Using a Market Value Concept to Facilitate Negotiation of Alternative Price Formulas. 6 December 2006 Kaoru Kawamoto Osaka Gas Co.
|
|
|
- Flora Montgomery
- 5 years ago
- Views:
Transcription
1 Using a Market Value Concept to Facilitate Negotiation of Alternative Price Formulas 6 December 2006 Kaoru Kawamoto Osaka Gas Co., Ltd
2 Table of Contents 1. Background 2. Definition and Methodology Defining the market value of LNG price formula Methodology of evaluating its market value 3. Example of Evaluation S-curve formula indexed to crude oil price Linear formula indexed to natural gas price
3 Table of Contents 1. Background 2. Definition and Methodology Defining the market value of LNG price formula Methodology of evaluating its market value 3. Example of Evaluation S-curve formula indexed to crude oil price Linear formula indexed to natural gas price
4 Variation of S-curve S formulas Relative level among different formulas varies along crude oil price. LNG ($/MMBtu) C<B<A B<A<C A<B<C Formula CC Formula BB Formula AA Oil ($/bbl)
5 Level of price formula varies along fluctuating oil price It difficult to negotiate on an expected crude oil price. As a result, sellers and buyers press their own subjective arguments. Finally, price formula negotiation often becomes deadlocked. LNG($/ $/MMBtu) Formula CC Formula AA Formula BB Oil ($/bbl)
6 Goal of this study : Develop a methodology for evaluating market value of LNG price formula Objective and quantitative methodology to compare different formulas would make it easier to agree between sellers and buyers. Buyer Seller Formula C Formula B Formula A (cent/mmbtu)
7 Table of Contents 1. Background 2. Definition and Methodology Defining the market value of LNG price formula Methodology of evaluating its market value 3. Example of Evaluation S-curve formula indexed to crude oil price Linear formula indexed to natural gas price
8 S-curve formula can be decomposed into oil derivative LNG ($/MMBtu) k 1 k 2 Oil ($/bbl) = + Oil k 1 Oil k 2 Oil
9 S-curve formula can be decomposed into oil derivative LNG ($/MMBtu) = a SWAP Payment +b + k 1 k 2 Put Option Payment Oil ($/bbl) Call Option Payment Oil k 1 Oil k 2 Oil
10 Defining the market value of LNG price formula Market value of LNG price formula can be defined as the market value of crude oil derivatives replicating the formula. (A linear combination of SWAP, Call Option, and Put Option.) Market value of S-curve S formula for 3yrs : = a Oil SWAP for 3yrs + b Oil Call Option for 3yrs + c Oil Put Option for 3yrs
11 Liquidity in crude oil derivative market Market price of Futures and Option can be quoted from NYMEX. However, the liquidity in long maturity Option market is not enough. Future (SWAP) Call Option Put Option 1 st yr 2 nd yr 3 rd yr 4 th yr 5 th yr 6 th yr 7 th yr 8 th yr
12 Methodology of evaluating option prices Step1.Adjust parameter for price model ds / S = [ µ ( t) α ln St ] dt + σdz() t Step2.Generate probability distribution of future prices Step3.Calculate market value of options (1 st yr-) Probability Oil ($/bbl) 15 Call Option (Strike=30) 30 Forward Curve Put Option (Strike=15) 3 rd month 1 st year 3 rd year Future Enough liquidity No liquidity Option Market
13 Procedure of Evaluating Market Value of price formulas LNG 1 st yr Crude Oil Futures up to 7 th yr Crude Oil Options up to 1 st yr LNG 1 st yr Oil Financial Engineering Crude Oil Options over 1 st yr ahead Oil
14 Table of Contents 1. Background 2. Definition and Methodology Defining the market value of LNG price formula Methodology of evaluating its market value 3. Example of Evaluation S-curve formula indexed to crude oil price Linear formula indexed to natural gas price
15 Examples of evaluating market value of S-curve S formula Sellers and buyers are discussing upper kink point and high price band slope LNG (cent/mmbtu) slope=? kink point=? slope=? kink point=? slope=? slope=8 slope= kink point=? Oil ($/bbl) Buyer Seller
