• Producers and users of gas, oil, electricity and other forms of energy rely on Enron's system for trading futures, forwards, options, swaps and other contracts to get the best prices and control costs far into the future. (upenn.edu)
  • Presence of pricing model free of forwards contracts. (jairm.org)
  • Derivatives products based upon traditional underlying assets such as commodities, debt instruments or equities indices have been the focus of both hedging and speculative trading operations for decades. (fxcm.com)
  • There are a variety of weather-related products that investors and traders use, in addition to investing in commodities affected by weather events. (legalsportsreport.com)
  • As leaders in the energy sector, we bring extensive knowledge of our clients' business challenges and offer deep experience in handling commodities derivatives and structured finance products to hedge risks relating to oil and gas exploration and production, and other energy-industry projects. (velaw.com)
  • The term "derivative" refers to a financial instrument whose value depends on the underlying asset's value, such as equities, currency or commodities. (educba.com)
  • Many investors, who participate in the commodity derivative market, don't hold any physical commodities because traders can invest in non-financial assets without actual possession. (educba.com)
  • that is, financial contracts whose values are "derived" from more basic elements (such as stocks, commodities, currencies, credit, and even energy and weather). (claremont.edu)
  • Contracts for difference (CFDs) are OTC derivative contracts, you aren't buying or selling physical commodities. (pepperstone.com)
  • In this article we look at the consequences of contracting bank credit on the economy, financial markets, and commodities. (kingworldnews.com)
  • Examples of some of the other more sophisticated underlying assets include environmental instruments, interest rates, freight contracts, swaps, etc. (educba.com)
  • Futures contracts, option contracts, and credit default swaps are examples of the several types of derivative available. (financeplusinsurance.com)
  • What are Commodity Derivatives? (educba.com)
  • Let us look at some examples of commodity derivatives to understand how they work. (educba.com)
  • Thus, traders use commodity derivatives in the future or options contracts to hedge the price risk. (educba.com)
  • Hence, investors prefer investing in commodity derivatives to safeguard their capital from the adverse impact of inflation. (educba.com)
  • In early 1995, Nick Leeson earned global notoriety when it was discovered that he had lost around $1.3 billion trading derivatives, bringing about the collapse of Barings Bank, one of the world's largest at the time. (maths.org)
  • These innovations were instrumental in helping CME Group become the world's leading derivatives marketplace. (cmegroup.com)
  • Most notably, in 1981 he architected CME Eurodollar futures, the world's most actively traded futures contract today. (cmegroup.com)
  • V&E has an active Derivatives practice in New York, Texas, and London - the world's most dynamic markets for derivatives. (velaw.com)
  • Proposals and how much for information on an expression options are said to transactions costs or interest flip through the world's largest equity derivatives. (jairm.org)
  • Thanks to derivatives, investors are able to participate in specialize markets and trade a wide variety of assets . (financeplusinsurance.com)
  • The value of a derivative is contingent upon the performance of another asset or group of assets. (financeplusinsurance.com)
  • However, the popularity of more unconventional products has given rise to a wide variety of exotic futures and options contracts. (fxcm.com)
  • Louis Gourbin - Derivatives are futures and options contracts, like those traded on B3. (agribrasilis.com)
  • OTC trading has been more strictly regulated since the 2008 financial crisis but continues to be to go-to method used by derivatives traders, as reflected by contract volume statistics. (techopedia.com)
  • Weather derivatives offer businesses and traders the opportunity to hedge the risk associated with the negative impact of a weather-related event. (legalsportsreport.com)
  • Modern traders can trade a bear market by using popular derivative tools such as spread bets and contracts for difference (CFDs). (cmcmarkets.com)
  • Futures contracts can be use by traders to hedge against price fluctuations or to attempt to forecast future prices. (financeplusinsurance.com)
  • Enter into a long forward contract to repurchase the pig in one year's time for the delivery price. (maths.org)
  • In effect, this contract was to provide motion picture production companies with a method of hedging capital risk while allowing speculators to supply liquidity to the market through taking positions on potential box office returns. (fxcm.com)
  • Derivatives allow parties to take on or transfer risk related to the underlying asset without the need to own the latter directly. (techopedia.com)
  • OTC derivatives are not standardized and carry significant counterparty risk. (techopedia.com)
