Funktion und Bedeutung von Wetterderivaten fuer Energieversorgungsunternehmen

Studienarbeit aus dem Jahr 2004 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,3, Universität Lüneburg (Institut für Betriebswirtschaftslehre, Entscheidung und Organisation), Veranstaltung: Handel mit leitungsgebundener Energie in Deutschland, Sprache: Deutsch, Abstract: This work addresses to a new and somehow exotic kind of derivative instrument, which is - other than classical financial derivative instruments - applied to hedge and manage volumetric exposure induced by variations in the weather. Especially energy suppliers and producers are directly affected by changes in the weather, which could, in circumstances, lead to problems for the companies' performances, cash flows and financial success and so on. In this context, the focus is on weather derivatives in contrast to 'normal' financial security instruments and insurances. On a theoretical basis, a special type of weather derivatives - degree day options - is described concerning the most important parameters, strategies and fields of application. In addition, some information from the daily work and business of a real existing energy supplier is added to have an eye on the risks that a company identifies for its electricity and gas business. Therefore, an approach of answering the question, if there were related risks for those fields of business and how those are (in this special case) hedged, is delivered. At least, the weather derivatives market's volumes and development are discussed and focused, concerning the special handicaps in this market which are linked to the 'exotic' and special features which are typical for this kind of derivative instrument.

Florian Lüdeke-Freund is Professor for Corporate Sustainability at ESCP Business School, Berlin, Germany, where he holds the Chair for Corporate Sustainability. He is a Research Fellow at ESCP's SustBusy Research Center and Leuphana University's Centre for Sustainability Management (CSM). He also was a Research Fellow at the Governing Responsible Business Research Environment at Copenhagen Business School (CBS), Denmark. Prior to joining ESCP Business School, he was a Postdoctoral Researcher at the University of Hamburg and earned a PhD in social sciences and economics from Leuphana University. Florian's research and teaching deal with corporate sustainability management, sustainable entrepreneurship, sustainable business models, and values-based innovation. As well as publishing numerous journal articles, books, and book chapters on these topics, he is Editorial Board Member at Organization & Environment and Co-Editor of several journal special issues (e.g., Business & Society, Organization & Environment, Journal of Cleaner Production, Int. Journal of Innovation Management, Journal of Business Models). Florian founded www.SustainableBusinessModel.org as an international research hub with 25 members from more than 10 countries, and he is an active supporter of the Strongly Sustainable Business Model Group at OCAD University, Toronto, Canada. He has been a Visiting Researcher at the Universities of St. Gallen (Switzerland), Stellenbosch (South Africa), and Copenhagen Business School (Denmark). In 2020, Florian was called to join Germany's Circular Economy Initiative, led by the National Academy of Science and Engineering. Chair website: https://escp.eu/berlin/berlin-academic-chairs/chair-corporate-sustainability Personal website: https://luedekefreund.com