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					Weather Risk Management




 UNIVERSITY of HOUSTON
        February 24, 2005
Weather risk affects a broad cross-
section of global businesses in a
variety of ways.
Read how some of these companies
describe their exposure…
   JG BOSWELL – LARGEST US COTTON GROWER

“Both 1997 and 1998 fiscal results were impacted by
extremely harsh winter patterns that flooded over 41,000
acres of the Company’s Corcoran farming districts causing
a decrease of $1,000 per acre or $41 million in gross
revenues. Additionally, cold and wet spring weather
delayed cotton planting by up to six-weeks which resulted
in some of the worst farming conditions management has
ever seen.”
      CEMEX - #3 CEMENT MAKER WORLDWIDE
“Weather was an important factor affecting cement
demand, with unusually high precipitation levels in August
and September, when compared to the same months of
2002.”
   REDDY ICE – LARGEST US ICE MANUFACTURER
“Cool or rainy weather can decrease sales, while extremely
hot weather may increase our expenses, each resulting in
a negative impact on our operating results and cash flow.”
      HYDRO QUEBEC – HUGE NA GENERATOR
“Major variation in runoff is Hydro-Québec’s greatest risk,
since 93% or our electricity is generated from hydropower
…Significant temperature variances have an appreciable
impact on seasonal demand.”
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
Weather risk management

Financial weather risk is the occurrence of an observable
weather event or variability in a measurable weather index
that causes losses either to property or profits for an
individual, government or corporation.

Weather risk management products – packaged as either
(re)insurance or derivatives – are settled off of the same
index that has been determined to cause losses and
reduces weather risk through mitigating payouts.
Types of weather risk
                NON-CATASTROPHIC      CATASTROPHIC

                  TEMPERATURE          HURRICANES
   VARIABLES
                  PRECIPITATION         TORNADOS

    IMPACT      INCOME STATEMENT      BALANCE SHEET


   FREQUENCY        REGULAR               RARE


     TIMING        CUMULATIVE           IMMEDIATE


    SOURCE         OPERATING           EXOGENOUS


  TRADITIONAL
                     RETAIN              INSURE
  MANAGEMENT

                  BUSINESS RISK –
                                    UNIQUE EVENTS – NO
  MARKET VIEW   IMPACTS EARNINGS
                                    EARNINGS PENALTY
                     QUALITY
Manageable weather risks
 Temperature
 Precipitation
 Snowfall
 Wind Speed
 Streamflow
 Sunshine hours
 Hail
 Soil Moisture
 Humidity
 Hurricane
 Tornados

A weather index is generally constructed as a function of
frequency of occurrence and magnitude of event.
  Current weather market index complex
Risks
Temperature (F/C): Minimum, Maximum or Average
Precipitation: Rainfall and Snowfall
Combinations: Dual Trigger Products

Measurement and Indices
Critical Day: Specific daily criteria – above or below (ie “Peak Days”)
Aggregate: Accumulation of events over defined period (ie Seasonal Precipitation)
Average: Mean outcome of events over defined period (ie Avg Temperature)

          Key is acceptable historical data and ongoing measurement
Non-catastrophic weather risk impacts volume



 PRICE        x   VOLUME         = REVENUE


                                     LOWER
 PRICE RISK       WEATHER RISK
MANAGEMENT    +   MANAGEMENT
                                    EARNINGS
                                    VOLATILITY
Less volatility equals greater value

                         Historical Revenues
                                                                    U/H       H
      UNHEDGED
                                                     Earnings      $75 M    $73 M
Expected Revenues
   Without Weather                                   EPS            $0.75    $0.73

         Protection                                  Multiple        8x       9x
        $75 Million                                  Stock Price    $6.00    $6.57

         HEDGED                                      Market Cap    $600MM   $657MM
Expected Revenues
                                                     Debt          $100 M   $100 M
     With Weather
                                                     COD           8.00 %   7.90 %
         Protection
       $73 Million                                   Debt Svc      $8.0MM   $7.9MM