  • Identify and exploit mispriced derivatives to lock in risk-free profits through paired trades. (techopedia.com)
  • Sports betting sites that offer wagering on weather events are likely doing so without proper registration via the appropriate authorities and risk enforcement actions. (legalsportsreport.com)
  • CME Group named this award to honor Leo Melamed for his revolutionary achievements in introducing financial futures instruments to futures markets in 1972, and Fred Arditti, whose achievements in the 1980s developing CME's eurodollar interest rate and weather futures significantly advanced the management of risk in the futures industry. (cmegroup.com)
  • Fred Arditti developed futures contracts that transformed how businesses and individuals manage risk. (cmegroup.com)
  • One of the primary risks is offtake risk, and fluctuations in revenue from intermittency due to weather related causes. (altenergystocks.com)
  • The derivatives market is expanding, and as a result, it currently offers products that may meet the demands of investors with varying levels of risk tolerance. (financeplusinsurance.com)
  • Forward contracts are over-the-counter (OTC) instruments, therefore both parties are exposed to a greater level of counterparty risk. (financeplusinsurance.com)
  • Counterparty risk is the possibility that one or both parties to a contract will be unable to fulfil their obligations. (financeplusinsurance.com)
  • When parties enter into a forward contract, they may attempt to balance their holdings with other counterparties to decrease the amount of risk they are exposed to. (financeplusinsurance.com)
  • Weather derivatives assignment help services online can cover a wide range of topics related to weather derivatives, including but not limited to concepts such as pricing and valuation, risk management, trading strategies, and regulatory frameworks. (financeassignmenthelpdesk.com)
  • It covers concepts such as the pay-off structure, contract specifications, and risk-neutral pricing approach. (financeassignmenthelpdesk.com)
  • Risk Management with Weather Derivatives: This section focuses on how businesses can use weather derivatives as risk management tools. (financeassignmenthelpdesk.com)
  • It covers topics such as risk assessment, risk identification, and risk mitigation strategies using weather derivatives. (financeassignmenthelpdesk.com)
  • It also discusses the limitations and challenges associated with weather derivatives as risk management tools. (financeassignmenthelpdesk.com)
  • It discusses how weather derivatives can be used to manage weather-related risks specific to each industry and provides real-world examples of how businesses have successfully used weather derivatives for risk management. (financeassignmenthelpdesk.com)
  • The structures are: customized financial contracts and products designed for the goals of managing risk, exploiting financial opportunities, and achieving financial objectives for businesses, governments, and individuals. (claremont.edu)
  • Derivatives are generally used to hedge risk, but can also be used for speculative purposes. (thecitybank.com)
  • Environmental Finance reports that Nikon cameras in Switzerland are utilising the services of weather risk management firm CelsiusPro AG to offer camera buyers in Switzerland a refund should the weather turn bad over a defined period over the Easter holidays. (artemis.bm)
  • Finding ways to smooth your revenue stream whatever the weather is becoming easier with more types of weather risk transfer and weather insurance products available than ever before. (artemis.bm)
  • They're the first airline to offer this, previously this type of weather risk deal has only been offered by tour operators and companies offering accommodation. (artemis.bm)
  • Sporting events seem like a natural avenue for the weather risk management companies to venture down. (artemis.bm)
  • 2008 was a year of ups and downs for the insurance linked security and catastrophe bond markets, while the weather risk management market did not fare so badly (although it has been quiet on the news front). (artemis.bm)
  • With the new Brazilian derivative, local farmers have at their disposal a risk management tool for the price of Brazilian soybeans. (agribrasilis.com)
  • Pricing with our essays at strikes or accounting for nism equity derivatives risk exposure on an asset pricing of our website free of options. (jairm.org)
  • This aids farmers to analyze the risk of weather conditions and other farm-related concerns. (coinnewsdaily.com)
  • Gross market values, which measure the cost of replacing all contracts and thus represent a better measure of risk at a given point in time than notional amounts, rose by 16% to $11 trillion. (cambridgeforecast.org)
  • Arbol stated in a website that the customers are now ready to now develop derivatives on the blockchain, dependent on Ethereum, that earnings no matter of the weather concerns. (coinnewsdaily.com)
  • A derivative is a financial contract that derives its value from an underlying asset or benchmark. (techopedia.com)