16 Drawing equivalent line chart from results High price band slope(a3) Evaluating date = August 1, 2003 ( WTI = 32 $/bbl at prompt) Formula A 350 (cent/mmbtu) 345(cent/mmBtu) 340 (cent/mmbtu) 335(cent/mmBtu) 330(cent/mmBtu) 325(cent/mmBtu) Formula B Upper kink point(p 2 ) Unit: $/bbl Formula A > Formula B Formula C = Formula B
17 Market value differs among evaluating dates High price band slope(a3) Evaluating date = August 1, 2003 ( WTI = 32 $/bbl at prompt) Formula AA 350 (cent/mmbtu) 345(cent/mmBtu) 340 (cent/mmbtu) 335(cent/mmBtu) 330(cent/mmBtu) 325(cent/mmBtu) Upper kink point(p 2 ) Unit: $/bbl High price band slope(a3) Formula BB Evaluating date = September 27, 2006 ( WTI = 63 $/bbl at prompt) Formula AA 600 (cent/mmbtu) 560 (cent/mmbtu) 520 (cent/mmbtu) 480 (cent/mmbtu) 440 (cent/mmbtu) 400(cent/mmBtu) Formula BB Upper kink point(p 2 ) Unit: $/bbl Formula A < Formula B on Aug 1 st 2003 Formula A > Formula B on Sep 27 th 2006
18 Application to linear formula indexed to natural gas Sellers and buyers are discussing slope and constant LNG (cent/mmbtu) slope=? constant=? slope=? constant=? slope=? Constant=? Natural Gas (cent/mmbtu) Buyer Seller
19 Drawing equivalent line chart from results Constant(b) Formula C 520 (cent/mmbtu) Formula B 600 (cent/mmbtu) 560 (cent/mmbtu) Slope(a) 680 (cent/mmbtu) 640 (cent/mmbtu) 760 (cent/mmbtu) 720 (cent/mmbtu) Formula A Formula B > Formula A Formula C = Formula A Evaluating date = Sep
20 Seasonality of take-up pattern affects market value of LNG price formula indexed to natural gas Natural gas price has seasonal variation (It is higher in winter). As a result, LNG procurement costs priced by natural gas indexed formulas are affected by the seasonal variation of take-up. Forward curve Crude oil ($/bbl) Monthly pattern of take up North American Gas (cent/mmbtu) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC T ( Gas Price) < ( Gas Price) t= 1 t= 1 T
21 Equivalent line chart varies along the take-up pattern Case1. Take-up pattern = flat Case2. Take-up pattern = seasonal (30% higher in winter and 30% lower in summer than intermediate months) Constant(b) take-up pattern=flat take-up pattern=seasonal * 600 (cent/mmbtu) 560 (cent/mmbtu) 520 (cent/mmbtu) Slope(a) 680 (cent/mmbtu) 640 (cent/mmbtu) 760 (cent/mmbtu) 720 (cent/mmbtu)
22 High price band slope(a3) Comparing market value of LNG price formulas with different shapes or different indices S-curve formula indexed to crude oil price Formula AA 600 (cent/mmbtu) 560 (cent/mmbtu) 520 (cent/mmbtu) 480 (cent/mmbtu) 440 (cent/mmbtu) 400(cent/mmBtu) Upper kink point(p 2 ) Unit: $/bbl Evaluating date = Sep Constant(b) Linear formula indexed to North American Gas take-up pattern=flat take-up pattern=seasonal * Formula DD 520 (cent/mmbtu) 680 (cent/mmbtu) 600 (cent/mmbtu) 560 (cent/mmbtu) 640 (cent/mmbtu) Slope(a) 760 (cent/mmbtu) 720 (cent/mmbtu) Evaluating date = Sep Formula A = Formula D (take-up pattern is flat) Formula A < Formula D (take-up pattern is seasonal)
23 Conclusions 1. We have established a methodology of evaluating market value of LNG price formulas by breaking down it into crude oil derivatives. 2. This methodology makes it possible to compare different price formulas (different indices or forms), for example, S-curve formula indexed to oil price, linear formula indexed to oil price, and linear formula indexed to natural gas price. It is also possible to find formulas which are equivalent but have different indices or forms. 3. This methodology is for comparative evaluation of different price formulas, not for judgment on the appropriateness of the market value level for a price formula. 4. Next step is to establish a methodology of evaluating market value of LNG contract clauses other than price, such as flexibility in take-up quantity. Finally, we would like to establish allencompassing market value evaluation for LNG contracts.
