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Please find below a sample copy of the most recent Eyeforenergy Briefing, which is sent every two weeks to anyone in the energy industry who are interested in news, features and interviews about everything from e-business and energy deregulation to risk management, online energy trading, renewable energy, emissions and weather derivative trading.

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Monday, February 4, 2002
Issue 45 (sample copy) 

 EDITORIAL <http://www.eyeforenergy.com/pics/newsletter/hedit.gif>	
It remains an interesting time for the energy sector... 

In a scenario vaguely reminiscent of the California energy crisis, most of the news focuses around one big story- the continuing Enron saga. There's no lack of stories about the Enron disaster, and each one seems to be more dire than the last. With Congressional probes, security guards posted at Enron's headquarters and the recent sacking of an Andersen partner, it looks like the story's still got a way to play out. You can keep up with all the latest including Al Massey's ongoing articles and interviews at Eyeforenergy. 

We've got a packed briefing for you this week. After focusing the last few editions on the developments surrounding deregulation and energy trading in both the US and Europe, we're taking a closer look at two other issues of interest to the energy community-emissions and weather. Two of the articles below focus on the growing market in emissions trading-the first a look at the market, how it's developing, where the money's to be made, and the second article takes a closer look at the regulations governing the market. We've also got an article on the latest developments in weather trading which seems to be a growing part of many energy traders portfolios and is increasingly popping up on Risk Managers' radar screens. 

All these articles serve as an excellent segue into a few announcements here at Eyeforenergy. Just a quick reminder about the upcoming European Energy, Weather and Emissions Trading conferences in mid-February. We're quickly running out of hotel space, so if you're planning on registering make sure to do it soon before space runs out. Also, we're issuing a call for papers for our upcoming Emissions Trading show in the US... if you'd like to get involved drop our conference Director, Sarah Robinson a line at srobinson@eyeforenergy.com <mailto:srobinson@eyeforenergy.com>. 

 --Allison Robertshaw, Editor 

 FOCUS <http://www.eyeforenergy.com/pics/newsletter/hfocus.gif>	
Emissions Trading: The Emerging Market 
Mention greenhouse gas (GHG) today and you conjure up images of shrinking polar ice caps, rising oceans, depleted rain forests, expanding deserts and even rising crime rates. Although there is still much dissension among the ranks of scientists and environmentalists as to the impact GHG has on the environment, there can be little doubt the earth's climate is predicted to change because human activities are altering the chemical composition of the atmosphere through the buildup of greenhouse gases - primarily carbon dioxide, methane, and nitrous oxide.

The heat-trapping property of these gases is undisputed. Although uncertainty exists about exactly how earth's climate responds to these gases, global temperatures are rising. In recognition of the role greenhouse gas plays in global warming and climatic change, representatives of more than... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25023> 

Energy Policy in the U.S. 
They say Washington is a town of give and take. The second session of the 107th Congress will resume later this month, and it is scheduled to take up the nation's energy policy legislation in February. These actions will amend the 1992 Energy Policy Act; renewable energy and climate change sections will probably be debated with significant vigor... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25021> 

 INSIGHT <http://www.eyeforenergy.com/pics/newsletter/hinsight.gif>	
Energy and Weather, an Explosive Combination 
With threats of a new El Ni?o forming in the tropical Pacific, predictions of warmer weather, where it is supposed to be cold and colder weather where it is supposed to warm, a new star is born, the meteorologist. Faced with paper-thin profit margins in a highly competitive market, risk managers have come to rely on meteorologist and weather forecasters as their secret weapon in developing strategies to keep their companies from being held hostage by the weather.

Weather forecasting is something akin to a black art, worthy of Merlin the Magician, for most of today's executives. Few can predict the impact each degree higher or lower than the expected temperature, will have on their company's financial statement. Fewer still have the skills necessary... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25026> 

Despite the stance of the Bush Administration, state and industry action suggests a growing interest in greenhouse gas trading opportunities in the U.S. 
Expect to see "Bush" and "Kyoto" back in the headlines as the U.S. Administration prepares to unveil its alternative plan for controlling greenhouse gas (GHG) emissions. In March 2001, the Bush Administration announced that it would be abandoning the Kyoto Protocol, suggesting that the treaty was "fatally flawed" and would harm the U.S. economy.

Despite protest from Europe, Japan, and other proponents of the treaty, the Administration has stuck to its decision. So for those of you that are anxiously anticipating the start of a vibrant, global market in the trade of greenhouse gas emissions, with the largest potential buyer participating... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25005> 

 ADVERTISEMENT <http://www.eyeforenergy.com/pics/newsletter/hadvert.gif>	
  <http://www.eyeforenergy.com/pics/newsletter/line.gif>

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  <http://www.eyeforenergy.com/pics/newsletter/line.gif>

Energy Exchanges Online Europe: Energy Trading in the New Economy

Places are filling up fast to attend next month's Energy Exchanges Online conference in Amsterdam (19-21 February). Recent efforts at deregulating the energy market in the European Union, combined with the rise of online energy exchanges, is set to make the next few months one of the most challenging and opportunity-filled periods the energy sector has seen.

This event, now in its 3rd year, is THE conference where the European Energy industry talks about the business of energy trading. Speakers will include: Dynegy, Altra Energy, OM, Powergen, Bergen-energi, Amsterdam Power Exchange, RWE Trading, ENDESA, The Utilities Exchange, El Paso, SchlumbergerSema, TXU, and many more.

Click here <http://www.eyeforenergy.com/eurotrading/programme.shtml> to view the full conference programme. 

