id	sid	tid	token	lemma	pos
ap-1239	1	1	ap-4-10.dvi	ap-4-10.dvi	PROPN
ap-1239	1	2	acta	acta	PROPN
ap-1239	1	3	polytechnica	polytechnica	PROPN
ap-1239	1	4	vol	vol	NOUN
ap-1239	1	5	.	.	PROPN
ap-1239	2	1	50	50	NUM
ap-1239	2	2	no	no	NOUN
ap-1239	2	3	.	.	PUNCT
ap-1239	3	1	4/2010	4/2010	NUM
ap-1239	3	2	option	option	NOUN
ap-1239	3	3	derivatives	derivative	NOUN
ap-1239	3	4	in	in	ADP
ap-1239	3	5	electricity	electricity	NOUN
ap-1239	3	6	hedging	hedging	NOUN
ap-1239	3	7	p.	p.	NOUN
ap-1239	3	8	pavlatka	pavlatka	PROPN
ap-1239	3	9	abstract	abstract	ADV
ap-1239	3	10	despite	despite	SCONJ
ap-1239	3	11	the	the	DET
ap-1239	3	12	high	high	ADJ
ap-1239	3	13	volatility	volatility	NOUN
ap-1239	3	14	of	of	ADP
ap-1239	3	15	electricity	electricity	NOUN
ap-1239	3	16	prices	price	NOUN
ap-1239	3	17	,	,	PUNCT
ap-1239	3	18	there	there	PRON
ap-1239	3	19	is	be	VERB
ap-1239	3	20	still	still	ADV
ap-1239	3	21	little	little	ADJ
ap-1239	3	22	demand	demand	NOUN
ap-1239	3	23	for	for	ADP
ap-1239	3	24	electricity	electricity	NOUN
ap-1239	3	25	power	power	NOUN
ap-1239	3	26	options	option	NOUN
ap-1239	3	27	,	,	PUNCT
ap-1239	3	28	and	and	CCONJ
ap-1239	3	29	the	the	DET
ap-1239	3	30	liquidity	liquidity	NOUN
ap-1239	3	31	on	on	ADP
ap-1239	3	32	the	the	DET
ap-1239	3	33	power	power	NOUN
ap-1239	3	34	exchanges	exchange	NOUN
ap-1239	3	35	of	of	ADP
ap-1239	3	36	these	these	DET
ap-1239	3	37	power	power	NOUN
ap-1239	3	38	derivatives	derivative	NOUN
ap-1239	3	39	is	be	AUX
ap-1239	3	40	quite	quite	ADV
ap-1239	3	41	low	low	ADJ
ap-1239	3	42	.	.	PUNCT
ap-1239	4	1	one	one	NUM
ap-1239	4	2	of	of	ADP
ap-1239	4	3	the	the	DET
ap-1239	4	4	reasons	reason	NOUN
ap-1239	4	5	is	be	AUX
ap-1239	4	6	the	the	DET
ap-1239	4	7	uncertainty	uncertainty	NOUN
ap-1239	4	8	about	about	ADP
ap-1239	4	9	how	how	SCONJ
ap-1239	4	10	to	to	PART
ap-1239	4	11	evaluate	evaluate	VERB
ap-1239	4	12	these	these	DET
ap-1239	4	13	electricity	electricity	NOUN
ap-1239	4	14	options	option	NOUN
ap-1239	4	15	and	and	CCONJ
ap-1239	4	16	about	about	ADP
ap-1239	4	17	finding	find	VERB
ap-1239	4	18	the	the	DET
ap-1239	4	19	right	right	ADJ
ap-1239	4	20	fair	fair	ADJ
ap-1239	4	21	value	value	NOUN
ap-1239	4	22	of	of	ADP
ap-1239	4	23	this	this	DET
ap-1239	4	24	product	product	NOUN
ap-1239	4	25	.	.	PUNCT
ap-1239	5	1	hedging	hedge	VERB
ap-1239	5	2	of	of	ADP
ap-1239	5	3	electricity	electricity	NOUN
ap-1239	5	4	is	be	AUX
ap-1239	5	5	associated	associate	VERB
ap-1239	5	6	mainly	mainly	ADV
ap-1239	5	7	with	with	ADP
ap-1239	5	8	products	product	NOUN
ap-1239	5	9	such	such	ADJ
ap-1239	5	10	as	as	ADP
ap-1239	5	11	futures	future	NOUN
ap-1239	5	12	and	and	CCONJ
ap-1239	5	13	forwards	forward	NOUN
ap-1239	5	14	.	.	PUNCT
ap-1239	6	1	however	however	ADV
ap-1239	6	2	,	,	PUNCT
ap-1239	6	3	due	due	ADP
ap-1239	6	4	to	to	ADP
ap-1239	6	5	new	new	ADJ
ap-1239	6	6	trends	trend	NOUN
ap-1239	6	7	in	in	ADP
ap-1239	6	8	electricity	electricity	NOUN
ap-1239	6	9	trading	trading	NOUN
ap-1239	6	10	and	and	CCONJ
ap-1239	6	11	hedging	hedging	NOUN
ap-1239	6	12	,	,	PUNCT
ap-1239	6	13	it	it	PRON
ap-1239	6	14	is	be	AUX
ap-1239	6	15	also	also	ADV
ap-1239	6	16	useful	useful	ADJ
ap-1239	6	17	to	to	PART
ap-1239	6	18	think	think	VERB
ap-1239	6	19	more	more	ADJ
ap-1239	6	20	about	about	ADP
ap-1239	6	21	options	option	NOUN
ap-1239	6	22	and	and	CCONJ
ap-1239	6	23	the	the	DET
ap-1239	6	24	principles	principle	NOUN
ap-1239	6	25	for	for	ADP
ap-1239	6	26	working	work	VERB
ap-1239	6	27	with	with	ADP
ap-1239	6	28	them	they	PRON
ap-1239	6	29	in	in	ADP
ap-1239	6	30	hedging	hedge	VERB
ap-1239	6	31	various	various	ADJ
ap-1239	6	32	portfolio	portfolio	NOUN
ap-1239	6	33	positions	position	NOUN
ap-1239	6	34	and	and	CCONJ
ap-1239	6	35	counterparties	counterpartie	NOUN
ap-1239	6	36	.	.	PUNCT
ap-1239	7	1	we	we	PRON
ap-1239	7	2	can	can	AUX
ap-1239	7	3	quite	quite	ADV
ap-1239	7	4	often	often	ADV
ap-1239	7	5	encounter	encounter	VERB
ap-1239	7	6	a	a	DET
ap-1239	7	7	situation	situation	NOUN
ap-1239	7	8	when	when	SCONJ
ap-1239	7	9	we	we	PRON
ap-1239	7	10	need	need	VERB
ap-1239	7	11	to	to	PART
ap-1239	7	12	have	have	VERB
ap-1239	7	13	a	a	DET
ap-1239	7	14	perfect	perfect	ADJ
ap-1239	7	15	hedge	hedge	NOUN
ap-1239	7	16	for	for	ADP
ap-1239	7	17	our	our	PRON
ap-1239	7	18	customer	customer	NOUN
ap-1239	7	19	’s	’s	PART
ap-1239	7	20	(	(	PUNCT
ap-1239	7	21	end	end	VERB
ap-1239	7	22	user	user	NOUN
ap-1239	7	23	consuming	consume	VERB
ap-1239	7	24	electricity	electricity	NOUN
ap-1239	7	25	)	)	PUNCT
ap-1239	7	26	portfolio	portfolio	NOUN
ap-1239	7	27	,	,	PUNCT
ap-1239	7	28	or	or	CCONJ
ap-1239	7	29	we	we	PRON
ap-1239	7	30	have	have	VERB
ap-1239	7	31	to	to	PART
ap-1239	7	32	evaluate	evaluate	VERB
ap-1239	7	33	the	the	DET
ap-1239	7	34	volumetric	volumetric	ADJ
ap-1239	7	35	risk	risk	NOUN
ap-1239	7	36	(	(	PUNCT
ap-1239	7	37	inability	inability	NOUN
ap-1239	7	38	of	of	ADP
ap-1239	7	39	a	a	DET
ap-1239	7	40	customer	customer	NOUN
ap-1239	7	41	to	to	PART
ap-1239	7	42	predict	predict	VERB
ap-1239	7	43	consumption	consumption	NOUN
ap-1239	7	44	,	,	PUNCT
ap-1239	7	45	which	which	PRON
ap-1239	7	46	is	be	AUX
ap-1239	7	47	very	very	ADV
ap-1239	7	48	similar	similar	ADJ
ap-1239	7	49	to	to	ADP
ap-1239	7	50	selling	sell	VERB
ap-1239	7	51	options	option	NOUN
ap-1239	7	52	.	.	PUNCT
ap-1239	8	1	now	now	ADV
ap-1239	8	2	comes	come	VERB
ap-1239	8	3	the	the	DET
ap-1239	8	4	moment	moment	NOUN
ap-1239	8	5	to	to	PART
ap-1239	8	6	compare	compare	VERB
ap-1239	8	7	the	the	DET
ap-1239	8	8	effects	effect	NOUN
ap-1239	8	9	of	of	ADP
ap-1239	8	10	using	use	VERB
ap-1239	8	11	options	option	NOUN
ap-1239	8	12	or	or	CCONJ
ap-1239	8	13	futures	future	NOUN
ap-1239	8	14	to	to	PART
ap-1239	8	15	hedge	hedge	VERB
ap-1239	8	16	these	these	DET
ap-1239	8	17	open	open	ADJ
ap-1239	8	18	positions	position	NOUN
ap-1239	8	19	.	.	PUNCT
ap-1239	9	1	from	from	ADP
ap-1239	9	2	a	a	DET
ap-1239	9	3	practical	practical	ADJ
ap-1239	9	4	viewpoint	viewpoint	NOUN
ap-1239	9	5	,	,	PUNCT
ap-1239	9	6	the	the	DET
ap-1239	9	7	black	black	ADJ
ap-1239	9	8	-	-	PUNCT
ap-1239	9	9	scholes	schole	NOUN
ap-1239	9	10	prices	price	NOUN
ap-1239	9	11	appear	appear	VERB
ap-1239	9	12	to	to	PART
ap-1239	9	13	be	be	AUX
ap-1239	9	14	the	the	DET
ap-1239	9	15	best	well	ADV
ap-1239	9	16	available	available	ADJ
ap-1239	9	17	and	and	CCONJ
ap-1239	9	18	the	the	DET
ap-1239	9	19	simplest	simple	ADJ
ap-1239	9	20	method	method	NOUN
ap-1239	9	21	for	for	ADP
ap-1239	9	22	evaluating	evaluate	VERB
ap-1239	9	23	option	option	NOUN
ap-1239	9	24	premiums	premium	NOUN
ap-1239	9	25	,	,	PUNCT
ap-1239	9	26	but	but	CCONJ
ap-1239	9	27	there	there	PRON
ap-1239	9	28	are	be	VERB
ap-1239	9	29	some	some	DET
ap-1239	9	30	limitations	limitation	NOUN
ap-1239	9	31	that	that	PRON
ap-1239	9	32	we	we	PRON
ap-1239	9	33	have	have	VERB
ap-1239	9	34	to	to	PART
ap-1239	9	35	consider	consider	VERB
ap-1239	9	36	.	.	PUNCT
ap-1239	10	1	keywords	keyword	NOUN
ap-1239	10	2	:	:	PUNCT
ap-1239	10	3	option	option	NOUN
ap-1239	10	4	derivatives	derivative	NOUN
ap-1239	10	5	,	,	PUNCT
ap-1239	10	6	electricity	electricity	NOUN
ap-1239	10	7	hedging	hedging	NOUN
ap-1239	10	8	,	,	PUNCT
ap-1239	10	9	evaluation	evaluation	NOUN
ap-1239	10	10	models	model	NOUN
ap-1239	10	11	,	,	PUNCT
ap-1239	10	12	electricity	electricity	NOUN
ap-1239	10	13	prices	price	NOUN
ap-1239	10	14	.	.	PUNCT
ap-1239	11	1	1	1	NUM
ap-1239	11	2	key	key	ADJ
ap-1239	11	3	features	feature	NOUN
ap-1239	11	4	of	of	ADP
ap-1239	11	5	electricity	electricity	NOUN
ap-1239	11	6	prices	price	NOUN
ap-1239	11	7	some	some	DET
ap-1239	11	8	years	year	NOUN
ap-1239	11	9	ago	ago	ADV
ap-1239	11	10	,	,	PUNCT
ap-1239	11	11	the	the	DET
ap-1239	11	12	electricity	electricity	NOUN
ap-1239	11	13	market	market	NOUN
ap-1239	11	14	was	be	AUX
ap-1239	11	15	vertically	vertically	ADV
ap-1239	11	16	integrated	integrate	VERB
ap-1239	11	17	and	and	CCONJ
ap-1239	11	18	the	the	DET
ap-1239	11	19	prices	price	NOUN
ap-1239	11	20	of	of	ADP
ap-1239	11	21	this	this	DET
ap-1239	11	22	commodity	commodity	NOUN
ap-1239	11	23	were	be	AUX
ap-1239	11	24	fully	fully	ADV
ap-1239	11	25	regulated	regulate	VERB
ap-1239	11	26	by	by	ADP
ap-1239	11	27	state	state	NOUN
ap-1239	11	28	-	-	PUNCT
ap-1239	11	29	owned	own	VERB
ap-1239	11	30	authority	authority	NOUN
ap-1239	11	31	managed	manage	VERB
ap-1239	11	32	worldwide	worldwide	ADV
ap-1239	11	33	.	.	PUNCT
ap-1239	12	1	these	these	DET
ap-1239	12	2	regulated	regulated	ADJ
ap-1239	12	3	prices	price	NOUN
ap-1239	12	4	had	have	VERB
ap-1239	12	5	to	to	PART
ap-1239	12	6	reflect	reflect	VERB
ap-1239	12	7	the	the	DET
ap-1239	12	8	cost	cost	NOUN
ap-1239	12	9	of	of	ADP
ap-1239	12	10	electricity	electricity	NOUN
ap-1239	12	11	generation	generation	NOUN
ap-1239	12	12	,	,	PUNCT
ap-1239	12	13	transmission	transmission	NOUN
ap-1239	12	14	and	and	CCONJ
ap-1239	12	15	distribution	distribution	NOUN
ap-1239	12	16	.	.	PUNCT
ap-1239	13	1	the	the	DET
ap-1239	13	2	prices	price	NOUN
ap-1239	13	3	were	be	AUX
ap-1239	13	4	therefore	therefore	ADV
ap-1239	13	5	determined	determine	VERB
ap-1239	13	6	by	by	ADP
ap-1239	13	7	well	well	ADV
ap-1239	13	8	-	-	PUNCT
ap-1239	13	9	known	know	VERB
ap-1239	13	10	factors	factor	NOUN
ap-1239	13	11	,	,	PUNCT
ap-1239	13	12	and	and	CCONJ
ap-1239	13	13	changed	change	VERB
ap-1239	13	14	only	only	ADV
ap-1239	13	15	rarely	rarely	ADV
ap-1239	13	16	.	.	PUNCT
ap-1239	14	1	since	since	SCONJ
ap-1239	14	2	deregulation	deregulation	NOUN
ap-1239	14	3	of	of	ADP
ap-1239	14	4	the	the	DET
ap-1239	14	5	electricity	electricity	NOUN
ap-1239	14	6	market	market	NOUN
ap-1239	14	7	,	,	PUNCT
ap-1239	14	8	prices	price	NOUN
ap-1239	14	9	have	have	AUX
ap-1239	14	10	been	be	AUX
ap-1239	14	11	determined	determine	VERB
ap-1239	14	12	according	accord	VERB
ap-1239	14	13	to	to	ADP
ap-1239	14	14	the	the	DET
ap-1239	14	15	economic	economic	ADJ
ap-1239	14	16	rule	rule	NOUN
ap-1239	14	17	of	of	ADP
ap-1239	14	18	supply	supply	NOUN
ap-1239	14	19	and	and	CCONJ
ap-1239	14	20	demand	demand	NOUN
ap-1239	14	21	.	.	PUNCT
ap-1239	15	1	many	many	ADJ
ap-1239	15	2	countries	country	NOUN
ap-1239	15	3	have	have	AUX
ap-1239	15	4	settled	settle	VERB
ap-1239	15	5	electricity	electricity	NOUN
ap-1239	15	6	pools	pool	NOUN
ap-1239	15	7	,	,	PUNCT
ap-1239	15	8	where	where	SCONJ
ap-1239	15	9	bids	bid	NOUN
ap-1239	15	10	of	of	ADP
ap-1239	15	11	electricity	electricity	NOUN
ap-1239	15	12	sellers	seller	NOUN
ap-1239	15	13	are	be	AUX
ap-1239	15	14	matched	match	VERB
ap-1239	15	15	with	with	ADP
ap-1239	15	16	the	the	DET
ap-1239	15	17	purchase	purchase	NOUN
ap-1239	15	18	orders	order	NOUN
ap-1239	15	19	of	of	ADP
ap-1239	15	20	end	end	NOUN
ap-1239	15	21	users	user	NOUN
ap-1239	15	22	.	.	PUNCT
ap-1239	16	1	these	these	DET
ap-1239	16	2	pools	pool	NOUN
ap-1239	16	3	trade	trade	VERB
ap-1239	16	4	with	with	ADP
ap-1239	16	5	long	long	ADJ
ap-1239	16	6	-	-	PUNCT
ap-1239	16	7	term	term	NOUN
ap-1239	16	8	products	product	NOUN
ap-1239	16	9	and	and	CCONJ
ap-1239	16	10	also	also	ADV
ap-1239	16	11	with	with	ADP
ap-1239	16	12	short	short	ADJ
ap-1239	16	13	-	-	PUNCT
ap-1239	16	14	term	term	NOUN
ap-1239	16	15	products	product	NOUN
ap-1239	16	16	.	.	PUNCT
ap-1239	17	1	the	the	DET
ap-1239	17	2	differences	difference	NOUN
ap-1239	17	3	are	be	AUX
ap-1239	17	4	only	only	ADV
ap-1239	17	5	in	in	ADP
ap-1239	17	6	liquidity	liquidity	NOUN
ap-1239	17	7	and	and	CCONJ
ap-1239	17	8	volatility	volatility	NOUN
ap-1239	17	9	.	.	PUNCT
ap-1239	18	1	this	this	DET
ap-1239	18	2	deregulation	deregulation	NOUN
ap-1239	18	3	has	have	AUX
ap-1239	18	4	fully	fully	ADV
ap-1239	18	5	supported	support	VERB
ap-1239	18	6	trading	trading	NOUN
ap-1239	18	7	activities	activity	NOUN
ap-1239	18	8	on	on	ADP
ap-1239	18	9	the	the	DET
ap-1239	18	10	derivatives	derivative	NOUN
ap-1239	18	11	markets	market	NOUN
ap-1239	18	12	,	,	PUNCT
ap-1239	18	13	which	which	PRON
ap-1239	18	14	allow	allow	VERB
ap-1239	18	15	trading	trading	NOUN
ap-1239	18	16	with	with	ADP
ap-1239	18	17	financial	financial	ADJ
ap-1239	18	18	electricity	electricity	NOUN
ap-1239	18	19	contracts	contract	NOUN
ap-1239	18	20	as	as	ADP
ap-1239	18	21	derivatives	derivative	NOUN
ap-1239	18	22	,	,	PUNCT
ap-1239	18	23	where	where	SCONJ
ap-1239	18	24	electricity	electricity	NOUN
ap-1239	18	25	is	be	AUX
ap-1239	18	26	the	the	DET
ap-1239	18	27	underlying	underlie	VERB
ap-1239	18	28	asset	asset	NOUN
ap-1239	18	29	.	.	PUNCT
ap-1239	19	1	the	the	DET
ap-1239	19	2	relatively	relatively	ADV
ap-1239	19	3	high	high	ADJ
ap-1239	19	4	volatility	volatility	NOUN
ap-1239	19	5	of	of	ADP
ap-1239	19	6	electric	electric	ADJ
ap-1239	19	7	power	power	NOUN
ap-1239	19	8	and	and	CCONJ
ap-1239	19	9	important	important	ADJ
ap-1239	19	10	specifics	specific	NOUN
ap-1239	19	11	of	of	ADP
ap-1239	19	12	this	this	DET
ap-1239	19	13	commodity	commodity	NOUN
ap-1239	19	14	have	have	AUX
ap-1239	19	15	forced	force	VERB
ap-1239	19	16	many	many	ADJ
ap-1239	19	17	market	market	NOUN
ap-1239	19	18	players	player	NOUN
ap-1239	19	19	to	to	PART
ap-1239	19	20	manage	manage	VERB
ap-1239	19	21	price	price	NOUN
ap-1239	19	22	risk	risk	NOUN
ap-1239	19	23	professionally	professionally	ADV
ap-1239	19	24	.	.	PUNCT
ap-1239	20	1	hedging	hedge	VERB
ap-1239	20	2	market	market	NOUN
ap-1239	20	3	risks	risk	NOUN
ap-1239	20	4	is	be	AUX
ap-1239	20	5	a	a	DET
ap-1239	20	6	well	well	ADV
ap-1239	20	7	-	-	PUNCT
ap-1239	20	8	known	know	VERB
ap-1239	20	9	way	way	NOUN
ap-1239	20	10	to	to	PART
ap-1239	20	11	eliminate	eliminate	VERB
ap-1239	20	12	the	the	DET
ap-1239	20	13	risk	risk	NOUN
ap-1239	20	14	of	of	ADP
ap-1239	20	15	price	price	NOUN
ap-1239	20	16	changes	change	NOUN
ap-1239	20	17	,	,	PUNCT
ap-1239	20	18	but	but	CCONJ
ap-1239	20	19	there	there	PRON
ap-1239	20	20	are	be	VERB
ap-1239	20	21	also	also	ADV
ap-1239	20	22	weak	weak	ADJ
ap-1239	20	23	points	point	NOUN
ap-1239	20	24	,	,	PUNCT
ap-1239	20	25	which	which	PRON
ap-1239	20	26	are	be	AUX
ap-1239	20	27	associated	associate	VERB
ap-1239	20	28	with	with	ADP
ap-1239	20	29	specific	specific	ADJ
ap-1239	20	30	features	feature	NOUN
ap-1239	20	31	of	of	ADP
ap-1239	20	32	electricity	electricity	NOUN
ap-1239	20	33	.	.	PUNCT
ap-1239	21	1	due	due	ADP
ap-1239	21	2	to	to	ADP
ap-1239	21	3	the	the	DET