Key IRS Interest Rates After PPA
Key IRS Rates - After PPA - thru 2011 Page 1 of 10 Key IRS Interest Rates After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below
Commodity Hedging Overview November 19, 2008
Commodity Hedging Overview November 19, 2008 The following information is current as of November 19, 2008. Eagle Rock plans to provide updates to this information whenever material changes are made to
Executive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
Actuarial Society of India
Actuarial Society of India EXAMINATIONS June 005 CT1 Financial Mathematics Indicative Solution Question 1 a. Rate of interest over and above the rate of inflation is called real rate of interest. b. Real
Key IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
Commodity and Interest Rate Hedging Overview
Commodity and Interest Rate Hedging Overview November 1, 2016 The following information is current as of November 1, 2016. Memorial Production Partners LP (MEMP) intends to update this information quarterly
Commodity Hedging Overview March 9, 2009
Commodity Hedging Overview March 9, 2009 The following information is current as of March 9, 2009. Eagle Rock plans to provide updates to this information whenever material changes are made to its commodity
PHOENIX ENERGY MARKETING CONSULTANTS INC. HISTORICAL NATURAL GAS & CRUDE OIL PRICES UPDATED TO July, 2018
Jan-01 $12.9112 $10.4754 $9.7870 $1.5032 $29.2595 $275.39 $43.78 $159.32 $25.33 Feb-01 $10.4670 $7.8378 $6.9397 $1.5218 $29.6447 $279.78 $44.48 $165.68 $26.34 Mar-01 $7.6303 $7.3271 $5.0903 $1.5585 $27.2714
XML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
Financial Report for 3 rd Quarter of FY (April 2010 December 2010)
Financial Report for 3 rd Quarter of FY2011.3 (April 2010 December 2010) January 2011 Osaka Gas Co., Ltd. 1 1 I. Business Results for 3 rd Quarter of FY2011.3 Management information is available on Osaka
PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
Performance Report October 2018
Structured Investments Indicative Report October 2018 This report illustrates the indicative performance of all Structured Investment Strategies from inception to 31 October 2018 Matured Investment Strategies
PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016
10 June 2016 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors April 2016 According to securities statistics data, the amount outstanding of equity securities and
Spheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
THE B E A CH TO WN S O F P ALM B EA CH
THE B E A CH TO WN S O F P ALM B EA CH C OU N T Y F LO R I D A August www.luxuryhomemarketing.com PALM BEACH TOWNS SINGLE-FAMILY HOMES LUXURY INVENTORY VS. SALES JULY Sales Luxury Benchmark Price : 7,
Historical Pricing PJM COMED, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$50 Historical Pricing PJM COMED, Around the Clock $48 $46 $44 $42 $40 $38 $36 $34 $32 $30 $28 $26 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered
Commodity Exchange Traded Funds
Commodity Exchange Traded Funds Tim Simard NBC Commodities 14-person Calgary-based team running both a client-driven and strategic trading operation Collective team experience in excess of 250 years in
U.S. Natural Gas Storage Charts
U.S. Natural Gas Storage Charts BMO Capital Markets Commodity Products Group November 26, 214 Total U.S. Natural Gas in Storage 5, Total Stocks This Week 3432 4, 3, 2, 1, Reported On: November 26, 214
PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
Business & Financial Services December 2017
Business & Financial Services December 217 Completed Procurement Transactions by Month 2 4 175 15 125 1 75 5 2 1 Business Days to Complete 25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 217 Procurement
Historical Pricing PJM PSEG, Around the Clock. Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22