  • The value of a derivative contract is determined by the performance of the underlying asset. (techopedia.com)
  • The contract's settlement can occur through the physical delivery of the asset or by settling the contract in cash. (techopedia.com)
  • In contrast, options contracts give the holder the right but not the obligation to buy or sell the asset. (techopedia.com)
  • 1. Hedging involves taking a derivative position to offset one party's exposure to the underlying asset. (techopedia.com)
  • Use derivatives to offset underlying asset risks related to their business. (techopedia.com)
  • Take risky derivative positions to profit from asset price fluctuations. (techopedia.com)
  • A financial instrument is known as a "commodity derivative" when the contract's underlying asset is a commodity. (educba.com)
  • Contract value is directly proportional to the change in price of the underlying asset. (financeplusinsurance.com)
  • The value of a derivative is determine by the fluctuating value of the asset it represents over time. (financeplusinsurance.com)
  • To increase one's potential for financial gain through lucrative speculation on the future value of an underlying asset is the key motivation for entering into derivative contracts. (financeplusinsurance.com)
  • Because derivatives are just contracts, just about anything can be used as an underlying asset. (thecitybank.com)
  • A credit contraction undermines financial asset values and associated derivative markets. (kingworldnews.com)
  • There are several reasons why an exchange will periodically launch an unconventional futures or options contract. (fxcm.com)
  • The initial contract covers the engineering and manufacturing development of four aircraft, with options for two additional aircraft, six low rate initial production aircraft, and interim contractor logistics support. (globalsecurity.org)
  • The total performance of the contract, if all options are exercised, is 42 months. (globalsecurity.org)
  • This in turn led to the introduction of derivative contracts such as options, intended to protect energy users from unexpected price spikes due to various seasonal and random factors. (wolfram.com)
  • 1] T. Kluge, Pricing Swing Options And Other Electricity Derivatives , Univ. (wolfram.com)
  • Technically speaking, in-the-money (ITM) options - especially those derivatives that are particularly deep ITM - command relatively large premiums. (theglobeandmail.com)
  • Sep 13, examples, and the no arbitrage sounds very fancy, forward futures contracts options as credit derivatives. (jairm.org)
  • Exchange options as options pricing various weather derivatives, or click on the characteristics and arbitrage free of derivatives markets. (jairm.org)
  • Select, the topic of derivatives options and options, 2011 - non-derivative securities using the usual practice of derivatives ppt 1. (jairm.org)
  • Bitcoinmarkets what's a comprehensive resource for nism equity appraise option, a geometric asian call option pricing of derivatives options. (jairm.org)
  • Binary option derivatives ppt 1 reveals flaws in an arbitrage-free pricing and hedging in one of options. (jairm.org)
  • What Are Exotic Derivative Products? (fxcm.com)
  • Exotic Derivative Products: Why? (fxcm.com)
  • One of the arguments made by some (not me) against treating sports betting as a product that should be regulated like other financial products: it does not provide a legitimate hedging opportunity like other derivatives, such as weather products. (legalsportsreport.com)
  • Our Derivatives, Structured Products & Trading practice group combines transaction and industry experience with legal and regulatory knowledge to offer comprehensive guidance at every stage of a transaction. (velaw.com)
  • Our lawyers are also well versed in Dodd-Frank regulations and EU directives applicable to hedging and derivative products. (velaw.com)
  • The commodity CFDs we offer are cash products derived from the front month futures contracts on the underlying commodity. (pepperstone.com)
  • Japanese newspaper the Yomiuri Shimbun report that Japan Insurance Co. has started to see weather insurance products which refund the full value of travel costs should it rain or snow more than a certain amount at a customers destination within Japan. (artemis.bm)
  • The modern global derivatives market provides individuals an avenue by which to profit from successful prognostication. (fxcm.com)
  • However, the public interest and media attention created by Cantor's launch of the DBOR serves as a prime example of exactly why exchanges and markets around the world create and introduce unconventional contracts to the open market every year. (fxcm.com)
  • However, in the event that exotics such as DBOR are permitted to trade on the open market, the ultimate success of the contract is not ensured. (fxcm.com)
  • [2] A similar study of the broader futures market reported that 52% of all new contracts launched in the calendar year of 2011 failed to trade even once. (fxcm.com)
  • The over-the-counter (OTC) derivatives market involves private trades between two parties. (techopedia.com)
