Energy Trading and its Relevance for European Energy Companies:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Mering, Schwab
Hampp, R
2009
|
| Ausgabe: | 1., Aufl. |
| Schriftenreihe: | Schriften zu Management, Organisation und Information
21 |
| Schlagworte: | |
| Online-Zugang: | Inhaltstext Inhaltsverzeichnis |
| Beschreibung: | VI, 225 S. graph. Darst. 210 mm x 150 mm |
| ISBN: | 9783866183834 |
Internformat
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Datensatz im Suchindex
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IMAGE 1
TABLE OF CONTENTS
1. INTRODUCTION, THEORETICAL FOUNDATION AND PREVIOUS RESEARCH 1 1.1.
MOTIVATION 1
1.2. AMBITION 1
1.3. STRUCTURE 3
1.4. METHODOLOGICAL APPROACH 4
1.4.1. NATURE OF THEORIES, MODELS AND EXPLANATIONS 4
1.4.2. SCIENTIFIC CONTEXT 5
1.4.3. CRITICISM OF THE 'ORGANIZATIONAL PERFORMANCE AS A DEPENDENT
VARIABLE'-APPROACH 6 1.5. PREVIOUS ENERGY TRADING RESEARCH 9
2. MARKET LIBERALIZATION AND THE NEED FOR ENERGY TRADING 10
2 . 1. BRIEF HISTORY OF EUROPEAN ENERGY TRADING 11
2.1.1. RELEVANT ENERGY COMMODITY MARKETS 11
2.1.2. HISTORY OF ENERGY MARKET LIBERALIZATIONS IN EUROPE 12
2.1.3. RE-REGULATION IN RENEWABLE ENERGY 27
2.2. VALUE CHAIN DISAGGREGATION AND THE NEED FOR WHOLESALE
INTERMEDIARIES 28 2.3. SIZE OF ENERGY TRADING MARKETS 29
2.4. PHYSICAL AND FINANCIAL ENERGY TRADERS 30
2.5. WHOLESALE MARKET EFFICIENCY AND PRICE DISCOVERY 31
2.5.1. ENERGY MARKET MATURITY OVERVIEW 31
2.5.2. PRICE DISCOVERY FOR POWER AT THE EEX 33
3. A QUALITATIVE FRAMEWORK OF ENERGY TRADING ACTIVITIES 35
3.1. FINANCIAL CAPITAL MARKETS ACTIVITIES 36
3.1.1. CAPITAL MARKET ACTIVITIES AT BANKS 36
3.1.2. THE TREASURY FUNCTION 37
3.1.3. THE ARBITRAGE FUNCTION 37
3.1.4. THE STRUCTURED PRODUCTS/ORIGINATION FUNCTION 38
3.1.5. THE MARKET MAKER FUNCTION 38
3.1.6. THE SPECULATIVE FUNCTION 39
3.2. FROM FINANCIAL CAPITAL MARKETS TO ENERGY MARKETS ACTIVITY 39
3.2.1. PHYSICAL-FINANCIAL DICHOTOMY 39
3.2.2. NON-STORABILITY AND SPOT-FORWARD DISCONNECT 40
3.2.3. ADAPTING THE CAPITAL MARKETS ACTIVITY FRAMEWORK FOR ENERGY 42
3.2.4. THE CORPORATE PORTFOLIO MANAGEMENT AND HEDGING FUNCTION 42
3.2.5. THE ASSET-BACKED TRADING FUNCTION 44
3.2.6. THE STRUCTURED PRODUCTS/ORIGINATION FUNCTION 45
3.2.7. THE PROPRIETARY TRADING FUNCTION 46
3.3. DETAILING OF THE ACTIVITIES IN THE ENERGY TRADING VALUE POOLS 46
3.3.1. ASSET-BACKED TRADING 47
3.3.2. STRUCTURED PRODUCTS/ORIGINATION 51
3.3.3. PROPRIETARY TRADING 53
3.3.4. SIGNIFICANCE OF THE VALUE POOLS FOR PHYSICAL ENERGY TRADERS 54
3.4. SUCCESS FACTORS AND SUSTAINABLE COMPETITIVE ADVANTAGE IN ENERGY
TRADING 55 3.4.1. THE RESOURCE-BASED VIEW OF THE FIRM AND DYNAMIC
