Raising the standard

The business of European energy trading has not only recovered but also grown significantly since the dark days of Enron’s collapse (see box 1). The signs are everywhere: trading volumes on the IntercontinentalExchange/International Petroleum Exchange (IPE) and New York Mercantile Exchange are once again providing liquidity to a larger pool of market participants; new European energy exchanges are popping up in many countries; many large and mid-sized utilities have increased their energy tradin

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