$70 Historical Pricing PJM PSEG, Around the Clock $65 $60 $55 $50 $45 $40 $35 $30 $25 Cal '15 Cal '16 Cal '17 Cal '18 Cal '19 Cal '20 Cal '21 Cal '22 The information presented above was gathered and compiled
PRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017
11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and
TERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
SmallBizU WORKSHEET 1: REQUIRED START-UP FUNDS. Online elearning Classroom. Item Required Amount ($) Fixed Assets. 1 -Buildings $ 2 -Land $
WORKSHEET 1: REQUIRED START-UP FUNDS Item Required Amount () Fixed Assets 1 -Buildings 2 -Land 3 -Initial Inventory 4 -Equipment 5 -Furniture and Fixtures 6 -Vehicles 7 Total Fixed Assets Working Capital
U.S. INTEREST RATES CHARTBOOK MARCH U.S. Interest Rates. Chartbook. March 2017
U.S. Interest Rates Chartbook March 2017 Takeaways The FOMC has raised the Fed funds rate for the third time since the start of the policy rate normalization cycle in 2015. The Committee has also reinforced
Introduction to Futures & Options Markets for Livestock
Introduction to Futures & Options Markets for Livestock Kevin McNew Montana State University Marketing Your Cattle Marketing: knowing when and how to price your cattle. When Prior to sale At time of sale
New Developments in Oil Futures Markets
CEEPR Workshop Cambridge, MA December 2006 New Developments in Oil Futures Markets John E. Parsons Center for Energy and Environmental Policy Research Front Month, NYMEX-WTI, 1986-2006 $80 $70 $60 $50
The introduction of new methods for price observations in the Consumer Price Index (CPI) New methods for airline tickets and package holidays
Statistics Netherlands Economics, Enterprises and NA Government Finance and Consumer Prices P.O.Box 24500 2490 HA Den Haag The Netherlands The introduction of new methods for price observations in the
Power Accountants Association Annual Meeting Potential Impacts from Oct 2015 Rate Change
Power Accountants Association Annual Meeting Potential Impacts from Oct 2015 Rate Change Material Provided by: Chris Mitchell Chris Mitchell Management Consultants (CMMC) mail@chrismitchellmc.com 5/14/2015
QUESTION 2. QUESTION 3 Which one of the following is most indicative of a flexible short-term financial policy?
QUESTION 1 Compute the cash cycle based on the following information: Average Collection Period = 47 Accounts Payable Period = 40 Average Age of Inventory = 55 QUESTION 2 Jan 41,700 July 39,182 Feb 18,921
Development of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
Division of Bond Finance Interest Rate Calculations. Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates
Division of Bond Finance Interest Rate Calculations Revenue Estimating Conference Interest Rates Used for Appropriations, including PECO Bond Rates November 16, 2018 Division of Bond Finance Calculation
FDD FIRM STORAGE SERVICE NORTHERN NATURAL GAS COMPANY
FDD FIRM STORAGE SERVICE NORTHERN NATURAL GAS COMPANY FIRM STORAGE SERVICE OPTIONS Northern s firm storage service is provided pursuant to the FDD Rate Schedule located in Northern s FERC Gas Tariff. The
Firm Frequency Response Market Information for Apr-16
Firm Frequency Response Market Information for Apr-16 FFR Market Information 211 Monthly Report Published Feb-16 Key points This Market Information Report is relevant for tenders submitted in Mar- 16 for
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
Factor Leave Accruals. Accruing Vacation and Sick Leave
Factor Leave Accruals Accruing Vacation and Sick Leave Factor Leave Accruals As part of the transition of non-exempt employees to biweekly pay, the UC Office of the President also requires standardization
Test Yourself / Final Exam