  • Unfortunately for sportsbook operators in the US, weather betting already has a regulated market. (legalsportsreport.com)
  • Till notes that temperature-related contracts account for 98% of the weather derivatives market. (legalsportsreport.com)
  • In a commodity derivative, if the price of the underlying commodity goes up, the buyer of the contract benefits as he/she can get the commodity at a lower-than-market price and can sell in the market at a higher price. (educba.com)
  • He/ she can purchase the commodity at a lower price in the market and sell it to the contract buyer at a higher-than-market price. (educba.com)
  • On the other hand, some investors enter the commodity derivative market to earn possible returns depending on speculations. (educba.com)
  • A derivative (OTC) is an agreement between two or more parties that facilitates the purchase or sale of a financial instrument on an exchange or an over-the-counter market (OTC). (financeplusinsurance.com)
  • The over-the-counter (OTC) market for a various types of financial derivative allows nearly infinite personalization choices. (financeplusinsurance.com)
  • In today's market, derivatives can be utilize for a broader range of applications and are based on a broader range of transactions. (financeplusinsurance.com)
  • Futures contracts are standardize agreements that can be tradable on a futures-specialized market. (financeplusinsurance.com)
  • The underlying science of financial markets is best described in the language of advanced mathematics such as probability, statistics, partial differential equations, and numerical analysis, which are indispensable tools in determining the market values of these derivative securities. (claremont.edu)
  • It's two years since the Chicago Mercantile Exchange (CME) launched its snowfall derivative contracts giving market participants a way to hedge the risks of there being too much snowfall and that impacting their business and profits. (artemis.bm)
  • The purpose of these contracts is to set a price lock that acts as insurance for your operation in the physical market. (agribrasilis.com)
  • The buyer earns if he buys the currency at higher rate than is on the market at the time the contract is being fulfilled. (sailanmuslim.com)
  • FRA To Launch Futures Contracts Trading In Derivatives Market. (menafn.com)
  • It is feasible to construct derivatives from a region's total amount of precipitation or number of sunny days. (financeplusinsurance.com)
  • There are even derivatives based on weather data, such as the amount of rain or the number of sunny days in a particular region. (thecitybank.com)
  • Such a derivative can be used to hedge risks related to the demand for heating fuel or electricity. (legalsportsreport.com)
  • The creation of weather derivative markets is relatively new, conceptualized mainly in the 1990s with the first contract being executed in 1996. (legalsportsreport.com)
  • The financial markets naturally grow and contract due to changes in supply and demand. (cmcmarkets.com)
  • Average weather, as measured by degree days, across markets where U.S. propane operates for 2021 was 7% colder than the prior year and 4% warmer than the five-year average. (cbinsights.com)
  • But bank credit also drives financial activities, its long-term expansion having driven bond yields down, equities up, and expanding derivative markets to a $700 trillion monster. (kingworldnews.com)
  • Activity in the over-the-counter derivatives markets continued to grow during the first half of 2005, albeit at a somewhat slower pace than in the preceding six months. (cambridgeforecast.org)
  • The agriculture sector was led by strong gains in cotton over concerns around this year's U.S. crop due to weather. (etftrends.com)
  • A noted example of this practice was the creation of the Domestic Box Office Receipt (DBOR) futures contract by the Cantor Exchange in 2010. (fxcm.com)
  • Often, the media "buzz" surrounding the launch of an exotic contract will bolster trading volumes, attract new customers and achieve product differentiation through generating public interest. (fxcm.com)
  • More exotic derivatives can be based on weather data, inflation rates, residential mortgages, and more. (techopedia.com)
  • Net earnings from continuing operations of $75.4 million in the first quarter increased $74.3 million over the first quarter of 2020 primarily due to the factors described above and gains on derivatives and foreign currency translation of borrowings, partially offset by higher finance expense and income tax expense in the current quarter. (cbinsights.com)
  • In the first quarter of 2021, Superior had realized gains on foreign currency hedging contracts of $5.5 million compared to realized losses of $4.0 million in the prior year quarter due to the average hedge rate of the foreign exchange contracts and the strengthening of the Canadian dollar. (cbinsights.com)
  • Finally, neither of the parties to the contract know what the future currency rate will be, and hence it is all based on gambling and speculation. (sailanmuslim.com)
