Newspaper article from our research archive:
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Weather derivatives provide umbrella
- Article from:
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Chicago Sun-Times
- Article date:
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August 12, 2001
- Author:
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Copyright informationCopyright 2001 Chicago Sun-Times. (Hide copyright information)
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Stuck into the lawn outside a home near Pollock Pines, Calif., is
a small rain gauge that might be worth as much as $50 million to
Sacramento's municipal utility.
During droughts, Sacramento gets less electricity from
hydroelectric dams and must pay higher prices for power on the open
market. To ease the pain of high-cost droughts, the utility entered a
five-year contract with Aquila Energy, a trading firm. Sacramento
gets cash when rainfall measured by the backyard gauge is low, and
pays a fee when it's above normal.
The bets by Sacramento and Aquila are part of the $2.5 billion
weather derivatives market, based on nominal contract value. Demand
for such transactions is expanding beyond the ...
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