CAPABILITIES 55
3.4.2. MECHANISMS CREATING LONG-TERM COMPETITIVE ADVANTAGE 58
3.4.3. IDENTIFICATION OF THE CONCRETE SUCCESS FACTORS BY VALUE POOL 60
3.4.4. THE BANKING TRACK RECORD OF SUSTAINED COMPETITIVE ADVANTAGE IN
FINANCIAL MARKETS 61 3.4.5. SUSTAINABILITY OF THE CONCRETE ENERGY
TRADING COMPETITIVE ADVANTAGES 62 3.5. CONCLUSIONS ON THE QUALITATIVE
ENERGY TRADING FRAMEWORK 67
4. QUANTITATIVE ANALYSIS OF PERFORMANCE IN EACH VALUE POOL 69
4 . 1. QUANTITATIVE PERFORMANCE MEASUREMENT IN THE VALUE POOLS 69
4.1.1. DATA FROM EUROPEAN ENERGY TRADERS UNDERLYING THE ANALYSIS 70
BIBLIOGRAFISCHE INFORMATIONEN HTTP://D-NB.INFO/998408042
DIGITALISIERT DURCH
IMAGE 2
4.1.2. IMPLEMENTATION FOR THE PROPRIETARY TRADING VALUE POOL 73
4.1.3. IMPLEMENTATION FOR THE ASSET-BACKED TRADING VALUE POOL 81
4.1.4. IMPLEMENTATION FOR THE STRUCTURED PRODUCTS/ORIGINATION VALUE POOL
83
4.2. FORMAL FOUNDATION OF THE PERFORMANCE PREDICTION MODEL FOR SMALL
SAMPLES 84 4.2.1. STRUCTURAL EQUATION MODELING FOR COMPLEX CAUSAL
RELATIONSHIPS 84
4.2.2. METHODS OF STRUCTURAL EQUATION MODELING AND THEIR CHARACTERISTICS
88
4.2.3. PLS DETAILS AND MECHANICS 91
4.2.4. VALIDITY ASSESSMENT OF PLS MODELS 94
4.3. QUANTITATIVE PERFORMANCE IN PROPRIETARY TRADING 102
4.3.1. PERFORMANCE FACTOR RESULTS 102
4.3.2. RESULT VALIDITY AND ASSESSMENT 103
4.3.3. RESULT INTERPRETATION 17
4.4. QUANTITATIVE PERFORMANCE IN ASSET-BACKED TRADING 108
4.4.1. PERFORMANCE FACTOR RESULTS 1OS
4.4.2. RESULT VALIDITY AND ASSESSMENT 108
4.4.3. RESULT INTERPRETATION M
4.5. QUANTITATIVE PERFORMANCE IN STRUCTURED PRODUCTS/ ORIGINATION 111
4.6. OWNERSHIP OF FACTORS PREDICTING TRADING PERFORMANCE 112
4 . 7. CONCLUSIONS ON ENERGY TRADING PERFORMANCE FACTORS 1 12
5. SYNERGIES OF TRADING WITHIN ENERGY COMPANIES 114
5 . 1. POTENTIAL SYNERGIES OF TRADING WITHIN AN ENERGY COMPANY 1 15
5.2. HYPOTHESIS 1 : BENEFIT OF THE ENERGY COMPANY FOR THE FRONT-OFFICE,
BUSINESS SUPPORT 117 5.2.1. SKILL SHORTAGE BY FUNCTION 118
5.2.2. ADVANTAGES OF ENERGY COMPANIES OVER FINANCIAL COMPETITORS 119
5.2.3. THE HEADHUNTED VIEW ON ENERGY COMPANY ADVANTAGE 121
5.3. HYPOTHESIS 2: USE OF THE EXISTING ASSET BASE RISK CAPITAL FOR
TRADING 122 5.3.1. SIGNIFICANCE OF 'RISK PROFITS' FOR OVERALL COMPANY
PROFITS 123
5.3.2. AWARENESS OF THE ANALYST COMMUNITY FOR ENERGY TRADING ACTIVITIES
AND RISKS . 124 5.3.3. RELATIONSHIP BETWEEN 'PROFIT RISKYNESS' AND
VALUATION 125
5.4. HYPOTHESIS 3: STRENGTHENING THE ASSET PORTFOUO THROUGH TRADING 129
5.4.1. ACQUISITION POWER THROUGH TRADING VALUE-ADD - EUROPEAN EVIDENCE?
130 5.4.2. ASSET ACQUISITION POWER THROUGH TRADING VALUE ADD - THE U.S.