ap-1239	21	4	obvious	obvious	ADJ
ap-1239	21	5	specific	specific	ADJ
ap-1239	21	6	features	feature	NOUN
ap-1239	21	7	of	of	ADP
ap-1239	21	8	electricity	electricity	NOUN
ap-1239	21	9	,	,	PUNCT
ap-1239	21	10	e.g.	e.g.	ADV
ap-1239	21	11	its	its	PRON
ap-1239	21	12	unique	unique	ADJ
ap-1239	21	13	nonstorability	nonstorability	NOUN
ap-1239	21	14	,	,	PUNCT
ap-1239	21	15	electricity	electricity	NOUN
ap-1239	21	16	prices	price	NOUN
ap-1239	21	17	are	be	AUX
ap-1239	21	18	more	more	ADV
ap-1239	21	19	likely	likely	ADJ
ap-1239	21	20	to	to	PART
ap-1239	21	21	be	be	AUX
ap-1239	21	22	driven	drive	VERB
ap-1239	21	23	by	by	ADP
ap-1239	21	24	spot	spot	NOUN
ap-1239	21	25	supply	supply	NOUN
ap-1239	21	26	and	and	CCONJ
ap-1239	21	27	demand	demand	NOUN
ap-1239	21	28	,	,	PUNCT
ap-1239	21	29	which	which	PRON
ap-1239	21	30	is	be	AUX
ap-1239	21	31	inelastic	inelastic	ADJ
ap-1239	21	32	.	.	PUNCT
ap-1239	22	1	any	any	DET
ap-1239	22	2	shock	shock	NOUN
ap-1239	22	3	in	in	ADP
ap-1239	22	4	consumption	consumption	NOUN
ap-1239	22	5	or	or	CCONJ
ap-1239	22	6	production	production	NOUN
ap-1239	22	7	may	may	AUX
ap-1239	22	8	give	give	VERB
ap-1239	22	9	rise	rise	NOUN
ap-1239	22	10	to	to	ADP
ap-1239	22	11	price	price	NOUN
ap-1239	22	12	jumps	jump	NOUN
ap-1239	22	13	[	[	X
ap-1239	22	14	4	4	NUM
ap-1239	22	15	]	]	PUNCT
ap-1239	22	16	.	.	PUNCT
ap-1239	23	1	2	2	NUM
ap-1239	23	2	hedging	hedging	NOUN
ap-1239	23	3	as	as	SCONJ
ap-1239	23	4	the	the	DET
ap-1239	23	5	electricity	electricity	NOUN
ap-1239	23	6	market	market	NOUN
ap-1239	23	7	becomes	become	VERB
ap-1239	23	8	deregulated	deregulated	ADJ
ap-1239	23	9	and	and	CCONJ
ap-1239	23	10	more	more	ADV
ap-1239	23	11	competitive	competitive	ADJ
ap-1239	23	12	,	,	PUNCT
ap-1239	23	13	changes	change	NOUN
ap-1239	23	14	in	in	ADP
ap-1239	23	15	supply	supply	NOUN
ap-1239	23	16	and	and	CCONJ
ap-1239	23	17	demand	demand	NOUN
ap-1239	23	18	are	be	AUX
ap-1239	23	19	increasingly	increasingly	ADV
ap-1239	23	20	translated	translate	VERB
ap-1239	23	21	into	into	ADP
ap-1239	23	22	price	price	NOUN
ap-1239	23	23	volatility	volatility	NOUN
ap-1239	23	24	and	and	CCONJ
ap-1239	23	25	fluctuations	fluctuation	NOUN
ap-1239	23	26	.	.	PUNCT
ap-1239	24	1	another	another	DET
ap-1239	24	2	very	very	ADV
ap-1239	24	3	important	important	ADJ
ap-1239	24	4	driver	driver	NOUN
ap-1239	24	5	has	have	AUX
ap-1239	24	6	been	be	AUX
ap-1239	24	7	financial	financial	ADJ
ap-1239	24	8	crises	crisis	NOUN
ap-1239	24	9	,	,	PUNCT
ap-1239	24	10	which	which	PRON
ap-1239	24	11	have	have	AUX
ap-1239	24	12	shown	show	VERB
ap-1239	24	13	us	we	PRON
ap-1239	24	14	the	the	DET
ap-1239	24	15	impact	impact	NOUN
ap-1239	24	16	of	of	ADP
ap-1239	24	17	financial	financial	ADJ
ap-1239	24	18	derivatives	derivative	NOUN
ap-1239	24	19	traded	trade	VERB
ap-1239	24	20	also	also	ADV
ap-1239	24	21	on	on	ADP
ap-1239	24	22	behalf	behalf	NOUN
ap-1239	24	23	of	of	ADP
ap-1239	24	24	electricity	electricity	NOUN
ap-1239	24	25	contracts	contract	NOUN
ap-1239	24	26	.	.	PUNCT
ap-1239	25	1	most	most	ADJ
ap-1239	25	2	of	of	ADP
ap-1239	25	3	the	the	DET
ap-1239	25	4	volatility	volatility	NOUN
ap-1239	25	5	of	of	ADP
ap-1239	25	6	the	the	DET
ap-1239	25	7	fluctuations	fluctuation	NOUN
ap-1239	25	8	in	in	ADP
ap-1239	25	9	supply	supply	NOUN
ap-1239	25	10	and	and	CCONJ
ap-1239	25	11	demand	demand	NOUN
ap-1239	25	12	is	be	AUX
ap-1239	25	13	visible	visible	ADJ
ap-1239	25	14	on	on	ADP
ap-1239	25	15	the	the	DET
ap-1239	25	16	daily	daily	ADJ
ap-1239	25	17	spot	spot	NOUN
ap-1239	25	18	market	market	NOUN
ap-1239	25	19	,	,	PUNCT
ap-1239	25	20	where	where	SCONJ
ap-1239	25	21	the	the	DET
ap-1239	25	22	price	price	NOUN
ap-1239	25	23	is	be	AUX
ap-1239	25	24	mainly	mainly	ADV
ap-1239	25	25	influenced	influence	VERB
ap-1239	25	26	by	by	ADP
ap-1239	25	27	inelastic	inelastic	ADJ
ap-1239	25	28	demand	demand	NOUN
ap-1239	25	29	and	and	CCONJ
ap-1239	25	30	short	short	ADJ
ap-1239	25	31	-	-	PUNCT
ap-1239	25	32	term	term	NOUN
ap-1239	25	33	supply	supply	NOUN
ap-1239	25	34	.	.	PUNCT
ap-1239	26	1	figure	figure	NOUN
ap-1239	26	2	1	1	NUM
ap-1239	26	3	shows	show	VERB
ap-1239	26	4	the	the	DET
ap-1239	26	5	increasing	increase	VERB
ap-1239	26	6	volatility	volatility	NOUN
ap-1239	26	7	of	of	ADP
ap-1239	26	8	spot	spot	NOUN
ap-1239	26	9	prices	price	NOUN
ap-1239	26	10	in	in	ADP
ap-1239	26	11	recent	recent	ADJ
ap-1239	26	12	years	year	NOUN
ap-1239	26	13	.	.	PUNCT
ap-1239	27	1	fig	fig	NOUN
ap-1239	27	2	.	.	PUNCT
ap-1239	28	1	1	1	NUM
ap-1239	28	2	:	:	PUNCT
ap-1239	28	3	spot	spot	NOUN
ap-1239	28	4	prices	price	NOUN
ap-1239	28	5	of	of	ADP
ap-1239	28	6	electricity	electricity	NOUN
ap-1239	28	7	in	in	ADP
ap-1239	28	8	�	�	PROPN
ap-1239	28	9	/mwh	/mwh	PROPN
ap-1239	28	10	(	(	PUNCT
ap-1239	28	11	source	source	NOUN
ap-1239	28	12	http://www.eex.com	http://www.eex.com	NOUN
ap-1239	28	13	)	)	PUNCT
ap-1239	28	14	most	most	ADJ
ap-1239	28	15	derivatives	derivative	NOUN
ap-1239	28	16	,	,	PUNCT
ap-1239	28	17	however	however	ADV
ap-1239	28	18	,	,	PUNCT
ap-1239	28	19	are	be	AUX
ap-1239	28	20	not	not	PART
ap-1239	28	21	typically	typically	ADV
ap-1239	28	22	used	use	VERB
ap-1239	28	23	to	to	PART
ap-1239	28	24	hedge	hedge	VERB
ap-1239	28	25	risks	risk	NOUN
ap-1239	28	26	connected	connect	VERB
ap-1239	28	27	with	with	ADP
ap-1239	28	28	daily	daily	ADJ
ap-1239	28	29	price	price	NOUN
ap-1239	28	30	volatility	volatility	NOUN
ap-1239	28	31	.	.	PUNCT
ap-1239	29	1	they	they	PRON
ap-1239	29	2	65	65	NUM
ap-1239	29	3	acta	acta	PROPN
ap-1239	29	4	polytechnica	polytechnica	PROPN
ap-1239	29	5	vol	vol	NOUN
ap-1239	29	6	.	.	PROPN
ap-1239	30	1	50	50	NUM
ap-1239	30	2	no	no	NOUN
ap-1239	30	3	.	.	PUNCT
ap-1239	31	1	4/2010	4/2010	NUM
ap-1239	31	2	are	be	AUX
ap-1239	31	3	used	use	VERB
ap-1239	31	4	to	to	PART
ap-1239	31	5	hedge	hedge	VERB
ap-1239	31	6	risks	risk	NOUN
ap-1239	31	7	associated	associate	VERB
ap-1239	31	8	with	with	ADP
ap-1239	31	9	trend	trend	NOUN
ap-1239	31	10	fluctuations	fluctuation	NOUN
ap-1239	31	11	and	and	CCONJ
ap-1239	31	12	seasonal	seasonal	ADJ
ap-1239	31	13	price	price	NOUN
ap-1239	31	14	volatility	volatility	NOUN
ap-1239	31	15	.	.	PUNCT
ap-1239	32	1	market	market	NOUN
ap-1239	32	2	participants	participant	NOUN
ap-1239	32	3	therefore	therefore	ADV
ap-1239	32	4	often	often	ADV
ap-1239	32	5	use	use	VERB
ap-1239	32	6	annual	annual	ADJ
ap-1239	32	7	and	and	CCONJ
ap-1239	32	8	monthly	monthly	ADJ
ap-1239	32	9	derivatives	derivative	NOUN
ap-1239	32	10	.	.	PUNCT
ap-1239	33	1	in	in	ADP
ap-1239	33	2	a	a	DET
ap-1239	33	3	competitive	competitive	ADJ
ap-1239	33	4	electricity	electricity	NOUN
ap-1239	33	5	market	market	NOUN
ap-1239	33	6	,	,	PUNCT
ap-1239	33	7	daily	daily	ADJ
ap-1239	33	8	fluctuations	fluctuation	NOUN
ap-1239	33	9	in	in	ADP
ap-1239	33	10	electricity	electricity	NOUN
ap-1239	33	11	prices	price	NOUN
ap-1239	33	12	will	will	AUX
ap-1239	33	13	therefore	therefore	ADV
ap-1239	33	14	be	be	AUX
ap-1239	33	15	the	the	DET
ap-1239	33	16	most	most	ADV
ap-1239	33	17	dramatic	dramatic	ADJ
ap-1239	33	18	driver	driver	NOUN
ap-1239	33	19	of	of	ADP
ap-1239	33	20	price	price	NOUN
ap-1239	33	21	volatility	volatility	NOUN
ap-1239	33	22	.	.	PUNCT
ap-1239	34	1	there	there	PRON
ap-1239	34	2	are	be	VERB
ap-1239	34	3	two	two	NUM
ap-1239	34	4	different	different	ADJ
ap-1239	34	5	approaches	approach	NOUN
ap-1239	34	6	depending	depend	VERB
ap-1239	34	7	on	on	ADP
ap-1239	34	8	the	the	DET
ap-1239	34	9	type	type	NOUN
ap-1239	34	10	of	of	ADP
ap-1239	34	11	market	market	NOUN
ap-1239	34	12	participant	participant	NOUN
ap-1239	34	13	.	.	PUNCT
ap-1239	35	1	generators	generator	NOUN
ap-1239	35	2	,	,	PUNCT
ap-1239	35	3	as	as	SCONJ
ap-1239	35	4	entities	entity	NOUN
ap-1239	35	5	owning	own	VERB
ap-1239	35	6	power	power	NOUN
ap-1239	35	7	plants	plant	NOUN
ap-1239	35	8	,	,	PUNCT
ap-1239	35	9	have	have	VERB
ap-1239	35	10	a	a	DET
ap-1239	35	11	natural	natural	ADJ
ap-1239	35	12	“	"	PUNCT
ap-1239	35	13	long	long	ADJ
ap-1239	35	14	”	"	PUNCT
ap-1239	35	15	electricity	electricity	NOUN
ap-1239	35	16	position	position	NOUN
ap-1239	35	17	,	,	PUNCT
ap-1239	35	18	and	and	CCONJ
ap-1239	35	19	the	the	DET
ap-1239	35	20	value	value	NOUN
ap-1239	35	21	of	of	ADP
ap-1239	35	22	this	this	DET
ap-1239	35	23	position	position	NOUN
ap-1239	35	24	increases	increase	NOUN
ap-1239	35	25	and	and	CCONJ
ap-1239	35	26	decreases	decrease	NOUN
ap-1239	35	27	with	with	ADP
ap-1239	35	28	the	the	DET
ap-1239	35	29	price	price	NOUN
ap-1239	35	30	of	of	ADP
ap-1239	35	31	power	power	NOUN
ap-1239	35	32	.	.	PUNCT
ap-1239	36	1	when	when	SCONJ
ap-1239	36	2	power	power	NOUN
ap-1239	36	3	prices	price	NOUN
ap-1239	36	4	increase	increase	VERB
ap-1239	36	5	,	,	PUNCT
ap-1239	36	6	the	the	DET
ap-1239	36	7	value	value	NOUN
ap-1239	36	8	of	of	ADP
ap-1239	36	9	the	the	DET
ap-1239	36	10	electricity	electricity	NOUN
ap-1239	36	11	produced	produce	VERB
ap-1239	36	12	increases	increase	NOUN
ap-1239	36	13	,	,	PUNCT
ap-1239	36	14	and	and	CCONJ
ap-1239	36	15	when	when	SCONJ
ap-1239	36	16	power	power	NOUN
ap-1239	36	17	prices	price	NOUN
ap-1239	36	18	decrease	decrease	VERB
ap-1239	36	19	,	,	PUNCT
ap-1239	36	20	the	the	DET
ap-1239	36	21	value	value	NOUN
ap-1239	36	22	of	of	ADP
ap-1239	36	23	the	the	DET
ap-1239	36	24	produced	produce	VERB
ap-1239	36	25	commodity	commodity	NOUN
ap-1239	36	26	decreases	decrease	VERB
ap-1239	36	27	.	.	PUNCT
ap-1239	37	1	an	an	DET
ap-1239	37	2	electricity	electricity	NOUN
ap-1239	37	3	consumer	consumer	NOUN
ap-1239	37	4	is	be	AUX
ap-1239	37	5	naturally	naturally	ADV
ap-1239	37	6	“	"	PUNCT
ap-1239	37	7	short	short	ADJ
ap-1239	37	8	”	"	PUNCT
ap-1239	37	9	and	and	CCONJ
ap-1239	37	10	,	,	PUNCT
ap-1239	37	11	in	in	ADP
ap-1239	37	12	the	the	DET
ap-1239	37	13	opposite	opposite	ADJ
ap-1239	37	14	way	way	NOUN
ap-1239	37	15	,	,	PUNCT
ap-1239	37	16	consumers	consumer	NOUN
ap-1239	37	17	benefit	benefit	VERB
ap-1239	37	18	when	when	SCONJ
ap-1239	37	19	prices	price	NOUN
ap-1239	37	20	go	go	VERB
ap-1239	37	21	down	down	ADV
ap-1239	37	22	and	and	CCONJ
ap-1239	37	23	have	have	VERB
ap-1239	37	24	to	to	PART
ap-1239	37	25	suffer	suffer	VERB
ap-1239	37	26	loss	loss	NOUN
ap-1239	37	27	when	when	SCONJ
ap-1239	37	28	prices	price	NOUN
ap-1239	37	29	increase	increase	VERB
ap-1239	37	30	.	.	PUNCT
ap-1239	38	1	price	price	NOUN
ap-1239	38	2	volatility	volatility	NOUN
ap-1239	38	3	introduces	introduce	VERB
ap-1239	38	4	new	new	ADJ
ap-1239	38	5	risks	risk	NOUN
ap-1239	38	6	for	for	ADP
ap-1239	38	7	generators	generator	NOUN
ap-1239	38	8	,	,	PUNCT
ap-1239	38	9	consumers	consumer	NOUN
ap-1239	38	10	and	and	CCONJ
ap-1239	38	11	traders	trader	NOUN
ap-1239	38	12	(	(	PUNCT
ap-1239	38	13	brokers	broker	NOUN
ap-1239	38	14	)	)	PUNCT
ap-1239	38	15	.	.	PUNCT
ap-1239	39	1	in	in	ADP
ap-1239	39	2	a	a	DET
ap-1239	39	3	competitive	competitive	ADJ
ap-1239	39	4	electricity	electricity	NOUN
ap-1239	39	5	market	market	NOUN
ap-1239	39	6	,	,	PUNCT
ap-1239	39	7	generators	generator	NOUN
ap-1239	39	8	will	will	AUX
ap-1239	39	9	have	have	VERB
ap-1239	39	10	to	to	PART
ap-1239	39	11	sell	sell	VERB
ap-1239	39	12	some	some	PRON
ap-1239	39	13	of	of	ADP
ap-1239	39	14	the	the	DET
ap-1239	39	15	electric	electric	ADJ
ap-1239	39	16	power	power	NOUN
ap-1239	39	17	that	that	PRON
ap-1239	39	18	they	they	PRON
ap-1239	39	19	produce	produce	VERB
ap-1239	39	20	in	in	ADP
ap-1239	39	21	volatile	volatile	ADJ
ap-1239	39	22	spot	spot	NOUN
ap-1239	39	23	markets	market	NOUN
ap-1239	39	24	,	,	PUNCT
ap-1239	39	25	and	and	CCONJ
ap-1239	39	26	will	will	AUX
ap-1239	39	27	bear	bear	VERB
ap-1239	39	28	the	the	DET
ap-1239	39	29	risk	risk	NOUN
ap-1239	39	30	if	if	SCONJ
ap-1239	39	31	the	the	DET
ap-1239	39	32	spot	spot	NOUN
ap-1239	39	33	prices	price	NOUN
ap-1239	39	34	are	be	AUX
ap-1239	39	35	lower	low	ADJ
ap-1239	39	36	than	than	ADP
ap-1239	39	37	the	the	DET
ap-1239	39	38	generation	generation	NOUN
ap-1239	39	39	costs	cost	NOUN
ap-1239	39	40	.	.	PUNCT
ap-1239	40	1	in	in	ADP
ap-1239	40	2	the	the	DET
ap-1239	40	3	case	case	NOUN
ap-1239	40	4	of	of	ADP
ap-1239	40	5	consumers	consumer	NOUN
ap-1239	40	6	,	,	PUNCT
ap-1239	40	7	we	we	PRON
ap-1239	40	8	have	have	VERB
ap-1239	40	9	to	to	PART
ap-1239	40	10	consider	consider	VERB
ap-1239	40	11	higher	high	ADJ
ap-1239	40	12	seasonal	seasonal	ADJ
ap-1239	40	13	and	and	CCONJ
ap-1239	40	14	hourly	hourly	ADJ
ap-1239	40	15	price	price	NOUN
ap-1239	40	16	variability	variability	NOUN
ap-1239	40	17	.	.	PUNCT
ap-1239	41	1	it	it	PRON
ap-1239	41	2	is	be	AUX
ap-1239	41	3	obvious	obvious	ADJ
ap-1239	41	4	that	that	SCONJ
ap-1239	41	5	this	this	DET
ap-1239	41	6	uncertainty	uncertainty	NOUN
ap-1239	41	7	could	could	AUX
ap-1239	41	8	make	make	VERB
ap-1239	41	9	it	it	PRON
ap-1239	41	10	more	more	ADV
ap-1239	41	11	difficult	difficult	ADJ
ap-1239	41	12	to	to	PART
ap-1239	41	13	assess	assess	VERB
ap-1239	41	14	and	and	CCONJ
ap-1239	41	15	manage	manage	VERB
ap-1239	41	16	a	a	DET
ap-1239	41	17	customers	customer	NOUN
ap-1239	41	18	’s	’s	PART
ap-1239	41	19	long	long	ADJ
ap-1239	41	20	-	-	PUNCT
ap-1239	41	21	term	term	NOUN
ap-1239	41	22	financial	financial	ADJ
ap-1239	41	23	position	position	NOUN
ap-1239	41	24	.	.	PUNCT
ap-1239	42	1	electricity	electricity	NOUN
ap-1239	42	2	futures	future	NOUN
ap-1239	42	3	and	and	CCONJ
ap-1239	42	4	other	other	ADJ
ap-1239	42	5	power	power	NOUN
ap-1239	42	6	derivatives	derivative	NOUN
ap-1239	42	7	help	help	VERB
ap-1239	42	8	electricity	electricity	NOUN
ap-1239	42	9	generators	generator	NOUN
ap-1239	42	10	and	and	CCONJ
ap-1239	42	11	end	end	VERB
ap-1239	42	12	consumer	consumer	NOUN
ap-1239	42	13	to	to	PART
ap-1239	42	14	hedge	hedge	VERB
ap-1239	42	15	price	price	NOUN
ap-1239	42	16	risks	risk	NOUN
ap-1239	42	17	(	(	PUNCT
ap-1239	42	18	market	market	NOUN
ap-1239	42	19	risk	risk	NOUN
ap-1239	42	20	)	)	PUNCT
ap-1239	42	21	in	in	ADP
ap-1239	42	22	a	a	DET
ap-1239	42	23	competitive	competitive	ADJ
ap-1239	42	24	electricity	electricity	NOUN
ap-1239	42	25	market	market	NOUN
ap-1239	42	26	.	.	PUNCT
ap-1239	43	1	futures	future	NOUN
ap-1239	43	2	contracts	contract	NOUN
ap-1239	43	3	are	be	AUX
ap-1239	43	4	legally	legally	ADV
ap-1239	43	5	binding	binding	ADJ
ap-1239	43	6	and	and	CCONJ
ap-1239	43	7	negotiable	negotiable	ADJ
