套期保值管理的策略-展示頁
2025-02-21 14:59本頁面
【正文】 available alternative product that does so to a greater extent. ? Similarly, if a hedge reduces variability without affecting the expected price it is likely to be an efficient purchase unless there is a superior product available. ? If a hedge raises the expected price but reduces variability, NIE Energy will need to take a view on the relative values of those impacts. In doing so it will be guided by its view of its customers’ preferences. In assessing the likely price level, NIE Energy will model the cost of SEM purchases, hedge costs and other costs in the circumstances of one or more sets of customer demand and pool price projections. In assessing the variability of the price level, NIE Energy will consider the likely variability in customer demand, including in response to weather variation, and of generation purchase, hedging and other costs, including in response to variations in pool prices, fuel prices, exchange rates and customer demand. Its calculations will be based on its evaluation of projections of pool prices and on models of demand and of risk, both of which will be transparent to NIAUR. In assessing whether a hedge should be secured for its regulated customer base, NIE Energy Supply will take into consideration an assessment of the extent to which the price level, economic conditions and petitive activity may potentially affect the level of forecast customer demand. In hedging costs related to tariffs for the 202310 year, NIE Energy Supply is conscious of both the current lack of sophistication of products and also the limited volumes of hedges available to do so. It will not be possible to hedge its generation purchases pletely even if it were otherwise sensible to do so. Hedges may be obtained in a currency other than Sterling. This would result in a currency exposure between the currency denomination of the hedging instrument and that of the hedged item (Sterling pool cost). Where NIE Energy is exposed to currency risk it may hedge some or all of the associated exposure using an appropriate financial instrument. 20 保值政策－示例 31 Policy for Board Approval This is a sample of a forex hedging policy with a mixture of targets and methods, to be approved by members of the Corporate Board. Mandate One of the responsibilities of the Board of Directors is to periodically review the significant risks and opportunities that may affect the pany and its business, and to oversee the actions, systems, and controls that have been put in place to manage and monitor these r
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