Test Yourself / Final Exam 1. Explain the risk/reward parameters of an option seller? 2. Describe the risk/reward characteristics of an option buyer? 3. What is an option? 4. What is the definition of
MAINTAIN BULLISHNESS; INCREASE EXPOSURE
First Capital Research MAINTAIN BULLISHNESS; INCREASE EXPOSURE First Capital Fixed Income Recommendation - 12 th OCT 18 Lead Analyst: Secondary Analyst: Atchuthan Srirangan Dimantha Mathew 1.0 New Recommendation
Commodity Price Outlook & Risks
Commodity Outlook & Risks Research Department, Commodities Team 1 December 22, 20 www.imf.org/commodities commodities@imf.org This monthly report presents a price outlook and risk assessment for selected
Balance-of-Period TCC Auction
Balance-of-Period TCC Auction Proposed Credit Policy Sheri Prevratil Manager, Corporate Credit New York Independent System Operator Credit Policy Working Group May 29, 2015 2000-2015 New York Independent
ESTABLISHING A CASH FLOW MODEL
Government Finance Officers Association of Texas Fall Conference 2017 ESTABLISHING A CASH FLOW MODEL EMILY A. UPSHAW, CPA VALLEY VIEW CONSULTING, LLC Objectives: Understand the importance of developing
December. US Interest Rates. Chartbook
December 2016 US Interest Rates Chartbook Takeaways The FOMC December statement has revealed a unanimous vote for a 2nd Fed funds rate increase, while economic projections reinforced the Fed s stance to
1. What is Implied Volatility?
Numerical Methods FEQA MSc Lectures, Spring Term 2 Data Modelling Module Lecture 2 Implied Volatility Professor Carol Alexander Spring Term 2 1 1. What is Implied Volatility? Implied volatility is: the
HIPIOWA - IOWA COMPREHENSIVE HEALTH ASSOCIATION Unaudited Balance Sheet As of July 31
Unaudited Balance Sheet As of July 31 Total Enrollment: 407 Assets: Cash $ 9,541,661 $ 1,237,950 Invested Cash 781,689 8,630,624 Premiums Receivable 16,445 299,134 Prepaid 32,930 34,403 Assessments Receivable
Order Making Fiscal Year 2018 Annual Adjustments to Transaction Fee Rates
This document is scheduled to be published in the Federal Register on 04/20/2018 and available online at https://federalregister.gov/d/2018-08339, and on FDsys.gov 8011-01p SECURITIES AND EXCHANGE COMMISSION
Financial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
Comparative Annuity Reports Your guide to comparing data about Single Premium Immediate Annuity programs
Comparative Annuity Reports Your guide to comparing data about Single Premium Immediate Annuity programs January 2016 1-800-872-6684 www.immediateannuities.com/comparativeannuityreports/ Volume 37 Issue
MANAGING NATURAL GAS PRICE VOLATILITY
MANAGING NATURAL GAS PRICE VOLATILITY May 2008 Page 1 141 W Jackson Blvd Suite 1521 Chicago, IL 60604 312.373.8250 info@riskmgmt.net TABLE OF CONTENTS Section 1 Macro Economic Influences on Commodity Pricing
Big Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016
FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 Manitoba Finance General Inquiries: Room 109, Legislative Building Winnipeg, Manitoba R3C 0V8 Phone: 204-945-5343 Fax:
Informed Storage: Understanding the Risks and Opportunities
Art Informed Storage: Understanding the Risks and Opportunities Randy Fortenbery School of Economic Sciences College of Agricultural, Human, and Natural Resource Sciences Washington State University The
2018 Financial Management Classes
2018 Financial Management Classes MONEY MANAGEMENT CLASS/BANKING OPERATONS (1ST & 3RD FRIDAY) INVESTING BASICS (2ND FRIDAY) CREDIT MANAGEMENT BLENDED RETIREMENT SYSTEM/THRIFT SAVINGS PLAN (4TH FRIDAY)
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
Steel Indexing & Price Transparency
ISRI Convention & Expo Indexing & Price Transparency Patrick A. McCormick Managing Partner April 20, 2007 1 Price Indexing & Price Transparency New Tools for A New World Economy High Rates of Demand Growth
