An energy contract is a volatility plan, not a price

Two clients signed the same fixed-price contract the same month. One sailed through the cold snap; the other curtailed a furnace because the contract capped volume the board had never read. The difference was not the price — it was the volatility plan around it.

We now write every energy renegotiation with three numbers on page one: hedge ratio, demand response commitment, and the load-shedding sequence production has agreed to. If any is missing, the contract is not finished.