CONSULTANTS

Mr. Antoine Eustache, Ph.D. - Principal

Mr. Eustache holds a doctorate in energy policy with a proven record as an innovative problem solver in the gas and power markets. Internationally known for his work in the electric and gas markets, emissions trading, and weather derivatives, Mr. Eustache has tracked the evolution of markets across the globe. Currently involved in researching investment opportunities for merchant power generation by analyzing basis differentials, spark spreads and forward price trends, Mr. Eustache's extensive experience and knowledge provides valuable insight for clients.

Professional Achievements
AQUILA MERCHANT SERVICES
Director of Market Analysis - Ongoing research and analysis of the U.S. power and gas markets. Researched investment opportunities for merchant power generation. Analyzed basis differentials, spark spreads, and forward price trends and made recommendations to senior traders in charge of mid and long-term trading.

DOW JONES & COMPANY
Global Manager, Product Development, Electric Power and Natural Gas -  Responsible for research and trend analysis in electric power, natural gas, weather derivatives, and emissions trading. Maintained strong rapport with traders, risk managers, and government officials. Tracked evolution of market hubs in the U.S., Canada, Europe, and Asia. Led and mentored international teams of analysts to identify business opportunities and develop real-time news and information products for the world’ s largest wholesale news organization.

Senior Analyst, Electric Power and Natural Gas - London, Developed and promoted Dow Jones power and natural gas services in Europe. Initiated and led round-table discussions with utility executives and government officials to provide the framework for creating market hubs for the emerging natural gas and power sectors in Europe. Performed econometric and options pricing modeling to analyze market behavior and evaluate potential uses of gas and power price indexes in the over-the-counter derivative market.

• Contributed to the development of the Swiss power market hub
      through the creation of the Swiss Electricity Price Index, the first
      electricity index in Continental Europe.
• Created the Dow Jones/VIK Industrial Electricity Price Index in
      cooperation with VIK, Germany's trade representative for over three
      hundred industrial electricity customers.
• Created the Dow Jones U.K. Natural Gas PriceIndex.
• Contributed to the development of the Central European power market
       hub through the creation of the Central European Electricity Price
      Indexes.

Project Manager, Electric Power - Developed, marketed, and implemented Dow Jones strategy for entering North American power market. Worked in a team environment with Dow Jones staff and members of the Western Systems Power Pool, one of the largest trade organizations in North America, to create a computerized electricity trading system for their members. Worked with systems and software personnel, utility executives across the United States to develop product specifications and network configuration for Dow Jones' electricity trading system. Initiated and led round-table discussions with utility executives to lay the foundation for creating power market hubs across the United States. Made presentations to Dow Jones' Board of Directors and senior management to increase awareness of, and generate support for, ongoing power projects in the US and Europe. Studied potential impact of electricity spot price indexes on the growth of electricity derivatives and planned strategies for developing electricity spot price indexes in the US and in Europe. Wrote marketing literature to promote Dow Jones' power service in the United States and in Europe.

• Designed and implemented Dow Jones Electric Power Service.
• Provided the conceptual framework and assisted in creation of Dow
      Jones' Electricity Trading System.
• Contributed to the development of the California-Oregon border power
      market hub through the creation of the Dow Jones California-Oregon
      Border Electricity Price index, the first price index in the US power
      sector.
• Designed and implemented Dow Jones Natural Gas Service.

Publications:
 - Exchange Traded Everything . The Journal of Index Issues in Investment,
    Dow Jones & Company,April-June 2000.

 - The Importance of Market Indexes in Converging Industries, in P. Fusaro
     (ed.) EnergyConvergence: The Beginning of the Multi-Commodity Market.
     John Wiley & Sons, Inc.

 - Energy Indexation: Analyzing the Scope of Electricity Price Indexes, in P.
     Fusaro and J. Wilcox(ed.), Energy Derivatives: Trading Emerging Markets.
     Energy Publishing Enterprises

 - The Evolution of the U.S. Power Market, in P. Fusaro, (ed.), Energy Risk
    Management: Hedging Strategies and Instruments for the International
    Energy Market. McGraw Hill

 - The Swiss Electricity Price Index: A New Benchmark for Pricing European
    Power, CommoditiesNow

 - DJ-COB Electricity Price Index Explodes onto Commodities
    Market with a Bang, EnergyMarketing, Pennwell Publications

Education:
University of Pennsylvania, Philadelphia, Pennsylvania.
Ph.D. (1993) and MS (1990) in Energy Policy. Dissertation: Economies of Scope in the Electric Power Industry.
Eastern College, St. Davids, Pennsylvania. MBA, Finance
Drexel University, Philadelphia, Pennsylvania. BS Humanities & Communications