Endogenous protease nexin-1 protects against cerebral ischemia.

The serine protease thrombin plays a role in signalling ischemic neuronal death in the brain. Paradoxically, endogenous neuroprotective mechanisms can be triggered by preconditioning with thrombin (thrombin preconditioning, TPC), leading to tolerance to cerebral ischemia. Here we studied the role of thrombin's endogenous potent inhibitor, protease nexin-1 (PN-1), in ischemia and in tolerance to cerebral ischemia induced by TPC. Cerebral ischemia was modelled in vitro in organotypic hippocampal slice cultures from rats or genetically engineered mice lacking PN-1 or with the reporter gene lacZ knocked into the PN-1 locus PN-1HAPN-1-lacZ/HAPN-1-lacZ (PN-1 KI) exposed to oxygen and glucose deprivation (OGD). We observed increased thrombin enzyme activity in culture homogenates 24 h after OGD. Lack of PN-1 increased neuronal death in the CA1, suggesting that endogenous PN-1 inhibits thrombin-induced neuronal damage after ischemia. OGD enhanced β-galactosidase activity, reflecting PN-1 expression, at one and 24 h, most strikingly in the stratum radiatum, a glial cell layer adjacent to the CA1 layer of ischemia sensitive neurons. TPC, 24 h before OGD, additionally increased PN-1 expression 1 h after OGD, compared to OGD alone. TPC failed to induce tolerance in cultures from PN-1(-/-) mice confirming PN-1 as an important TPC target. PN-1 upregulation after TPC was blocked by the c-Jun N-terminal kinase (JNK) inhibitor, L-JNKI1, known to block TPC. This work suggests that PN-1 is an endogenous neuroprotectant in cerebral ischemia and a potential target for neuroprotection.

Phenotypic plasticity in salmonid embryos : characterizing pathogen-induced stress effects on heritable variation in traits and reaction norms