Reducing the volatility due to weather has a budget cost but increases
returns per unit of risk and can potentially improve stock valuations and
the cost of/access to financing.
    Who buys weather risk management products?
    Agriculture      Crop yield, handling, storage, pests

    Construction     Delays, incentive/disincentive clauses

    Energy           Reduced and/or excessive demand

    Entertainment    Postponements, reduced attendance

    Governments      Budget overruns

    Insurance        Increased claims, premium diversification

    Manufacturing    Reduced demand, increased raw material costs

    Offshore         Storm frequency/severity

    Retailing        Reduced demand of weather-sensitive products

    Transportation   Budget overruns, delays
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
   Evolution of the weather market

                                         €750mm                               A$25mm rainfall
First weather                           Frost Days                               (hydro)
trades 1997                             Construction                            Sep 2002
                   CME weather                                First market                 CME offers a total of
                   contracts open                            maker on CME                  20 Urban Temperature
                     Sept 1999                                 Feb 2002                    Indices

1997                      1999                        2001                           2003
       First meeting of          First weather risk                                        USD$30mm
        WRMA 1999                   bond issued
                                                             £40mm temp                  Syndicated Winter
                                 November 1999
                                                             (utility) 2002                Basket Issue
           International                 Element Re
          trading begins                   founded                        Element Re renamed
                                          April 2000                      XL Weather & Energy
                                                                             February 2003


   In 2004, 122,000 weather risk management contracts have traded on the
   Chicago Mercantile Exchange, with 70,000 thus far in 2005.
Weather market landscape – 2005

 End Users     Intermediaries    Primary     Secondary    Tertiary

Generators
                 Insurance      Insurers &               Investors
  Energy          brokers         Banks
Distributors       Banks
                                                OTC
                                                CME
Construction
                 Inter-dealer
 Agriculture       brokers
                                 Energy
                                                         Reinsurers
                Consultants     Companies
  Retail

   et al
Major market participants
•   ABN Amro (London)
•   Centrica (London)
•   Coriolis Asset Management (London)
•   Credit Suisse First Boston (New York)
•   DE Shaw (Kansas City)
•   Deutsche Bank (London)
•   Goldman Sachs (NYC)
•   Guaranteed Weather (Kansas City)
•   Merrill Lynch Commodities (Houston)
•   Ritchie Capital (Chicago)
•   Swiss Re (NYC)
•   TXU (Dallas)
•   XL Weather & Energy (Stamford)
World weather markets




     Active & growing


     Newly opening
PWC WRMA survey – 2003 results

                     Number of Reported Contracts                                                        Total Survey Notional Value
                                 (No CME Trades)                                                                 (millions of dollars)

                                                          4,517                                                                  4,339       4,188
5000                                                                           5000
                                               3,397
4500                                                                           4500
4000                                                                           4000
                                   2,759                                                                 3,003
3500                                                                           3500
3000                                                                                                                 2,517
                                                                               3000                                                                           CME
2500                                                               Winter                  1,836
                                                                               2500                                                                           Winter
2000                   1,285                                       Summer      2000
             695                                                                                                                                              Summer
1500                                                                           1500
1000                                                                           1000
 500                                                                            500
   0                                                                              0
        1998/9      99/00      2000/1      2001/2      2002/3                           1998/9      99/00        2000/1      2001/2       2002/3
                                            2002        2003                                                                  2002         2003
                   2001 Survey             Survey      Survey                                     2001 Survey                Survey       Survey
                      N=19                 N=20        N=19                                          N=19                    N=20         N=19

                                                                                                    Number of Contracts by Region
                                                                                                                   (No CME Trades)
                 Share of Total Contracts by Type
                        (No CME Trades)                                    5,000
 100%                                                                      4,500                                                                            Other