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 NEWS ROUND UP - WEEK IN REVIEW <http://www.eyeforenergy.com/pics/newsletter/hweekin.gif>	
Debate over Global Warming Heating Up 
January 2, 2002--- New Zealand's Business Roundtable has come out against the government ratifying the Kyoto Protocol on climate change while the minister, Pete Hodgson, has given more reasons why it should be done sooner rather than later.

In article just released, Mr Hodgson says New Zealand produces less than 0.2 per cent of world emissions but emissions per person are the fourth highest in the developed world, including large methane emissions from farming. 

Carbon dioxide emissions have increased faster than the population... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25022> 

Environmentalists Push for GHG Regulations 
January 24, 2002----In what is shaping up t be a last ditch duel, pitting the oil and auto industries against environmental groups, battle lines are being drawn as California seeks to become the first state to regulate greenhouse gas emissions from cars.

The one-page measure would order the Air Resources Board to lower the amount of carbon dioxide -- one of several greenhouse gases -- spewing from the tailpipes of California's 29 million cars and light trucks. 

If the bill doesn't pass the Assembly before the end of the month, it dies.... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25019> 

Lay Out at Enron 
January 24, 2002--- In an announcement that was met with surprise by some but inevitable by close observers Kenneth Lay resigned his post as CEO of embattled Enron late yesterday. Defiant in the face of mounting pressures from ex-employees and creditors, Lay said the bankrupt energy trader needs a fresh leader to turn the company around.

Lay, faced widening criminal and political investigations, finally agreed with creditors that the company needed new leadership, if it is to emerge from bankruptcy. 

As more than a dozen regulators and congressional committees line up to take their shots at him, Enron spokesman Vance Meyer... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 25010> 

Australian Companies Face Fines over GHG 
January 23, 2002---New South Wales is set to become the first state to establish compulsory greenhouse emission standards for its power industry. The Premier, Bob Carr, set the wheels in motion with a position paper that aims to end a failed voluntary scheme, under which standards have gone backwards, and replace it with a compulsory one which would fine companies if they did not comply.

The scheme, which could start as early as July, will almost certainly mean increased electricity bills for consumers, although the Government insists the increase will be small. 

Mr Carr will also release a report by the Independent Pricing and Regulatory Tribunal that says power firms have... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 24963> 

U.S. Close to Kyoto Alternative 
January 22, 2002---After receiving mounting criticism for pulling out of the Kyoto Protocol, the United States is close to formulating an alternative plan on global warming that stresses containing greenhouse gas emissions rather than cutting them, sources close to the government said Saturday.

But the initiative to be put forward by the world's largest emitter of greenhouse gases is likely to spark further international criticism as it links emission cuts to economic growth rates and fails to require companies to carry out reductions. 

The plan, expected to be announced as early... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 24911> 

Dutch Announce $40 Million CO2 Plan 
January 22, 20022---The Dutch government has inked an three-year $40 million contract with the World Bank's International Finance Corporation (IFC) will also provide the Netherlands with credits toward its carbon dioxide (CO2) reduction target laid out in the Kyoto treaty to trim greenhouse gas emissions.

In signing the deal, Environment Ministry spokeswoman Babette Graber said, "We are now the first country to use state money to buy C02 (credits)." She added, "The IFC will identify and select the projects in developing countries." 

Under the Kyoto treaty, industrialized nations must cut emissions... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 24910> 

Enron's Blame Game Continues; Andersen Points Finger at Company's Business Model 
January 22, 2002---The dot-com meltdown and the Enron debacle are combining to make Sir Walter Scott's old adage "Oh what a tangled web we weave, When first we practice to deceive," a metaphor for the 21st Century. 

Like schoolboys on the playground the Enron saga is full of charges, counter charges, finger pointing and blame. The blame game continued in full force Sunday as the head of Arthur Andersen blamed the energy company's business model as the source of its failure. 

"An important point here is... Click here for Full Story <http://www.eyeforenergy.com/content.asp?nli=energy&nld=1/24/2002&news= 24906> 

Latest News Now! <http://www.eyeforenergy.com/channels.asp?ch2=83&top=1&nli=energy>	 
 	 
  <http://www.eyeforenergy.com/pics/newsletter/line.gif>
 EDITORIAL <http://www.eyeforenergy.com/pics/newsletter/edit.gif>	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	It remains an interesting time for the energy sector...	 

 ARTICLES <http://www.eyeforenergy.com/pics/newsletter/articles.gif>	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Emissions Trading: The Emerging Market	 
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Energy Policy in the U.S.	 
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Energy and Weather, an Explosive Combination	 
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Despite the stance of the Bush Administration, state and industry action suggests a growing interest in greenhouse gas trading opportunities in the U.S.	 

 NEWS ROUND UP <http://www.eyeforenergy.com/pics/newsletter/news.gif>	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Debate over Global Warming Heating Up 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Environmentalists Push for GHG Regulations 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Lay Out at Enron 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Australian Companies Face Fines over GHG 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	U.S. Close to Kyoto Alternative 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Dutch Announce $40 Million CO2 Plan 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Enron's Blame Game Continues; Andersen Points Finger at Company's Business Model 	

 EVENTS <http://www.eyeforenergy.com/pics/newsletter/events.gif>	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Energy Exchanges Online Europe <http://www.eyeforenergy.com/eurotrading> 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Emissions Trading Europe 2002 <http://www.eyeforenergy.com/emissions> 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Weather Trading Europe 2002 <http://www.eyeforenergy.com/weather> 	
  <http://www.eyeforenergy.com/pics/newsletter/bullet.gif>	Energy Exchanges Online III <http://www.eyeforenergy.com/eeo3> (new) 	

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