Les pressions écologiques peuvent varier tant en nature qu'en intensité dans le temps et l'espace. C'est pourquoi, un phénotype unique ne peut pas forcément conférer la meilleure valeur sélective. La plasticité phénotypique peut être un moyen de s'accommoder de cette situation, en augmentant globalement la tolérance aux changements environnementaux. Comme pour tout trait de caractère, une variation génétique doit persister pour qu'évoluent les traits plastiques dans une population donnée. Cependant, les pressions extérieures peuvent affecter l'héritabilité, et la direction de ces changements peut dépendre du caractère en question, de l'espèce mais aussi du type de stress. Dans la présente thèse, nous avons cherché à élucider les effets des pressions pathogéniques sur les phénotypes et la génétique quantitative de plusieurs traits plastiques chez les embryons de deux salmonidés, la palée (Coregonus palaea), et la truite de rivière (Salmo trutta). Les salmonidés se prêtent à de telles études du fait de leur extraordinaire variabilité morphologique, comportementale et des traits d'histoire de vie. Par ailleurs, avec le déclin des salmonidés dans le monde, il est important de savoir combien la variabilité génétique persiste dans les normes de réaction afin d'aider à prédire leur capacité à répondre aux changements de leur milieu. Nous avons observé qu'une augmentation de la croissance des communautés microbiennes symbiotiques entraînait une mortalité accrue et une éclosion précoce chez la palée, et dévoilait la variance génétique additive pour ces deux caractères (Chapitres 1-2). Bien qu'aucune variation génétique n'ait été trouvée pour les normes de réaction, nous avons observé une variabilité de la plasticité d'éclosion. Néanmoins, on a trouvé que les temps d'éclosion étaient corrélés entre les environnements, ce qui pourrait limiter l'évolution de la norme de réaction. Le temps d'éclosion des embryons est lié à la taille des géniteurs mâles, ce qui indique des effets pléiotropiques. Dans le Chapitre 3, nous avons montré qu'une interaction triple entre la souche bactérienne {Pseudomonas fluorescens}, l'état de dévelopement de l'hôte ainsi que ses gènes ont une influence sur la mortalité, le temps d'éclosion et la taille des alevins de la palée. Nous avons démontré qu'une variation génétique subsistait généralement dans les normes de réaction des temps d'éclosion, mais rarement pour la taille des alevins, et jamais pour la mortalité. Dans le même temps, nous avons exhibé que des corrélations entre environnements dépendaient des caractères phénotypiques, mais contrairement au Chapitre 2, nous n'avons pas trouvé de preuve de corrélations transgénérationnelles. Le Chapitre 4 complète le chapitre précédent, en se plaçant du point de vue moléculaire, et décrit comment le traitement d'embryons avec P. fluorescens s'est traduit par une régulation négative d'expression du CMH-I indépendemment de la souche bactérienne. Nous avons non seulement trouvé une variation génétique des caractères phénotypiques moyens, mais aussi de la plasticité. Les deux derniers chapitres traitent de l'investigation, chez la truite de rivière, des différences spécifiques entre populations pour des normes de réaction induites par les pathogènes. Dans le Chapitre 5, nous avons illustré que le métissage entre des populations génétiquement distinctes n'affectait en rien la hauteur ou la forme des normes de réaction d'un trait précoce d'histoire de vie suite au traitement pathogénique. De surcroît, en dépit de l'éclosion tardive et de la réduction de la taille des alevins, le traitement n'a pas modifié la variation héritable des traits de caractère. D'autre part, dans le Chapitre 6, nous avons démontré que le traitement d'embryons avec des stimuli contenus dans l'eau de conspécifiques infectés a entraîné des réponses propre à chaque population en terme de temps d'éclosion ; néanmoins, nous avons observé peu de variabilité génétique des normes de réaction pour ce temps d'éclosion au sein des populations. - Ecological stressors can vary in type and intensity over space and time, and as such, a single phenotype may not confer the highest fitness. Phenotypic plasticity can act as a means to accommodate this situation, increasing overall tolerance to environmental change. As with any trait, for plastic traits to evolve in a population, genetic variation must persist. However, environmental stress can alter trait heritability, and the direction of this shift can be trait, species, and stressor-dependent. In this thesis, we sought to understand the effects of pathogen stressors on the phenotypes and genetic architecture of several plastic traits in the embryos of two salmonids, the whitefish (Coregonus palaea), and the brown trout (Salmo trutta). Salmonids lend themselves to such studies because their extraordinary variability in morphological, behavioral, and life-history traits. Also, with declines in salmonids worldwide, knowing how much genetic variability persists in reaction norms may help predict their ability to respond to environmental change. We found that increasing growth of symbiotic microbial communities increased mortality and induced hatching in whitefish, and released additive genetic variance for both traits (Chapters 1-2). While no genetic variation was found for survival reaction norms, we did find variability in hatching plasticity. Nevertheless, hatching time was correlated across environments, which could constrain evolution of the reaction norm. Hatching time in the induced environment was also correlated to sire size, indicating pleiotropic effects. In Chapter 3 we report that a three-way interaction between bacterial strain (Pseudomonas fluorescens), host developmental stage, and host genetics impacted mortality, hatching time, and hatchling size in whitefish. We also showed that genetic variation generally persisted in hatching age reaction norms, but rarely for hatchling length, and never for mortality. At the same time, we demonstrated that cross-environmental correlations were trait-dependent, and unlike Chapter 2, we found no evidence of cross-generational correlations. Chapter 4 expands on the previous chapter, moving to the molecular level, and describes how treatment of embryos with P. fluorescens resulted in strain-independent downregulation of MHC class I. Genetic variation was evident not only in trait means, but also in plasticity. In the last two chapters, we investigated population level differences in pathogen- induced reaction norms in brown trout. In Chapter 5, we found that interbreeding between genetically distinct populations did not affect the elevation or shapes of the reaction norms of early life-history traits after pathogen challenge. Moreover, despite delaying hatching and reducing larval length, treatment produced no discernable shifts in heritable variation in traits. On the other hand, in Chapter 6, we found that treatment of embryos with water-borne cues from infected conspecifics elicited population-specific responses in terms of hatching time; however, we found little evidence of genetic variability in hatching reaction norms within populations. We have made considerable progress in understanding how pathogen stressors affect various early life-history traits in salmonid embryos. We have demonstrated that the effect of a particular stressor on heritable variation in these traits can vary according to the trait and species under consideration, in addition to the developmental stage of the host. Moreover, we found evidence of genetic variability in some, but not all reaction norms in whitefish and brown trout.