EXPERIENCE 130 5.4.3. FLEXIBILITY INCREASES IN ASSET NEW-BUILDS 135
5.5. HYPOTHESIS 4: CUSTOMER FRANCHISE BENEFITS FROM TRADING ACTIVITIES
145 5.5.1. INCREASING NEED FOR ENERGY COMMODITY RISK MANAGEMENT I 45
5.5.2. MAKE-OR-BUY ECONOMICS IN ENERGY RISK MANAGEMENT 147
5.5.3. INCREASED CUSTOMER REACH 1 : ADVANTAGE OF COMBINING FINANCIAL AND
PHYSICAL CONTRACTS 149 5.5.4. INCREASED CUSTOMER REACH 2: RISK
MANAGEMENT SERVICES AND KEY ACCOUNT PRODUCTS 151 5.5.5. INCREASED
CUSTOMER REACH 3: SP/O AS A LOW-RISK MARKET ENTRY VEHICLE 154 5.5.6.
ASSET-ZCONTRACT PORTFOLIO RISK REDUCTION THROUGH ACTIVE SP/O 155
5.6. CONCLUSIONS ON THE SYNERGIES WITH AN ENERGY COMPANY 158
6. ORGANIZATION AND SCALE ECONOMIES IN ENERGY TRADING 159
6.1. ORGANIZATION TO CAPTURE SYNERGIES WITHOUT LOSING THE COMPETITIVE
EDGE 160 6.1.1. HOW THE PARENT BRINGS TOGETHER THE SEPARATE BUSINESS TO
CREATE SYNERGIES 160 6.1.2. PARENTING OPPORTUNITY IN ENERGY COMPANIES
BASED ON CRITICAL SUCCESS FACTORS OF THE UNITS 163 6.1.3. PARENTING FOR
AN ENERGY COMPANY WITH EQUALLY IMPORTANT DIVISIONS 169
6.1.4. EMPIRICAL BUSINESS MODELS AND THEIR RELATION TO SIZE AND RISK
OWNERSHIP 172 6.2. ECONOMIES OF SCALE IN ENERGY TRADING 1 79
6.2.1. THEORETICAL ECONOMIES OF SCALE BY PERFORMANCE FACTOR 180
6.2.2. EMPIRICAL COMPARISON OF SIZE AND PERFORMANCE BY VALUE POOL 181
7. REVIEW OF GOAL ATTAINMENT, CONCLUSION AND FUTURE DIRECTIONS 185
7 . 1. REVIEW OF GOAL ATTAINMENT AND CONCLUSION 185
7.2. CRITICAL ASSESSMENT AND FUTURE DIRECTIONS 1 86
8. DATA APPENDIX 187
8.1. PROPRIETARY TRADING MODEL OUTPUT 187
8.2. ASSET-BACKED TRADING MODEL OUTPUT 193
IMAGE 3
8.3. U.S. ASSET SALE HISTORY 1 96
8.4. TRADING SOPHISTICATION AND BIDDING POWER 1 97
8.5. PLOTS FOR SCALE ADVANTAGE 1 99
8.6. SURVEY QUESTIONNAIRE 202
9. REFERENCES 210
LIST OF TABLES
TABLE 1 : SAMPLING OF ENERGY TRADING COMPANIES 72
TABLE 2: IMPLEMENTATION OF THE PROPRIETARY TRADING VALUE POOL 80
TABLE 3: IMPLEMENTATION OF THE ABT VALUE POOL 83
TABLE 4: IMPLEMENTATION OF THE SP/O VALUE POOL 84
TABLE 5: CRITERIA FOR REFLECTIVE AND FORMATIVE INDICATORS 88
TABLE 6: COMPARISON OF PLS AND COVARIANCE-BASED SEM MODELING 89
TABLE 7: PLS NOTATION 91
TABLE 8: COLLINEARITY FOR DIFFERENT EXPLAINED VARIANCE PROPORTIONS 98
TABLE 9: GOODNESS OF FIT 99
TABLE 10: VALUES OF F 2 AND THEIR ASSESSMENT 1 OO
TABLE 11 : QUALITY CRITERIA FOR PLS MODELS 102
TABLE 12: ASSESSMENT OF THE VARIABLE ALLOCATION TO CONSTRUCTS FOR
PROPRIETARY TRADING 104 TABLE 13: ASSESSMENT OF THE VARIABLE ALLOCATION
TO CONSTRUCTS FOR ASSET-BACKED TRADING 109 TABLE 14: MULTIPLE REGRESSION
SP/O PRODUCTIVITY AGAINST PAY AND CUSTOMER ADVANTAGE 111 TABLE 15:
PROFIT RISKYNESS AND BETA RELATIONSHIP 127
TABLE 16: PROFIT RISKYNESS AND EBIT MULTIPLE RELATIONSHIP 129
TABLE 17: KENDALL'S TAU RESULTS FOR THE RELATIONSHIP OF ABT AND NEWBUILD
CHARACTERISTICS 145 TABLE 18: PARENTING POTENTIAL BY VALUE POOL 167
TABLE 19: CHARACTERISTICS OF THE ENERGY COMPANY PARENT 168
TABLE 20: SCALE REGRESSION RESULTS 182