Energy Price Processes
Energy Processes Used for Derivatives Pricing & Risk Management In this first of three articles, we will describe the most commonly used process, Geometric Brownian Motion, and in the second and third
City of Joliet 2014 Revenue Review. October 2013
City of Joliet 2014 Revenue Review October 2013 General Fund 2014 Est. Revenues = $163.6 M Licenses, Permits, Fees Gaming Taxes 5% 12% Sales Taxes 27% Income Taxes 9% Charges for Services 14% Other Taxes
It s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst
It s time to book 2018 fertilizer Focus on nitrogen first, using right tool for each market By Bryce Knorr, grain market analyst A slump in nitrogen costs this summer gives growers a chance to lock in
MONTHLY FINANCIAL REPORT June 2009
California Independent System Operator MONTHLY FINANCIAL REPORT June 2009 151 Blue Ravine Road Folsom, CA 95630 (916) 351-4000 CALIFORNIA INDEPENDENT SYSTEM OPERATOR CORPORATION MONTHLY FINANCIAL REPORT
EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS INSTRUCTIONS FOR FILING FORM LW-1
CITY TAX DEPT 50 TOWN SQUARE P.O. BOX 155 LIMA, OHIO 45802 PHONE (419) 221-5245 FAX (419) 998-5527 (MONTHLY OR QUARTERLY STATEMENT) FORM LW-3 (ANNUAL RECONCILIATION) EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING
Futures and Options Live Cattle Feeder Cattle. Tim Petry Livestock Marketing Economist NDSU Extension Service
Futures and Options Live Cattle Feeder Cattle Tim Petry Livestock Marketing Economist NDSU Extension Service FutOpt-Jan2018 Price Risk Management Tools Cash forward contract Video and internet auctions
GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from
GIMA Pulse Date of Report: 04/12/2017 a monthly snapshot of the UK Economy from www.barometeroftrade.com Summary Inflation has slowed after reaching a 5-year-high last month, largely due to the weak performance
Mechanics of Cash Flow Forecasting
Texas Association Of State Senior College & University Business Officers July 13, 2015 Mechanics of Cash Flow Forecasting Susan K. Anderson, CEO Anderson Financial Management, L.L.C. 130 Pecan Creek Drive
Using Comparative Inventory to Bet Against the Oil Market
Using Comparative Inventory to Bet Against the Oil Market Art Berman MacroVoices Live Vancouver January 19, 2019 Slide 1 Oil-Price Collapse and Previous Collapses $220 Oil-Price Collapse Appears to be
Release date: 16 May 2018
Release date: 16 May 218 UK Finance: Mortgage Trends Update March 218 Remortgaging market softens in March after busy start to year Key data highlights: There was 51bn of new lending to first-time in the
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES
FEDERAL RESERVE BANK OF MINNEAPOLIS BANKING AND POLICY STUDIES Minneapolis Options Report December 13 th Commodity Markets Option trading rose relative to two weeks ago to a more average level last week
NYMEX December gas settles at $2.928/MMBtu on changing
Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 8: 8:45 9:3 1:15 11: 11:45 12:3 13:15 14: N O V E M B E R 2 8, 2 1 7 Prior Day s NYMEX Dec-17 Contract (CT) 2.95
SaskEnergy Commodity Rate 2011 Review and Natural Gas Market Update
SaskEnergy Commodity Rate 2011 Review and Natural Gas Market Update The following is a discussion of how SaskEnergy sets its commodity rate, the status of the natural gas marketplace and the Corporation
GIMA Pulse Date of Report: 04/07/2017 a monthly snapshot of the UK Economy from
GIMA Pulse Date of Report: 04/07/2017 a monthly snapshot of the UK Economy from www.barometeroftrade.com Summary The factor with the largest percentage change over the last month is crude oil prices. Having
Cost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
U.S. Interest Rates Chartbook January 2018
