The aim of this paper is to examine portfolio management of emission allowances in the US Sulfur Dioxide Emissions Allowance Trading Program, to determine whether utilities have a real motive to bank when risk increases. We test a theoretical model linking the motivation of the firm to...

L’ouverture à la concurrence de l’industrie électrique impose la définition et la mise en oeuvre de nouvelles règles. L’une des difficultés que rencontre ce processus est l’élimination des barrières physiques que pose le transport de l’électricité. En effet, à la différence...

The purpose of this paper is to investigate the impact of production cost variability upon hedging decision when the firm is a risk minimizer agent facing both price and quantity uncertainties. We show, under a perfect flexibility assumption, that considering cost variability leads to a lower...

The deregulation of electric industry in Europe and in the U.S.A. assumes various aspects according to each country. Several institutionnal, economic and political reasons explain this evolution. Electric firms take this opportunity to merge and to implement offensive strategies on global...

Using daily data from March 2001 to June 2005, we estimate a VAR-BEKK model and find evidence of return and volatility spillovers between the German, the Dutch and the British forward electricity markets. We apply Hafner and Herwartz [2006, Journal of International Money and Finance 25, 719-740]...