Aim and Scope

摘要

Commodity conversion assets perform various transformation processes, including the production, refining, industrial and commercial consumption, and distribution of physical commodities and energy sources, such as grains, metals, electricity, coal, crude oil, and natural gas. This monograph deals with the management and valuation of conversion assets. Commodities and energy are traded on physical markets. It is thus natural to approach the management of commodity conversion assets from a merchant perspective, which adjusts the level of the conversion activities to profit from the dynamics of commodity prices. We introduce the expression merchant operations to describe this approach.