A stronger, more informed approach to the energy markets
The Energy World Is Flat provides a forward-looking
analysis of the energy markets and addresses the implications of
their rapid transformation. Written by acknowledged expert Daniel
Lacalle, who is actively engaged with energy portfolios in the
financial space, this book is grounded in experience with the world
of high-stakes finance, and relays a realist’s perspective of the
current and future state of the energy markets. Readers will be
brought up to date on the latest developments in the area, and
learn the strategies that allow investors to profit from these
developments. An examination of the markets’ history draws
parallels between past and current shifts, and a discussion of
technological advancements helps readers understand the issues
driving these changes.
Energy has always been at the forefront of the economic agenda,
being both the key to and a driver for development and growth. Its
centrality to the world of finance makes it imperative for
investors and analysts to understand the energy markets,
irrespective of where on the wide range of energy spectrum
observers they fall. The Energy World Is Flat is a guide to
the past, present, and future of these crucial markets, and the
strategies that make them profitable. These include:
* Understanding the state of the energy markets, including key
developments and changes
* Discovering the ten pillars of a successful energy investment
strategy
* Reviewing the history of the energy markets to put recent
changes into perspective
* Learning which technologies are driving the changes, and how it
will affect investors
The recent energy market changes were both unexpected and so
fundamental in nature that they represent a true shift in the
energy macro- and microeconomic landscape. Investors and analysts
seeking a stronger approach to these markets need the expert
guidance provided by The Energy World Is Flat.
Содержание
Chapter 1 The Mother of All Battles. The Flattening and Globalization of the Energy World 1
Chapter 2 Lessons from the Internet Revolution and the Dotcom Bubble 11
Chapter 3 The 10 Forces that are Flattening the Energy World 31
Chapter 4 Flattener #1 — Geopolitics: The Two Sides of the Energy Security Coin 35
Chapter 5 Flattener #2 — The Energy Reserves and Resources Glut 53
Sorry, No Peak Oil 64
No Peak Gas Either 76
Chapter 6 Flattener #3 — Horizontal Drilling and Fracking 85
Chapter 7 Flattener #4 — The Energy Broadband 103
Chapter 8 Flattener #5 — Overcapacity 117
Chapter 9 Flattener #6 — Globalization, Industrialization, and Urbanization 123
Chapter 10 Flattener #7 — Demand Destruction 131
Chapter 11 Flattener #8 — Demand Displacement 135
The Battle for Transportation Demand 135
The Battle for Electricity and Industrial Demand 148
The Energy Domino 151
Chapter 12 Flattener #9 — Regulation and Government Intervention 159
Regulation vs. Free Markets 160
The War on Pollution and Coal 165
Renewable Energy and the Disinflation of Power Prices 172
Biofuels and Food Inflation 193
Chapter 13 Flattener #10 — Fiscal, Monetary, and Macroeconomic Flatteners 207
The Btu that Broke OPEC’s Back 209
The Oil Tax Weapon 214
Monetary Experiments and the Credit Risk Time Bomb 220
Financial Flows. Let’s Blame the Speculators 232
Chapter 14 Implications and Opportunities in the Financial Markets 245
Concluding Remarks 275
Appendix For a Competitive European Energy Policy 279
Index 289
Об авторе
DANIEL LACALLE is an economist, fund manager and certified financial analyst specialised in Global Energy with experience in equities, bonds and commodities. He holds a postgraduate degree in IESE and a master’s degree in economy investigation. After work-ing for ten years in the Oil and Gas sector, in charge of exports to the Middle East and Africa as well as Investor Relations, and in the utilities sector, Mr Lacalle joined the financial sector developing his career as a fund manager in some of the largest investment funds in the world, and was voted Top 3 Generalist and Number 1 Pan-European Buyside Individual in Oil & Gas in Thomson Reuters’ Extel Survey in 2011, the leading survey among companies and financial institutions. Author of two best-selling books Nosotros los Mercados and Viaje a la Libertad Económica, now in their fifth and fourth editions respectively, as well as The Life In The Financial Markets (Wiley, 2014).
Website www.dlacalle.com and Twitter @dlacalle
DIEGO PARRILLA is a Hedge Fund Manager at Blue Crest Capital Management where he runs a portfolio of liquid macro commodity strategies. Prior to starting his career in fund management in 2011, Diego worked in commodities sales and trading holding, amongst others, the positions of Managing Director, Global Head of Commodity Solutions and Head of Commodities Asia Pacific. Diego holds a Bachelors and Master of Science in Mining and Petroleum Engineering from the Polytechnic University of Madrid in Spain, a Master of Science in Mineral Economics from the Colorado School of Mines in the USA, and a Master of Science in Petroleum Economics and Management by the French Institute of Petroleum in Paris, France. Diego currently resides in Singapore with his wife and three children.
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