Business journalist
Articles by Pauline McCallion
Newcomer of the year: Abaxx Exchange
The energy transition is radically reshaping commodity demand, with global supply chains transforming in the face of surging electrification and increased renewables and batteries build-out. Abaxx Exchange, winner of Energy Risk’s 2026 Newcomer of the year award, set out to address this new market paradigm by developing benchmark futures contracts that align closely with underlying physical markets in a way some traditional benchmarks no longer do. Launched in 2024, the exchange’s first contracts
Data, cyber and model risk top IT concerns for risk managers: survey
Data quality, cyber risk and the complexity and black-box nature of models were voted as the top three technology concerns for energy risk managers in a recent survey by Energy Risk. The survey, which was live throughout January 2026, polled 50 risk professionals about their energy and commodity trading and risk management (E/CTRM) systems landscape, asking about future plans and greatest concerns.
Next-gen PPA contracts reshaping European power markets
European electricity prices dipped below zero more times than ever before in 2025 due to the growth in renewable energy generation, while the region’s grid struggled to keep up with the demands of the new generation mix. In Spain, for example, instances of negative prices doubled in 2025 compared with 2024 when the country first started experiencing the phenomenon. France, Germany and the UK have also been experiencing pricing extremes to varying degrees.
Davos 2026: Why scaling AI still feels hard - and what to do about it
Even as the technology matures and adoption becomes widespread, scaling AI still feels hard for many companies. While an estimated $1.5 trillion was invested in AI last year, many companies are still struggling to start or scale their AI projects. At Davos 2026, some of the companies at the forefront of AI adoption discussed how they are scaling AI beyond pilots.
How African countries can continue to build on recent growth
Political and business leaders, entrepreneurs, activists and representatives from African countries participated in the World Economic Forum Annual Meeting 2026. They discussed major issues for the continent including education and youth employment, technology, critical minerals and agriculture – including blue foods. Following on from its G20 Presidency, the government of South Africa also announced that the country would host a high-level event with the World Economic Forum in 2027.
What issues are human rights leaders talking about at Davos?
Participants at the World Economic Forum's Annual Meeting 2026 included more than 60 heads of state and government – one of the highest-level gatherings in the meeting's history. During the World Economic Forum Annual Meeting 2026, we asked 5 human rights leaders about the main message they'd like to deliver to these participants. From democracy and technology to violence and anger, here's what these human rights leaders had to say.
Europe at Davos 2026: Higher stakes and an outward embrace
The region aims to lean into an outward embrace that distinguishes it as economic nationalism intensifies. That embrace is extending in new directions; a potential EU trade pact with India could be ‘the mother of all deals.’ It also comes as tensions in the Arctic have escalated; ‘If you want to prevent war, prepare for war.’ “We're under a lot of pressure.” Sometimes the obvious merits a mention, and the Belgian prime minister delivered.
Uncertainty causes rethink on clean energy investment
Momentum for achieving the energy transition has undoubtedly slowed this year. The radical reversal of US environmental policy and waning public support for green issues amid economic insecurity has resulted in many corporations, energy firms and banks publicly abandoning decarbonisation pledges. For electric utilities, independent power producers (IPPs) and asset-owners, making investment decisions around clean energy is more challenging than ever. Not only is the drop in enthusiasm for
How AI is helping governments drive digital transformation
Governments are exploring how artificial intelligence (AI) can help them to deliver seamless services for citizens in areas including health, education and benefits. When governments undergo digital transformations, they often face challenges from bureaucracy, legacy systems and fear of new technology, as well as safety and security issues.
The outlook for US President Trump's second term
As US President Trump begins a second term, his administration has announced changes that will affect climate action, the global economy and international trade. Experts believe Trump could help end major conflicts, but say he might struggle to combine tariffs with a domestic agenda that includes reducing the cost of living. As the US president continues to lay out his plans, it’s clear the world could look very different in a year, experts said at the 2025 Annual Meeting Davos.
experts respond to chancellor's tax cuts and benefit changes
Welcome to The Conversation’s live blog for the UK’s autumn statement 2023, which is due to be delivered to parliament from midday. We’ll be updating the blog throughout the day. Check back here for details of what’s in the statement as measures are announced, reaction from our academic experts, and other analysis of the UK economy.
Autumn statement live: will chancellor unveil tax cuts?
Welcome to The Conversation’s live blog for the UK’s autumn statement 2023, which is due to be delivered to parliament from midday. We’ll be updating the blog throughout the day. Check back here for details of what’s in the statement as measures are announced, reaction from our academic experts, and other analysis of the UK economy.