ap-1239	43	8	contracts	contract	NOUN
ap-1239	43	9	that	that	PRON
ap-1239	43	10	call	call	VERB
ap-1239	43	11	for	for	ADP
ap-1239	43	12	future	future	ADJ
ap-1239	43	13	delivery	delivery	NOUN
ap-1239	43	14	of	of	ADP
ap-1239	43	15	electricity	electricity	NOUN
ap-1239	43	16	.	.	PUNCT
ap-1239	44	1	in	in	ADP
ap-1239	44	2	many	many	ADJ
ap-1239	44	3	cases	case	NOUN
ap-1239	44	4	,	,	PUNCT
ap-1239	44	5	physical	physical	ADJ
ap-1239	44	6	delivery	delivery	NOUN
ap-1239	44	7	does	do	AUX
ap-1239	44	8	not	not	PART
ap-1239	44	9	take	take	VERB
ap-1239	44	10	place	place	NOUN
ap-1239	44	11	,	,	PUNCT
ap-1239	44	12	and	and	CCONJ
ap-1239	44	13	the	the	DET
ap-1239	44	14	futures	future	NOUN
ap-1239	44	15	contract	contract	NOUN
ap-1239	44	16	is	be	AUX
ap-1239	44	17	closed	close	VERB
ap-1239	44	18	by	by	ADP
ap-1239	44	19	buying	buy	VERB
ap-1239	44	20	or	or	CCONJ
ap-1239	44	21	selling	sell	VERB
ap-1239	44	22	a	a	DET
ap-1239	44	23	futures	future	NOUN
ap-1239	44	24	contract	contract	NOUN
ap-1239	44	25	on	on	ADP
ap-1239	44	26	the	the	DET
ap-1239	44	27	delivery	delivery	NOUN
ap-1239	44	28	date	date	NOUN
ap-1239	44	29	.	.	PUNCT
ap-1239	45	1	other	other	ADJ
ap-1239	45	2	power	power	NOUN
ap-1239	45	3	derivatives	derivative	NOUN
ap-1239	45	4	include	include	VERB
ap-1239	45	5	options	option	NOUN
ap-1239	45	6	,	,	PUNCT
ap-1239	45	7	price	price	NOUN
ap-1239	45	8	swaps	swap	NOUN
ap-1239	45	9	,	,	PUNCT
ap-1239	45	10	and	and	CCONJ
ap-1239	45	11	otc	otc	VERB
ap-1239	45	12	forward	forward	ADJ
ap-1239	45	13	contracts	contract	NOUN
ap-1239	45	14	.	.	PUNCT
ap-1239	46	1	power	power	NOUN
ap-1239	46	2	derivatives	derivative	NOUN
ap-1239	46	3	,	,	PUNCT
ap-1239	46	4	like	like	ADP
ap-1239	46	5	futures	future	NOUN
ap-1239	46	6	and	and	CCONJ
ap-1239	46	7	options	option	NOUN
ap-1239	46	8	,	,	PUNCT
ap-1239	46	9	are	be	AUX
ap-1239	46	10	traded	trade	VERB
ap-1239	46	11	on	on	ADP
ap-1239	46	12	an	an	DET
ap-1239	46	13	exchange	exchange	NOUN
ap-1239	46	14	where	where	SCONJ
ap-1239	46	15	participants	participant	NOUN
ap-1239	46	16	are	be	AUX
ap-1239	46	17	required	require	VERB
ap-1239	46	18	to	to	PART
ap-1239	46	19	deposit	deposit	VERB
ap-1239	46	20	margins	margin	NOUN
ap-1239	46	21	to	to	PART
ap-1239	46	22	cover	cover	VERB
ap-1239	46	23	all	all	DET
ap-1239	46	24	potential	potential	ADJ
ap-1239	46	25	losses	loss	NOUN
ap-1239	46	26	due	due	ADP
ap-1239	46	27	to	to	ADP
ap-1239	46	28	the	the	DET
ap-1239	46	29	credit	credit	NOUN
ap-1239	46	30	risk	risk	NOUN
ap-1239	46	31	of	of	ADP
ap-1239	46	32	the	the	DET
ap-1239	46	33	counterparty	counterparty	NOUN
ap-1239	46	34	and	and	CCONJ
ap-1239	46	35	the	the	DET
ap-1239	46	36	market	market	NOUN
ap-1239	46	37	risk	risk	NOUN
ap-1239	46	38	of	of	ADP
ap-1239	46	39	an	an	DET
ap-1239	46	40	open	open	ADJ
ap-1239	46	41	position	position	NOUN
ap-1239	46	42	.	.	PUNCT
ap-1239	47	1	other	other	ADJ
ap-1239	47	2	hedging	hedging	NOUN
ap-1239	47	3	instruments	instrument	NOUN
ap-1239	47	4	,	,	PUNCT
ap-1239	47	5	such	such	ADJ
ap-1239	47	6	as	as	ADP
ap-1239	47	7	forwards	forward	NOUN
ap-1239	47	8	,	,	PUNCT
ap-1239	47	9	are	be	AUX
ap-1239	47	10	traded	trade	VERB
ap-1239	47	11	bilaterally	bilaterally	ADV
ap-1239	47	12	“	"	PUNCT
ap-1239	47	13	over	over	ADP
ap-1239	47	14	-	-	PUNCT
ap-1239	47	15	the	the	DET
ap-1239	47	16	-	-	PUNCT
ap-1239	47	17	counter	counter	NOUN
ap-1239	47	18	”	"	PUNCT
ap-1239	47	19	.	.	PUNCT
ap-1239	48	1	recently	recently	ADV
ap-1239	48	2	we	we	PRON
ap-1239	48	3	have	have	AUX
ap-1239	48	4	seen	see	VERB
ap-1239	48	5	how	how	SCONJ
ap-1239	48	6	expensive	expensive	ADJ
ap-1239	48	7	membership	membership	NOUN
ap-1239	48	8	of	of	ADP
ap-1239	48	9	a	a	DET
ap-1239	48	10	power	power	NOUN
ap-1239	48	11	exchange	exchange	NOUN
ap-1239	48	12	is	be	AUX
ap-1239	48	13	,	,	PUNCT
ap-1239	48	14	and	and	CCONJ
ap-1239	48	15	we	we	PRON
ap-1239	48	16	can	can	AUX
ap-1239	48	17	compare	compare	VERB
ap-1239	48	18	the	the	DET
ap-1239	48	19	costs	cost	NOUN
ap-1239	48	20	of	of	ADP
ap-1239	48	21	financial	financial	ADJ
ap-1239	48	22	capital	capital	NOUN
ap-1239	48	23	for	for	ADP
ap-1239	48	24	margins	margin	NOUN
ap-1239	48	25	with	with	ADP
ap-1239	48	26	paid	pay	VERB
ap-1239	48	27	option	option	NOUN
ap-1239	48	28	premiums	premium	NOUN
ap-1239	48	29	.	.	PUNCT
ap-1239	49	1	2.1	2.1	NUM
ap-1239	49	2	short	short	ADJ
ap-1239	49	3	-	-	PUNCT
ap-1239	49	4	term	term	NOUN
ap-1239	49	5	or	or	CCONJ
ap-1239	49	6	long	long	ADJ
ap-1239	49	7	-	-	PUNCT
ap-1239	49	8	term	term	NOUN
ap-1239	49	9	hedging	hedging	NOUN
ap-1239	49	10	it	it	PRON
ap-1239	49	11	is	be	AUX
ap-1239	49	12	relative	relative	ADJ
ap-1239	49	13	difficult	difficult	ADJ
ap-1239	49	14	to	to	PART
ap-1239	49	15	define	define	VERB
ap-1239	49	16	a	a	DET
ap-1239	49	17	strict	strict	ADJ
ap-1239	49	18	boundary	boundary	NOUN
ap-1239	49	19	between	between	ADP
ap-1239	49	20	long	long	ADJ
ap-1239	49	21	-	-	PUNCT
ap-1239	49	22	term	term	NOUN
ap-1239	49	23	hedging	hedging	NOUN
ap-1239	49	24	and	and	CCONJ
ap-1239	49	25	short	short	ADJ
ap-1239	49	26	-	-	PUNCT
ap-1239	49	27	term	term	NOUN
ap-1239	49	28	hedging	hedging	NOUN
ap-1239	49	29	.	.	PUNCT
ap-1239	50	1	we	we	PRON
ap-1239	50	2	could	could	AUX
ap-1239	50	3	define	define	VERB
ap-1239	50	4	short	short	ADJ
ap-1239	50	5	-	-	PUNCT
ap-1239	50	6	term	term	NOUN
ap-1239	50	7	hedging	hedging	NOUN
ap-1239	50	8	in	in	ADP
ap-1239	50	9	terms	term	NOUN
ap-1239	50	10	of	of	ADP
ap-1239	50	11	the	the	DET
ap-1239	50	12	most	most	ADV
ap-1239	50	13	distant	distant	ADJ
ap-1239	50	14	maturity	maturity	NOUN
ap-1239	50	15	traded	trade	VERB
ap-1239	50	16	month	month	NOUN
ap-1239	50	17	contract	contract	NOUN
ap-1239	50	18	on	on	ADP
ap-1239	50	19	the	the	DET
ap-1239	50	20	power	power	NOUN
ap-1239	50	21	exchange	exchange	NOUN
ap-1239	50	22	.	.	PUNCT
ap-1239	51	1	this	this	PRON
ap-1239	51	2	could	could	AUX
ap-1239	51	3	be	be	AUX
ap-1239	51	4	between	between	ADP
ap-1239	51	5	6	6	NUM
ap-1239	51	6	and	and	CCONJ
ap-1239	51	7	12	12	NUM
ap-1239	51	8	months	month	NOUN
ap-1239	51	9	.	.	PUNCT
ap-1239	52	1	the	the	DET
ap-1239	52	2	main	main	ADJ
ap-1239	52	3	important	important	ADJ
ap-1239	52	4	risks	risk	NOUN
ap-1239	52	5	associated	associate	VERB
ap-1239	52	6	with	with	ADP
ap-1239	52	7	short	short	ADJ
ap-1239	52	8	-	-	PUNCT
ap-1239	52	9	term	term	NOUN
ap-1239	52	10	hedging	hedging	NOUN
ap-1239	52	11	are	be	AUX
ap-1239	52	12	cash	cash	NOUN
ap-1239	52	13	-	-	PUNCT
ap-1239	52	14	flow	flow	NOUN
ap-1239	52	15	problems	problem	NOUN
ap-1239	52	16	.	.	PUNCT
ap-1239	53	1	in	in	ADP
ap-1239	53	2	the	the	DET
ap-1239	53	3	first	first	ADJ
ap-1239	53	4	case	case	NOUN
ap-1239	53	5	,	,	PUNCT
ap-1239	53	6	a	a	DET
ap-1239	53	7	cash	cash	NOUN
ap-1239	53	8	-	-	PUNCT
ap-1239	53	9	flow	flow	NOUN
ap-1239	53	10	problem	problem	NOUN
ap-1239	53	11	emerges	emerge	VERB
ap-1239	53	12	from	from	ADP
ap-1239	53	13	an	an	DET
ap-1239	53	14	insufficient	insufficient	ADJ
ap-1239	53	15	initial	initial	ADJ
ap-1239	53	16	and	and	CCONJ
ap-1239	53	17	variation	variation	NOUN
ap-1239	53	18	margin	margin	NOUN
ap-1239	53	19	for	for	ADP
ap-1239	53	20	mtm	mtm	PROPN
ap-1239	53	21	(	(	PUNCT
ap-1239	53	22	“	"	PUNCT
ap-1239	53	23	mark	mark	VERB
ap-1239	53	24	-	-	PUNCT
ap-1239	53	25	to	to	ADP
ap-1239	53	26	-	-	PUNCT
ap-1239	53	27	market	market	NOUN
ap-1239	53	28	”	"	PUNCT
ap-1239	53	29	)	)	PUNCT
ap-1239	53	30	.	.	PUNCT
ap-1239	54	1	the	the	DET
ap-1239	54	2	result	result	NOUN
ap-1239	54	3	is	be	AUX
ap-1239	54	4	that	that	SCONJ
ap-1239	54	5	the	the	DET
ap-1239	54	6	intended	intend	VERB
ap-1239	54	7	hedging	hedging	NOUN
ap-1239	54	8	transaction	transaction	NOUN
ap-1239	54	9	becomes	become	VERB
ap-1239	54	10	to	to	PART
ap-1239	54	11	speculative	speculative	ADJ
ap-1239	54	12	position	position	NOUN
ap-1239	54	13	after	after	ADP
ap-1239	54	14	a	a	DET
ap-1239	54	15	margin	margin	NOUN
ap-1239	54	16	call	call	NOUN
ap-1239	54	17	that	that	SCONJ
ap-1239	54	18	we	we	PRON
ap-1239	54	19	are	be	AUX
ap-1239	54	20	not	not	PART
ap-1239	54	21	able	able	ADJ
ap-1239	54	22	to	to	PART
ap-1239	54	23	pay	pay	VERB
ap-1239	54	24	for	for	ADP
ap-1239	54	25	.	.	PUNCT
ap-1239	55	1	in	in	ADP
ap-1239	55	2	the	the	DET
ap-1239	55	3	second	second	ADJ
ap-1239	55	4	case	case	NOUN
ap-1239	55	5	,	,	PUNCT
ap-1239	55	6	we	we	PRON
ap-1239	55	7	can	can	AUX
ap-1239	55	8	consider	consider	VERB
ap-1239	55	9	an	an	DET
ap-1239	55	10	unhedged	unhedged	ADJ
ap-1239	55	11	price	price	NOUN
ap-1239	55	12	risk	risk	NOUN
ap-1239	55	13	,	,	PUNCT
ap-1239	55	14	which	which	PRON
ap-1239	55	15	results	result	VERB
ap-1239	55	16	from	from	ADP
ap-1239	55	17	inadequate	inadequate	ADJ
ap-1239	55	18	hedging	hedging	NOUN
ap-1239	55	19	of	of	ADP
ap-1239	55	20	open	open	ADJ
ap-1239	55	21	positions	position	NOUN
ap-1239	55	22	.	.	PUNCT
ap-1239	56	1	this	this	DET
ap-1239	56	2	case	case	NOUN
ap-1239	56	3	very	very	ADV
ap-1239	56	4	often	often	ADV
ap-1239	56	5	occurs	occur	VERB
ap-1239	56	6	and	and	CCONJ
ap-1239	56	7	is	be	AUX
ap-1239	56	8	associated	associate	VERB
ap-1239	56	9	with	with	ADP
ap-1239	56	10	volumetric	volumetric	ADJ
ap-1239	56	11	risk	risk	NOUN
ap-1239	56	12	.	.	PUNCT
ap-1239	57	1	most	most	ADJ
ap-1239	57	2	electricity	electricity	NOUN
ap-1239	57	3	consumption	consumption	NOUN
ap-1239	57	4	depends	depend	VERB
ap-1239	57	5	on	on	ADP
ap-1239	57	6	short	short	ADJ
ap-1239	57	7	-	-	PUNCT
ap-1239	57	8	term	term	NOUN
ap-1239	57	9	conditions	condition	NOUN
ap-1239	57	10	,	,	PUNCT
ap-1239	57	11	and	and	CCONJ
ap-1239	57	12	there	there	PRON
ap-1239	57	13	are	be	VERB
ap-1239	57	14	not	not	PART
ap-1239	57	15	enough	enough	ADJ
ap-1239	57	16	strict	strict	ADJ
ap-1239	57	17	plans	plan	NOUN
ap-1239	57	18	or	or	CCONJ
ap-1239	57	19	“	"	PUNCT
ap-1239	57	20	take	take	VERB
ap-1239	57	21	or	or	CCONJ
ap-1239	57	22	pay	pay	VERB
ap-1239	57	23	”	"	PUNCT
ap-1239	57	24	contracts	contract	NOUN
ap-1239	57	25	,	,	PUNCT
ap-1239	57	26	which	which	PRON
ap-1239	57	27	will	will	AUX
ap-1239	57	28	motivate	motivate	VERB
ap-1239	57	29	the	the	DET
ap-1239	57	30	end	end	NOUN
ap-1239	57	31	customer	customer	NOUN
ap-1239	57	32	to	to	PART
ap-1239	57	33	consume	consume	VERB
ap-1239	57	34	in	in	ADP
ap-1239	57	35	order	order	NOUN
ap-1239	57	36	with	with	ADP
ap-1239	57	37	the	the	DET
ap-1239	57	38	contracted	contract	VERB
ap-1239	57	39	volume	volume	NOUN
ap-1239	57	40	.	.	PUNCT
ap-1239	58	1	gains	gain	NOUN
ap-1239	58	2	and	and	CCONJ
ap-1239	58	3	losses	loss	NOUN
ap-1239	58	4	from	from	ADP
ap-1239	58	5	hedging	hedging	NOUN
ap-1239	58	6	activities	activity	NOUN
ap-1239	58	7	that	that	PRON
ap-1239	58	8	occur	occur	VERB
ap-1239	58	9	in	in	ADP
ap-1239	58	10	the	the	DET
ap-1239	58	11	futures	future	NOUN
ap-1239	58	12	market	market	NOUN
ap-1239	58	13	when	when	SCONJ
ap-1239	58	14	a	a	DET
ap-1239	58	15	hedge	hedge	NOUN
ap-1239	58	16	is	be	AUX
ap-1239	58	17	undertaken	undertake	VERB
ap-1239	58	18	must	must	AUX
ap-1239	58	19	be	be	AUX
ap-1239	58	20	viewed	view	VERB
ap-1239	58	21	as	as	ADP
ap-1239	58	22	part	part	NOUN
ap-1239	58	23	of	of	ADP
ap-1239	58	24	the	the	DET
ap-1239	58	25	electricity	electricity	NOUN
ap-1239	58	26	price	price	NOUN
ap-1239	58	27	that	that	PRON
ap-1239	58	28	the	the	DET
ap-1239	58	29	market	market	NOUN
ap-1239	58	30	participant	participant	NOUN
ap-1239	58	31	provides	provide	VERB
ap-1239	58	32	to	to	ADP
ap-1239	58	33	its	its	PRON
ap-1239	58	34	customers	customer	NOUN
ap-1239	58	35	.	.	PUNCT
ap-1239	59	1	the	the	DET
ap-1239	59	2	same	same	ADJ
ap-1239	59	3	approach	approach	NOUN
ap-1239	59	4	has	have	VERB
ap-1239	59	5	to	to	PART
ap-1239	59	6	be	be	AUX
ap-1239	59	7	undertaken	undertake	VERB
ap-1239	59	8	in	in	ADP
ap-1239	59	9	the	the	DET
ap-1239	59	10	case	case	NOUN
ap-1239	59	11	of	of	ADP
ap-1239	59	12	option	option	NOUN
ap-1239	59	13	premiums	premium	NOUN
ap-1239	59	14	.	.	PUNCT
ap-1239	60	1	sometimes	sometimes	ADV
ap-1239	60	2	a	a	DET
ap-1239	60	3	market	market	NOUN
ap-1239	60	4	player	player	NOUN
ap-1239	60	5	takes	take	VERB
ap-1239	60	6	a	a	DET
ap-1239	60	7	profit	profit	NOUN
ap-1239	60	8	in	in	ADP
ap-1239	60	9	the	the	DET
ap-1239	60	10	futures	future	NOUN
ap-1239	60	11	market	market	NOUN
ap-1239	60	12	and	and	CCONJ
ap-1239	60	13	loses	lose	VERB
ap-1239	60	14	in	in	ADP
ap-1239	60	15	the	the	DET
ap-1239	60	16	spot	spot	NOUN
ap-1239	60	17	market	market	NOUN
ap-1239	60	18	,	,	PUNCT
ap-1239	60	19	and	and	CCONJ
ap-1239	60	20	sometimes	sometimes	ADV
ap-1239	60	21	the	the	DET
ap-1239	60	22	reverse	reverse	ADJ
ap-1239	60	23	situation	situation	NOUN
ap-1239	60	24	occurs	occur	VERB
ap-1239	60	25	.	.	PUNCT
ap-1239	61	1	it	it	PRON
ap-1239	61	2	is	be	AUX
ap-1239	61	3	clear	clear	ADJ
ap-1239	61	4	that	that	SCONJ
ap-1239	61	5	hedging	hedging	NOUN
ap-1239	61	6	profits	profit	NOUN
ap-1239	61	7	and	and	CCONJ
ap-1239	61	8	losses	loss	NOUN
ap-1239	61	9	must	must	AUX
ap-1239	61	10	be	be	AUX
ap-1239	61	11	treated	treat	VERB
ap-1239	61	12	simply	simply	ADV
ap-1239	61	13	as	as	ADP
ap-1239	61	14	part	part	NOUN
ap-1239	61	15	of	of	ADP
ap-1239	61	16	the	the	DET
ap-1239	61	17	cost	cost	NOUN
ap-1239	61	18	of	of	ADP
ap-1239	61	19	purchasing	purchase	VERB
ap-1239	61	20	energy	energy	NOUN
ap-1239	61	21	.	.	PUNCT
ap-1239	62	1	with	with	ADP
ap-1239	62	2	an	an	DET
ap-1239	62	3	imperfect	imperfect	ADJ
ap-1239	62	4	hedge	hedge	NOUN
ap-1239	62	5	,	,	PUNCT
ap-1239	62	6	the	the	DET
ap-1239	62	7	market	market	NOUN
ap-1239	62	8	player	player	NOUN
ap-1239	62	9	could	could	AUX
ap-1239	62	10	earn	earn	VERB
ap-1239	62	11	less	less	ADJ
ap-1239	62	12	on	on	ADP
ap-1239	62	13	his	his	PRON
ap-1239	62	14	futures	future	NOUN
ap-1239	62	15	position	position	NOUN
ap-1239	62	16	than	than	SCONJ
ap-1239	62	17	he	he	PRON
ap-1239	62	18	loses	lose	VERB
ap-1239	62	19	between	between	ADP
ap-1239	62	20	his	his	PRON
ap-1239	62	21	fixed	fix	VERB
ap-1239	62	22	price	price	NOUN
ap-1239	62	23	contract	contract	NOUN
ap-1239	62	24	and	and	CCONJ
ap-1239	62	25	the	the	DET
ap-1239	62	26	spot	spot	NOUN
ap-1239	62	27	market	market	NOUN
ap-1239	62	28	,	,	PUNCT
ap-1239	62	29	or	or	CCONJ
ap-1239	62	30	he	he	PRON
ap-1239	62	31	could	could	AUX
ap-1239	62	32	earn	earn	VERB
ap-1239	62	33	more	more	ADJ
ap-1239	62	34	.	.	PUNCT
ap-1239	63	1	there	there	PRON
