
76 Operational Risk Control
and are shielded from the influence of covert interests and pressure groups. As the
New England experience suggests, easing energy woes is not just about increasing
supply, it is also about reducing demand through proactive policies which see to it
that consumption tapers off, at least until supply catches up with increased
challenges.
4.4 An operational risk which morphs into major credit risk
The mismatch of energy supply and demand in the US Pacific Coast region had major
consequences that went well beyond the original operational risk. The effects built up
over time, with the result that the volatility of equities of US ...