Low TCR avidity and lack of tumor cell recognition in CD8(+) T cells primed with the CEA-analogue CAP1-6D peptide.

The use of "altered peptide ligands" (APL), epitopes designed for exerting increased immunogenicity as compared with native determinants, represents nowadays one of the most utilized strategies for overcoming immune tolerance to self-antigens and boosting anti-tumor T cell-mediated immune responses. However, the actual ability of APL-primed T cells to cross-recognize natural epitopes expressed by tumor cells remains a crucial concern. In the present study, we show that CAP1-6D, a superagonist analogue of a carcinoembriyonic antigen (CEA)-derived HLA-A*0201-restricted epitope widely used in clinical setting, reproducibly promotes the generation of low-affinity CD8(+) T cells lacking the ability to recognized CEA-expressing colorectal carcinoma (CRC) cells. Short-term T cell cultures, obtained by priming peripheral blood mononuclear cells from HLA-A*0201(+) healthy donors or CRC patients with CAP1-6D, were indeed found to heterogeneously cross-react with saturating concentrations of the native peptide CAP1, but to fail constantly lysing or recognizing through IFN- gamma release CEA(+)CRC cells. Characterization of anti-CAP1-6D T cell avidity, gained through peptide titration, CD8-dependency assay, and staining with mutated tetramers (D227K/T228A), revealed that anti-CAP1-6D T cells exerted a differential interaction with the two CEA epitopes, i.e., displaying high affinity/CD8-independency toward the APL and low affinity/CD8-dependency toward the native CAP1 peptide. Our data demonstrate that the efficient detection of self-antigen expressed by tumors could be a feature of high avidity CD8-independent T cells, and underline the need for extensive analysis of tumor cross-recognition prior to any clinical usage of APL as anti-cancer vaccines.

Cdc42 oscillations in yeasts.

A fundamental problem in cell biology is how cells define one or several discrete sites of polarity. Through mechanisms involving positive and negative feedback, the small Rho-family guanosine triphosphatase Cdc42 breaks symmetry in round budding yeast cells to define a single site of polarized cell growth. However, it is not clear how cells can define multiple sites of polarization concurrently. We discuss a study in which rod-shaped fission yeast cells, which naturally polarize growth at their two cell ends, exhibited oscillations of Cdc42 activity between these sites. We compare these findings with similar oscillatory behavior of Cdc42 detected in budding yeast cells and discuss the possible mechanism and functional outputs of these oscillations.

Phosphate solubilization and synergism between P-solubilizing and arbuscular mycorrhizal fungi

The objective of this work was to evaluate the ability of several P-solubilizing fungi to solubilize aluminum phosphate and Araxá apatite as well as the synergism between the P-solubilizing fungus, PSF 7, and arbuscular mycorrhizal fungi to promote clover growth amended with aluminum phosphate. Two experiments were carried out, the first under laboratory conditions and the second in a controlled environmental chamber. In the first experiment, PSF 7, PSF 9, PSF 21 and PSF 22 isolates plus control were incubated in liquid medium at 28ºC for eight days. On the 2nd, 4th and 8th day of incubation, pH and soluble P were determined. In the second experiment, clover was sowed in plastic pots containing 300 g of sterilized substrate amended with aluminum phosphate, 3 g L-1, in presence and absence of PSF 7 isolate and arbuscular mycorrhizal fungi. A completely randomized design, in factorial outline 2x2 (presence and absence of PSF 7 and arbuscular mycorrhizal fungi) and five replicates were used. In the first experiment, higher P content was detected in the medium containing aluminum phosphate. PSF 7 is the best fungi isolate which increases aluminum solubilization with major tolerance to Al3+. Clover growth was stimulated by presence of PSF 7 and arbuscular mycorrhizal fungi. There is synergism between microorganisms utilized to improve plant nutrition.

Valproate treatment of human cord blood CD4-positive effector T cells confers on them the molecular profile (microRNA signature and FOXP3 expression) of natural regulatory CD4-positive cells through inhibition of histone deacetylase.