  90%                                                                      4,000                                                                            Europe
  80%
                                                                           3,500
                                                                                                                                                            Asia
                                                                           3,000
  70%
                                                                  Other    2,500                                                                            N. Amer. South
  60%
                                                                  Rain     2,000                                                                            N. Amer. East
  50%
                                                                  Oth Temp 1,500
                                                                                                                                                            N. Amer. Midwest
  40%                                                             CDD      1,000
  30%                                                             HDD        500                                                                            N. Amer. West
  20%                                                                          0
  10%                                                                          1998/9            99/00           2000/1         2001/2             2002/3
   0%                                                                                                                             2002              2003
          1998/9      99/00      2000/1     2001/2     2002/3                                2001 Survey                         Survey            Survey
                                                                                                N=19                             N=20              N=19
                                             2002        2003
                   2001 Survey              Survey      Survey
                      N=19                  N=20        N=19
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
XL Weather & Energy

XL Weather and Energy (XLWE) is the preeminent global weather risk
management solutions provider, offering insurance, reinsurance and
financial instruments. XLWE and its parent company - XL Capital - are
dedicated to the long-term growth and development of weather risk
management applications.
o   Established leader in weather market
     • Founded as Element Re by weather industry pioneers
     • Leader in market share and product development
     • Offices in Stamford, Kansas City, London, and Bermuda (20+ staff total)
o   Financial strength and network of XL Capital
     • Wholly owned subsidiary of XL Capital (Bermuda), within the Financial
       Products & Services division
     • XLWE is agent for XL Trading Partners, majority-owned affiliate of XL
       Insurance (Bermuda) Ltd.

    XL voted #1 dealer in weather swaps for 2003 by RISK magazine
XLWE within XL Capital



                              XL Capital



       Insurance              Reinsurance               Financial



   Potential counterparties that offer weather risk protection include:

  Indian Harbor         XL Weather & Energy Ltd      XL Trading Partners
                                                       XLWE business unit
  XL Insurance of NY
                                                       resides in this division
  XL Specialty
  (Admitted and E&S)
XL Capital

International insurance,
reinsurance, and financial
products operations
  • Publicly traded since 1991 as XL on             Liabilities
                                           Assets
    the NYSE                               $40.8B    $33.8B


Financial resources and stability                    Equity
recognized by rating agencies                        $7.0B

  • Standard & Poor’s financial strength
    rating of AA-
  • Best’s claims-paying rating of A+




    Market Capitalization of $10.6B as of February 2005
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
Almost Heaven…West Virginia
                                 BACKGROUND
The Almost Heaven Gas Company sells propane to residences throughout
West Virginia. Recently, it has come under fire from the analyst community due
to the severe annual earnings volatility it has experienced due to variable
weather.

                                   CHALLENGE
Within the next year, it must refinance the majority of its outstanding debt. With
the increased scrutiny that Almost Heaven has been under, the CFO is
concerned that the future cost of debt could greatly reduce the earnings
potential of the company.

                                   SOLUTION
The CFO feels there could be significant savings in the cost of debt if Almost
Heaven were to eliminate its weather-driven earnings volatility. He undertakes
to implement a weather risk management program before the upcoming winter
to demonstrate to the analyst community that Almost Heaven has proactively
taken steps to improve the quality of its earnings.
The four steps to hedge design

                                                      Avg Temp   Revenue


                     1 - Identify   120
                                                                                         2 - Quantify
                     significant    100

                                                                                         the impact
                     business       80

                                                                                         of adverse
                     exposure(s)    60

                                                                                         weather on
                     to weather     40

                                                                                         business
                                    20


                                     0
                                          Apr   May   Jun          Jul       Aug   Sep




                                          4 - Execute contract in optimal
3 - Structure a                           form to address business
contract that                             concerns
pays when
                                                                           premium
adverse           Coverage Layer
weather                                         AH                                           XL
events occur                                                               coverage
Identify exposure – what is the hedging index?
Weighted Heating Degree Days (WHDDs)
  •   Proxy for propane demand over heating season
  •   Like demand, cannot be negative
  •   Can construct a weighted index with individual components
          Ex 50% Charlestown/50% Morgantown

