncertainty and greater price volatility in energy markets. This comprehensive book discusses traditional energy-trading markets, the impact of emissions-trading schemes and the advent of renewable-energy trading. Written by renowned energy-market expert and commentator, Professor Tom James and best-selling author Peter C. Fusaro, this book demonstrates that the forces of energy and environmental issues are linked ore than ever before. The beginning of European emissions trading in 2005 and the implementation of the Kyoto Protocol have accelerated efforts already underway in the U.S. and elsewhere to use market forces to remediate environmental issues. In response to its Kyoto obligations, Europe decided on a trade-and-cap emissions-trading scheme. This allows governments to regulate the aggregate amount of emissions produced by setting an overall cap but gives companies the flexibility to determine how and where the reductions are achieved. On 1 January 2005, the European Union Emissions Trading Scheme (EU ETS) came into force and introduced a new dimension to energy trading. From now on, the cost of emissions from the use of a fuel would have to be taken into account as part of the whole net cost calculation. This new dynamic in energy pricing converged and in some cases collided with with energy markets. Drawing extensively on the first year of the EU ETS, this book, Energy & Emissions: Collision or Convergence? explores the developments of emissions regulation, emissions-trading schemes, and how they are interacting with energy markets across the globe.
Professor Tom James has been involve din energy markets since 1989, acting as a consultant to many energy firms during this period. In early 2006, he w2as appointed Chair Professor of Natural Gas markets at the University of Petroleum & Energy Studies (ww
Foreword Glossary 1 Setting the Stage for Collision or Convergence 2 The Birth of the Global Emissions Markets 3 Green Trading Schemes 4 Global Trading Schemes 5 Market Mechanisms for Reducing Emissions 6 Overview of the Carbon Exchanges 7 Carbon Collides with Power—The European Experience 8 Legal Agreetments for Emmissions Trading 9 Green Power Trading: Developments and Opportunities 10 What Risk? An Introduction to Managing Risk 11 Risk-Policy Guidelines 12 Managing Financial Risk for the Environment 13 Investment Opportunities in Emissions 14 Broader Issues for Business—Global Emissions Markets 15 What the Future Holds: Opportunities for Global Market Convergence Appendices Index
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