TABLE 20: PLS MODEL RESULTS FOR PROPRIETARY TRADING 190
TABLE 21 : RESULTS FOR THE VIF SCORES OF THE FORMATIVE PROPRIETARY
TRADING INDICATORS 191 TABLE 22: RESULTS FOR THE COLLINEARITY ANALYSIS
OF 'INFORMATION ADVANTAGE' IN PROP TRADING 191 TABLE 23: RESULTS FOR THE
COLLINEARITY ANALYSIS OF 'TANGIBLE ADVANTAGE' IN PROPRIETARY TRADING 191
TABLE 24: RESULTS FOR THE COLLINEARITY ANALYSIS OF 'PROP PERFORMANCE' IN
PROPRIETARY TRADING 192 TABLE 25: RESULTS FOR THE COLLINEARITY ANALYSIS
OF THE INNER PROPRIETARY TRADING MODEL 192 TABLE 26: RESULTS FOR THE VIF
SCORES OF THE INNER PROPRIETARY TRADING MODEL 192 TABLE 27: PLS MODEL
RESULTS FOR ASSET-BACKED TRADING 195
TABLE 28: RESULTS FOR THE VIF SCORES OF THE FORMATIVE ASSET-BACKED
TRADING INDICATORS 195 TABLE 29: U.S. ASSET AUCTION TRANSACTIONS 196
TABLE 30: TRADING SOPHISTICATION OF U.S. PLAYERS 197
TABLE 31 : EUROPEAN GENERATION ASSET DEALS 198
TABLE 32: QUANTITATIVE QUESTIONNAIRE 204
TABLE 33: QUALITATIVE QUESTIONNAIRE 209
LIST OF FIGURES
FIGURE 1 : OVERVIEW OF THE PAPER STRUCTURE (1/6) 3
FIGURE 2: OVERVIEW OF THE PAPER STRUCTURE (2/6) 10
FIGURE 3: ENERGY COMMODITIES TRADED IN EUROPE 12
FIGURE 4: SIGNIFICANCE OF CRUDE FOR ENERGY COMMODITIES 13
FIGURE 5: MATURITY OF EUROPEAN POWER MARKETS 15
FIGURE 6: EUROPEAN GAS SUPPLY 2006 16
FIGURE 7: MATURITY OF THE EUROPEAN GAS MARKETS 18
FIGURE 8: INTERNATIONAL COAL TRADE FLOWS 20
FIGURE 9: ADDITIONAL ENERGY COMMODITY LINKS FROM EUAS 23
FIGURE 10: DISAGGREATION OF THE EUROPEAN ENERGY VALUE CHAIN 29
FIGURE 11 : PLAYERS IN THE EUROPEAN ENERGY TRADING MARKET 31
FIGURE 12: COMMODITY MARKET MATURITIES 32
FIGURE 13: OVERVIEW OF THE PAPER STRUCTURE (3/6) 35
IMAGE 4
JV
FIGURE 14: TRADING FUNCTIONS AT BANKS AND THEIR RISK-RETURN PROFILE 36
FIGURE 15: ADAPTED CAPITAL MARKETS FRAMEWORK FOR ENERGY TRADING 42
FIGURE 16: ANCILLARY SERVICE AND BALANCE MANAGEMENT 50
FIGURE 17: REVENUE DELINEATION OF SP/O STRUCTURED PRODUCTS 52
FIGURE 18: COOPERATION BETWEEN SP/O AND OTHER PARTS OF THE ORGANIZATION
53 FIGURE 19: PERCENT REVENUE SHARE OF THE VALUE POOLS IN THE SAMPLE 54
FIGURE 20: METHODS FOR IDENTIFYING SUCCESS FACTORS 56
FIGURE 21 : STRATEGIC REQUIREMENTS FOR SUSTAINED COMPETITIVE ADVANTAGE
59 FIGURE 22: LASTING COMPETITIVE ADVANTAGE IN ENERGY TRADING 67
FIGURE 23: OVERVIEW OF THE PAPER STRUCTURE (4/6) 69
FIGURE 24: COMPETITIVE ADVANTAGES AND ENERGY TRADING PERFORMANCE 70
FIGURE 25: REVENUE SHARE OF THE SAMPLE IN POWER, GAS TRADING OF DEFINED
INDUSTRY TOTAL 73 FIGURE 26: DAILY VAR VS. ACTUAL LOSSES OF BAYERISCHE
LANDESBANK IN 2002 76 FIGURE 27: SIMPLE SEM PATH DIAGRAM 85
FIGURE 28: PLS RESULTS PROPRIETARY TRADING VALUE POOL 103
FIGURE 29: T-STATISTICS FOR THE PROPRIETARY TRADING VALUE POOL 106
FIGURE 30: BLINDFOLDING RESULTS PROPRIETARY TRADING VALUE POOL 107
FIGURE 31 : PLS RESULTS ASSET-BACKED TRADING VALUE POOL 108
FIGURE 32: T-STATISTICS FOR THE ASSET-BACKED TRADING VALUE POOL 110
FIGURE 33: BLINDFOLDING RESULTS ASSET-BACKED TRADING VALUE POOL 110