Commodities broker of the year, Asia: BNP Paribas
The multiple crises that hit commodities markets this year – from demand destruction and unprecedented volatility to a string of commodity trader bankruptcies – made commodities broking an exceedingly challenging business. With commodities firms buffeted by extreme events, brokerages needed to respond to the new needs of their customers very swiftly.
Technology advisory of the year, Asia: KWA Analytics
Kevin Wagner, KWA Analytics In March 2019, KWA Analytics opened an office in Singapore to cement its presence in the Asia-Pacific region. While employees had previously travelled from Europe or North America to work with clients in the region, the firm now has a dedicated team of five in the Asia office, which includes two contractors, as well as a 21-strong team in Noida, India that supports clients around the world remotely.
Base metals house of the year: BNP Paribas
BNP Paribas’ January 2020 purchase of a portfolio of listed and over-the-counter metals transactions from Societe Generale has confirmed the bank’s long-term commitment to the market, according to Guillaume Picot, global head of corporate and investor commodity derivative sales at BNP Paribas.
Exchange of the year: Nodal Exchange
It’s been a busy 12 months for Nodal Exchange, with the acquisition of Nasdaq’s commodity futures and options exchange business at the end of last year and the launch of new futures products in low carbon fuel credits and trucking. Nodal, part of the Deutsche Börse group, pushed ahead with its plans to integrate the natural gas portfolio purchased from Nasdaq Futures (NFX) despite the lockdown imposed on individuals and businesses as a result of the coronavirus pandemic.
All aboard for LNG freight derivatives? - Risk.net
In recent years there has been a sea change in the way liquefied natural gas (LNG) is traded. It has shifted from a market predominantly based on long-term contracts priced against oil, to one with a growing spot market where cargoes are generally priced using the gas market. While this makes for more flexibility, it also leaves more companies than ever before exposed to LNG freight prices, something that was usually included in the long-term fixed deals.
Calls to hike climate policy raise risk for oil firms
As world leaders and government officials gathered in Madrid for December’s United Nations climate change conference (COP 25), the pre-conference speech by UN secretary-general António Guterres had immediate resonance for oil and gas firms. “We simply have to stop digging and drilling, and take advantage of the vast possibilities offered by renewable energy and nature-based solutions,” he said.
Newcomer of the year, Asia: Commonwealth Bank of Australia
By taking a client-focused approach to the development of its energy risk management business, Commonwealth Bank of Australia (CBA) is one of the entities plugging the gap left by the departure of several major international banks from the commodities space. As an Australian regional bank, it has leveraged its knowledge of the Australian commodities space while also developing its US and European footprint with new hires.
US-China trade war becomes focus again for commodities
Commodity markets, particularly oil, metals and agricultural products, had a wild ride in the second half of last year as trade tensions between the US and China escalated and billions of dollars’ worth of tariffs were imposed on a range of commodities from soy beans to LNG, steel and aluminium. The situation calmed on December 2, 2018 when US President Donald Trump and Chinese President Xi Jinping agreed to a truce for 90 days while a new trade deal was negotiated. The ceasefire ends on March
AI moves into middle office at energy firms
The use of artificial intelligence (AI) in energy IT has picked up the pace in recent years and is now moving beyond back-office automation towards projects that generate useful information for the middle and front offices, say energy IT executives. The technology – which includes machine learning, the use of algorithms and other forms of automation – has huge potential benefits for front- and middle-office activities as it can parse vast swathes of data, picking out information at great speed.
Openwork - Mortgage Solutions
Paul Shearman, mortgage proposition director of commercial development at Openwork, discusses what the network can offer its members What are the terms of your contract? We offer a full compliance proposition alongside access to an extensive mortgage panel, comprising 38 lenders and two packagers. Remuneration is competitive and we only require a one-month notice period. Do you have a minimum turnover clause? Yes, we require minimum turnover of £30,000 per annum.