ap-1239	63	2	is	be	VERB
ap-1239	63	3	no	no	DET
ap-1239	63	4	clear	clear	ADJ
ap-1239	63	5	line	line	NOUN
ap-1239	63	6	to	to	PART
ap-1239	63	7	distinguish	distinguish	VERB
ap-1239	63	8	long	long	ADJ
ap-1239	63	9	-	-	PUNCT
ap-1239	63	10	term	term	NOUN
ap-1239	63	11	and	and	CCONJ
ap-1239	63	12	short	short	ADJ
ap-1239	63	13	-	-	PUNCT
ap-1239	63	14	term	term	NOUN
ap-1239	63	15	hedging	hedging	NOUN
ap-1239	63	16	.	.	PUNCT
ap-1239	64	1	the	the	DET
ap-1239	64	2	cash	cash	NOUN
ap-1239	64	3	flow	flow	NOUN
ap-1239	64	4	risk	risk	NOUN
ap-1239	64	5	increases	increase	NOUN
ap-1239	64	6	exponentially	exponentially	ADV
ap-1239	64	7	due	due	ADJ
ap-1239	64	8	to	to	PART
ap-1239	64	9	margin	margin	VERB
ap-1239	64	10	calls	call	NOUN
ap-1239	64	11	as	as	ADP
ap-1239	64	12	the	the	DET
ap-1239	64	13	maturity	maturity	NOUN
ap-1239	64	14	of	of	ADP
ap-1239	64	15	the	the	DET
ap-1239	64	16	long	long	ADJ
ap-1239	64	17	-	-	PUNCT
ap-1239	64	18	term	term	NOUN
ap-1239	64	19	hedge	hedge	NOUN
ap-1239	64	20	increases	increase	NOUN
ap-1239	64	21	.	.	PUNCT
ap-1239	65	1	we	we	PRON
ap-1239	65	2	consider	consider	VERB
ap-1239	65	3	that	that	SCONJ
ap-1239	65	4	the	the	DET
ap-1239	65	5	increase	increase	NOUN
ap-1239	65	6	in	in	ADP
ap-1239	65	7	risk	risk	NOUN
ap-1239	65	8	is	be	AUX
ap-1239	65	9	faster	fast	ADJ
ap-1239	65	10	than	than	ADP
ap-1239	65	11	linear	linear	ADJ
ap-1239	65	12	,	,	PUNCT
ap-1239	65	13	for	for	ADP
ap-1239	65	14	two	two	NUM
ap-1239	65	15	reasons	reason	NOUN
ap-1239	65	16	.	.	PUNCT
ap-1239	66	1	firstly	firstly	ADV
ap-1239	66	2	,	,	PUNCT
ap-1239	66	3	the	the	DET
ap-1239	66	4	price	price	NOUN
ap-1239	66	5	volatility	volatility	NOUN
ap-1239	66	6	increases	increase	VERB
ap-1239	66	7	approximately	approximately	ADV
ap-1239	66	8	in	in	ADP
ap-1239	66	9	proportion	proportion	NOUN
ap-1239	66	10	to	to	ADP
ap-1239	66	11	the	the	DET
ap-1239	66	12	square	square	ADJ
ap-1239	66	13	root	root	NOUN
ap-1239	66	14	of	of	ADP
ap-1239	66	15	the	the	DET
ap-1239	66	16	length	length	NOUN
ap-1239	66	17	of	of	ADP
ap-1239	66	18	the	the	DET
ap-1239	66	19	hedge	hedge	NOUN
ap-1239	66	20	,	,	PUNCT
ap-1239	66	21	and	and	CCONJ
ap-1239	66	22	secondly	secondly	ADV
ap-1239	66	23	,	,	PUNCT
ap-1239	66	24	the	the	DET
ap-1239	66	25	amount	amount	NOUN
ap-1239	66	26	being	be	AUX
ap-1239	66	27	hedged	hedge	VERB
ap-1239	66	28	is	be	AUX
ap-1239	66	29	generally	generally	ADV
ap-1239	66	30	proportional	proportional	ADJ
ap-1239	66	31	to	to	ADP
ap-1239	66	32	the	the	DET
ap-1239	66	33	length	length	NOUN
ap-1239	66	34	of	of	ADP
ap-1239	66	35	the	the	DET
ap-1239	66	36	hedge	hedge	NOUN
ap-1239	66	37	,	,	PUNCT
ap-1239	66	38	because	because	SCONJ
ap-1239	66	39	the	the	DET
ap-1239	66	40	market	market	NOUN
ap-1239	66	41	player	player	NOUN
ap-1239	66	42	will	will	AUX
ap-1239	66	43	be	be	AUX
ap-1239	66	44	hedging	hedge	VERB
ap-1239	66	45	an	an	DET
ap-1239	66	46	constant	constant	ADJ
ap-1239	66	47	volume	volume	NOUN
ap-1239	66	48	over	over	ADP
ap-1239	66	49	the	the	DET
ap-1239	66	50	time	time	NOUN
ap-1239	66	51	.	.	PUNCT
ap-1239	67	1	the	the	DET
ap-1239	67	2	primary	primary	ADJ
ap-1239	67	3	risk	risk	NOUN
ap-1239	67	4	associated	associate	VERB
ap-1239	67	5	with	with	ADP
ap-1239	67	6	longterm	longterm	ADJ
ap-1239	67	7	hedging	hedging	NOUN
ap-1239	67	8	is	be	AUX
ap-1239	67	9	again	again	ADV
ap-1239	67	10	associated	associate	VERB
ap-1239	67	11	with	with	ADP
ap-1239	67	12	margin	margin	NOUN
ap-1239	67	13	calls	call	VERB
ap-1239	67	14	risk	risk	NOUN
ap-1239	67	15	.	.	PUNCT
ap-1239	68	1	now	now	ADV
ap-1239	68	2	we	we	PRON
ap-1239	68	3	can	can	AUX
ap-1239	68	4	compare	compare	VERB
ap-1239	68	5	forward	forward	ADV
ap-1239	68	6	and	and	CCONJ
ap-1239	68	7	futures	future	NOUN
ap-1239	68	8	contracts	contract	NOUN
ap-1239	68	9	.	.	PUNCT
ap-1239	69	1	a	a	DET
ap-1239	69	2	key	key	ADJ
ap-1239	69	3	difference	difference	NOUN
ap-1239	69	4	between	between	ADP
ap-1239	69	5	forward	forward	ADV
ap-1239	69	6	and	and	CCONJ
ap-1239	69	7	futures	future	NOUN
ap-1239	69	8	contracts	contract	NOUN
ap-1239	69	9	is	be	AUX
ap-1239	69	10	in	in	ADP
ap-1239	69	11	cash	cash	NOUN
ap-1239	69	12	settlement	settlement	NOUN
ap-1239	69	13	,	,	PUNCT
ap-1239	69	14	which	which	PRON
ap-1239	69	15	is	be	AUX
ap-1239	69	16	performed	perform	VERB
ap-1239	69	17	by	by	ADP
ap-1239	69	18	a	a	DET
ap-1239	69	19	clearing	clearing	NOUN
ap-1239	69	20	bank	bank	NOUN
ap-1239	69	21	in	in	ADP
ap-1239	69	22	the	the	DET
ap-1239	69	23	case	case	NOUN
ap-1239	69	24	of	of	ADP
ap-1239	69	25	futures	future	NOUN
ap-1239	69	26	.	.	PUNCT
ap-1239	70	1	a	a	DET
ap-1239	70	2	buyer	buyer	NOUN
ap-1239	70	3	or	or	CCONJ
ap-1239	70	4	seller	seller	NOUN
ap-1239	70	5	of	of	ADP
ap-1239	70	6	a	a	DET
ap-1239	70	7	futures	future	NOUN
ap-1239	70	8	contract	contract	NOUN
ap-1239	70	9	will	will	AUX
ap-1239	70	10	have	have	VERB
ap-1239	70	11	to	to	PART
ap-1239	70	12	realize	realize	VERB
ap-1239	70	13	short	short	ADJ
ap-1239	70	14	term	term	NOUN
ap-1239	70	15	losses	loss	NOUN
ap-1239	70	16	or	or	CCONJ
ap-1239	70	17	gains	gain	NOUN
ap-1239	70	18	as	as	ADP
ap-1239	70	19	the	the	DET
ap-1239	70	20	futures	future	NOUN
ap-1239	70	21	price	price	NOUN
ap-1239	70	22	changes	change	NOUN
ap-1239	70	23	.	.	PUNCT
ap-1239	71	1	this	this	DET
ap-1239	71	2	cash	cash	NOUN
ap-1239	71	3	settlement	settlement	NOUN
ap-1239	71	4	is	be	AUX
ap-1239	71	5	performed	perform	VERB
ap-1239	71	6	daily	daily	ADV
ap-1239	71	7	.	.	PUNCT
ap-1239	72	1	in	in	ADP
ap-1239	72	2	the	the	DET
ap-1239	72	3	case	case	NOUN
ap-1239	72	4	of	of	ADP
ap-1239	72	5	a	a	DET
ap-1239	72	6	forward	forward	ADJ
ap-1239	72	7	contract	contract	NOUN
ap-1239	72	8	,	,	PUNCT
ap-1239	72	9	profit	profit	NOUN
ap-1239	72	10	and	and	CCONJ
ap-1239	72	11	loss	loss	NOUN
ap-1239	72	12	is	be	AUX
ap-1239	72	13	realized	realize	VERB
ap-1239	72	14	only	only	ADV
ap-1239	72	15	at	at	ADP
ap-1239	72	16	maturity	maturity	NOUN
ap-1239	72	17	and	and	CCONJ
ap-1239	72	18	there	there	PRON
ap-1239	72	19	is	be	VERB
ap-1239	72	20	no	no	DET
ap-1239	72	21	cash	cash	NOUN
ap-1239	72	22	flow	flow	NOUN
ap-1239	72	23	problem	problem	NOUN
ap-1239	72	24	due	due	ADP
ap-1239	72	25	to	to	ADP
ap-1239	72	26	the	the	DET
ap-1239	72	27	payment	payment	NOUN
ap-1239	72	28	of	of	ADP
ap-1239	72	29	a	a	DET
ap-1239	72	30	variation	variation	NOUN
ap-1239	72	31	margin	margin	NOUN
ap-1239	72	32	.	.	PUNCT
ap-1239	73	1	there	there	PRON
ap-1239	73	2	is	be	VERB
ap-1239	73	3	another	another	DET
ap-1239	73	4	more	more	ADV
ap-1239	73	5	important	important	ADJ
ap-1239	73	6	specific	specific	ADJ
ap-1239	73	7	consideration	consideration	NOUN
ap-1239	73	8	which	which	PRON
ap-1239	73	9	could	could	AUX
ap-1239	73	10	make	make	VERB
ap-1239	73	11	forward	forward	ADV
ap-1239	73	12	dealing	deal	VERB
ap-1239	73	13	less	less	ADV
ap-1239	73	14	interesting	interesting	ADJ
ap-1239	73	15	for	for	ADP
ap-1239	73	16	smaller	small	ADJ
ap-1239	73	17	business	business	NOUN
ap-1239	73	18	units	unit	NOUN
ap-1239	73	19	,	,	PUNCT
ap-1239	73	20	and	and	CCONJ
ap-1239	73	21	that	that	PRON
ap-1239	73	22	is	be	AUX
ap-1239	73	23	the	the	DET
ap-1239	73	24	credit	credit	NOUN
ap-1239	73	25	risk	risk	NOUN
ap-1239	73	26	exposure	exposure	NOUN
ap-1239	73	27	of	of	ADP
ap-1239	73	28	an	an	DET
ap-1239	73	29	electricity	electricity	NOUN
ap-1239	73	30	seller	seller	NOUN
ap-1239	73	31	.	.	PUNCT
ap-1239	74	1	in	in	ADP
ap-1239	74	2	the	the	DET
ap-1239	74	3	case	case	NOUN
ap-1239	74	4	of	of	ADP
ap-1239	74	5	futures	future	NOUN
ap-1239	74	6	,	,	PUNCT
ap-1239	74	7	this	this	DET
ap-1239	74	8	credit	credit	NOUN
ap-1239	74	9	risk	risk	NOUN
ap-1239	74	10	and	and	CCONJ
ap-1239	74	11	also	also	ADV
ap-1239	74	12	the	the	DET
ap-1239	74	13	market	market	NOUN
ap-1239	74	14	risk	risk	NOUN
ap-1239	74	15	is	be	AUX
ap-1239	74	16	solved	solve	VERB
ap-1239	74	17	by	by	ADP
ap-1239	74	18	mtm	mtm	PROPN
ap-1239	74	19	(	(	PUNCT
ap-1239	74	20	daily	daily	ADJ
ap-1239	74	21	cash	cash	NOUN
ap-1239	74	22	settlement	settlement	NOUN
ap-1239	74	23	)	)	PUNCT
ap-1239	74	24	clearing	clearing	NOUN
ap-1239	74	25	.	.	PUNCT
ap-1239	75	1	it	it	PRON
ap-1239	75	2	is	be	AUX
ap-1239	75	3	obvious	obvious	ADJ
ap-1239	75	4	that	that	SCONJ
ap-1239	75	5	the	the	DET
ap-1239	75	6	money	money	NOUN
ap-1239	75	7	lost	lose	VERB
ap-1239	75	8	on	on	ADP
ap-1239	75	9	the	the	DET
ap-1239	75	10	future	future	NOUN
ap-1239	75	11	is	be	AUX
ap-1239	75	12	entirely	entirely	ADV
ap-1239	75	13	regained	regain	VERB
ap-1239	75	14	from	from	ADP
ap-1239	75	15	the	the	DET
ap-1239	75	16	added	add	VERB
ap-1239	75	17	profit	profit	NOUN
ap-1239	75	18	on	on	ADP
ap-1239	75	19	the	the	DET
ap-1239	75	20	fixed	fix	VERB
ap-1239	75	21	price	price	NOUN
ap-1239	75	22	contract	contract	NOUN
ap-1239	75	23	that	that	PRON
ap-1239	75	24	was	be	AUX
ap-1239	75	25	sold	sell	VERB
ap-1239	75	26	at	at	ADP
ap-1239	75	27	the	the	DET
ap-1239	75	28	start	start	NOUN
ap-1239	75	29	of	of	ADP
ap-1239	75	30	this	this	DET
ap-1239	75	31	example	example	NOUN
ap-1239	75	32	.	.	PUNCT
ap-1239	76	1	if	if	SCONJ
ap-1239	76	2	the	the	DET
ap-1239	76	3	loss	loss	NOUN
ap-1239	76	4	is	be	AUX
ap-1239	76	5	quite	quite	ADV
ap-1239	76	6	large	large	ADJ
ap-1239	76	7	,	,	PUNCT
ap-1239	76	8	it	it	PRON
ap-1239	76	9	may	may	AUX
ap-1239	76	10	be	be	AUX
ap-1239	76	11	impossible	impossible	ADJ
ap-1239	76	12	for	for	SCONJ
ap-1239	76	13	the	the	DET
ap-1239	76	14	hedging	hedging	NOUN
ap-1239	76	15	market	market	NOUN
ap-1239	76	16	participants	participant	NOUN
ap-1239	76	17	to	to	PART
ap-1239	76	18	raise	raise	VERB
ap-1239	76	19	the	the	DET
ap-1239	76	20	cash	cash	NOUN
ap-1239	76	21	margins	margin	NOUN
ap-1239	76	22	necessary	necessary	ADJ
ap-1239	76	23	to	to	PART
ap-1239	76	24	meet	meet	VERB
ap-1239	76	25	the	the	DET
ap-1239	76	26	variation	variation	NOUN
ap-1239	76	27	margin	margin	NOUN
ap-1239	76	28	requirement	requirement	NOUN
ap-1239	76	29	.	.	PUNCT
ap-1239	77	1	66	66	NUM
ap-1239	77	2	acta	acta	PROPN
ap-1239	77	3	polytechnica	polytechnica	PROPN
ap-1239	77	4	vol	vol	NOUN
ap-1239	77	5	.	.	PROPN
ap-1239	78	1	50	50	NUM
ap-1239	78	2	no	no	NOUN
ap-1239	78	3	.	.	PUNCT
ap-1239	79	1	4/2010	4/2010	NUM
ap-1239	79	2	in	in	ADP
ap-1239	79	3	this	this	DET
ap-1239	79	4	case	case	NOUN
ap-1239	79	5	,	,	PUNCT
ap-1239	79	6	the	the	DET
ap-1239	79	7	clearing	clearing	NOUN
ap-1239	79	8	bank	bank	NOUN
ap-1239	79	9	has	have	VERB
ap-1239	79	10	the	the	DET
ap-1239	79	11	right	right	NOUN
ap-1239	79	12	to	to	PART
ap-1239	79	13	liquidate	liquidate	VERB
ap-1239	79	14	all	all	DET
ap-1239	79	15	open	open	ADJ
ap-1239	79	16	positions	position	NOUN
ap-1239	79	17	of	of	ADP
ap-1239	79	18	the	the	DET
ap-1239	79	19	counterparties	counterpartie	NOUN
ap-1239	79	20	.	.	PUNCT
ap-1239	80	1	hedging	hedge	VERB
ap-1239	80	2	over	over	ADP
ap-1239	80	3	longer	long	ADJ
ap-1239	80	4	periods	period	NOUN
ap-1239	80	5	puts	put	VERB
ap-1239	80	6	traders	trader	NOUN
ap-1239	80	7	at	at	ADP
ap-1239	80	8	risk	risk	NOUN
ap-1239	80	9	for	for	ADP
ap-1239	80	10	extremely	extremely	ADV
ap-1239	80	11	large	large	ADJ
ap-1239	80	12	margin	margin	NOUN
ap-1239	80	13	calls	call	NOUN
ap-1239	80	14	.	.	PUNCT
ap-1239	81	1	the	the	DET
ap-1239	81	2	consequence	consequence	NOUN
ap-1239	81	3	is	be	AUX
ap-1239	81	4	that	that	SCONJ
ap-1239	81	5	long	long	ADJ
ap-1239	81	6	-	-	PUNCT
ap-1239	81	7	term	term	NOUN
ap-1239	81	8	hedging	hedging	NOUN
ap-1239	81	9	requires	require	VERB
ap-1239	81	10	significant	significant	ADJ
ap-1239	81	11	financial	financial	ADJ
ap-1239	81	12	resources	resource	NOUN
ap-1239	81	13	to	to	PART
ap-1239	81	14	meet	meet	VERB
ap-1239	81	15	variation	variation	NOUN
ap-1239	81	16	margin	margin	NOUN
ap-1239	81	17	requirements	requirement	NOUN
ap-1239	81	18	.	.	PUNCT
ap-1239	82	1	2.2	2.2	NUM
ap-1239	82	2	options	option	NOUN
ap-1239	82	3	in	in	ADP
ap-1239	82	4	1996	1996	NUM
ap-1239	82	5	,	,	PUNCT
ap-1239	82	6	nymex	nymex	PROPN
ap-1239	82	7	introduced	introduce	VERB
ap-1239	82	8	options	option	NOUN
ap-1239	82	9	for	for	ADP
ap-1239	82	10	electricity	electricity	NOUN
ap-1239	82	11	.	.	PUNCT
ap-1239	83	1	there	there	PRON
ap-1239	83	2	are	be	VERB
ap-1239	83	3	two	two	NUM
ap-1239	83	4	types	type	NOUN
ap-1239	83	5	of	of	ADP
ap-1239	83	6	options	option	NOUN
ap-1239	83	7	for	for	ADP
ap-1239	83	8	electricity	electricity	NOUN
ap-1239	83	9	:	:	PUNCT
ap-1239	83	10	a	a	DET
ap-1239	83	11	put	put	NOUN
ap-1239	83	12	option	option	NOUN
ap-1239	83	13	(	(	PUNCT
ap-1239	83	14	“	"	PUNCT
ap-1239	83	15	floor	floor	NOUN
ap-1239	83	16	”	"	PUNCT
ap-1239	83	17	)	)	PUNCT
ap-1239	83	18	and	and	CCONJ
ap-1239	83	19	a	a	DET
ap-1239	83	20	call	call	NOUN
ap-1239	83	21	option	option	NOUN
ap-1239	83	22	(	(	PUNCT
ap-1239	83	23	“	"	PUNCT
ap-1239	83	24	cap	cap	NOUN
ap-1239	83	25	”	"	PUNCT
ap-1239	83	26	)	)	PUNCT
ap-1239	83	27	.	.	PUNCT
ap-1239	84	1	in	in	ADP
ap-1239	84	2	the	the	DET
ap-1239	84	3	first	first	ADJ
ap-1239	84	4	case	case	NOUN
ap-1239	84	5	,	,	PUNCT
ap-1239	84	6	the	the	DET
ap-1239	84	7	buyer	buyer	NOUN
ap-1239	84	8	of	of	ADP
ap-1239	84	9	an	an	DET
ap-1239	84	10	electricity	electricity	NOUN
ap-1239	84	11	put	put	NOUN
ap-1239	84	12	option	option	NOUN
ap-1239	84	13	pays	pay	VERB
ap-1239	84	14	a	a	DET
ap-1239	84	15	premium	premium	NOUN
ap-1239	84	16	for	for	ADP
ap-1239	84	17	the	the	DET
ap-1239	84	18	right	right	NOUN
ap-1239	84	19	,	,	PUNCT
ap-1239	84	20	but	but	CCONJ
ap-1239	84	21	not	not	PART
ap-1239	84	22	the	the	DET
ap-1239	84	23	obligation	obligation	NOUN
ap-1239	84	24	,	,	PUNCT
ap-1239	84	25	to	to	PART
ap-1239	84	26	sell	sell	VERB
ap-1239	84	27	electricity	electricity	NOUN
ap-1239	84	28	at	at	ADP
ap-1239	84	29	a	a	DET
ap-1239	84	30	specified	specified	ADJ
ap-1239	84	31	price	price	NOUN
ap-1239	84	32	,	,	PUNCT
ap-1239	84	33	the	the	DET
ap-1239	84	34	strike	strike	NOUN
ap-1239	84	35	price	price	NOUN
ap-1239	84	36	or	or	CCONJ
ap-1239	84	37	exercise	exercise	NOUN
ap-1239	84	38	price	price	NOUN
ap-1239	84	39	,	,	PUNCT
ap-1239	84	40	at	at	ADP
ap-1239	84	41	a	a	DET
ap-1239	84	42	specified	specify	VERB
ap-1239	84	43	exercise	exercise	NOUN
ap-1239	84	44	time	time	NOUN
ap-1239	84	45	.	.	PUNCT
ap-1239	85	1	end	end	VERB
ap-1239	85	2	users	user	NOUN
ap-1239	85	3	use	use	VERB
ap-1239	85	4	call	call	NOUN
ap-1239	85	5	options	option	NOUN
