New York, NY and Houston, TX (For Immediate Release) -- Global Change Associates and UtiliPoint International announce the completion of a new report on energy hedge funds titled Energy as an Asset Class for Hedge Fund Diversification . This second report is based on the on-going groundbreaking research performed by the two consulting firms on hedge funds in energy for the past year. The report is available for purchase at the Energy Hedge Fund Center (www.energyhedgefunds.com), a rapidly growing site dedicated to informing interested parties about hedge fund activities in the energy and utility industry created and maintained by the two authors of the report.

“The energy industry is attracting the attention of a growing number of hedge funds who see it as an asset class that can help polish the tarnish on hedge fund returns,” reported Dr. Gary M. Vasey, VP of Trading & Risk Management Services for UtiliPoint. “Energy is a very attractive industry for investment right now with supply tightness in energy commodity markets driving prices and profits for energy companies. Our report demonstrates that hedge funds and other investors are involved in all aspects of the industry from commodities trading to distressed assets today.”

“From our continued research we are detecting the new trends in energy hedge funds; specifically, more activity in Europe and an extension of investments into renewable energy and carbon trading, oil and gas in the ground and coal trading.” said Peter Fusaro, chairman of Global Change Associates in New York .

The Energy Hedge Fund Center (www.energyhedgefunds.com) is the industry's preferred web location for news, articles and discussion of hedge fund activities in the energy industry. The newly issued report and the Directory of Energy Hedge Funds are both available at the site and Energy media Group (www.energymediagroup.com).

For more information including an executive summary of the report, please contact Dr. Gary M. Vasey at [email protected] or 281 681 8020.

About UtiliPoint International, Inc.
With origins dating to 1933, UtiliPoint International, Inc. (www.utilipoint.com) is a leader in providing research-based consulting to the utility industry. UtiliPoint analysts

have provided strategic business plans and studies on information technology, and its impact on utility operations. Direct experiences include work in trading/risk management, outsourcing, CIS, billing, CRM, metering, AMR, demand response, work/outage management, supply chain, ERP, call centers, rates/pricing products, and IT architectural design. The firm is also the publisher of IssueAlert™, an analysis of the utility and energy industry's hot topics sent to over 33,000 utility and energy executives daily.

About Global Change Associates Inc.

Global Change Associates, based in New York (www.global-change.com), is a leading consultancy in energy and environmental commodity risk management. GCA is at the forefront of revealing changes in energy trading and risk management, and has been the market leader in energy trading, energy e-commerce, and Enron competitive analysis studies. Company chairman, Peter Fusaro, has authored nine books on energy and environmental trading including the New York Times best seller What Went Wrong at Enron and will release Energy Hedging in Asia next month through MacMillan. The company holds the annual Green Trading Summit in New York City on May 2 and 3, 2005 (www.greentradingsummit.com).

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