This is is an excellent introduction to the deregulated—and rapidly deregulating—world energy markets. Peter Fusaro has done an great job integrating the works of several authors into a cohesive whole.

The book's outlook is international, lending insights into North American, European and Asian markets. All major markets are covered, including oil, electricity, natural gas and coal. There is a nice balance between practical descriptions of how markets evolved into their present forms and theoretical explanations relating to financial engineering and risk management. There is an entire chapter on credit issues as well as an excellent chapter on VaR for energies.