Shipping and energy firms revisit hedging on IMO 2020
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Fuel spikes expected from sulphur cap on shipping - Risk.net
A tighter global cap on ships’ sulphur emissions from January 2020 is expected to reverberate far beyond the transportation sector to impact supply, demand and pricing across the energy complex as marine freight firms explore methods of compliance. Panellists at this week’s Energy Risk Asia conference discussed the International Maritime Organisation’s (IMO) decision to reduce the global cap on the sulphur content of fuels used by ships from 3.5% to 0.5% from January 1, 2020. Tarun Dhingra,
Hedging figures show doubt over US crude export plans
Across global oil markets, the spectre of supply constraints has caused a rally in 2018 and the outlook for the next three to six months indicates prices will remain high. In fact, major energy players including Mercuria and Total have even raised the possibility of $100 oil by the end of this year, or early 2019. While triple digits might be a stretch – Stephen Brennock, London-based oil analyst at brokerage PVM Oil Associates, calls $100-oil predictions “exaggerated” – most experts believe pr
Brexit uncertainty for UK and Irish power markets
The European single market was built on the idea that trade should flourish across borders, without discrimination as to internal versus cross-border transactions. The Internal Energy Market (IEM) has exemplified this strategy by establishing a system for power and gas to trade tariff-free throughout the European Union. The UK was instrumental in developing the current market structure, but with Brexit on the horizon, market participants are unsure of how or even if the UK can continue to partic
New US coal plan will have minimal effect on industry
The Affordable Clean Energy (Ace) rule, proposed by the US Environmental Protection Agency (EPA) on August 21, 2018, will give states responsibility for regulating power plant emissions. If enacted, each state will have three years to develop an individual plan designed for the coal-fired power plants within its own region, which the EPA will review and approve. The rule would establish an overarching framework for states’ emissions reductions, as well as developing a list of “candidate technolo
“Trump digs coal” – but is that enough? - Risk.net
In the run-up to the 2016 presidential election, the creation of a US coal industry discussion group – jokingly named the Cool Coal Club by its members – was perhaps indicative of the new era the sector was about to enter. After taking a battering from low natural gas prices and tightening environmental regulations for years, coal was in decline, but the championing of US industries such as coal by presidential hopeful Donald Trump provided a light at the end of the tunnel. Set up by Robert Simo
Slow reactions: the long road to smart demand response
Asia Risk is delighted to present our 13th annual Risk Australia conference, the leading incubator for risk practitioners and investment professionals to share best practices in financial risk manageâ¦
UK balancing market opening up to industrials
Electric dreams: moves are under way to open up the balancing market Today’s changing power market dynamics – a result of increasing distributed energy and growing renewables integration – are leading to new ways of thinking about managing risk in the electricity market, say market participants.
Deal of the year: Engie
Oil and gas production has always been a capital-intensive business and securing funding, especially for smaller players, is a constant challenge. French energy major Engie helped address this in a deal with independent exploration & production company Hague and London Oil (Halo) in November 2017. The deal facilitated Halo’s purchase of Tullow Oil’s gas producing assets in the Dutch North Sea.
Natural gas house of the year: BP
For an organisation that oversees the trading of around a fifth of US natural gas demand, any disruption to business, however small, can have far-reaching consequences. So for BP, last year’s catastrophic US hurricane season demanded an extraordinary operational response. As forecasts of Hurricanes Harvey and Irma emerged, BP’s business continuity plan (BCP) was tested to its fullest as the energy company’s Houston marketing and trading hub put response plans into action.
Electricity house of the year: Engie
Mircea Caratas, Engie Global Markets Today’s power markets are undergoing a revolutionary change driven by shifting customer demands and technological advances. Throughout 2017, Engie Global Markets has remained at the cutting edge of this change, developing some innovative solutions to help its clients navigate the change.
Emissions house of the year: Element Markets
Randall Lack, Element Markets Given the stance US President Donald Trump has taken so far on climate and environmental issues, one might not expect business to be booming at a US-based environmental trading firm. Yet, for Element Markets, 2017 was its strongest year ever, with revenue up 17% from 2016 and net income rising by 53%, according to Houston-based chief marketing officer, Randall Lack. He adds that the business is currently experiencing its strongest quarter ever.
Coal house of the year: Javelin Global Commodities
As US coal markets face a long-running decline in domestic demand, dry bulk commodity trading and marketing firm Javelin Global Commodities is making a name for itself in the space – not only by providing risk-management solutions to coal producers, but also by forging new routes to premium markets.
Hedge funds shift gears on commodities - Risk.net
After years of poor performance, an increasingly positive commodity price outlook has piqued investor interest in commodity hedge funds, causing a substantial shift in allocations back into the asset class in 2016. While many investors simply want to gain long-only access to rising prices in markets such as crude oil, a number of fund managers have detected growing demand for more diversified offerings and are developing new strategies in response. Commodities registered the first positive g
Deutsches Risk Rankings 2016 - Risk.net
Uncertainty has reigned over the past year in European markets. Dealers and clients have faced political upheaval in the form of the Brexit vote, with the UK’s shock decision to leave the European Union (EU) necessitating a readjustment of long-term investment strategies and hedging needs, particularly in relation to currency risk management.
I live in Northern Ireland, and I'm scared Brexit will bring back the chaos of my childhood
Northern Ireland has lost its voice in the Brexit debacle. Until late last week, I had absolutely no doubts about the decision our family made two years ago to leave New York for the United Kingdom. In my hometown of Belfast in Northern Ireland, we have been able to buy our own home, send our children to excellent local schools for free, and take advantage of our proximity to the European mainland to travel frequently.
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