ap-1239	85	6	to	to	PART
ap-1239	85	7	place	place	VERB
ap-1239	85	8	a	a	DET
ap-1239	85	9	maximum	maximum	ADJ
ap-1239	85	10	cap	cap	NOUN
ap-1239	85	11	price	price	NOUN
ap-1239	85	12	that	that	PRON
ap-1239	85	13	they	they	PRON
ap-1239	85	14	will	will	AUX
ap-1239	85	15	pay	pay	VERB
ap-1239	85	16	for	for	ADP
ap-1239	85	17	the	the	DET
ap-1239	85	18	commodity	commodity	NOUN
ap-1239	85	19	at	at	ADP
ap-1239	85	20	a	a	DET
ap-1239	85	21	specified	specify	VERB
ap-1239	85	22	exercise	exercise	NOUN
ap-1239	85	23	time	time	NOUN
ap-1239	85	24	.	.	PUNCT
ap-1239	86	1	market	market	NOUN
ap-1239	86	2	participants	participant	NOUN
ap-1239	86	3	often	often	ADV
ap-1239	86	4	use	use	VERB
ap-1239	86	5	combinations	combination	NOUN
ap-1239	86	6	of	of	ADP
ap-1239	86	7	calls	call	NOUN
ap-1239	86	8	and	and	CCONJ
ap-1239	86	9	puts	put	VERB
ap-1239	86	10	to	to	PART
ap-1239	86	11	ensure	ensure	VERB
ap-1239	86	12	a	a	DET
ap-1239	86	13	particular	particular	ADJ
ap-1239	86	14	price	price	NOUN
ap-1239	86	15	range	range	NOUN
ap-1239	86	16	.	.	PUNCT
ap-1239	87	1	generators	generator	NOUN
ap-1239	87	2	often	often	ADV
ap-1239	87	3	use	use	VERB
ap-1239	87	4	put	put	VERB
ap-1239	87	5	options	option	NOUN
ap-1239	87	6	to	to	PART
ap-1239	87	7	guarantee	guarantee	VERB
ap-1239	87	8	a	a	DET
ap-1239	87	9	minimum	minimum	ADJ
ap-1239	87	10	price	price	NOUN
ap-1239	87	11	of	of	ADP
ap-1239	87	12	the	the	DET
ap-1239	87	13	produced	produce	VERB
ap-1239	87	14	electricity	electricity	NOUN
ap-1239	87	15	in	in	ADP
ap-1239	87	16	conjunction	conjunction	NOUN
ap-1239	87	17	with	with	ADP
ap-1239	87	18	the	the	DET
ap-1239	87	19	physical	physical	ADJ
ap-1239	87	20	sale	sale	NOUN
ap-1239	87	21	of	of	ADP
ap-1239	87	22	electricity	electricity	NOUN
ap-1239	87	23	.	.	PUNCT
ap-1239	88	1	by	by	ADP
ap-1239	88	2	this	this	DET
ap-1239	88	3	product	product	NOUN
ap-1239	88	4	,	,	PUNCT
ap-1239	88	5	a	a	DET
ap-1239	88	6	generator	generator	NOUN
ap-1239	88	7	could	could	AUX
ap-1239	88	8	benefit	benefit	VERB
ap-1239	88	9	from	from	ADP
ap-1239	88	10	increases	increase	NOUN
ap-1239	88	11	in	in	ADP
ap-1239	88	12	commodity	commodity	NOUN
ap-1239	88	13	prices	price	NOUN
ap-1239	88	14	,	,	PUNCT
ap-1239	88	15	but	but	CCONJ
ap-1239	88	16	would	would	AUX
ap-1239	88	17	avoid	avoid	VERB
ap-1239	88	18	the	the	DET
ap-1239	88	19	risk	risk	NOUN
ap-1239	88	20	of	of	ADP
ap-1239	88	21	lower	low	ADJ
ap-1239	88	22	prices	price	NOUN
ap-1239	88	23	.	.	PUNCT
ap-1239	89	1	consider	consider	VERB
ap-1239	89	2	that	that	SCONJ
ap-1239	89	3	the	the	DET
ap-1239	89	4	futures	future	NOUN
ap-1239	89	5	contract	contract	NOUN
ap-1239	89	6	price	price	NOUN
ap-1239	89	7	is	be	AUX
ap-1239	89	8	�	�	PROPN
ap-1239	89	9	43	43	NUM
ap-1239	89	10	/	/	SYM
ap-1239	89	11	mwh	mwh	PROPN
ap-1239	89	12	and	and	CCONJ
ap-1239	89	13	the	the	DET
ap-1239	89	14	generator	generator	NOUN
ap-1239	89	15	of	of	ADP
ap-1239	89	16	electricity	electricity	NOUN
ap-1239	89	17	would	would	AUX
ap-1239	89	18	like	like	VERB
ap-1239	89	19	to	to	PART
ap-1239	89	20	receive	receive	VERB
ap-1239	89	21	at	at	ADP
ap-1239	89	22	least	least	ADJ
ap-1239	89	23	this	this	DET
ap-1239	89	24	amount	amount	NOUN
ap-1239	89	25	due	due	ADJ
ap-1239	89	26	to	to	ADP
ap-1239	89	27	profit	profit	NOUN
ap-1239	89	28	analysis	analysis	NOUN
ap-1239	89	29	.	.	PUNCT
ap-1239	90	1	therefore	therefore	ADV
ap-1239	90	2	,	,	PUNCT
ap-1239	90	3	the	the	DET
ap-1239	90	4	generator	generator	NOUN
ap-1239	90	5	has	have	VERB
ap-1239	90	6	to	to	PART
ap-1239	90	7	purchase	purchase	VERB
ap-1239	90	8	a	a	DET
ap-1239	90	9	put	put	NOUN
ap-1239	90	10	option	option	NOUN
ap-1239	90	11	,	,	PUNCT
ap-1239	90	12	for	for	ADP
ap-1239	90	13	�	�	PROPN
ap-1239	90	14	2	2	NUM
ap-1239	90	15	/	/	SYM
ap-1239	90	16	mwh	mwh	PROPN
ap-1239	90	17	,	,	PUNCT
ap-1239	90	18	which	which	PRON
ap-1239	90	19	the	the	DET
ap-1239	90	20	generator	generator	NOUN
ap-1239	90	21	will	will	AUX
ap-1239	90	22	pay	pay	VERB
ap-1239	90	23	for	for	ADP
ap-1239	90	24	.	.	PUNCT
ap-1239	91	1	if	if	SCONJ
ap-1239	91	2	the	the	DET
ap-1239	91	3	price	price	NOUN
ap-1239	91	4	of	of	ADP
ap-1239	91	5	electricity	electricity	NOUN
ap-1239	91	6	increases	increase	NOUN
ap-1239	91	7	,	,	PUNCT
ap-1239	91	8	the	the	DET
ap-1239	91	9	generator	generator	NOUN
ap-1239	91	10	will	will	AUX
ap-1239	91	11	sell	sell	VERB
ap-1239	91	12	electricity	electricity	NOUN
ap-1239	91	13	into	into	ADP
ap-1239	91	14	the	the	DET
ap-1239	91	15	spot	spot	NOUN
ap-1239	91	16	market	market	NOUN
ap-1239	91	17	and	and	CCONJ
ap-1239	91	18	receive	receive	VERB
ap-1239	91	19	the	the	DET
ap-1239	91	20	higher	high	ADJ
ap-1239	91	21	spot	spot	NOUN
ap-1239	91	22	price	price	NOUN
ap-1239	91	23	(	(	PUNCT
ap-1239	91	24	see	see	VERB
ap-1239	91	25	figure	figure	NOUN
ap-1239	91	26	)	)	PUNCT
ap-1239	91	27	.	.	PUNCT
ap-1239	92	1	if	if	SCONJ
ap-1239	92	2	the	the	DET
ap-1239	92	3	price	price	NOUN
ap-1239	92	4	of	of	ADP
ap-1239	92	5	electricity	electricity	NOUN
ap-1239	92	6	falls	fall	NOUN
ap-1239	92	7	,	,	PUNCT
ap-1239	92	8	the	the	DET
ap-1239	92	9	generator	generator	NOUN
ap-1239	92	10	will	will	AUX
ap-1239	92	11	sell	sell	VERB
ap-1239	92	12	electricity	electricity	NOUN
ap-1239	92	13	to	to	ADP
ap-1239	92	14	the	the	DET
ap-1239	92	15	option	option	NOUN
ap-1239	92	16	holder	holder	NOUN
ap-1239	92	17	for	for	ADP
ap-1239	92	18	�	�	PROPN
ap-1239	92	19	43	43	NUM
ap-1239	92	20	/	/	SYM
ap-1239	92	21	mwh	mwh	PROPN
ap-1239	92	22	,	,	PUNCT
ap-1239	92	23	or	or	CCONJ
ap-1239	92	24	he	he	PRON
ap-1239	92	25	will	will	AUX
ap-1239	92	26	sell	sell	VERB
ap-1239	92	27	his	his	PRON
ap-1239	92	28	option	option	NOUN
ap-1239	92	29	at	at	ADP
ap-1239	92	30	its	its	PRON
ap-1239	92	31	exercise	exercise	NOUN
ap-1239	92	32	value	value	NOUN
ap-1239	92	33	,	,	PUNCT
ap-1239	92	34	�	�	PROPN
ap-1239	92	35	43	43	NUM
ap-1239	92	36	/	/	SYM
ap-1239	92	37	mwh	mwh	PROPN
ap-1239	92	38	,	,	PUNCT
ap-1239	92	39	on	on	ADV
ap-1239	92	40	or	or	CCONJ
ap-1239	92	41	before	before	ADP
ap-1239	92	42	its	its	PRON
ap-1239	92	43	expiration	expiration	NOUN
ap-1239	92	44	date	date	NOUN
ap-1239	92	45	.	.	PUNCT
ap-1239	93	1	fig	fig	NOUN
ap-1239	93	2	.	.	PUNCT
ap-1239	94	1	2	2	NUM
ap-1239	94	2	:	:	PUNCT
ap-1239	94	3	put	put	VERB
ap-1239	94	4	option	option	NOUN
ap-1239	94	5	of	of	ADP
ap-1239	94	6	an	an	DET
ap-1239	94	7	electricity	electricity	NOUN
ap-1239	94	8	producer	producer	NOUN
ap-1239	94	9	a	a	DET
ap-1239	94	10	consumer	consumer	NOUN
ap-1239	94	11	,	,	PUNCT
ap-1239	94	12	end	end	NOUN
ap-1239	94	13	user	user	NOUN
ap-1239	94	14	,	,	PUNCT
ap-1239	94	15	deals	deal	VERB
ap-1239	94	16	with	with	ADP
ap-1239	94	17	the	the	DET
ap-1239	94	18	opposite	opposite	ADJ
ap-1239	94	19	problem	problem	NOUN
ap-1239	94	20	.	.	PUNCT
ap-1239	95	1	in	in	ADP
ap-1239	95	2	the	the	DET
ap-1239	95	3	case	case	NOUN
ap-1239	95	4	of	of	ADP
ap-1239	95	5	hedging	hedging	NOUN
ap-1239	95	6	,	,	PUNCT
ap-1239	95	7	he	he	PRON
ap-1239	95	8	would	would	AUX
ap-1239	95	9	utilize	utilize	VERB
ap-1239	95	10	a	a	DET
ap-1239	95	11	call	call	NOUN
ap-1239	95	12	option	option	NOUN
ap-1239	95	13	to	to	PART
ap-1239	95	14	avoid	avoid	VERB
ap-1239	95	15	the	the	DET
ap-1239	95	16	risk	risk	NOUN
ap-1239	95	17	of	of	ADP
ap-1239	95	18	higher	high	ADJ
ap-1239	95	19	prices	price	NOUN
ap-1239	95	20	,	,	PUNCT
ap-1239	95	21	while	while	SCONJ
ap-1239	95	22	retaining	retain	VERB
ap-1239	95	23	the	the	DET
ap-1239	95	24	ability	ability	NOUN
ap-1239	95	25	to	to	PART
ap-1239	95	26	participate	participate	VERB
ap-1239	95	27	in	in	ADP
ap-1239	95	28	potentially	potentially	ADV
ap-1239	95	29	lower	low	ADJ
ap-1239	95	30	prices	price	NOUN
ap-1239	95	31	.	.	PUNCT
ap-1239	96	1	let	let	VERB
ap-1239	96	2	us	we	PRON
ap-1239	96	3	assume	assume	VERB
ap-1239	96	4	that	that	SCONJ
ap-1239	96	5	the	the	DET
ap-1239	96	6	futures	future	NOUN
ap-1239	96	7	contract	contract	NOUN
ap-1239	96	8	price	price	NOUN
ap-1239	96	9	is	be	AUX
ap-1239	96	10	�	�	PROPN
ap-1239	96	11	40	40	NUM
ap-1239	96	12	/	/	SYM
ap-1239	96	13	mwh	mwh	PROPN
ap-1239	96	14	and	and	CCONJ
ap-1239	96	15	the	the	DET
ap-1239	96	16	consumer	consumer	NOUN
ap-1239	96	17	would	would	AUX
ap-1239	96	18	like	like	VERB
ap-1239	96	19	to	to	PART
ap-1239	96	20	pay	pay	VERB
ap-1239	96	21	no	no	PRON
ap-1239	96	22	more	more	ADJ
ap-1239	96	23	than	than	ADP
ap-1239	96	24	this	this	DET
ap-1239	96	25	price	price	NOUN
ap-1239	96	26	.	.	PUNCT
ap-1239	97	1	in	in	ADP
ap-1239	97	2	this	this	DET
ap-1239	97	3	case	case	NOUN
ap-1239	97	4	,	,	PUNCT
ap-1239	97	5	the	the	DET
ap-1239	97	6	customer	customer	NOUN
ap-1239	97	7	will	will	AUX
ap-1239	97	8	buy	buy	VERB
ap-1239	97	9	a	a	DET
ap-1239	97	10	call	call	NOUN
ap-1239	97	11	option	option	NOUN
ap-1239	97	12	;	;	PUNCT
ap-1239	97	13	say	say	VERB
ap-1239	97	14	for	for	ADP
ap-1239	97	15	�	�	PROPN
ap-1239	97	16	2	2	NUM
ap-1239	97	17	/	/	SYM
ap-1239	97	18	mwh	mwh	PROPN
ap-1239	97	19	,	,	PUNCT
ap-1239	97	20	which	which	PRON
ap-1239	97	21	the	the	DET
ap-1239	97	22	end	end	NOUN
ap-1239	97	23	users	user	NOUN
ap-1239	97	24	have	have	VERB
ap-1239	97	25	to	to	PART
ap-1239	97	26	pay	pay	VERB
ap-1239	97	27	in	in	ADP
ap-1239	97	28	advice	advice	NOUN
ap-1239	97	29	.	.	PUNCT
ap-1239	98	1	if	if	SCONJ
ap-1239	98	2	the	the	DET
ap-1239	98	3	price	price	NOUN
ap-1239	98	4	of	of	ADP
ap-1239	98	5	electricity	electricity	NOUN
ap-1239	98	6	falls	fall	NOUN
ap-1239	98	7	,	,	PUNCT
ap-1239	98	8	the	the	DET
ap-1239	98	9	consumer	consumer	NOUN
ap-1239	98	10	will	will	AUX
ap-1239	98	11	buy	buy	VERB
ap-1239	98	12	electricity	electricity	NOUN
ap-1239	98	13	in	in	ADP
ap-1239	98	14	the	the	DET
ap-1239	98	15	spot	spot	NOUN
ap-1239	98	16	market	market	NOUN
ap-1239	98	17	.	.	PUNCT
ap-1239	99	1	if	if	SCONJ
ap-1239	99	2	the	the	DET
ap-1239	99	3	price	price	NOUN
ap-1239	99	4	goes	go	VERB
ap-1239	99	5	up	up	ADP
ap-1239	99	6	,	,	PUNCT
ap-1239	99	7	the	the	DET
ap-1239	99	8	end	end	NOUN
ap-1239	99	9	user	user	NOUN
ap-1239	99	10	will	will	AUX
ap-1239	99	11	buy	buy	VERB
ap-1239	99	12	electricity	electricity	NOUN
ap-1239	99	13	from	from	ADP
ap-1239	99	14	the	the	DET
ap-1239	99	15	option	option	NOUN
ap-1239	99	16	holder	holder	NOUN
ap-1239	99	17	for	for	ADP
ap-1239	99	18	�	�	PROPN
ap-1239	99	19	40	40	NUM
ap-1239	99	20	/	/	SYM
ap-1239	99	21	mwh	mwh	PROPN
ap-1239	99	22	or	or	CCONJ
ap-1239	99	23	will	will	AUX
ap-1239	99	24	sell	sell	VERB
ap-1239	99	25	his	his	PRON
ap-1239	99	26	call	call	NOUN
ap-1239	99	27	option	option	NOUN
ap-1239	99	28	for	for	ADP
ap-1239	99	29	its	its	PRON
ap-1239	99	30	exercise	exercise	NOUN
ap-1239	99	31	value	value	NOUN
ap-1239	99	32	,	,	PUNCT
ap-1239	99	33	�	�	PROPN
ap-1239	99	34	40	40	NUM
ap-1239	99	35	/	/	SYM
ap-1239	99	36	mwh	mwh	PROPN
ap-1239	99	37	,	,	PUNCT
ap-1239	99	38	on	on	ADV
ap-1239	99	39	or	or	CCONJ
ap-1239	99	40	before	before	ADP
ap-1239	99	41	its	its	PRON
ap-1239	99	42	expiration	expiration	NOUN
ap-1239	99	43	date	date	NOUN
ap-1239	99	44	.	.	PUNCT
ap-1239	100	1	3	3	NUM
ap-1239	100	2	option	option	NOUN
ap-1239	100	3	evaluation	evaluation	NOUN
ap-1239	100	4	market	market	NOUN
ap-1239	100	5	models	model	NOUN
ap-1239	100	6	for	for	ADP
ap-1239	100	7	evaluating	evaluate	VERB
ap-1239	100	8	derivatives	derivative	NOUN
ap-1239	100	9	and	and	CCONJ
ap-1239	100	10	options	option	NOUN
ap-1239	100	11	work	work	NOUN
ap-1239	100	12	mainly	mainly	ADV
ap-1239	100	13	with	with	ADP
ap-1239	100	14	storable	storable	ADJ
ap-1239	100	15	commodities	commodity	NOUN
ap-1239	100	16	.	.	PUNCT
ap-1239	101	1	the	the	DET
ap-1239	101	2	nonstorability	nonstorability	NOUN
ap-1239	101	3	of	of	ADP
ap-1239	101	4	electricity	electricity	NOUN
ap-1239	101	5	implies	imply	VERB
ap-1239	101	6	a	a	DET
ap-1239	101	7	breakdown	breakdown	NOUN
ap-1239	101	8	of	of	ADP
ap-1239	101	9	the	the	DET
ap-1239	101	10	relationship	relationship	NOUN
ap-1239	101	11	between	between	ADP
ap-1239	101	12	the	the	DET
ap-1239	101	13	spot	spot	NOUN
ap-1239	101	14	price	price	NOUN
ap-1239	101	15	and	and	CCONJ
ap-1239	101	16	the	the	DET
ap-1239	101	17	forward	forward	ADJ
ap-1239	101	18	price	price	NOUN
ap-1239	101	19	(	(	PUNCT
ap-1239	101	20	eydeland	eydeland	NOUN
ap-1239	101	21	and	and	CCONJ
ap-1239	101	22	geman	geman	NOUN
ap-1239	101	23	1988	1988	NUM
ap-1239	101	24	)	)	PUNCT
ap-1239	101	25	.	.	PUNCT
ap-1239	102	1	the	the	DET
ap-1239	102	2	second	second	ADJ
ap-1239	102	3	problem	problem	NOUN
ap-1239	102	4	is	be	AUX
ap-1239	102	5	with	with	ADP
ap-1239	102	6	convenience	convenience	NOUN
ap-1239	102	7	yield	yield	NOUN
ap-1239	102	8	,	,	PUNCT
ap-1239	102	9	which	which	PRON
ap-1239	102	10	is	be	AUX
ap-1239	102	11	important	important	ADJ
ap-1239	102	12	in	in	ADP
ap-1239	102	13	many	many	ADJ
ap-1239	102	14	cases	case	NOUN
ap-1239	102	15	of	of	ADP
ap-1239	102	16	commodities	commodity	NOUN
ap-1239	102	17	.	.	PUNCT
ap-1239	103	1	the	the	DET
ap-1239	103	2	convenience	convenience	NOUN
ap-1239	103	3	yield	yield	NOUN
ap-1239	103	4	is	be	AUX
ap-1239	103	5	a	a	DET
ap-1239	103	6	numeric	numeric	ADJ
ap-1239	103	7	adjustment	adjustment	NOUN
ap-1239	103	8	to	to	ADP
ap-1239	103	9	the	the	DET
ap-1239	103	10	cost	cost	NOUN
ap-1239	103	11	of	of	ADP
ap-1239	103	12	carry	carry	NOUN
ap-1239	103	13	in	in	ADP
ap-1239	103	14	the	the	DET
ap-1239	103	15	nonarbitrage	nonarbitrage	NOUN
ap-1239	103	16	pricing	pricing	NOUN
ap-1239	103	17	formula	formula	NOUN
ap-1239	103	18	for	for	ADP
ap-1239	103	19	forward	forward	ADJ
ap-1239	103	20	prices	price	NOUN
ap-1239	103	21	in	in	ADP
ap-1239	103	22	markets	market	NOUN
ap-1239	103	23	.	.	PUNCT
ap-1239	104	1	in	in	ADP
ap-1239	104	2	the	the	DET
ap-1239	104	3	case	case	NOUN
ap-1239	104	4	of	of	ADP
ap-1239	104	5	the	the	DET
ap-1239	104	6	money	money	NOUN
ap-1239	104	7	market	market	NOUN
ap-1239	104	8	we	we	PRON
ap-1239	104	9	can	can	AUX
ap-1239	104	10	consider	consider	VERB
ap-1239	104	11	the	the	DET
ap-1239	104	12	following	follow	VERB
ap-1239	104	13	situation	situation	NOUN
ap-1239	104	14	.	.	PUNCT
ap-1239	105	1	let	let	VERB
ap-1239	105	2	ft	ft	PRON
ap-1239	105	3	,	,	PUNCT
ap-1239	105	4	t	t	PROPN
ap-1239	105	5	be	be	AUX
ap-1239	105	6	the	the	DET
ap-1239	105	7	forward	forward	ADJ
ap-1239	105	8	price	price	NOUN
ap-1239	105	9	of	of	ADP
ap-1239	105	10	an	an	DET