Regulatory T cells (Tregs) play a key role in immune system homeostasis and tolerance to antigens, thereby preventing autoimmunity, and may be partly responsible for the lack of an appropriate immune response against tumor cells. Although not sufficient, a high expression of forkhead box P3 (FOXP3) is necessary for their suppressive function. Recent reports have shown that histones deacetylase inhibitors increased FOXP3 expression in T cells. We therefore decided to investigate in non-Tregs CD4-positive cells, the mechanisms by which an aspecific opening of the chromatin could lead to an increased FOXP3 expression. We focused on binding of potentially activating transcription factors to the promoter region of FOXP3 and on modifications in the five miRs constituting the Tregs signature. Valproate treatment induced binding of Ets-1 and Ets-2 to the FOXP3 promoter and acted positively on its expression, by increasing the acetylation of histone H4 lysines. Valproate treatment also induced the acquisition of the miRs Tregs signature. To elucidate whether the changes in the miRs expression could be due to the increased FOXP3 expression, we transduced these non-Tregs with a FOXP3 lentiviral expression vector, and found no changes in miRs expression. Therefore, the modification in their miRs expression profile is not due to an increased expression of FOXP3 but directly results from histones deacetylase inhibition. Rather, the increased FOXP3 expression results from the additive effects of Ets factors binding and the change in expression level of miR-21 and miR-31. We conclude that valproate treatment of human non-Tregs confers on them a molecular profile similar to that of their regulatory counterpart.

Effects of parental larval diet on egg size and offspring traits in Drosophila.

If a mother's nutritional status predicts the nutritional environment of the offspring, it would be adaptive for mothers experiencing nutritional stress to prime their offspring for a better tolerance to poor nutrition. We report that in Drosophila melanogaster, parents raised on poor larval food laid 3-6% heavier eggs than parents raised on standard food, despite being 30 per cent smaller. Their offspring developed 14 h (4%) faster on the poor food than offspring of well-fed parents. However, they were slightly smaller as adults. Thus, the effects of parental diet on offspring performance under malnutrition apparently involve both adaptive plasticity and maladaptive effects of parental stress.

Low temperature impact on photosynthetic parameters of coffee genotypes

The objective of this work was to evaluate photoprotective mechanisms related to low positive temperatures in Coffea canephora (Conilon clones 02 and 153) and C. arabica ('Catucaí' IPR 102) genotypes, involved in cold temperature tolerance. To accomplish this, one-year-old plants were successively submitted to: temperature decrease of 0.5ºC day-1, from 25/20ºC to 13/8ºC; a three-day chilling cycle at 13/4ºC; and a recovery period of 14 days (25/20ºC). During the experiment, leaf gas exchange, chlorophyll a fluorescence and leaf photosynthetic pigment content were evaluated. Total activity of ribulose-1,5-bisphosphate carboxylase/oxygenase (Rubisco) and ribulose-5-phosphate kinase (Ru5PK) were quantified to measure the activity of photosynthesis key enzymes. All genotypes showed low temperature sensitivity, but displayed diverse cold impact and recovery capabilities regarding the photosynthetic-related parameters studied. Catucaí IPR 102 cultivar showed better ability to cope with cold stress than the Conilon clones, especially Conilon 02, and had full recovery of leaf gas exchange, fluorescence parameters, enzymatic activity, and higher contents of the photoprotective pigments zeaxanthin and lutein.

In vitro selection of bacteria with potential for use as probiotics in marine shrimp culture

The objective of this work was to isolate strains of lactic acid bacteria with probiotic potential from the digestive tract of marine shrimp (Litopenaeus vannamei), and to carry out in vitro selection based on multiple characters. The ideotype (ideal proposed strain) was defined by the highest averages for the traits maximum growth velocity, final count of viable cells, and inhibition halo against nine freshwater and marine pathogens, and by the lowest averages for the traits duplication time and resistance of strains to NaCl (1.5 and 3%), pH (6, 8, and 9), and biliary salts (5%). Mahalanobis distance (D²) was estimated among the evaluated strains, and the best ones were those with the shortest distances to the ideotype. Ten bacterial strains were isolated and biochemically identified as Lactobacillus plantarum (3), L. brevis (3), Weissella confusa (2), Lactococcus lactis (1), and L. delbrueckii (1). Lactobacillus plantarum strains showed a wide spectrum of action and the largest inhibition halos against pathogens, both Gram-positive and negative, high growth rate, and tolerance to all evaluated parameters. In relation to ideotype, L. plantarum showed the lowest Mahalanobis (D²) distance, followed by the strains of W. confusa, L. brevis, L. lactis, and L. delbrueckii. Among the analyzed bacterial strains, those of Lactobacillus plantarum have the greatest potential for use as a probiotic for marine shrimp.

