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Energy Economics

Edited By Abdulkadir Develi and Selahattin Kaynak

Energy resources, the basic input in every area of the economy, have a fundamental function for society’s welfare. Traditional energy resources are, however, rapidly decreasing. Energy supply has been falling behind in meeting global demand, and is causing increased focus on efficiency and economy concepts in recent energy policies. Since the existing energy resources are not spread evenly among the countries, but instead are concentrated in certain regions and countries, a monopolistic situation arises. Equally, supply assurance is an issue, since the energy supply is held by certain regions and countries who have monopolistic pricing power. Both the EU and many other countries are studying how to marketize energy. This book focuses on the importance of energy and the problems posed by it. It will be useful for the academic community, related sectors and decision makers.

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Enterprise Risk Management for the Energy Industry

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Bünyamin Topçu and ule Güne 1. Introduction Recent changes in the New York Stock Exchange (NYSE) Corporate Govern- ance Rules now include explicit requirements for NYSE registrant audit commit- tees to assume specific responsibilities with respect to “risk assessment and risk management” including risks that go beyond financial reporting.1 Managers face a variety of new challenges in their day to day business. Globali- zation, e-business, new organizational partnerships, and the increasing speed of business activity are rapidly changing and expanding the risks faced by organizati- ons. Risk management must now go well beyond insuring against hazards and tradi- tional financial worries, in order to prevent a wide variety of risks concerning stra- tegic, operational, reputational, regulatory and information areas. As an emerging management discipline, ERM varies across industries and corporations. The insurance industry, financial institutions and the energy indus- try are among the industries where ERM has seen relatively advanced develop- ment in a wide range of corporations. Many government organizations and pri- vate companies are using targeted risk management approaches. An increasing number have found that there are significant gains to be made by working syste- matically based on a commercially oriented overview of risks and opportunities in the short and long terms. Recently, even the public sector has started becom- ing aware of the potential value of ERM, and risk managers are increasingly bringing it to top executives.2 Therefore, risk management and ERM have be- come “hot” subjects in recent years, and many companies and...

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