ap-1239	105	11	asset	asset	NOUN
ap-1239	105	12	with	with	ADP
ap-1239	105	13	initial	initial	ADJ
ap-1239	105	14	price	price	NOUN
ap-1239	105	15	st	st	NOUN
ap-1239	105	16	and	and	CCONJ
ap-1239	105	17	maturity	maturity	NOUN
ap-1239	105	18	t	t	NOUN
ap-1239	105	19	.	.	PUNCT
ap-1239	106	1	we	we	PRON
ap-1239	106	2	suppose	suppose	VERB
ap-1239	106	3	that	that	SCONJ
ap-1239	106	4	r	r	NOUN
ap-1239	106	5	is	be	AUX
ap-1239	106	6	the	the	DET
ap-1239	106	7	continuously	continuously	ADV
ap-1239	106	8	compounded	compound	VERB
ap-1239	106	9	interest	interest	NOUN
ap-1239	106	10	risk	risk	NOUN
ap-1239	106	11	free	free	ADJ
ap-1239	106	12	rate	rate	NOUN
ap-1239	106	13	.	.	PUNCT
ap-1239	107	1	then	then	ADV
ap-1239	107	2	,	,	PUNCT
ap-1239	107	3	the	the	DET
ap-1239	107	4	non	non	ADJ
ap-1239	107	5	-	-	ADJ
ap-1239	107	6	arbitrage	arbitrage	ADJ
ap-1239	107	7	pricing	pricing	NOUN
ap-1239	107	8	formula	formula	NOUN
ap-1239	107	9	of	of	ADP
ap-1239	107	10	the	the	DET
ap-1239	107	11	forward	forward	ADJ
ap-1239	107	12	price	price	NOUN
ap-1239	107	13	is	be	AUX
ap-1239	107	14	:	:	PUNCT
ap-1239	107	15	ft	ft	PROPN
ap-1239	107	16	,	,	PUNCT
ap-1239	107	17	t	t	NOUN
ap-1239	107	18	=	=	SYM
ap-1239	107	19	ster(t−t	ster(t−t	PROPN
ap-1239	107	20	)	)	PUNCT
ap-1239	107	21	(	(	PUNCT
ap-1239	107	22	1	1	X
ap-1239	107	23	)	)	PUNCT
ap-1239	107	24	however	however	ADV
ap-1239	107	25	,	,	PUNCT
ap-1239	107	26	this	this	DET
ap-1239	107	27	relationship	relationship	NOUN
ap-1239	107	28	does	do	AUX
ap-1239	107	29	not	not	PART
ap-1239	107	30	exist	exist	VERB
ap-1239	107	31	in	in	ADP
ap-1239	107	32	most	most	ADJ
ap-1239	107	33	commodity	commodity	NOUN
ap-1239	107	34	markets	market	NOUN
ap-1239	107	35	,	,	PUNCT
ap-1239	107	36	partly	partly	ADV
ap-1239	107	37	because	because	SCONJ
ap-1239	107	38	of	of	ADP
ap-1239	107	39	the	the	DET
ap-1239	107	40	inability	inability	NOUN
ap-1239	107	41	of	of	ADP
ap-1239	107	42	investors	investor	NOUN
ap-1239	107	43	and	and	CCONJ
ap-1239	107	44	speculators	speculator	NOUN
ap-1239	107	45	to	to	PART
ap-1239	107	46	short	short	VERB
ap-1239	107	47	the	the	DET
ap-1239	107	48	underlying	underlie	VERB
ap-1239	107	49	asset	asset	NOUN
ap-1239	107	50	.	.	PUNCT
ap-1239	108	1	instead	instead	ADV
ap-1239	108	2	,	,	PUNCT
ap-1239	108	3	there	there	PRON
ap-1239	108	4	is	be	VERB
ap-1239	108	5	a	a	DET
ap-1239	108	6	correction	correction	NOUN
ap-1239	108	7	to	to	ADP
ap-1239	108	8	the	the	DET
ap-1239	108	9	forward	forward	ADJ
ap-1239	108	10	pricing	pricing	NOUN
ap-1239	108	11	formula	formula	NOUN
ap-1239	108	12	given	give	VERB
ap-1239	108	13	by	by	ADP
ap-1239	108	14	the	the	DET
ap-1239	108	15	convenience	convenience	NOUN
ap-1239	108	16	yield	yield	NOUN
ap-1239	108	17	c.	c.	PROPN
ap-1239	108	18	hence	hence	ADV
ap-1239	108	19	ft	ft	PROPN
ap-1239	108	20	,	,	PUNCT
ap-1239	108	21	t	t	NOUN
ap-1239	108	22	=	=	PUNCT
ap-1239	108	23	ste(r−c)(t−t	ste(r−c)(t−t	NUM
ap-1239	108	24	)	)	PUNCT
ap-1239	108	25	(	(	PUNCT
ap-1239	108	26	2	2	X
ap-1239	108	27	)	)	PUNCT
ap-1239	108	28	the	the	DET
ap-1239	108	29	convenience	convenience	NOUN
ap-1239	108	30	yield	yield	NOUN
ap-1239	108	31	exists	exist	VERB
ap-1239	108	32	because	because	SCONJ
ap-1239	108	33	owners	owner	NOUN
ap-1239	108	34	of	of	ADP
ap-1239	108	35	the	the	DET
ap-1239	108	36	asset	asset	NOUN
ap-1239	108	37	may	may	AUX
ap-1239	108	38	obtain	obtain	VERB
ap-1239	108	39	a	a	DET
ap-1239	108	40	benefit	benefit	NOUN
ap-1239	108	41	from	from	ADP
ap-1239	108	42	physically	physically	ADV
ap-1239	108	43	holding	hold	VERB
ap-1239	108	44	this	this	DET
ap-1239	108	45	asset	asset	NOUN
ap-1239	108	46	as	as	ADP
ap-1239	108	47	inventory	inventory	NOUN
ap-1239	108	48	to	to	ADP
ap-1239	108	49	maturity	maturity	NOUN
ap-1239	108	50	.	.	PUNCT
ap-1239	109	1	these	these	DET
ap-1239	109	2	benefits	benefit	NOUN
ap-1239	109	3	include	include	VERB
ap-1239	109	4	the	the	DET
ap-1239	109	5	ability	ability	NOUN
ap-1239	109	6	to	to	PART
ap-1239	109	7	profit	profit	VERB
ap-1239	109	8	from	from	ADP
ap-1239	109	9	temporary	temporary	ADJ
ap-1239	109	10	shortages	shortage	NOUN
ap-1239	109	11	.	.	PUNCT
ap-1239	110	1	anyone	anyone	PRON
ap-1239	110	2	who	who	PRON
ap-1239	110	3	owns	own	VERB
ap-1239	110	4	inventory	inventory	NOUN
ap-1239	110	5	has	have	VERB
ap-1239	110	6	the	the	DET
ap-1239	110	7	choice	choice	NOUN
ap-1239	110	8	between	between	ADP
ap-1239	110	9	consumption	consumption	NOUN
ap-1239	110	10	today	today	NOUN
ap-1239	110	11	versus	versus	ADP
ap-1239	110	12	investment	investment	NOUN
ap-1239	110	13	for	for	ADP
ap-1239	110	14	the	the	DET
ap-1239	110	15	future	future	NOUN
ap-1239	110	16	.	.	PUNCT
ap-1239	111	1	a	a	DET
ap-1239	111	2	rational	rational	ADJ
ap-1239	111	3	investor	investor	NOUN
ap-1239	111	4	will	will	AUX
ap-1239	111	5	choose	choose	VERB
ap-1239	111	6	the	the	DET
ap-1239	111	7	outcome	outcome	NOUN
ap-1239	111	8	that	that	PRON
ap-1239	111	9	is	be	AUX
ap-1239	111	10	best	good	ADJ
ap-1239	111	11	.	.	PUNCT
ap-1239	112	1	when	when	SCONJ
ap-1239	112	2	inventories	inventory	NOUN
ap-1239	112	3	are	be	AUX
ap-1239	112	4	high	high	ADJ
ap-1239	112	5	,	,	PUNCT
ap-1239	112	6	this	this	PRON
ap-1239	112	7	suggests	suggest	VERB
ap-1239	112	8	anticipated	anticipate	VERB
ap-1239	112	9	relatively	relatively	ADV
ap-1239	112	10	low	low	ADJ
ap-1239	112	11	scarcity	scarcity	NOUN
ap-1239	112	12	of	of	ADP
ap-1239	112	13	the	the	DET
ap-1239	112	14	commodity	commodity	NOUN
ap-1239	112	15	today	today	NOUN
ap-1239	112	16	versus	versus	ADP
ap-1239	112	17	sometime	sometime	ADV
ap-1239	112	18	in	in	ADP
ap-1239	112	19	the	the	DET
ap-1239	112	20	future	future	NOUN
ap-1239	112	21	.	.	PUNCT
ap-1239	113	1	otherwise	otherwise	ADV
ap-1239	113	2	,	,	PUNCT
ap-1239	113	3	the	the	DET
ap-1239	113	4	investor	investor	NOUN
ap-1239	113	5	would	would	AUX
ap-1239	113	6	sell	sell	VERB
ap-1239	113	7	his	his	PRON
ap-1239	113	8	stocks	stock	NOUN
ap-1239	113	9	and	and	CCONJ
ap-1239	113	10	the	the	DET
ap-1239	113	11	forward	forward	ADJ
ap-1239	113	12	prices	price	NOUN
ap-1239	113	13	ft	ft	PROPN
ap-1239	113	14	,	,	PUNCT
ap-1239	113	15	t	t	PROPN
ap-1239	113	16	of	of	ADP
ap-1239	113	17	the	the	DET
ap-1239	113	18	asset	asset	NOUN
ap-1239	113	19	should	should	AUX
ap-1239	113	20	be	be	AUX
ap-1239	113	21	higher	high	ADJ
ap-1239	113	22	than	than	ADP
ap-1239	113	23	the	the	DET
ap-1239	113	24	current	current	ADJ
ap-1239	113	25	spot	spot	NOUN
ap-1239	113	26	price	price	PROPN
ap-1239	113	27	st	st	PROPN
ap-1239	113	28	.	.	PROPN
ap-1239	114	1	this	this	PRON
ap-1239	114	2	tells	tell	VERB
ap-1239	114	3	us	we	PRON
ap-1239	114	4	that	that	SCONJ
ap-1239	114	5	r	r	NOUN
ap-1239	115	1	−	−	PROPN
ap-1239	115	2	c	c	NOUN
ap-1239	115	3	>	>	X
ap-1239	115	4	0	0	X
ap-1239	115	5	.	.	PUNCT
ap-1239	116	1	the	the	DET
ap-1239	116	2	reasoning	reasoning	NOUN
ap-1239	116	3	become	become	VERB
ap-1239	116	4	interesting	interesting	ADJ
ap-1239	116	5	in	in	ADP
ap-1239	116	6	the	the	DET
ap-1239	116	7	case	case	NOUN
ap-1239	116	8	of	of	ADP
ap-1239	116	9	low	low	ADJ
ap-1239	116	10	inventories	inventory	NOUN
ap-1239	116	11	,	,	PUNCT
ap-1239	116	12	when	when	SCONJ
ap-1239	116	13	we	we	PRON
ap-1239	116	14	expect	expect	VERB
ap-1239	116	15	that	that	SCONJ
ap-1239	116	16	the	the	DET
ap-1239	116	17	scarcity	scarcity	NOUN
ap-1239	116	18	now	now	ADV
ap-1239	116	19	is	be	AUX
ap-1239	116	20	greater	great	ADJ
ap-1239	116	21	than	than	SCONJ
ap-1239	116	22	it	it	PRON
ap-1239	116	23	will	will	AUX
ap-1239	116	24	be	be	AUX
ap-1239	116	25	in	in	ADP
ap-1239	116	26	the	the	DET
ap-1239	116	27	future	future	NOUN
ap-1239	116	28	.	.	PUNCT
ap-1239	117	1	therefore	therefore	ADV
ap-1239	117	2	,	,	PUNCT
ap-1239	117	3	the	the	DET
ap-1239	117	4	investor	investor	NOUN
ap-1239	117	5	wants	want	VERB
ap-1239	117	6	to	to	PART
ap-1239	117	7	borrow	borrow	VERB
ap-1239	117	8	inventory	inventory	NOUN
ap-1239	117	9	from	from	ADP
ap-1239	117	10	the	the	DET
ap-1239	117	11	future	future	NOUN
ap-1239	117	12	but	but	CCONJ
ap-1239	117	13	is	be	AUX
ap-1239	117	14	unable	unable	ADJ
ap-1239	117	15	.	.	PUNCT
ap-1239	118	1	we	we	PRON
ap-1239	118	2	expect	expect	VERB
ap-1239	118	3	future	future	ADJ
ap-1239	118	4	prices	price	NOUN
ap-1239	118	5	to	to	PART
ap-1239	118	6	be	be	AUX
ap-1239	118	7	lower	low	ADJ
ap-1239	118	8	than	than	ADP
ap-1239	118	9	today	today	NOUN
ap-1239	118	10	and	and	CCONJ
ap-1239	118	11	hence	hence	ADV
ap-1239	118	12	ft	ft	PROPN
ap-1239	118	13	,	,	PUNCT
ap-1239	118	14	t	t	PROPN
ap-1239	118	15	<	<	X
ap-1239	118	16	st	st	PROPN
ap-1239	118	17	.	.	PROPN
ap-1239	118	18	this	this	PRON
ap-1239	118	19	implies	imply	VERB
ap-1239	118	20	that	that	SCONJ
ap-1239	118	21	r	r	NOUN
ap-1239	119	1	−	−	PROPN
ap-1239	119	2	c	c	NOUN
ap-1239	119	3	<	<	X
ap-1239	119	4	0	0	NUM
ap-1239	119	5	.	.	PUNCT
ap-1239	120	1	the	the	DET
ap-1239	120	2	concept	concept	NOUN
ap-1239	120	3	of	of	ADP
ap-1239	120	4	convenience	convenience	NOUN
ap-1239	120	5	yield	yield	NOUN
ap-1239	120	6	was	be	AUX
ap-1239	120	7	introduced	introduce	VERB
ap-1239	120	8	by	by	ADP
ap-1239	120	9	kaldor(1939	kaldor(1939	PROPN
ap-1239	120	10	)	)	PUNCT
ap-1239	120	11	and	and	CCONJ
ap-1239	120	12	working(1949	working(1949	NOUN
ap-1239	120	13	)	)	PUNCT
ap-1239	120	14	for	for	ADP
ap-1239	120	15	agricultural	agricultural	ADJ
ap-1239	120	16	commodities	commodity	NOUN
ap-1239	120	17	.	.	PUNCT
ap-1239	121	1	this	this	DET
ap-1239	121	2	concept	concept	NOUN
ap-1239	121	3	represented	represent	VERB
ap-1239	121	4	the	the	DET
ap-1239	121	5	benefit	benefit	NOUN
ap-1239	121	6	from	from	ADP
ap-1239	121	7	holding	hold	VERB
ap-1239	121	8	the	the	DET
ap-1239	121	9	commodity	commodity	NOUN
ap-1239	121	10	as	as	SCONJ
ap-1239	121	11	opposed	oppose	VERB
ap-1239	121	12	to	to	ADP
ap-1239	121	13	a	a	DET
ap-1239	121	14	forward	forward	ADJ
ap-1239	121	15	contract	contract	NOUN
ap-1239	121	16	.	.	PUNCT
ap-1239	122	1	the	the	DET
ap-1239	122	2	concept	concept	NOUN
ap-1239	122	3	of	of	ADP
ap-1239	122	4	convenience	convenience	NOUN
ap-1239	122	5	yield	yield	NOUN
ap-1239	122	6	does	do	VERB
ap-1239	122	7	not	not	PART
ap-1239	122	8	67	67	NUM
ap-1239	122	9	acta	acta	PROPN
ap-1239	122	10	polytechnica	polytechnica	PROPN
ap-1239	122	11	vol	vol	NOUN
ap-1239	122	12	.	.	PROPN
ap-1239	123	1	50	50	NUM
ap-1239	123	2	no	no	NOUN
ap-1239	123	3	.	.	PUNCT
ap-1239	124	1	4/2010	4/2010	NOUN
ap-1239	124	2	make	make	VERB
ap-1239	124	3	sense	sense	NOUN
ap-1239	124	4	in	in	ADP
ap-1239	124	5	the	the	DET
ap-1239	124	6	case	case	NOUN
ap-1239	124	7	of	of	ADP
ap-1239	124	8	electricity	electricity	NOUN
ap-1239	124	9	,	,	PUNCT
ap-1239	124	10	because	because	SCONJ
ap-1239	124	11	there	there	PRON
ap-1239	124	12	is	be	VERB
ap-1239	124	13	no	no	DET
ap-1239	124	14	available	available	ADJ
ap-1239	124	15	method	method	NOUN
ap-1239	124	16	to	to	PART
ap-1239	124	17	store	store	VERB
ap-1239	124	18	electric	electric	ADJ
ap-1239	124	19	power	power	NOUN
ap-1239	124	20	,	,	PUNCT
ap-1239	124	21	and	and	CCONJ
ap-1239	124	22	therefore	therefore	ADV
ap-1239	124	23	we	we	PRON
ap-1239	124	24	can	can	AUX
ap-1239	124	25	not	not	PART
ap-1239	124	26	consider	consider	VERB
ap-1239	124	27	the	the	DET
ap-1239	124	28	benefit	benefit	NOUN
ap-1239	124	29	from	from	ADP
ap-1239	124	30	storing	store	VERB
ap-1239	124	31	the	the	DET
ap-1239	124	32	commodity	commodity	NOUN
ap-1239	124	33	versus	versus	ADP
ap-1239	124	34	storing	store	VERB
ap-1239	124	35	costs	cost	NOUN
ap-1239	124	36	.	.	PUNCT
ap-1239	125	1	the	the	DET
ap-1239	125	2	first	first	ADJ
ap-1239	125	3	,	,	PUNCT
ap-1239	125	4	very	very	ADV
ap-1239	125	5	important	important	ADJ
ap-1239	125	6	,	,	PUNCT
ap-1239	125	7	characteristic	characteristic	ADJ
ap-1239	125	8	of	of	ADP
ap-1239	125	9	electricity	electricity	NOUN
ap-1239	125	10	prices	price	NOUN
ap-1239	125	11	is	be	AUX
ap-1239	125	12	a	a	DET
ap-1239	125	13	mean	mean	ADJ
ap-1239	125	14	reversion	reversion	NOUN
ap-1239	125	15	toward	toward	ADP
ap-1239	125	16	a	a	DET
ap-1239	125	17	level	level	NOUN
ap-1239	125	18	representing	represent	VERB
ap-1239	125	19	the	the	DET
ap-1239	125	20	marginal	marginal	ADJ
ap-1239	125	21	cost	cost	NOUN
ap-1239	125	22	of	of	ADP
ap-1239	125	23	electricity	electricity	NOUN
ap-1239	125	24	production	production	NOUN
ap-1239	125	25	,	,	PUNCT
ap-1239	125	26	which	which	PRON
ap-1239	125	27	can	can	AUX
ap-1239	125	28	be	be	AUX
ap-1239	125	29	constant	constant	ADJ
ap-1239	125	30	,	,	PUNCT
ap-1239	125	31	periodic	periodic	ADJ
ap-1239	125	32	or	or	CCONJ
ap-1239	125	33	periodic	periodic	ADJ
ap-1239	125	34	with	with	ADP
ap-1239	125	35	some	some	DET
ap-1239	125	36	trend	trend	NOUN
ap-1239	125	37	.	.	PUNCT
ap-1239	126	1	in	in	ADP
ap-1239	126	2	the	the	DET
ap-1239	126	3	case	case	NOUN
ap-1239	126	4	of	of	ADP
ap-1239	126	5	electricity	electricity	NOUN
ap-1239	126	6	we	we	PRON
ap-1239	126	7	have	have	VERB
ap-1239	126	8	to	to	PART
ap-1239	126	9	expect	expect	VERB
ap-1239	126	10	the	the	DET
ap-1239	126	11	mean	mean	NOUN
ap-1239	126	12	to	to	PART
ap-1239	126	13	revert	revert	VERB
ap-1239	126	14	to	to	ADP
ap-1239	126	15	a	a	DET
ap-1239	126	16	deterministic	deterministic	ADJ
ap-1239	126	17	periodical	periodical	ADJ
ap-1239	126	18	trend	trend	NOUN
ap-1239	126	19	driven	drive	VERB
ap-1239	126	20	by	by	ADP
ap-1239	126	21	seasonal	seasonal	ADJ
ap-1239	126	22	effects	effect	NOUN
ap-1239	126	23	.	.	PUNCT
ap-1239	127	1	the	the	DET
ap-1239	127	2	second	second	ADJ
ap-1239	127	3	specific	specific	ADJ
ap-1239	127	4	driver	driver	NOUN
ap-1239	127	5	of	of	ADP
ap-1239	127	6	electricity	electricity	NOUN
ap-1239	127	7	prices	price	NOUN
ap-1239	127	8	is	be	AUX
ap-1239	127	9	the	the	DET
ap-1239	127	10	existence	existence	NOUN
ap-1239	127	11	of	of	ADP
ap-1239	127	12	temporary	temporary	ADJ
ap-1239	127	13	imbalances	imbalance	NOUN
ap-1239	127	14	of	of	ADP
ap-1239	127	15	supply	supply	NOUN
ap-1239	127	16	and	and	CCONJ
ap-1239	127	17	demand	demand	NOUN
ap-1239	127	18	in	in	ADP
ap-1239	127	19	the	the	DET
ap-1239	127	20	network	network	NOUN
ap-1239	127	21	which	which	PRON
ap-1239	127	22	affects	affect	VERB
ap-1239	127	23	random	random	ADJ
ap-1239	127	24	price	price	NOUN
ap-1239	127	25	moves	move	NOUN
ap-1239	127	26	around	around	ADP
ap-1239	127	27	the	the	DET
