Hedges Are Blooming on Wall Street

For investment banks scratching for revenue, booming corporate demand for these increasingly complex instruments is a rare treat

For Laurie Valasec, nothing is more challenging than gyrating energy prices. Valasec, a manager of hedging at Michigan electricity producer Midland Cogeneration Venture, wants to reduce the risk her company faces from the volatile price of natural gas, which accounts for 75% of the power producer's costs.

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