The Manager’s Bookshelf

The following books represent “must haves” about energy risk management on your office bookshelf, according to author John Wengler of R. W. Beck, who wrote EL&P’s July “Power Pointers.”

Bernstein, Peter, Against the Gods: The Remarkable Story of Risk, John Wiley & Sons, 1996.
The perfect holiday or birthday present for your manager. Fun-to-read introduction to how humans feel about risk. No equations! An audio version is even available.

Hull, John C., Options, Futures, and Other Derivative Securities, Prentice-Hall, Inc., Englewood Cliffs, NJ, 1993.
The “Blue Book” that is now golden. The Basic Text. A well-written text for those wanting to understand derivatives theory by looking under the hood.

Jarrow, Robert and Turnbull, Stuart, Derivative Securities, South-Western College Publishing, 1996.
Written for MBA students, this encyclopedia of futures and options is a great reference for the generalist.

Pilipovic, Dragana, Energy Risk: Valuing and Managing Energy Derivatives, McGraw-Hill, 1998.
A leading book in the energy market. This book details how energy markets differ from money markets and provides new tools to handle these differences.

Wengler, John, Managing Energy Risk: A Nontechnical Guide to Markets and Trading, PennWell, 2001.
Written for the business generalist with a focus on risk management policies and procedures. Very few equations; great overview of topic.

Wilmott, Paul, Derivatives: The Theory and Practice of Financial Engineering, John Wiley & Sons, 1998.
A comprehensive reference for generalists wanting to become specialists.
Source: Wengler, John, Managing Energy Risk, PennWell Books, April 2001, Table 1-2.

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The Clarion Energy Content Team is made up of editors from various publications, including POWERGRID International, Power Engineering, Renewable Energy World, Hydro Review, Smart Energy International, and Power Engineering International. Contact the content lead for this publication at

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