ap-1239	127	28	average	average	ADJ
ap-1239	127	29	trend	trend	NOUN
ap-1239	127	30	.	.	PUNCT
ap-1239	128	1	we	we	PRON
ap-1239	128	2	are	be	AUX
ap-1239	128	3	not	not	PART
ap-1239	128	4	able	able	ADJ
ap-1239	128	5	to	to	PART
ap-1239	128	6	predict	predict	VERB
ap-1239	128	7	this	this	DET
ap-1239	128	8	effect	effect	NOUN
ap-1239	128	9	.	.	PUNCT
ap-1239	129	1	a	a	DET
ap-1239	129	2	third	third	ADJ
ap-1239	129	3	feature	feature	NOUN
ap-1239	129	4	is	be	AUX
ap-1239	129	5	the	the	DET
ap-1239	129	6	jump	jump	NOUN
ap-1239	129	7	character	character	NOUN
ap-1239	129	8	of	of	ADP
ap-1239	129	9	electricity	electricity	NOUN
ap-1239	129	10	prices	price	NOUN
ap-1239	129	11	(	(	PUNCT
ap-1239	129	12	spikes	spike	NOUN
ap-1239	129	13	)	)	PUNCT
ap-1239	129	14	,	,	PUNCT
ap-1239	129	15	because	because	SCONJ
ap-1239	129	16	shocks	shock	NOUN
ap-1239	129	17	in	in	ADP
ap-1239	129	18	power	power	NOUN
ap-1239	129	19	supply	supply	NOUN
ap-1239	129	20	and	and	CCONJ
ap-1239	129	21	demand	demand	NOUN
ap-1239	129	22	can	can	AUX
ap-1239	129	23	not	not	PART
ap-1239	129	24	be	be	AUX
ap-1239	129	25	smoothed	smooth	VERB
ap-1239	129	26	away	away	ADV
ap-1239	129	27	by	by	ADP
ap-1239	129	28	inventories	inventory	NOUN
ap-1239	129	29	.	.	PUNCT
ap-1239	130	1	as	as	SCONJ
ap-1239	130	2	was	be	AUX
ap-1239	130	3	mentioned	mention	VERB
ap-1239	130	4	above	above	ADV
ap-1239	130	5	,	,	PUNCT
ap-1239	130	6	the	the	DET
ap-1239	130	7	convenience	convenience	NOUN
ap-1239	130	8	yield	yield	NOUN
ap-1239	130	9	attached	attach	VERB
ap-1239	130	10	to	to	ADP
ap-1239	130	11	a	a	DET
ap-1239	130	12	commodity	commodity	NOUN
ap-1239	130	13	can	can	AUX
ap-1239	130	14	be	be	AUX
ap-1239	130	15	interpreted	interpret	VERB
ap-1239	130	16	as	as	ADP
ap-1239	130	17	a	a	DET
ap-1239	130	18	continuous	continuous	ADJ
ap-1239	130	19	dividend	dividend	NOUN
ap-1239	130	20	payment	payment	NOUN
ap-1239	130	21	made	make	VERB
ap-1239	130	22	to	to	ADP
ap-1239	130	23	the	the	DET
ap-1239	130	24	owner	owner	NOUN
ap-1239	130	25	of	of	ADP
ap-1239	130	26	the	the	DET
ap-1239	130	27	commodity	commodity	NOUN
ap-1239	130	28	.	.	PUNCT
ap-1239	131	1	then	then	ADV
ap-1239	131	2	we	we	PRON
ap-1239	131	3	could	could	AUX
ap-1239	131	4	suppose	suppose	VERB
ap-1239	131	5	that	that	SCONJ
ap-1239	131	6	the	the	DET
ap-1239	131	7	price	price	NOUN
ap-1239	131	8	of	of	ADP
ap-1239	131	9	the	the	DET
ap-1239	131	10	underlying	underlie	VERB
ap-1239	131	11	asset	asset	NOUN
ap-1239	131	12	is	be	AUX
ap-1239	131	13	driven	drive	VERB
ap-1239	131	14	by	by	ADP
ap-1239	131	15	a	a	DET
ap-1239	131	16	geometric	geometric	ADJ
ap-1239	131	17	brownian	brownian	ADJ
ap-1239	131	18	motion	motion	NOUN
ap-1239	131	19	and	and	CCONJ
ap-1239	131	20	use	use	VERB
ap-1239	131	21	merton	merton	NOUN
ap-1239	131	22	’s	’s	PART
ap-1239	131	23	(	(	PUNCT
ap-1239	131	24	1973	1973	NUM
ap-1239	131	25	)	)	PUNCT
ap-1239	131	26	formula	formula	NOUN
ap-1239	131	27	for	for	ADP
ap-1239	131	28	pricing	pricing	NOUN
ap-1239	131	29	options	option	NOUN
ap-1239	131	30	(	(	PUNCT
ap-1239	131	31	3	3	NUM
ap-1239	131	32	)	)	PUNCT
ap-1239	131	33	.	.	PUNCT
ap-1239	132	1	this	this	DET
ap-1239	132	2	formula	formula	NOUN
ap-1239	132	3	provides	provide	VERB
ap-1239	132	4	the	the	DET
ap-1239	132	5	price	price	NOUN
ap-1239	132	6	of	of	ADP
ap-1239	132	7	a	a	DET
ap-1239	132	8	plain	plain	ADJ
ap-1239	132	9	vanilla	vanilla	NOUN
ap-1239	132	10	call	call	NOUN
ap-1239	132	11	option	option	NOUN
ap-1239	132	12	written	write	VERB
ap-1239	132	13	on	on	ADP
ap-1239	132	14	a	a	DET
ap-1239	132	15	commodity	commodity	NOUN
ap-1239	132	16	with	with	ADP
ap-1239	132	17	price	price	NOUN
ap-1239	132	18	s	s	PART
ap-1239	132	19	:	:	PUNCT
ap-1239	132	20	c(t	c(t	NOUN
ap-1239	132	21	)	)	PUNCT
ap-1239	132	22	=	=	SYM
ap-1239	132	23	s(t)e−y(t−t)n(d1)−	s(t)e−y(t−t)n(d1)−	NUM
ap-1239	132	24	ke−r(t−t)n(d2	ke−r(t−t)n(d2	PROPN
ap-1239	132	25	)	)	PUNCT
ap-1239	132	26	,	,	PUNCT
ap-1239	132	27	(	(	PUNCT
ap-1239	132	28	3	3	X
ap-1239	132	29	)	)	PUNCT
ap-1239	132	30	where	where	SCONJ
ap-1239	132	31	d1	d1	NOUN
ap-1239	132	32	=	=	SYM
ap-1239	132	33	ln(s(t)e	ln(s(t)e	NOUN
ap-1239	132	34	−y	−y	NOUN
ap-1239	132	35	(	(	PUNCT
ap-1239	132	36	t−t	t−t	ADJ
ap-1239	132	37	)	)	PUNCT
ap-1239	132	38	ke−r(t−t	ke−r(t−t	NOUN
ap-1239	132	39	)	)	PUNCT
ap-1239	132	40	)	)	PUNCT
ap-1239	133	1	+	+	CCONJ
ap-1239	133	2	1	1	NUM
ap-1239	133	3	2σ	2σ	NUM
ap-1239	133	4	2(t	2(t	NUM
ap-1239	133	5	−	−	PROPN
ap-1239	133	6	t	t	PROPN
ap-1239	133	7	)	)	PUNCT
ap-1239	133	8	σ	σ	PROPN
ap-1239	133	9	√	√	PROPN
ap-1239	133	10	t	t	PROPN
ap-1239	133	11	−	−	PROPN
ap-1239	133	12	t	t	PROPN
ap-1239	133	13	(	(	PUNCT
ap-1239	133	14	4	4	NUM
ap-1239	133	15	)	)	PUNCT
ap-1239	133	16	d2	d2	NOUN
ap-1239	133	17	=	=	SYM
ap-1239	133	18	d1	d1	PROPN
ap-1239	133	19	−	−	PROPN
ap-1239	134	1	σ	σ	PROPN
ap-1239	134	2	√	√	PROPN
ap-1239	134	3	t	t	PROPN
ap-1239	134	4	−	−	PROPN
ap-1239	134	5	t	t	PROPN
ap-1239	134	6	(	(	PUNCT
ap-1239	134	7	5	5	NUM
ap-1239	134	8	)	)	PUNCT
ap-1239	134	9	as	as	SCONJ
ap-1239	134	10	was	be	AUX
ap-1239	134	11	mentioned	mention	VERB
ap-1239	134	12	above	above	ADV
ap-1239	134	13	,	,	PUNCT
ap-1239	134	14	the	the	DET
ap-1239	134	15	main	main	ADJ
ap-1239	134	16	difficulties	difficulty	NOUN
ap-1239	134	17	in	in	ADP
ap-1239	134	18	valuing	value	VERB
ap-1239	134	19	power	power	NOUN
ap-1239	134	20	options	option	NOUN
ap-1239	134	21	are	be	AUX
ap-1239	134	22	due	due	ADJ
ap-1239	134	23	to	to	ADP
ap-1239	134	24	the	the	DET
ap-1239	134	25	fact	fact	NOUN
ap-1239	134	26	that	that	SCONJ
ap-1239	134	27	this	this	DET
ap-1239	134	28	commodity	commodity	NOUN
ap-1239	134	29	can	can	AUX
ap-1239	134	30	not	not	PART
ap-1239	134	31	be	be	AUX
ap-1239	134	32	stored	store	VERB
ap-1239	134	33	and	and	CCONJ
ap-1239	134	34	the	the	DET
ap-1239	134	35	associated	associated	ADJ
ap-1239	134	36	problem	problem	NOUN
ap-1239	134	37	with	with	ADP
ap-1239	134	38	convenience	convenience	NOUN
ap-1239	134	39	yield	yield	NOUN
ap-1239	134	40	.	.	PUNCT
ap-1239	135	1	the	the	DET
ap-1239	135	2	results	result	NOUN
ap-1239	135	3	of	of	ADP
ap-1239	135	4	using	use	VERB
ap-1239	135	5	formula	formula	NOUN
ap-1239	135	6	(	(	PUNCT
ap-1239	135	7	3	3	X
ap-1239	135	8	)	)	PUNCT
ap-1239	135	9	are	be	AUX
ap-1239	135	10	very	very	ADV
ap-1239	135	11	similar	similar	ADJ
ap-1239	135	12	to	to	ADP
ap-1239	135	13	the	the	DET
ap-1239	135	14	prices	price	NOUN
ap-1239	135	15	at	at	ADP
ap-1239	135	16	the	the	DET
ap-1239	135	17	eex	eex	NOUN
ap-1239	135	18	pool	pool	NOUN
ap-1239	135	19	.	.	PUNCT
ap-1239	136	1	all	all	DET
ap-1239	136	2	inputs	input	NOUN
ap-1239	136	3	and	and	CCONJ
ap-1239	136	4	results	result	NOUN
ap-1239	136	5	are	be	AUX
ap-1239	136	6	obvious	obvious	ADJ
ap-1239	136	7	from	from	ADP
ap-1239	136	8	tab	tab	NOUN
ap-1239	136	9	.	.	PUNCT
ap-1239	137	1	1	1	NUM
ap-1239	137	2	.	.	X
ap-1239	137	3	fig	fig	NOUN
ap-1239	137	4	.	.	PUNCT
ap-1239	138	1	3	3	NUM
ap-1239	138	2	:	:	PUNCT
ap-1239	138	3	market	market	NOUN
ap-1239	138	4	data	datum	NOUN
ap-1239	138	5	of	of	ADP
ap-1239	138	6	a	a	DET
ap-1239	138	7	traded	trade	VERB
ap-1239	138	8	option	option	NOUN
ap-1239	138	9	(	(	PUNCT
ap-1239	138	10	call	call	VERB
ap-1239	138	11	/	/	SYM
ap-1239	138	12	put	put	NOUN
ap-1239	138	13	,	,	PUNCT
ap-1239	138	14	source	source	NOUN
ap-1239	138	15	http://www.eex.com	http://www.eex.com	NOUN
ap-1239	138	16	)	)	PUNCT
ap-1239	138	17	table	table	NOUN
ap-1239	138	18	1	1	NUM
ap-1239	138	19	:	:	PUNCT
ap-1239	138	20	inputs	input	NOUN
ap-1239	138	21	and	and	CCONJ
ap-1239	138	22	results	result	NOUN
ap-1239	138	23	of	of	ADP
ap-1239	138	24	a	a	DET
ap-1239	138	25	comparison	comparison	NOUN
ap-1239	138	26	of	of	ADP
ap-1239	138	27	eex	eex	NOUN
ap-1239	138	28	market	market	NOUN
ap-1239	138	29	data	datum	NOUN
ap-1239	138	30	and	and	CCONJ
ap-1239	138	31	an	an	DET
ap-1239	138	32	evaluation	evaluation	NOUN
ap-1239	138	33	of	of	ADP
ap-1239	138	34	formula	formula	NOUN
ap-1239	138	35	(	(	PUNCT
ap-1239	138	36	3	3	X
ap-1239	138	37	)	)	PUNCT
ap-1239	138	38	market	market	NOUN
ap-1239	138	39	data	datum	NOUN
ap-1239	138	40	(	(	PUNCT
ap-1239	138	41	eex	eex	NOUN
ap-1239	138	42	pricing	pricing	NOUN
ap-1239	138	43	)	)	PUNCT
ap-1239	138	44	contract	contract	NOUN
ap-1239	138	45	cal2011	cal2011	NOUN
ap-1239	138	46	futures	future	NOUN
ap-1239	138	47	�	�	PROPN
ap-1239	138	48	/mwh	/mwh	PROPN
ap-1239	138	49	47.58	47.58	NUM
ap-1239	138	50	�	�	PROPN
ap-1239	138	51	/mwh	/mwh	PROPN
ap-1239	138	52	premium	premium	PROPN
ap-1239	138	53	�	�	PROPN
ap-1239	138	54	/mwh	/mwh	PROPN
ap-1239	138	55	strike	strike	NOUN
ap-1239	138	56	price	price	NOUN
ap-1239	138	57	call	call	NOUN
ap-1239	138	58	option	option	NOUN
ap-1239	138	59	put	put	NOUN
ap-1239	138	60	option	option	NOUN
ap-1239	138	61	�	�	NOUN
ap-1239	138	62	/mwh	/mwh	NOUN
ap-1239	138	63	49	49	NUM
ap-1239	138	64	2.47	2.47	NUM
ap-1239	138	65	3.88	3.88	NUM
ap-1239	138	66	50	50	NUM
ap-1239	138	67	2.11	2.11	NUM
ap-1239	138	68	4.51	4.51	NUM
ap-1239	138	69	51	51	NUM
ap-1239	138	70	1.80	1.80	NUM
ap-1239	138	71	5.19	5.19	NUM
ap-1239	138	72	53	53	NUM
ap-1239	138	73	1.30	1.30	NUM
ap-1239	138	74	6.67	6.67	NUM
ap-1239	138	75	55	55	NUM
ap-1239	138	76	0.92	0.92	NUM
ap-1239	138	77	8.28	8.28	NUM
ap-1239	138	78	57	57	NUM
ap-1239	138	79	0.65	0.65	NUM
ap-1239	138	80	9.99	9.99	NUM
ap-1239	138	81	58	58	NUM
ap-1239	138	82	0.55	0.55	NUM
ap-1239	138	83	10.87	10.87	NUM
ap-1239	138	84	59	59	NUM
ap-1239	138	85	0.46	0.46	NUM
ap-1239	138	86	11.77	11.77	NUM
ap-1239	138	87	64	64	NUM
ap-1239	138	88	0.18	0.18	NUM
ap-1239	138	89	16.45	16.45	NUM
ap-1239	138	90	results	result	NOUN
ap-1239	138	91	of	of	ADP
ap-1239	138	92	black	black	ADJ
ap-1239	138	93	—	—	PUNCT
ap-1239	138	94	scholes	schole	NOUN
ap-1239	138	95	formula	formula	NOUN
ap-1239	138	96	(	(	PUNCT
ap-1239	138	97	3	3	NUM
ap-1239	138	98	)	)	PUNCT
ap-1239	138	99	,	,	PUNCT
ap-1239	138	100	volatility	volatility	NOUN
ap-1239	138	101	approx	approx	PROPN
ap-1239	138	102	.	.	PUNCT
ap-1239	139	1	16	16	NUM
ap-1239	139	2	%	%	NOUN
ap-1239	139	3	strike	strike	NOUN
ap-1239	139	4	price	price	NOUN
ap-1239	139	5	call	call	NOUN
ap-1239	139	6	option	option	NOUN
ap-1239	139	7	put	put	NOUN
ap-1239	139	8	option	option	NOUN
ap-1239	139	9	�	�	NOUN
ap-1239	139	10	/mwh	/mwh	NOUN
ap-1239	139	11	49	49	NUM
ap-1239	139	12	2.12	2.12	NUM
ap-1239	139	13	3.51	3.51	NUM
ap-1239	139	14	50	50	NUM
ap-1239	139	15	1.76	1.76	NUM
ap-1239	139	16	4.13	4.13	NUM
ap-1239	139	17	51	51	NUM
ap-1239	139	18	1.45	1.45	NUM
ap-1239	139	19	4.80	4.80	NUM
ap-1239	139	20	53	53	NUM
ap-1239	139	21	0.96	0.96	NUM
ap-1239	139	22	6.28	6.28	NUM
ap-1239	139	23	55	55	NUM
ap-1239	139	24	0.62	0.62	NUM
ap-1239	139	25	7.90	7.90	NUM
ap-1239	139	26	57	57	NUM
ap-1239	139	27	0.39	0.39	NUM
ap-1239	139	28	9.63	9.63	NUM
ap-1239	139	29	58	58	NUM
ap-1239	139	30	0.30	0.30	NUM
ap-1239	139	31	10.53	10.53	NUM
ap-1239	139	32	59	59	NUM
ap-1239	139	33	0.24	0.24	NUM
ap-1239	139	34	11.44	11.44	NUM
ap-1239	139	35	64	64	NUM
ap-1239	139	36	0.06	0.06	NUM
ap-1239	139	37	16.17	16.17	NUM
ap-1239	139	38	fig	fig	NOUN
ap-1239	139	39	.	.	PUNCT
ap-1239	140	1	4	4	NUM
ap-1239	140	2	:	:	PUNCT
ap-1239	140	3	comparison	comparison	NOUN
ap-1239	140	4	of	of	ADP
ap-1239	140	5	market	market	NOUN
ap-1239	140	6	data(eex	data(eex	NOUN
ap-1239	140	7	)	)	PUNCT
ap-1239	140	8	with	with	ADP
ap-1239	140	9	result	result	NOUN
ap-1239	140	10	of	of	ADP
ap-1239	140	11	the	the	DET
ap-1239	140	12	b	b	PROPN
ap-1239	140	13	-	-	PUNCT
ap-1239	140	14	s	s	NOUN
ap-1239	140	15	formula	formula	NOUN
ap-1239	140	16	(	(	PUNCT
ap-1239	140	17	3	3	NUM
ap-1239	140	18	)	)	PUNCT
ap-1239	140	19	68	68	NUM
ap-1239	140	20	acta	acta	PROPN
ap-1239	140	21	polytechnica	polytechnica	PROPN
ap-1239	140	22	vol	vol	NOUN
ap-1239	140	23	.	.	PROPN
ap-1239	141	1	50	50	NUM
ap-1239	141	2	no	no	NOUN
ap-1239	141	3	.	.	PUNCT
ap-1239	142	1	4/2010	4/2010	NUM
ap-1239	142	2	the	the	DET
ap-1239	142	3	primary	primary	ADJ
ap-1239	142	4	category	category	NOUN
ap-1239	142	5	of	of	ADP
ap-1239	142	6	traded	trade	VERB
ap-1239	142	7	electricity	electricity	NOUN
ap-1239	142	8	options	option	NOUN
ap-1239	142	9	includes	include	VERB
ap-1239	142	10	calendar	calendar	NOUN
ap-1239	142	11	year	year	NOUN
ap-1239	142	12	contracts	contract	NOUN
ap-1239	142	13	and	and	CCONJ
ap-1239	142	14	monthly	monthly	ADJ
ap-1239	142	15	physical	physical	ADJ
ap-1239	142	16	options	option	NOUN
ap-1239	142	17	,	,	PUNCT
ap-1239	142	18	which	which	PRON
ap-1239	142	19	are	be	AUX
ap-1239	142	20	also	also	ADV
ap-1239	142	21	traded	trade	VERB
ap-1239	142	22	at	at	ADP
ap-1239	142	23	pool	pool	NOUN
ap-1239	142	24	eex	eex	NOUN
ap-1239	142	25	.	.	PUNCT
ap-1239	143	1	call	call	NOUN
ap-1239	143	2	options	option	NOUN
ap-1239	143	3	allow	allow	VERB
ap-1239	143	4	the	the	DET
ap-1239	143	5	buyer	buyer	NOUN
ap-1239	143	6	to	to	PART
ap-1239	143	7	receive	receive	VERB
ap-1239	143	8	power	power	NOUN
ap-1239	143	9	at	at	ADP
ap-1239	143	10	the	the	DET
ap-1239	143	11	strike	strike	NOUN
ap-1239	143	12	price	price	NOUN
ap-1239	143	13	.	.	PUNCT
ap-1239	144	1	these	these	DET
ap-1239	144	2	options	option	NOUN
ap-1239	144	3	are	be	AUX
ap-1239	144	4	relatively	relatively	ADV
ap-1239	144	5	liquid	liquid	ADJ
ap-1239	144	6	.	.	PUNCT
ap-1239	145	1	see	see	VERB
ap-1239	145	2	the	the	DET
ap-1239	145	3	next	next	ADJ
ap-1239	145	4	figure	figure	NOUN
ap-1239	145	5	with	with	ADP
ap-1239	145	6	pricing	pricing	NOUN
ap-1239	145	7	of	of	ADP
ap-1239	145	8	a	a	DET
ap-1239	145	9	set	set	NOUN
ap-1239	145	10	of	of	ADP
ap-1239	145	11	options	option	NOUN
ap-1239	145	12	divided	divide	VERB
ap-1239	145	13	by	by	ADP
ap-1239	145	14	the	the	DET
ap-1239	145	15	strike	strike	NOUN
ap-1239	145	16	price	price	NOUN
ap-1239	145	17	.	.	PUNCT
ap-1239	146	1	the	the	DET
ap-1239	146	2	results	result	NOUN
ap-1239	146	3	of	of	ADP
ap-1239	146	4	using	use	VERB
ap-1239	146	5	the	the	DET
ap-1239	146	6	b	b	PROPN
ap-1239	146	7	-	-	PUNCT
ap-1239	146	8	s	s	NOUN
ap-1239	146	9	formula	formula	NOUN
ap-1239	146	10	(	(	PUNCT
ap-1239	146	11	3	3	X
ap-1239	146	12	)	)	PUNCT
ap-1239	146	13	are	be	AUX
ap-1239	146	14	relevant	relevant	ADJ
ap-1239	146	15	in	in	ADP
ap-1239	146	16	this	this	DET
ap-1239	146	17	case	case	NOUN
ap-1239	146	18	and	and	CCONJ
ap-1239	146	19	after	after	ADP
