re: here..... huss Hus$ .... not quite true that PDN has no hedging .... this is from their Commissioning brochure on their website ...
"Initial sales contracts to support the project finance facilities were concluded in early 2006." In March 06 the spot price was US$40
On the positive side the contracts are not fixed price ... "pricing will be market related, to be determined at time of each delivery with escalating floor
and ceiling price components". ... but they certainly won't be spot price.
here....., page-13
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