  • They are used by various industries, including agriculture, energy, transportation, and tourism, to manage weather-related risks that can significantly impact their operations and profitability. (financeassignmenthelpdesk.com)
  • They negotiate contract terms like size and settlement dates. (techopedia.com)
  • Maryland-based Earth Satellite Corp,which specialises in the development and application of remote sensing and geographicinformation technologies, is providing settlement data, as it does for the CME'sexisting weather derivatives. (risk.net)
  • The contract is based on the export price at the port of Santos and financial settlement calculated in dollars per tonne using the S&P Global Platts index. (agribrasilis.com)
  • Flood Foresight is underpinned by JBA's Global Flood Maps, ensuring consistency in approach between contract structuring, pricing and settlement. (jbarisk.com)
  • The standardised trade of derivatives have made the possibility of placing a wager on the future value of almost anything a reality. (fxcm.com)
  • While no one actually owns the weather, financial regulators constrain the ability to wager on upcoming weather events. (legalsportsreport.com)
  • You could enter a derivative contract to profit from a winning wager, among other reasons. (financeplusinsurance.com)
  • It explains how weather derivatives can be used as financial tools to manage risks associated with weather variability and how they differ from traditional financial derivatives. (financeassignmenthelpdesk.com)
  • Weather variability is an important driver of the economics of any type of clean energy project, but storage is particularly sensitive to atypical weather conditions. (resurety.com)
  • REsurety's fundamentals price model gives users unique insight into their price forecasts, and by modeling hourly weather variability representative of 40 years, we elevate this insight to give visibility into a broad range of outcomes. (resurety.com)
  • They can also help students with data analysis, statistical modeling, and numerical simulations to analyze weather data and make informed decisions in managing weather-related risks. (financeassignmenthelpdesk.com)
  • It also discusses the role of weather data, historical weather patterns, and statistical models in pricing weather derivatives. (financeassignmenthelpdesk.com)
  • Introduction to perform statistical arbitrage strategy derivatives, examples of a fifth letter of individual in finance, index with offices located worldwide, the no-arbitrage delivery period. (jairm.org)
  • A 2011 study released by the CME Group stated that 29.3% of all new futures contracts launched on the Chicago Mercantile Exchange (CME) between 1999 and 2010 failed to attract any interest or trading volume. (fxcm.com)
  • The metrics were intriguing: the total volume clocked in at 27,158 contracts against open interest of 154,489. (theglobeandmail.com)
  • Long and short positions in derivatives can generate profits or losses. (techopedia.com)
  • These derivatives are used as a form of insurance, allowing businesses to hedge against potential losses due to adverse weather conditions. (financeassignmenthelpdesk.com)
  • We have assisted numerous clients in standardizing their derivatives contracts and in implementing complex commodity hedging strategies, including the negotiation and documentation of ISDA and similar agreements. (velaw.com)
  • Failure rates of new futures contracts are substantial, with a large number of them never gaining traction. (fxcm.com)
  • According to the group that operates the Chicago Mercantile Exchange , weather directly affects 30% of the US economy. (legalsportsreport.com)
  • From the Islamic finance perspective, the presence of Maisir and Qimar in the contract renders it invalid. (sailanmuslim.com)
  • That said, there are trading platforms in the US that are regulated by the CFTC that operate legally and permit qualified individuals to trade weather derivatives. (legalsportsreport.com)
  • It will provide a persistent capability to detect, locate, classify/identify and track surface targets in nearly all weather conditions, day or night, with a high degree of timeliness and accuracy. (globalsecurity.org)
  • There is one additional important aspect of electricity prices: discontinuous random spikes in price due to unpredictable changes in weather or supply conditions. (wolfram.com)
  • sometimes even weather conditions. (sailanmuslim.com)
  • Much of the industry uses a "Weather-Normal" or "Typical Meteorological Year" to represent forward-looking weather conditions in their price models. (resurety.com)
  • A wide distribution of potential outcomes exists depending on the weather conditions, and visibility into this range of outcomes is important for making financial decisions and planning for downside scenarios. (resurety.com)
  • Other companies such as CME Team also deliver weather conditions derivatives with a center person. (coinnewsdaily.com)
  • Several external factors have an impact on them, such as macroeconomic context, exchange rate, weather and socio-environmental issues. (agribrasilis.com)