Development of a diagrammatic scale for the evaluation of postharvest physiological deterioration in cassava roots

Abstract:The objective of this work was to develop a scale to assess the severity of postharvest physiological deterioration (PPD) of cassava roots, and to validate this scale for accuracy and reproducibility estimates. A diagrammatic scale (0 to 100%) for the damaged roots was analyzed according to precision, accuracy, and reproducibility. Seven evaluators (four with experience and three without it) quantified the PPD severity, with or without the scale, considering 150 roots with different levels of PPD. Without and with the use of the scale, respectively, the inexperienced evaluators obtained coefficients of determination (R2) from 0.76 to 0.86 and 0.87 to 0.92, and the experienced evaluators obtained R2 from 0.90 to 0.96 and 0.96 to 0.97. The values of the intercept (a) obtained by both the experienced and inexperienced evaluators who did not use the scale were all significant, while after using the scale, only two evaluators got values that were not significantly different from one. Evaluation reproducibility between the evaluators ranged from 0.61 to 0.91 for the inexperienced ones and from 0.83 to 0.95 for the experienced ones. The proposed diagrammatic scale was considered appropriate to estimate the severity of PPD in cassava roots, and can be used to identify sources of tolerance to postharvest deterioration.

Phosphorylation of phosphatidylinositol-3-kinase-protein kinase B and extracellular signal-regulated kinases 1/2 mediate reoxygenation-induced cardioprotection during hypoxia.

In vivo exposure to chronic hypoxia (CH) depresses myocardial performance and tolerance to ischemia, but daily reoxyenation during CH (CHR) confers cardioprotection. To elucidate the underlying mechanism, we tested the role of phosphatidylinositol-3-kinase-protein kinase B (Akt) and p42/p44 extracellular signal-regulated kinases (ERK1/2), which are known to be associated with protection against ischemia/reperfusion (I/R). Male Sprague-Dawley rats were maintained for two weeks under CH (10% O(2)) or CHR (as CH but with one-hour daily exposure to room air). Then, hearts were either frozen for biochemical analyses or Langendorff-perfused to determine performance (intraventricular balloon) and tolerance to 30-min global ischemia and 45-min reperfusion, assessed as recovery of performance after I/R and infarct size (tetrazolium staining). Additional hearts were perfused in the presence of 15 micromol/L LY-294002 (inhibitor of Akt), 10 micromol/L UO-126 (inhibitor of ERK1/2) or 10 micromol/L PD-98059 (less-specific inhibitor of ERK1/2) given 15 min before ischemia and throughout the first 20 min of reperfusion. Whereas total Akt and ERK1/2 were unaffected by CH and CHR in vivo, in CHR hearts the phosphorylation of both proteins was higher than in CH hearts. This was accompanied by better performance after I/R (heart rate x developed pressure), lower end-diastolic pressure and reduced infarct size. Whereas the treatment with LY-294002 decreased the phosphorylation of Akt only, the treatment with UO-126 decreased ERK1/2, and that with PD-98059 decreased both Akt and ERK1/2. In all cases, the cardioprotective effect led by CHR was lost. In conclusion, in vivo daily reoxygenation during CH enhances Akt and ERK1/2 signaling. This response was accompanied by a complex phenotype consisting in improved resistance to stress, better myocardial performance and lower infarct size after I/R. Selective inhibition of Akt and ERK1/2 phosphorylation abolishes the beneficial effects of the reoxygenation. Therefore, Akt and ERK1/2 have an important role to mediate cardioprotection by reoxygenation during CH in vivo.

