Funktion und Bedeutung von Wetterderivaten fuer Energieversorgungsunternehmen (eBook, PDF)
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Studienarbeit aus dem Jahr 2004 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,3, Universität Lüneburg (Institut für Betriebswirtschaftslehre, Entscheidung und Organisation), Veranstaltung: Handel mit leitungsgebundener Energie in Deutschland, Sprache: Deutsch, Abstract: This work addresses to a new and somehow exotic kind of derivative instrument, which is - other than classical financial derivative instruments - applied to hedge and manage volumetric exposure induced by variations in the weather. Especially energy suppliers and producers are directly affected by changes in the w...
Studienarbeit aus dem Jahr 2004 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,3, Universität Lüneburg (Institut für Betriebswirtschaftslehre, Entscheidung und Organisation), Veranstaltung: Handel mit leitungsgebundener Energie in Deutschland, Sprache: Deutsch, Abstract: This work addresses to a new and somehow exotic kind of derivative instrument, which is - other than classical financial derivative instruments - applied to hedge and manage volumetric exposure induced by variations in the weather. Especially energy suppliers and producers are directly affected by changes in the weather, which could, in circumstances, lead to problems for the companies' performances, cash flows and financial success and so on. In this context, the focus is on weather derivatives in contrast to 'normal' financial security instruments and insurances. On a theoretical basis, a special type of weather derivatives - degree day options - is described concerning the most important parameters, strategies and fields of application. In addition, some information from the daily work and business of a real existing energy supplier is added to have an eye on the risks that a company identifies for its electricity and gas business. Therefore, an approach of answering the question, if there were related risks for those fields of business and how those are (in this special case) hedged, is delivered. At least, the weather derivatives market's volumes and development are discussed and focused, concerning the special handicaps in this market which are linked to the 'exotic' and special features which are typical for this kind of derivative instrument.
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