California crisis underscores need for hedging energy price risk

The recent crisis in California's electric power sector points to the critical importance of being able to use certain financial instruments as tools to hedge energy price risk.The prospect of power disruptions spreading to other US states underscores a real urgency in enabling other energy sectors to hedge prices freely.This is particularly crucial at a time when oil, gas, and power supply, demand, and prices are extremely volatile. Indeed, the California energy crisis has emerged as an early energy policy flashpoint for the new administration of President George W. Bush (OGJ,, Feb. 12, 2001, p. 70).There is, in fact, evidence to suggest that a widespread "institutionalization" of th...

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