ap-1239	146	20	a	a	DET
ap-1239	146	21	comparison	comparison	NOUN
ap-1239	146	22	(	(	PUNCT
ap-1239	146	23	see	see	VERB
ap-1239	146	24	fig	fig	NOUN
ap-1239	146	25	.	.	PUNCT
ap-1239	147	1	4	4	NUM
ap-1239	147	2	)	)	PUNCT
ap-1239	147	3	with	with	ADP
ap-1239	147	4	market	market	NOUN
ap-1239	147	5	pricings	pricing	NOUN
ap-1239	147	6	of	of	ADP
ap-1239	147	7	options	option	NOUN
ap-1239	147	8	,	,	PUNCT
ap-1239	147	9	they	they	PRON
ap-1239	147	10	are	be	AUX
ap-1239	147	11	very	very	ADV
ap-1239	147	12	similar	similar	ADJ
ap-1239	147	13	.	.	PUNCT
ap-1239	148	1	the	the	DET
ap-1239	148	2	second	second	ADJ
ap-1239	148	3	categories	category	NOUN
ap-1239	148	4	of	of	ADP
ap-1239	148	5	options	option	NOUN
ap-1239	148	6	are	be	AUX
ap-1239	148	7	daily	daily	ADJ
ap-1239	148	8	options	option	NOUN
ap-1239	148	9	,	,	PUNCT
ap-1239	148	10	or	or	CCONJ
ap-1239	148	11	options	option	NOUN
ap-1239	148	12	for	for	ADP
ap-1239	148	13	a	a	DET
ap-1239	148	14	block	block	NOUN
ap-1239	148	15	of	of	ADP
ap-1239	148	16	hours	hour	NOUN
ap-1239	148	17	.	.	PUNCT
ap-1239	149	1	these	these	DET
ap-1239	149	2	(	(	PUNCT
ap-1239	149	3	asian	asian	ADJ
ap-1239	149	4	type	type	NOUN
ap-1239	149	5	)	)	PUNCT
ap-1239	149	6	options	option	NOUN
ap-1239	149	7	are	be	AUX
ap-1239	149	8	specified	specify	VERB
ap-1239	149	9	for	for	ADP
ap-1239	149	10	a	a	DET
ap-1239	149	11	given	give	VERB
ap-1239	149	12	period	period	NOUN
ap-1239	149	13	of	of	ADP
ap-1239	149	14	time	time	NOUN
ap-1239	149	15	and	and	CCONJ
ap-1239	149	16	can	can	AUX
ap-1239	149	17	be	be	AUX
ap-1239	149	18	exercised	exercise	VERB
ap-1239	149	19	every	every	DET
ap-1239	149	20	day	day	NOUN
ap-1239	149	21	during	during	ADP
ap-1239	149	22	this	this	DET
ap-1239	149	23	period	period	NOUN
ap-1239	149	24	.	.	PUNCT
ap-1239	150	1	it	it	PRON
ap-1239	150	2	is	be	AUX
ap-1239	150	3	obvious	obvious	ADJ
ap-1239	150	4	that	that	SCONJ
ap-1239	150	5	daily	daily	ADJ
ap-1239	150	6	options	option	NOUN
ap-1239	150	7	are	be	AUX
ap-1239	150	8	very	very	ADV
ap-1239	150	9	difficult	difficult	ADJ
ap-1239	150	10	to	to	PART
ap-1239	150	11	manage	manage	VERB
ap-1239	150	12	and	and	CCONJ
ap-1239	150	13	are	be	AUX
ap-1239	150	14	not	not	PART
ap-1239	150	15	liquid	liquid	ADJ
ap-1239	150	16	.	.	PUNCT
ap-1239	151	1	therefore	therefore	ADV
ap-1239	151	2	it	it	PRON
ap-1239	151	3	is	be	AUX
ap-1239	151	4	important	important	ADJ
ap-1239	151	5	to	to	PART
ap-1239	151	6	work	work	VERB
ap-1239	151	7	better	well	ADV
ap-1239	151	8	with	with	ADP
ap-1239	151	9	pricing	pricing	NOUN
ap-1239	151	10	models	model	NOUN
ap-1239	151	11	associated	associate	VERB
ap-1239	151	12	with	with	ADP
ap-1239	151	13	jump	jump	NOUN
ap-1239	151	14	characteristics	characteristic	NOUN
ap-1239	151	15	and	and	CCONJ
ap-1239	151	16	mean	mean	VERB
ap-1239	151	17	reverting	revert	VERB
ap-1239	151	18	of	of	ADP
ap-1239	151	19	electricity	electricity	NOUN
ap-1239	151	20	prices	price	NOUN
ap-1239	151	21	.	.	PUNCT
ap-1239	152	1	4	4	NUM
ap-1239	152	2	conclusion	conclusion	NOUN
ap-1239	152	3	liberalization	liberalization	NOUN
ap-1239	152	4	of	of	ADP
ap-1239	152	5	the	the	DET
ap-1239	152	6	energy	energy	NOUN
ap-1239	152	7	industry	industry	NOUN
ap-1239	152	8	requires	require	VERB
ap-1239	152	9	adaptation	adaptation	NOUN
ap-1239	152	10	to	to	ADP
ap-1239	152	11	risk	risk	NOUN
ap-1239	152	12	-	-	PUNCT
ap-1239	152	13	management	management	NOUN
ap-1239	152	14	techniques	technique	NOUN
ap-1239	152	15	.	.	PUNCT
ap-1239	153	1	pricing	pricing	NOUN
ap-1239	153	2	or	or	CCONJ
ap-1239	153	3	selling	sell	VERB
ap-1239	153	4	derivative	derivative	ADJ
ap-1239	153	5	products	product	NOUN
ap-1239	153	6	poses	pose	VERB
ap-1239	153	7	new	new	ADJ
ap-1239	153	8	challenges	challenge	NOUN
ap-1239	153	9	for	for	ADP
ap-1239	153	10	market	market	NOUN
ap-1239	153	11	participants	participant	NOUN
ap-1239	153	12	.	.	PUNCT
ap-1239	154	1	the	the	DET
ap-1239	154	2	non	non	ADJ
ap-1239	154	3	–	–	NOUN
ap-1239	154	4	storability	storability	NOUN
ap-1239	154	5	of	of	ADP
ap-1239	154	6	electrical	electrical	ADJ
ap-1239	154	7	power	power	NOUN
ap-1239	154	8	and	and	CCONJ
ap-1239	154	9	the	the	DET
ap-1239	154	10	inability	inability	NOUN
ap-1239	154	11	to	to	PART
ap-1239	154	12	hold	hold	VERB
ap-1239	154	13	short	short	ADJ
ap-1239	154	14	positions	position	NOUN
ap-1239	154	15	in	in	ADP
ap-1239	154	16	electricity	electricity	NOUN
ap-1239	154	17	spot	spot	NOUN
ap-1239	154	18	prices	price	NOUN
ap-1239	154	19	has	have	AUX
ap-1239	154	20	eliminated	eliminate	VERB
ap-1239	154	21	the	the	DET
ap-1239	154	22	utilization	utilization	NOUN
ap-1239	154	23	of	of	ADP
ap-1239	154	24	techniques	technique	NOUN
ap-1239	154	25	from	from	ADP
ap-1239	154	26	financial	financial	ADJ
ap-1239	154	27	mathematics	mathematic	NOUN
ap-1239	154	28	.	.	PUNCT
ap-1239	155	1	in	in	ADP
ap-1239	155	2	the	the	DET
ap-1239	155	3	case	case	NOUN
ap-1239	155	4	of	of	ADP
ap-1239	155	5	european	european	ADJ
ap-1239	155	6	type	type	NOUN
ap-1239	155	7	of	of	ADP
ap-1239	155	8	derivatives	derivative	NOUN
ap-1239	155	9	in	in	ADP
ap-1239	155	10	energy	energy	NOUN
ap-1239	155	11	markets	market	NOUN
ap-1239	155	12	,	,	PUNCT
ap-1239	155	13	namely	namely	ADV
ap-1239	155	14	options	option	NOUN
ap-1239	155	15	(	(	PUNCT
ap-1239	155	16	call	call	VERB
ap-1239	155	17	,	,	PUNCT
ap-1239	155	18	put	put	NOUN
ap-1239	155	19	and	and	CCONJ
ap-1239	155	20	collar	collar	NOUN
ap-1239	155	21	)	)	PUNCT
ap-1239	155	22	,	,	PUNCT
ap-1239	155	23	it	it	PRON
ap-1239	155	24	turns	turn	VERB
ap-1239	155	25	out	out	ADP
ap-1239	155	26	that	that	SCONJ
ap-1239	155	27	these	these	DET
ap-1239	155	28	derivative	derivative	ADJ
ap-1239	155	29	prices	price	NOUN
ap-1239	155	30	are	be	AUX
ap-1239	155	31	related	relate	VERB
ap-1239	155	32	to	to	ADP
ap-1239	155	33	the	the	DET
ap-1239	155	34	standard	standard	ADJ
ap-1239	155	35	black	black	ADJ
ap-1239	155	36	-	-	PUNCT
ap-1239	155	37	scholes	schole	NOUN
ap-1239	155	38	option	option	NOUN
ap-1239	155	39	pricing	pricing	NOUN
ap-1239	155	40	formula	formula	NOUN
ap-1239	155	41	.	.	PUNCT
ap-1239	156	1	the	the	DET
ap-1239	156	2	main	main	ADJ
ap-1239	156	3	important	important	ADJ
ap-1239	156	4	parameter	parameter	NOUN
ap-1239	156	5	for	for	ADP
ap-1239	156	6	calculating	calculate	VERB
ap-1239	156	7	fair	fair	ADJ
ap-1239	156	8	value	value	NOUN
ap-1239	156	9	is	be	AUX
ap-1239	156	10	volatility	volatility	NOUN
ap-1239	156	11	.	.	PUNCT
ap-1239	157	1	these	these	DET
ap-1239	157	2	findings	finding	NOUN
ap-1239	157	3	are	be	AUX
ap-1239	157	4	positive	positive	ADJ
ap-1239	157	5	,	,	PUNCT
ap-1239	157	6	since	since	SCONJ
ap-1239	157	7	the	the	DET
ap-1239	157	8	standard	standard	ADJ
ap-1239	157	9	tool	tool	NOUN
ap-1239	157	10	for	for	ADP
ap-1239	157	11	pricing	pricing	NOUN
ap-1239	157	12	option	option	NOUN
ap-1239	157	13	derivatives	derivative	NOUN
ap-1239	157	14	can	can	AUX
ap-1239	157	15	also	also	ADV
ap-1239	157	16	be	be	AUX
ap-1239	157	17	applied	apply	VERB
ap-1239	157	18	in	in	ADP
ap-1239	157	19	power	power	NOUN
ap-1239	157	20	markets	market	NOUN
ap-1239	157	21	without	without	ADP
ap-1239	157	22	losing	lose	VERB
ap-1239	157	23	the	the	DET
ap-1239	157	24	influence	influence	NOUN
ap-1239	157	25	of	of	ADP
ap-1239	157	26	specific	specific	ADJ
ap-1239	157	27	market	market	NOUN
ap-1239	157	28	features	feature	NOUN
ap-1239	157	29	.	.	PUNCT
ap-1239	158	1	acknowledgement	acknowledgement	NOUN
ap-1239	158	2	the	the	DET
ap-1239	158	3	research	research	NOUN
ap-1239	158	4	described	describe	VERB
ap-1239	158	5	in	in	ADP
ap-1239	158	6	this	this	DET
ap-1239	158	7	paper	paper	NOUN
ap-1239	158	8	was	be	AUX
ap-1239	158	9	supervised	supervise	VERB
ap-1239	158	10	by	by	ADP
ap-1239	158	11	prof	prof	NOUN
ap-1239	158	12	.	.	PUNCT
ap-1239	159	1	o.	o.	PROPN
ap-1239	159	2	starý	starý	PROPN
ap-1239	159	3	,	,	PUNCT
ap-1239	159	4	fee	fee	NOUN
ap-1239	159	5	ctu	ctu	NOUN
ap-1239	159	6	in	in	ADP
ap-1239	159	7	prague	prague	PROPN
ap-1239	159	8	references	reference	NOUN
ap-1239	159	9	[	[	X
ap-1239	159	10	1	1	NUM
ap-1239	159	11	]	]	PUNCT
ap-1239	159	12	borovkova	borovkova	PROPN
ap-1239	159	13	,	,	PUNCT
ap-1239	159	14	s.	s.	PROPN
ap-1239	159	15	,	,	PUNCT
ap-1239	159	16	geman	geman	PROPN
ap-1239	159	17	,	,	PUNCT
ap-1239	159	18	h.	h.	NOUN
ap-1239	159	19	:	:	PUNCT
ap-1239	159	20	analysis	analysis	NOUN
ap-1239	159	21	and	and	CCONJ
ap-1239	159	22	modeling	modeling	NOUN
ap-1239	159	23	of	of	ADP
ap-1239	159	24	electricity	electricity	NOUN
ap-1239	159	25	futures	future	NOUN
ap-1239	159	26	prices	price	NOUN
ap-1239	159	27	,	,	PUNCT
ap-1239	159	28	studies	study	NOUN
ap-1239	159	29	in	in	ADP
ap-1239	159	30	nonlinear	nonlinear	ADJ
ap-1239	159	31	dynamics	dynamic	NOUN
ap-1239	159	32	&	&	CCONJ
ap-1239	159	33	econometrics	econometric	NOUN
ap-1239	159	34	,	,	PUNCT
ap-1239	159	35	nonlinear	nonlinear	ADJ
ap-1239	159	36	analysis	analysis	NOUN
ap-1239	159	37	of	of	ADP
ap-1239	159	38	electricity	electricity	NOUN
ap-1239	159	39	prices	price	NOUN
ap-1239	159	40	,	,	PUNCT
ap-1239	159	41	vol	vol	NOUN
ap-1239	159	42	.	.	PROPN
ap-1239	159	43	10	10	NUM
ap-1239	159	44	,	,	PUNCT
ap-1239	159	45	issue	issue	NOUN
ap-1239	159	46	3	3	NUM
ap-1239	159	47	,	,	PUNCT
ap-1239	159	48	article	article	NOUN
ap-1239	159	49	6	6	NUM
ap-1239	159	50	,	,	PUNCT
ap-1239	159	51	the	the	DET
ap-1239	159	52	berkeley	berkeley	PROPN
ap-1239	159	53	electronic	electronic	ADJ
ap-1239	159	54	press	press	NOUN
ap-1239	159	55	,	,	PUNCT
ap-1239	159	56	2006	2006	NUM
ap-1239	159	57	.	.	PUNCT
ap-1239	160	1	[	[	X
ap-1239	160	2	2	2	NUM
ap-1239	160	3	]	]	X
ap-1239	160	4	hull	hull	NOUN
ap-1239	160	5	,	,	PUNCT
ap-1239	160	6	j.	j.	PROPN
ap-1239	160	7	c.	c.	PROPN
ap-1239	160	8	:	:	PUNCT
ap-1239	160	9	options	option	NOUN
ap-1239	160	10	,	,	PUNCT
ap-1239	160	11	futures	future	NOUN
ap-1239	160	12	,	,	PUNCT
ap-1239	160	13	and	and	CCONJ
ap-1239	160	14	other	other	ADJ
ap-1239	160	15	derivatives	derivative	NOUN
ap-1239	160	16	.	.	PUNCT
ap-1239	161	1	6th	6th	ADJ
ap-1239	161	2	edition	edition	NOUN
ap-1239	161	3	,	,	PUNCT
ap-1239	161	4	prentice	prentice	NOUN
ap-1239	161	5	hall	hall	PROPN
ap-1239	161	6	,	,	PUNCT
ap-1239	161	7	2006	2006	NUM
ap-1239	161	8	,	,	PUNCT
ap-1239	161	9	isbn	isbn	ADJ
ap-1239	161	10	0	0	NUM
ap-1239	161	11	-	-	SYM
ap-1239	161	12	13	13	NUM
ap-1239	161	13	-	-	PUNCT
ap-1239	161	14	149908	149908	NUM
ap-1239	161	15	-	-	SYM
ap-1239	161	16	4	4	NUM
ap-1239	161	17	.	.	PUNCT
ap-1239	162	1	[	[	X
ap-1239	162	2	3	3	NUM
ap-1239	162	3	]	]	X
ap-1239	162	4	redl	redl	NOUN
ap-1239	162	5	,	,	PUNCT
ap-1239	162	6	c.	c.	PROPN
ap-1239	162	7	:	:	PUNCT
ap-1239	162	8	modeling	model	VERB
ap-1239	162	9	electricity	electricity	NOUN
ap-1239	162	10	futures	future	NOUN
ap-1239	162	11	,	,	PUNCT
ap-1239	162	12	energy	energy	NOUN
ap-1239	162	13	economics	economic	NOUN
ap-1239	162	14	group	group	NOUN
ap-1239	162	15	,	,	PUNCT
ap-1239	162	16	vienna	vienna	PROPN
ap-1239	162	17	university	university	NOUN
ap-1239	162	18	.	.	PUNCT
ap-1239	163	1	[	[	X
ap-1239	163	2	4	4	NUM
ap-1239	163	3	]	]	PUNCT
ap-1239	163	4	stoft	stoft	ADJ
ap-1239	163	5	,	,	PUNCT
ap-1239	163	6	s.	s.	PROPN
ap-1239	163	7	,	,	PUNCT
ap-1239	163	8	belden	belden	PROPN
ap-1239	163	9	,	,	PUNCT
ap-1239	163	10	t.	t.	PROPN
ap-1239	163	11	,	,	PUNCT
ap-1239	163	12	goldman	goldman	PROPN
ap-1239	163	13	,	,	PUNCT
ap-1239	163	14	c.	c.	PROPN
ap-1239	163	15	,	,	PUNCT
ap-1239	163	16	pickle	pickle	NOUN
ap-1239	163	17	,	,	PUNCT
ap-1239	163	18	s.	s.	PROPN
ap-1239	163	19	:	:	PUNCT
ap-1239	163	20	primer	primer	NOUN
ap-1239	163	21	on	on	ADP
ap-1239	163	22	electricity	electricity	NOUN
ap-1239	163	23	futures	future	NOUN
ap-1239	163	24	and	and	CCONJ
ap-1239	163	25	other	other	ADJ
ap-1239	163	26	derivatives	derivative	NOUN
ap-1239	163	27	,	,	PUNCT
ap-1239	163	28	university	university	NOUN
ap-1239	163	29	of	of	ADP
ap-1239	163	30	california	california	PROPN
ap-1239	163	31	,	,	PUNCT
ap-1239	163	32	1998	1998	NUM
ap-1239	163	33	.	.	PUNCT
ap-1239	164	1	about	about	ADP
ap-1239	164	2	the	the	DET
ap-1239	164	3	author	author	NOUN
ap-1239	164	4	pavel	pavel	PROPN
ap-1239	164	5	pavlatka	pavlatka	PROPN
ap-1239	164	6	was	be	AUX
ap-1239	164	7	born	bear	VERB
ap-1239	164	8	in	in	ADP
ap-1239	164	9	ceske	ceske	ADJ
ap-1239	164	10	budejovice	budejovice	NOUN
ap-1239	164	11	in	in	ADP
ap-1239	164	12	1982	1982	NUM
ap-1239	164	13	.	.	PUNCT
ap-1239	165	1	he	he	PRON
ap-1239	165	2	was	be	AUX
ap-1239	165	3	awarded	award	VERB
ap-1239	165	4	a	a	DET
ap-1239	165	5	master‘s	master‘s	NOUN
ap-1239	165	6	degree	degree	NOUN
ap-1239	165	7	in	in	ADP
ap-1239	165	8	february	february	PROPN
ap-1239	165	9	2008	2008	NUM
ap-1239	165	10	.	.	PUNCT
ap-1239	166	1	he	he	PRON
ap-1239	166	2	is	be	AUX
ap-1239	166	3	currently	currently	ADV
ap-1239	166	4	a	a	DET
ap-1239	166	5	doctoral	doctoral	ADJ
ap-1239	166	6	student	student	NOUN
ap-1239	166	7	at	at	ADP
ap-1239	166	8	the	the	DET
ap-1239	166	9	department	department	NOUN
ap-1239	166	10	of	of	ADP
ap-1239	166	11	economics	economic	NOUN
ap-1239	166	12	,	,	PUNCT
ap-1239	166	13	management	management	NOUN
ap-1239	166	14	and	and	CCONJ
ap-1239	166	15	humanities	humanity	NOUN
ap-1239	166	16	,	,	PUNCT
ap-1239	166	17	fee	fee	NOUN
ap-1239	166	18	,	,	PUNCT
ap-1239	166	19	ctu	ctu	NOUN
ap-1239	166	20	in	in	ADP
ap-1239	166	21	prague	prague	PROPN
ap-1239	166	22	.	.	PUNCT
ap-1239	167	1	pavel	pavel	PROPN
ap-1239	167	2	pavlatka	pavlatka	PROPN
ap-1239	167	3	e	e	NOUN
ap-1239	167	4	-	-	NOUN
ap-1239	167	5	mail	mail	NOUN
ap-1239	167	6	:	:	PUNCT
ap-1239	167	7	pavlap1@.fel.cvut.cz	pavlap1@.fel.cvut.cz	NOUN
ap-1239	167	8	dept	dept	NOUN
ap-1239	167	9	.	.	PROPN
ap-1239	167	10	of	of	ADP
ap-1239	167	11	economics	economic	NOUN
ap-1239	167	12	management	management	NOUN
ap-1239	167	13	and	and	CCONJ
ap-1239	167	14	humanities	humanity	NOUN
ap-1239	167	15	czech	czech	PROPN
ap-1239	167	16	technical	technical	PROPN
ap-1239	167	17	university	university	PROPN
ap-1239	167	18	zikova	zikova	PROPN
ap-1239	167	19	4	4	NUM
ap-1239	167	20	,	,	PUNCT
ap-1239	167	21	166	166	NUM
ap-1239	167	22	29	29	NUM
ap-1239	167	23	praha	praha	NOUN
ap-1239	167	24	6	6	NUM
ap-1239	167	25	,	,	PUNCT
ap-1239	167	26	czech	czech	PROPN
ap-1239	167	27	republic	republic	NOUN
ap-1239	167	28	69	69	NUM