FIGURE 34: OVERVIEW OF THE PAPER STRUCTURE (5/6) 1 1 4 FIGURE 35:
CONCEPTS OF SYNERGY 115
FIGURE 36: SYNERGIES OF TRADING AND ENERGY COMPANY 116
FIGURE 37: SKILL SHORTAGE BY POSITION - POSITIONS WHICH ARE HARDEST TO
RECRUIT FOR 118 FIGURE 38: BANKS' SHARE OF ENERGY TRADING IN PERCENT OF
TOTAL CAPITAL MARKETS REVENUE 119 FIGURE 39: SHARE OF 'RISKY' PROFITS IN
TERMS OF OVERALL PROFITS (EBIT) IN PERCENT 124 FIGURE 40: PROFIT
RISKYNESS AND INFLUENCE ON STOCK MARKET VALUATION (1/2) 126
FIGURE 41 : PROFIT RISKYNESS AND INFLUENCE ON STOCK MARKET VALUATION
(2/2) 128 FIGURE 42: RESULTS OF THE U.S. GENERATION AUCTIONS BY TRADING
SOPHISTICATION 133 FIGURE 43: TRADING INFLUENCE ON NEW ASSET FLEXIBILITY
INVESTMENT IN PERCENT OF RESPONDENTS 135 FIGURE 44: GERMAN MERIT ORDER
WITH 2007 AVERAGE FUEL PRICES AND AVAILABILITIES 137 FIGURE 45: GERMAN
MERIT ORDER APRIL 2008 138
FIGURE 46: COSTS OF COAL POWER PLANTS BY SIZE 1 42 FIGURE 47:
ASSET-BACKED TRADING PERFORMANCE AND TECHNICAL COAL PLANT
CHARACTERISTICS 143
FIGURE 48: INCREASING ENERGY WHOLESALE PRICE LEVELS AND VOLATILITY OVER
THE LAST 10 YEARS 146 FIGURE 49: PUSH VERSUS PULL APPROACH IN SP/O 1 56
FIGURE 52: OVERVIEW OF THE PAPER STRUCTURE (6/6) 1 60
FIGURE 50: CRITICAL SUCCESS FACTORS IN THE BUSINESS SEGMENTS OF A
FULL-SCOPE ENERGY COMPANY 165
FIGURE 51 : FUNDAMENTAL ENERGY COMPANY TRADING BUSINESS MODELS 1 72
FIGURE 53: PROPRIETARY TRADING PERFORMANCE RELATIVE TO SIZE 182
FIGURE 54: PROPRIETARY TRADING PERFORMANCE RELATIVE TO SIZE, OUTLIER
EXCLUDED 183 FIGURE 55: ABT PERFORMANCE RELATIVE TO SIZE (FRONT OFFICE
STAFF FTE) 1 " FIGURE 56: ABT PERFORMANCE RELATIVE TO SIZE (OWN POWER
PRODUCTION) 1 "
FIGURE 57: ABT PERFORMANCE RELATIVE TO SIZE (FLEXIBLE CAPACITY) 200
FIGURE 58: SP/O PERFORMANCE RELATIVE TO SIZE 200
FIGURE 59: SP/O PERFORMANCE RELATIVE TO SIZE, OUTLIER EXCLUDED 201 |
| any_adam_object | 1 |
| author | Obert, Matthias |
| author_facet | Obert, Matthias |
| author_role | aut |
| author_sort | Obert, Matthias |
| author_variant | m o mo |
| building | Verbundindex |
| bvnumber | BV036036445 |
| classification_rvk | QR 530 |
| ctrlnum | (OCoLC)640133086 (DE-599)DNB998408042 |
| dewey-full | 333.79094 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 333 - Economics of land and energy |
| dewey-raw | 333.79094 |
| dewey-search | 333.79094 |
| dewey-sort | 3333.79094 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1., Aufl. |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| id | DE-604.BV036036445 |
| illustrated | Illustrated |
| indexdate | 2025-01-02T11:29:35Z |
| institution | BVB |
| isbn | 9783866183834 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-018928412 |
| oclc_num | 640133086 |
| open_access_boolean | |
| owner | DE-12 DE-19 DE-BY-UBM |
| owner_facet | DE-12 DE-19 DE-BY-UBM |
| physical | VI, 225 S. graph. Darst. 210 mm x 150 mm |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Hampp, R |
| record_format | marc |
| series | Schriften zu Management, Organisation und Information |
