re: Ann: Resource and Operations Update Texas... IMO hedging is an insurance policy. Basically AYN management figure out how much of the forecast production would need to be sold at the market hedge price to keep themselves liquid if the PoS collapsed, to save the possibility of going broke.
Just unfortunate they locked the hedge in just before the PoS breakout!
re: Ann: Resource and Operations Update Texas... IMO hedging is...
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