Panel A: Strategy 1

Hedging Positions

Electricity Contracts

0

Temperature Contracts

0

Energy Quanto Contracts

0

Panel B: Strategy 2

Hedging Positions

Electricity Contracts

Temperature Contracts

0

Energy Quanto Contracts

0

Panel C: Strategy 3

Hedging Positions

Electricity Contracts

Temperature Contracts

Energy Quanto Contracts

0

Panel D: Strategy 4

Hedging Positions

Electricity Contracts

Temperature Contracts

Energy Quanto Contracts