Solid and liquid biofuels markets in Finland - a study on international biofuels trade

This study considered the current situation of solid and liquid biofuels markets and international biofuels trade in Finland and identified the challenges ofthe emerging international biofuels markets for Finland. The fact that industryconsumes more than half of the total primary energy, widely applied combined heat and power production (CHP) and a high share of biofuels in the total energy consumption are specific to the Finnish energy system. One third of the electricity is generated in CHP plants. As much as 27% of the total energy consumption ismet by using wood and peat, which makes Finland the leading country in the use of biofuels. Finland has made a commitment to maintain greenhouse gas emissions at the 1990 level at the highest during the period 2008-2012. The Finnish energypolicy aims to achieve the target, and a variety of measures are taken to promote the use of renewable energy sources and especially wood fuels. In this study, the wooden raw material streams of the forest industry were included the international biofuels trade in addition to biomass streams that are traded for energy production. In 2004, as much as 45% of the raw wood importedinto Finland ended up in energy production. The total international trading of biofuels was evaluated at 72 PJ, of which the majority, 58 PJ, was raw wood. About 22% of wood based energy in Finland originated from imported raw wood. Tall oil and wood pellets composed the largest export streams of biofuels. The annual turnover of international biofuels trade was estimated at about ¤ 90 million fordirect trade and at about ¤ 190 million for indirect trade. The forest industryas the biggest user of wood, and the producer and user of wood fuels has a central position in biomass and biofuels markets in Finland. Lately, the international aspects of Finnish biofuels markets have been emphasised as the import of rawwood and the export of wood pellets have increased. Expanding the use of biofuels in the road transportation sector would increase the international streams ofbiofuels in Finland. In coming years, the international trading of biomass for energy purposes can be expected to continue growing.

ORMDL proteins are a conserved new family of endoplasmic reticulum membrane proteins

Background: Annotations of completely sequenced genomes reveal that nearly half of the genes identified are of unknown function, and that some belong to uncharacterized gene families. To help resolve such issues, information can be obtained from the comparative analysis of homologous genes in model organisms. Results: While characterizing genes from the retinitis pigmentosa locus RP26 at 2q31-q33, we have identified a new gene, ORMDL1, that belongs to a novel gene family comprising three genes in humans (ORMDL1, ORMDL2 and ORMDL3), and homologs in yeast, microsporidia, plants, Drosophila, urochordates and vertebrates. The human genes are expressed ubiquitously in adult and fetal tissues. The Drosophila ORMDL homolog is also expressed throughout embryonic and larval stages, particularly in ectodermally derived tissues. The ORMDL genes encode transmembrane proteins anchored in the endoplasmic reticulum (ER). Double knockout of the two Saccharomyces cerevisiae homologs leads to decreased growth rate and greater sensitivity to tunicamycin and dithiothreitol. Yeast mutants can be rescued by human ORMDL homologs. Conclusions: From protein sequence comparisons we have defined a novel gene family, not previously recognized because of the absence of a characterized functional signature. The sequence conservation of this family from yeast to vertebrates, the maintenance of duplicate copies in different lineages, the ubiquitous pattern of expression in human and Drosophila, the partial functional redundancy of the yeast homologs and phenotypic rescue by the human homologs, strongly support functional conservation. Subcellular localization and the response of yeast mutants to specific agents point to the involvement of ORMDL in protein folding in the ER.

T cells as a therapeutic target in SLE.

Systemic lupus erythematosus (SLE) is a multisystem autoimmune disease characterized by a loss of tolerance to multiple endogenous antigens. SLE etiology remains largely unknown, despite recent insight into the immunopathogenesis of the disease. T cells are important in the development of the disease by amplifying the immune response and contributing to organ damage. Aberrant signaling, cytokine secretion, and tissue homing displayed by SLE T cells have been extensively studied and the underlying pathogenic molecular mechanisms are starting to be elucidated. T-cell-targeted treatments are being explored in SLE patients. This review is an update on the T-cell abnormalities and related therapeutic options in SLE.

Tuotantopainotteisen energiayhtiön riskienhallinta avautuneilla sähkömarkkinoilla