  1. Set baseline temperature TB and daily condition
          Average temperature < 65o
  2. Measure daily HDDs
          If Tavg < 65o, then daily HDD = 65o - Tavg
          If Tavg > 65o, then daily HDD = 0
  3. Aggregate over season
          Simply sum daily HDDs
Weighted heating degree day example

        C’town   C’town   M’town   M’town   DAILY   SEASONAL
DATE
          Tavg    HDDs      Tavg    HDDs    WHDDs    WHDDs


Nov 1    60O       5       56O       9        7        7



Nov 2    59O       6       55O       10       8       15



Nov 3    65O       0       61O       4        2       17



Nov 4    70O       0       66O       0        0       17
    Quantify impact – what is the hedge notional?
     Year   WHDD    Gallons
                                            HISTORICAL HDDS AND PROPANE SALES
     2003   3219   44,800,000     4500                                                                         60,000,000

     2002   3978   56,400,000
                                  4000                                                                         55,000,000
     2001   3934   55,700,000
     2000   3376   47,500,000     3500                                                                         50,000,000
     1999   3360   50,400,000
                                  3000                                                                         45,000,000
     1998   3685   49,700,000
     1997   3965   55,600,000     2500                                                                         40,000,000
     1996   2766   44,100,000            1994   1995   1996   1997   1998   1999   2000   2001   2002   2003

     1995   3347   45,900,000
                                                                     HDDs     Gallons
     1994   3257   44,233,987
                                                                                                    Correlation = 92%

                              BEST YEAR/WORST YEAR APPROACH
o   Identify best historical year                                      2002 had 3978 HDDs
o   Identify worst historical year                                     1996 had 2766 HDDs
o   Divide difference by difference in HDDs                            12,300,000/1212 =~10,000 Gallons/HDD
o   Apply margin per gallon                                            $1/Gallon
o   Product is hedge notional (tick)                                   $10,000/HDD


                         (GALLONS / HDD) x ($ / GALLON) = $ / HDD
Structural alternatives
1. Wing It
    •   Exposed to both downside pain and upside gain
    •   No hedge cost; just cost of not hedging
2. HDD Put
    •   Protect downside/enjoy upside
    •   Up-front premium
    •   No credit necessary
3. HDD Swap/Collar
    •   Protect downside/limit upside
    •   No/low premium
    •   Must be creditworthy
                                              MARGIN CHANGE




                                                                    $5,000,000
                                                                                 $10,000,000
                                                                                               $15,000,000




                                                               $0




              ($15,000,000)
                              ($10,000,000)
                                                ($5,000,000)
       2000
       2100
       2200
       2300

       2400
       2500
       2600
                                                                                                                                     Margin unhedged




       2700
       2800
       2900
       3000
       3100

       3200
       3300
       3400                   NORMAL
       3500
       3600


HDDs
       3700
       3800

       3900
       4000
       4100
       4200
                                                                                                             MARGIN CHANGE VS HDDS




       4300
       4400
       4500
       4600

       4700
       4800
       4900
       5000
                                                MARGIN CHANGE




                                                                               $5,000,000
                                                                                            $10,000,000
                                                                                                          $15,000,000




                                                                          $0




              ($15,000,000)
                                ($10,000,000)
                                                  ($5,000,000)
       2000
       2100
       2200
       2300




                                                                 HEDGED
       2400
       2500
       2600
       2700
       2800
       2900
       3000
       3100
                                                                                                                                                Margin hedged with put




       3200
                              RETENTION

       3300
       3400
                               NORMAL
       3500




HDDs
       3600
       3700
       3800
       3900
       4000
       4100
       4200
                                                                                                                        MARGIN CHANGE VS HDDS




       4300
       4400
       4500
       4600
       4700
       4800
       4900
       5000
                                                MARGIN CHANGE




                                                                           $5,000,000
                                                                                        $10,000,000
                                                                                                      $15,000,000




                                                                 $0




              ($15,000,000)
                                ($10,000,000)
                                                  ($5,000,000)
       2000
       2100
       2200