U.S. Interest Rates Chartbook January 2018 Takeaways In line with expectations, the FOMC left Fed funds rate unchanged. The changes to the January statement highlighted stronger growth and confidence that
When determining but for sales in a commercial damages case,
JULY/AUGUST 2010 L I T I G A T I O N S U P P O R T Choosing a Sales Forecasting Model: A Trial and Error Process By Mark G. Filler, CPA/ABV, CBA, AM, CVA When determining but for sales in a commercial
CPA Australia Plan Your Own Enterprise Competition
Financial Plan Your financial plan should include: 1. A list of Start-Up Costs and how these will be paid for (eg from savings, bank loan or family loan) 2. A Breakeven Analysis, which includes: a list
Financial Results for the nine months ended December 31, 2016 INPEX CORPORATION. February 10, 2017
Financial Results for the nine months ended December 31, 2016 INPEX CORPORATION February 10, 2017 Cautionary Statement This presentation includes forward looking information that reflects the plan and
PRESS RELEASE. LABOUR FORCE SURVEY: November 2016 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY. Piraeus, February 9, 2017
HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, February 9, 2017 LABOUR FORCE SURVEY: November PRESS RELEASE The Hellenic Statistical Authority (ELSTAT) announces the ly adjusted unemployment
PRESS RELEASE NOVEMBER 2009
PRESS RELEASE 13 January 21 EURO AREA SECURITIES ISSUES STATISTICS: NOVEMBER 29 The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 11.% in
Finding Opportunities in a New Interest Rate Environment
INTEREST RATES Finding Opportunities in a New Interest Rate Environment The Interest Rate market is experiencing significant volatility in 2015, as market participants are anticipating when the FOMC will
Looking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
U.S. Interest Rates Chartbook September 2017
U.S. Interest Rates Chartbook September 2017 Takeaways The FOMC announced the start of the balance sheet normalization process to begin in October while maintained the Fed funds rate target range at 1%-1.25%
PRESS RELEASE. LABOUR FORCE SURVEY: October 2017 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY. Piraeus, 11 January 2018
HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 11 January 2018 PRESS RELEASE LABOUR FORCE SURVEY: October The Hellenic Statistical Authority (ELSTAT) announces the ly adjusted unemployment rate
U.S. Interest Rates Chartbook March 2018
U.S. Interest Rates Chartbook March 2018 Takeaways At the March meeting, the FOMC voted unanimously to raise the Fed funds rate to 1.5%-1.75%. The newly appointed Chairman is committed to maintaining continuity
PRESS RELEASE. LABOUR FORCE SURVEY: August 2017 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY. Piraeus, 9 November 2017
HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 9 November PRESS RELEASE LABOUR FORCE SURVEY: August The Hellenic Statistical Authority (ELSTAT) announces the ly adjusted unemployment rate for
0 IJifitil. j,j SEP. Respecifullysubmitted, ncosure. September 1 8, 2017 VIA ELECTRONIC FILING AND MAIL, \
![0 IJifitil. j,j SEP. Respecifullysubmitted, ncosure. September 1 8, 2017 VIA ELECTRONIC FILING AND MAIL, \](/thumbs/77/75422227.jpg "0 IJifitil. j,j SEP. Respecifullysubmitted, ncosure. September 1 8, 2017 VIA ELECTRONIC FILING AND MAIL, \")
0 IJifitil September 1 8, 2017 ( SEP VIA ELECTRONIC FILING AND MAIL, \ C;:) cl, ii j,j A I Debra Howland / Executive Director and Secretary : i ) New Hampshire Public Utilities Commission 21 S. Fruit St,
Release date: 12 July 2018
Release date: 12 July 218 UK Finance: Mortgage Trends Update May 218 Mortgage market sees pre-summer boost as remortgaging continues strong upward trend Key data highlights: There were 32,2 new first-time
REAL EARNINGS DECEMBER 2018
