Foreword
EUROPEAN ENERGY MARKETS enjoyed another mixed year in 2012 amid continued sluggish growth and debt crises. This edition includes our special European Power and Energy Supplement which looks at the development process within the Union. At the same time, regulatory change is radically affecting the way commodity and energy markets function.
Achieving the Internal Energy Market
by 2014 remains a key goal of the EU. But integration needs to be intensified to create greater flexibility in a system that is increasingly being dominated by intermittent generation against a backdrop of a stagnating Eurozone.
The global energy map is also changing
in dramatic fashion. Here we also include key findings of the International Energy Agency’s flagship publication, World Energy Outlook. These changes will recast expectations about the role of different countries, regions and fuels in the global energy system over the coming decades ... we investigate.
Another milestone has also been reached
with the 135 year-old London Metal Exchange ending its history as a member- owned exchange and catapulting acquirer Hong Kong Exchanges & Clearing (HKEx) into the commodities big league.
Meanwhile, Governments, regulators,
investors, traders, consumers ... all those with a stake in this industry are now waiting for the real outcome of the regulatory and reporting requirements being demanded of the industry more widely. Many have been long due, whilst others might only serve to stifle markets and disincentivise investment and innovation.
Predominantly, our thoughts continue to
focus on the critical macro questions of the day. These include the extent and direction to which monetary and fiscal policy will be focussed toward a real fix for markets.
Tough political and economic decisions
– and ultimately outcomes – continue to be inflicted on us. In the pages that follow we again offer our technical, fundamental and opinionated views of these changing dynamics for the commodity complex.
------------------------------------------- A special thank you to all those who
attended the 2012 Commodity Business Awards. Full details of the winners and rankings can be found on page 20.
Best wishes & Season’s Greetings Guy Isherwood, Publisher/Editor.
The 2012 Commodity Business Awards were announced at a special ceremony in London on November 6th.
We’d like to thank all those involved in making the Awards such a great success and special congratulations to the winners.
December 2012
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