       2300




                                                      HEDGED
       2400
       2500
       2600
       2700
       2800
       2900
       3000
       3100
                              - STRIKE
       3200
       3300
                                                                                                                                            Margin hedged with collar




       3400
                              NORMAL
       3500




HDDs
       3600
       3700
                              + STRIKE
       3800
       3900
       4000
       4100
       4200
                                                                                                                    MARGIN CHANGE VS HDDS




       4300
       4400
       4500
       4600
                                                                      HEDGED




       4700
       4800
       4900
       5000
  Building a termsheet
1. IDENTIFY
Location: In what cities or markets is AHGC at risk to the weather? What are the weightings of
each city’s contribution to total sales / margin if the decision is to create a basket?
Statewide, but best represented by Charlestown and Morgantown
Index: What weather measurement is the most accurate proxy for the exposure? Average,
minimum, maximum, event or cumulative? What is the basket weighting?
Seasonal WHDDs (650F) = 50% Charleston + 50% Morgantown
Period: What is the critical risk period for AHGC? Seasonal, annual, or multi-year?
November 1st through March 31st
2. QUANTIFY
Notional: What is AHGC’s weather exposure per unit of the above index? This usually
corresponds to margin/revenue lost per unit.
$10,000 per WHDD
Limit: What is the total amount of protection that AHGC requires per business period above?
$4,000,000
  Building a termsheet (continued)
3. STRUCTURE
Type: Is the protection required an index guarantee (ie put/call) or an index exchange
(swap/collar)?
Put (Index Guarantee)
Retention: This is the index level where the weather protection “attaches” -- should be set as a
function of the amount of weather risk that AHGC wishes to retain, and is a key part of pricing.
300 WHDDs = $3,000,000
Pricing: Premium payable to XL for the coverage provided as well as payment terms (upfront,
periodic, arrears, etc) is a function of Expected Value + Risk Margin.
$1,500,000
4. EXECUTE
Re/Insurance or Derivative: Depends on company structure, location of exposure on financial
statements, tax, use of captive insurer, desired location of recovery, and many other issues.
Insurance


Once the solution has been structured and priced to AHGC requirements,
XLWE would obtain an order on behalf of AHGC to bind coverage with the
appropriate XL Capital entity.
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
Dry Creek Hydro Electric
                               BACKGROUND
Dry Creek Hydro Electric generates electricity from its dam on the American
River, south of Sacramento CA. The private equity firm that owns Dry Creek –
Hydro Partners – plans to IPO the company within the next 12 months and
wants to stabilize as much as possible the company’s cashflows.

                                CHALLENGE
Dry Creek has sold its entire 100MW capacity forward for the next five years
via a fixed-price power price agreement with the Modesto Municipal Utility
District (MMUD). While it has achieved price certainty on its expected
generation, it must ensure that it has enough water to deliver on its
commitment or face the prospect of purchasing expensive replacement power
in the secondary market.

                                    SOLUTION
Hydro Partners decides to pursue a five year “generation hedge” in the form of
low precipitation cover indexed at Sacramento, its main watershed. It feels that
the earnings stability this hedge provides should create high-quality returns that
will attract investors to Dry Creek’s upcoming IPO.
  Index…Notional…Structure

 The structuring model reflects three sets of variables:

      Weather
                                                                         Coverage
       Event                              Impact
                                                                         Structure
      Triggers


Definition of poor weather       Effects of poor weather             Effects of protection
Seasonal accumulation of         Given shortfall in precipitation,   Risk retained and limit of risk
water-equivalent precipitation   % drop-off in revenue or            transferred, across all
in the key watershed             increase in costs:                  exposures
                                  • Less generation                   • Premium costs
                                  • Replacement power at              • Historical effectiveness
                                    wholesale cost


     Create an intuitive hedge – express inches of precipitation
     as potential MW of generation and apply a dollar value.
Shaping a hydro hedge over time