Transmission of material in this release is embargoed until 8:30 a.m. (EST), Friday, January 11, 2019 USDL-19-0019 Technical Information: (202) 691-6555 cesinfo@bls.gov www.bls.gov/ces Media Contact: (202)
Constructing a Cash Flow Forecast
Constructing a Cash Flow Forecast Method and Worked Example A cash flow forecast shows the estimates of the timing and amounts of cash inflows and outflows over a period of time. The sections of a cash
Multidimensional Futures Rolls
Isaac Carruthers December 15, 2016 Page 1 Multidimensional Futures Rolls Calendar rolls are a characteristic feature of futures contracts. Because contracts expire at monthly or quarterly intervals, and
Contract Certainty Subscription Market Progress Update for FSA
Programme Office Contract Certainty Subscription Market Progress Update for FSA 19th September 2006 Dane Douetil, Chair Market Reform Group The Market is making progress in line with expectations 100%
11 Investor Relations
Fourth Quarter 2017 Table of Contents: Segment Income Summary 2 Zach Dailey 713/296-4140 Statements of Income zbdailey@marathonoil.com Balance Sheets 4 Statements of Cash Flows 5 John Reid 713/296-4380
Security Analysis: Performance
Security Analysis: Performance Independent Variable: 1 Yr. Mean ROR: 8.72% STD: 16.76% Time Horizon: 2/1993-6/2003 Holding Period: 12 months Risk-free ROR: 1.53% Ticker Name Beta Alpha Correlation Sharpe
FERC EL Settlement Agreement
FERC EL05-121-009 Settlement Agreement Ray Fernandez Manager, Market Settlements Development Market Settlements Subcommittee June 14, 2018 Settlement Agreement Details Settlement Agreement Details FERC
Use of EVM Trends to Forecast Cost Risks 2011 ISPA/SCEA Conference, Albuquerque, NM
Use of EVM Trends to Forecast Cost Risks 2011 ISPA/SCEA Conference, Albuquerque, NM presented by: (C)2011 MCR, LLC Dr. Roy Smoker MCR LLC rsmoker@mcri.com (C)2011 MCR, LLC 2 OVERVIEW Introduction EVM Trend
REAL EARNINGS AUGUST 2018
Transmission of material in this release is embargoed until 8:30 a.m. (EDT), Thursday, September 13, 2018 USDL-18-1454 Technical Information: (202) 691-6555 cesinfo@bls.gov www.bls.gov/ces Media Contact:
Trade Finance, Letters of Credit and Bank Guarantees
Trade Finance, Letters of Credit and Bank Guarantees Page 1 of 10 Why Attend Securing company s assets while transacting with local and international customers is critical for the success and sustainability
Common stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
Budget Manager Meeting. February 20, 2018
Budget Manager Meeting February 20, 2018 Meeting Agenda DISCUSSION DRAFT NOT FOR DISTRIBUTION Budget Office Current Year Forecast Process Endowment Payout Control Charts FY19 Target Meetings Delphi Project
EMPLOYER S MUNICIPAL INCOME TAX WITHHOLDING FORMS
CITY TAX DEPT 50 TOWN SQUARE P.O. BOX 155 LIMA, OHIO 45802 PHONE (419) 221-5245 FAX (419) 998-5527 FORM LW-1 (MONTHLY OR QUARTERLY STATEMENT) FORM LW-3 (ANNUAL RECONCILIATION) EMPLOYER S MUNICIPAL INCOME
Futures and Options Live Cattle Feeder Cattle. Tim Petry Livestock Marketing Economist NDSU Extension
Futures and Options Live Cattle Feeder Cattle Tim Petry Livestock Marketing Economist NDSU Extension www.ndsu.edu/livestockeconomcs FutOpt-Jan2019 Price Risk Management Tools Cash forward contract Video
REAL EARNINGS JUNE 2018
Transmission of material in this release is embargoed until 8:30 a.m. (EDT), Thursday, July 12, 2018 USDL-18-1144 Technical Information: (202) 691-6555 cesinfo@bls.gov www.bls.gov/ces Media Contact: (202)
OTHER DEPOSITS FINANCIAL INSTITUTIONS DEPOSIT BARKAT SAVING ACCOUNT
WEIGHTAGES JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC ANNOUNCEMENT DATE 19.Dez.14 27.Jän.15 24.Feb.15 26.Mär.15 27.Apr.15 26.Mai.15 25.Jun.15 28.Jul.15 26.Aug.15 23.Sep.15 27.Okt.15 25.Nov.15 MUDARIB
HUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region