Sääntelyn poistuminen ja kilpailun vapautuminen ovat aiheuttaneet huomattavan toimintaympäristön muuttumisen pohjoismaisilla sähkömarkkinoilla. Pohjoismaiset sähkömarkkinalakiuudistukset poistivat muodolliset kilpailun esteet mahdollistaen näin sekä kansallisten että yhteispohjoismaisten aktiivisten sähkömarkkinoiden muodostumisen. Toimintaympäristön muuttuminen säännellystä sähkönhuoltojärjestelmästä vapaan kilpailun sähkömarkkinoiksi altisti markkinaosapuolet riskeille, joita toimialalla ei aiemmin ollut esiintynyt. Aiemmin toiminnassa esiintyneet riskit kyettiin siirtämään suoraan asiakkaille, mikä kilpaillussa toimintaympäristössä ei enää ollut samalla tavalla mahdollista. Näin uudessa toimintaympäristössä menestymisen edellytykseksi tuli aktiivinen sähkömarkkinoiden seuraaminen ja organisoitu sähkökaupan riskienhallinta. Tässä tutkimuksessa tarkastellaan riskienhallinnan toteuttamista vastapainetuotantoa omaavassa sähköyhtiössä. Liiketoimintaa uhkaavaa markkinariskiä on käsitelty tutkimuksessa taloudellisena riskinä, joka aiheutuu mistä tahansa arvon muutoksesta sähkömarkkinoilla. Sähkömarkkinoilla suurimpana riskitekijänä voidaan pitää epävarmuutta tulevasta sähkön hintatasosta, joka toteutuu aina joko lyhytaikaisena kassavirtariskinä tai pitkäaikaisena kustannusriskinä. Tuotantoa omaavan sähköyhtiön sähkökaupankäyntiin liittyy sekä toimintaa sitovia velvoitteita että myös joustavan toiminnan mahdollisuuksia. Toimitusvelvollista sähkön hankintaa ja myyntiä omaavan yhtiön sähkökaupankäyntiä rajoittaa toimitusten kiinteähintaisuus sähkön markkinahinnan vaihdellessa huomattavasti. Toisaalta kiinteähintainen sähköntoimitus toimii hintasuojauksena sähkön markkinahintaa vastaan. Tällöin keskeinen epävarmuus sähkökaupankäynnissä liittyy lyhyen ja pitkän aikavälin hintasuojauksen tasapainottamiseen ja siten hinnan vaihtelulle alttiina olevan avoimen position sulkemistason ja ajankohdan valintaan. Riskienhallinnassa ei tule pyrkiä riskien eliminoimiseen, vaan niiden sopeuttamiseen liiketoiminnan tuotto-odotuksen ja riskinsietokyvyn mukaisiksi. Keskeinen riskienhallinnan vaatimus on riskeille altistumisen mallintaminen. Tutkimuksessa määritettiin tuotantopainotteisen energiayhtiön sähkökaupankäynnille riskienhallinnan toimintaohjeistus ja ehdotettiin toimintamallia sen toteuttamiseksi. Riskipolitiikan keskeisin sisältö on määrittää riskinsietokyky liiketoiminnalle sekä toimintavaltuudet ja -puitteet operatiiviselle riskienhallinnalle. Toimintavaltuuksien ja -limiittien tehtävänä on estää riskinsietokyvyn ylittyminen. Toiminnan seuraamisen selkeyden ja läpinäkyvyyden varmistamiseksi toimintamallissa tulee olla määritettynä vastuiden eriyttäminen sekä yksityiskohtainen valvonnan ja raportoinnin toteuttaminen. Kasvanut riskienhallinnan tarve on lisännyt myös palvelun tarjontaa sähkömarkkinoilla. Sähkömarkkinoille on tullut uusia riskienhallintaan erikoistuneita toimijoita, jotka tarjoavat osaamiseensa liittyviä palveluita sekä mallintamis- ja hallintatyökaluja. Tällöin keskeinen sähkökaupan riskienhallinnan toimintamallin toteuttamiseen liittyvä valinta tulee tehdä ulkoistamisen ja omatoimisuuden välillä yrityksen omiin voimavaroihin ja strategisiin tavoitteisiin perustuen. Pieni resurssisessa ja liikevaihtoisessa sähkökaupankäynnissä ei tule pyrkiä kaikkien riskienhallinnan osaamisalueiden omatoimiseen hallintaan. Tutkimuksen perusteella tuotantopainotteisen sähköyhtiön kaupankäyntivolyymin ollessa pieni ja liiketoimintastrategian keskittyessä suojaustoimintaan pääosa sen riskienhallinnan osa-alueista kyetään hoitamaan kustannustehokkaasti ja luotettavasti omatoimisesti. Riskienhallinnan kehittäminen on jatkuva prosessi ja siten riskienhallinnan toimintamalli tulee mukauttaa niin liiketoimintastrategian kuin myös liiketoimintaympäristön muutoksiin.