  • The CME already offers 29 weather derivatives based on temperatures in cities around the world, and a frost index contract for Amsterdam. (risk.net)
  • From single transactions to entire portfolios, Vinson & Elkins has structured both domestic and cross-border derivative transactions designed to help our clients meet their business needs. (velaw.com)
  • The simplest type of derivative is a forward contract. (maths.org)
  • This type of contract gives the holder the right but not the obligation to execute the transaction on the expiration date. (educba.com)
  • It explains how each type of weather derivative works, their underlying weather variables, and their applications in different industries. (financeassignmenthelpdesk.com)
  • Enter into a short forward contract to sell a pig for £330 in one year's time. (maths.org)
  • When discussing the parameters of a forward contract, the parties might modify the amount, duration, and method of payment to better meet their needs. (financeplusinsurance.com)
  • It was most similar to the present forward-contract. (sailanmuslim.com)
  • In a classic forward contract, the buyer purchases the item which will be obtained at a later time, e.g. fruit, vegetables. (sailanmuslim.com)
  • In the more complicated forward contracts, the buyer is entitled to demand from the seller delivery of the financial instrument upon which the transaction was based for the price agreed by the parties to the transaction. (sailanmuslim.com)
  • For instance, let's say the buyer enters into a forward contract, where the underlying is US dollars. (sailanmuslim.com)
  • Nevertheless, some say that the Islamic contract of Bai' salam is similar to the forward contract. (sailanmuslim.com)
  • Boston and New York were picked because they have over a century of reliable weather records, and are both large cities that face economic damage from heavy snow, the exchange said. (risk.net)
  • The parties that issue and purchase a derivative contract agree to exchange cash flows at a future date based on the underlying asset's price movements. (techopedia.com)
  • however unlike futures contracts, they are not tradable on an exchange. (financeplusinsurance.com)
  • 2] J. Lucia and E. Schwartz, 'Electricity Prices and Power Derivatives: Evidence from the Nordic Power Exchange,' Review of Derivatives Research , 5 (1), 2002 pp. 5-50. (wolfram.com)
  • AgriBrasilis - What is the Soybean Futures Brazil* contract in partnership with the Chicago stock exchange? (agribrasilis.com)
  • The UK International Petroleum Exchange is considering launching a greenhouse gas emissions trading contract as well as weather derivatives. (ifrf.net)
  • The result of all this was to catapult the world of derivatives into the public eye. (maths.org)
  • They can assist students in understanding the underlying principles, theories, and mathematical models related to weather derivatives, as well as provide practical examples and case studies to illustrate their applications in real-world scenarios. (financeassignmenthelpdesk.com)
  • Nevertheless, thanks to the criticism of these detrimental derivatives, the world of banks and financial elites have finally come to see Islamic finance in a more positive light. (sailanmuslim.com)
  • The contract was initially approved by the U.S. Commodity Futures Trading Commission (CFTC) on 28 June, 2010, [1] but shortly thereafter the trade was banned by Congress. (fxcm.com)
  • Like registering to open a sports wagering account, trading derivatives on a reputable and regulated platform require registration and verification of the user's identity before they are granted privileges to trade. (legalsportsreport.com)
  • Futures contracts allow you to trade a commodity at a future date (next month or next season), placing yourself on the buyer or seller side. (agribrasilis.com)
  • Second, the contract is to be fulfilled at a future date. (sailanmuslim.com)
  • Furthermore, the future fulfillment of the contract indicates that the parties are sure about the events of the future. (sailanmuslim.com)
  • Moreover, the future is uncertain, which is why it could invalidate such a contract. (sailanmuslim.com)
  • Bai' salam is defined as a contract, where the seller obligates itself to deliver a certain, specified thing of already defined qualities at some point in the future and the buyer pays the price upon entering into contract. (sailanmuslim.com)
  • Derivatives traded on B3 are governed by trading rules and have prices on screen. (agribrasilis.com)
  • A price model that only uses a typical meteorological year will miss the extreme prices that come with extreme weather, resulting in a dramatically different modeled outcome from the true range of expected possibilities. (resurety.com)
  • The blue line represents the case with a distribution of daily forecasted storage project values created using prices produced by a Weather-Smart model fed with the signal of 40 weather years. (resurety.com)
  • The second case represents in green the distribution of daily storage values based on prices produced by modeling a single weather-normal year of data. (resurety.com)