                                                                                     high
                                                                                     mark
         2004                                       2007
                                                                  2008
base
                        2005           2006
                                                                                     low
                                                                                     mark
Structuring Inputs:
o Precipitation   thresholds (weighted by location/timing)
             Positive if over base, negative if under base
o Notional    amounts (revenue gained/lost) per inch of precipitation
o Financial   deductible amount (cumulative for year/period)
             Total gain / loss must exceed deductible to trigger payment (in either direction)
             Settlement can occur monthly, quarterly, annually, or over term
o Increased    certainty of cash flows over time
             Lower financing costs/improved budget visibility
 Executable structure - precipitation collar


Hedge Objective: Eliminate exposure to
shortfall in precipitation at key watershed

  Period                  Oct 1 through Sep 30
  Term                    5 years
  Index                   Cumulative Precipitation
  Location                Sacramento CA
  Notional Tick           $750,000 per inch
  Notional Limit          $12,000,000
                                                                               Index (inches)
  Call Strike             61 inches
  Put Strike              42 inches                                                     77”
  Premium                 $1,600,000 per year                Upside Pledged
                                                                $12MM
  Rate-On-Line            13.3%                                                         61”
                                                             Dead Band, No              55”
  Final Settlement Date   09/30/2008                 Mean       Payouts
                                                                                        42”
                                                            Downside Covered
                                                                $12MM
                                                                                        26”
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
Start small…
               OPTIMAL       NEW
                HEDGE     CUSTOMER
               POSITION    POSITION
 …but get big and diverse fast!
                                             NEW
                                          CUSTOMER
                                           POSITION




 OPTIMAL
  HEDGE
 POSITION



A high-quality portfolio attracts high-quality risks like a
global magnet and consistently delivers dollars.
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A
 Risk management is a state-of-the-art career…

                         CAPITAL




  DERIVATIVE                               INSURANCE

To be successful in today’s market, a practitioner must have a
thorough understanding of each of these converging markets.
…but why consider it?
It’s intellectually interesting work and can be very creative
You’ll make jokes about options and you’re mother will never understand
what you do all day

It’s a truly global business that will enable you to live and do business all
over the world
You’ll spend a lot of time in airports with your phone glued to your head
and miss a lot of the sights (“I hear there’s a big tower here in Paris.”)

You will make more money than most of your childhood friends (unless
you went to high school with LeBron James)
You’ll work long hours and soon realize that free time is not for sale

Risk management is growing increasingly important to every business
and you should be able to have a long career
Businesses can act very strangely where derivatives are concerned and
you must engender the trust of your employer (ie no sleight-of-hand)
Different front office roles

                       BUSINESS HEAD




 ORIGINATION   PORT MGMT          STRUCTURING   RESEARCH
 Wisdom from down the road
 Differentiate   yourself from the pack
   • Never go to an interview for a job you want without a leave-behind
     that shows your interest and creative thinking
 Always   be conscious of what your CV is going to look like in
 a year
   • Actively manage your career by choosing good roles
 The   early money is often not the best money
   • Be conscious of your shelf-life and build an experience base that is
     portable and won’t allow you to fall too far
 Learn   to spot the trends in your organization
   • A good weatherman watches the prevailing winds
 Repay    career kindness by one day helping someone else
  who is where you were
 If it seems to good to be true, it probably is.
Essential reading
o Fooled    by Randomness (Nassim Taleb)
o Against   the Gods (Peter Bernstein)
o Moneyball    (Michael Lewis)
o Market    Wizards Series (Jack Schwager)
o Trend   Following (Michael Covel)
o The   (Mis)Behavior of Markets (Benoit Mandelbrot)
o The   Predictors (Thomas Bass)
o The   Smartest Guys in the Room (McLean/Elkind)
o The   New Financial Order (Robert Shiller)
oA   Mathematician Plays the Stock Market (John Paulos)
o Every   Berkshire Hathaway Annual Report
1.What is weather risk management?
2.What is the weather market?
3.Who is XL Weather & Energy?
4.Case Study I: Almost Heaven Gas Company
5.Case Study II: Dry Creek Hydro Electric
6.How do you manage a book of weather risk?
7.Your career
8.Q&A

				
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