| series2 | Schriften zu Management, Organisation und Information |
| spelling | Obert, Matthias Verfasser aut Energy Trading and its Relevance for European Energy Companies Mathias Obert 1., Aufl. Mering, Schwab Hampp, R 2009 VI, 225 S. graph. Darst. 210 mm x 150 mm txt rdacontent n rdamedia nc rdacarrier Schriften zu Management, Organisation und Information 21 Zugl.: Karlsruhe, Univ. , Diss., 2009 Europäische Union (DE-588)5098525-5 gnd rswk-swf Liberalisierung (DE-588)4120670-8 gnd rswk-swf Energiehandel (DE-588)4559984-1 gnd rswk-swf Energiemarkt (DE-588)4014712-5 gnd rswk-swf Energieversorgungsunternehmen (DE-588)4130578-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Europäische Union (DE-588)5098525-5 b Energiehandel (DE-588)4559984-1 s Energiemarkt (DE-588)4014712-5 s Liberalisierung (DE-588)4120670-8 s Energieversorgungsunternehmen (DE-588)4130578-4 s DE-604 Schriften zu Management, Organisation und Information 21 (DE-604)BV021288184 21 text/html http://deposit.dnb.de/cgi-bin/dokserv?id=3379353&prov=M&dok_var=1&dok_ext=htm Inhaltstext DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018928412&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Obert, Matthias Energy Trading and its Relevance for European Energy Companies Schriften zu Management, Organisation und Information Europäische Union (DE-588)5098525-5 gnd Liberalisierung (DE-588)4120670-8 gnd Energiehandel (DE-588)4559984-1 gnd Energiemarkt (DE-588)4014712-5 gnd Energieversorgungsunternehmen (DE-588)4130578-4 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4120670-8 (DE-588)4559984-1 (DE-588)4014712-5 (DE-588)4130578-4 (DE-588)4113937-9 |
| title | Energy Trading and its Relevance for European Energy Companies |
| title_auth | Energy Trading and its Relevance for European Energy Companies |
| title_exact_search | Energy Trading and its Relevance for European Energy Companies |
| title_full | Energy Trading and its Relevance for European Energy Companies Mathias Obert |
| title_fullStr | Energy Trading and its Relevance for European Energy Companies Mathias Obert |
| title_full_unstemmed | Energy Trading and its Relevance for European Energy Companies Mathias Obert |
| title_short | Energy Trading and its Relevance for European Energy Companies |
| title_sort | energy trading and its relevance for european energy companies |
| topic | Europäische Union (DE-588)5098525-5 gnd Liberalisierung (DE-588)4120670-8 gnd Energiehandel (DE-588)4559984-1 gnd Energiemarkt (DE-588)4014712-5 gnd Energieversorgungsunternehmen (DE-588)4130578-4 gnd |
| topic_facet | Europäische Union Liberalisierung Energiehandel Energiemarkt Energieversorgungsunternehmen Hochschulschrift |
| url | http://deposit.dnb.de/cgi-bin/dokserv?id=3379353&prov=M&dok_var=1&dok_ext=htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018928412&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV021288184 |
| work_keys_str_mv | AT obertmatthias energytradinganditsrelevanceforeuropeanenergycompanies |