An update of the mechanisms of resistance to EGFR-tyrosine kinase inhibitors in breast cancer: gefitinib (Iressatrade mark)-induced changes in the expression and nucleo-cytoplasmic trafficking of HER-ligands (Review)

Intrinsic resistance to the epidermal growth factor receptor (EGFR; HER1) tyrosine kinase inhibitor (TKI) gefitinib, and more generally to EGFR TKIs, is a common phenomenon in breast cancer. The availability of molecular criteria for predicting sensitivity to EGFR-TKIs is, therefore, the most relevant issue for their correct use and for planning future research. Though it appears that in non-small-cell lung cancer (NSCLC) response to gefitinib is directly related to the occurrence of specific mutations in the EGFR TK domain, breast cancer patients cannot be selected for treatment with gefitinib on the same basis as such EGFR mutations have beenreported neither in primary breast carcinomas nor in several breast cancer cell lines. Alternatively, there is a generalagreement on the hypothesis that the occurrence of molecular alterations that activate transduction pathways downstreamof EGFR (i.e., MEK1/MEK2 - ERK1/2 MAPK and PI-3'K - AKT growth/survival signaling cascades) significantly affect the response to EGFR TKIs in breast carcinomas. However,there are no studies so far addressing a role of EGF-related ligands as intrinsic breast cancer cell modulators of EGFR TKIefficacy. We recently monitored gene expression profiles andsub-cellular localization of HER-1/-2/-3/-4 related ligands (i.e., EGF, amphiregulin, transforming growth factor-α, ß-cellulin,epiregulin and neuregulins) prior to and after gefitinib treatment in a panel of human breast cancer cell lines. First, gefitinibinduced changes in the endogenous levels of EGF-related ligands correlated with the natural degree of breast cancer cellsensitivity to gefitinib. While breast cancer cells intrinsically resistant to gefitinib (IC50 ≥15 μM) markedly up-regulated(up to 600 times) the expression of genes codifying for HERspecific ligands, a significant down-regulation (up to 106 times)of HER ligand gene transcription was found in breast cancer cells intrinsically sensitive to gefitinib (IC50 ≤1 μM). Second,loss of HER1 function differentially regulated the nuclear trafficking of HER-related ligands. While gefitinib treatment induced an active import and nuclear accumulation of the HER ligand NRG in intrinsically gefitinib-resistant breastcancer cells, an active export and nuclear loss of NRG was observed in intrinsically gefitinib-sensitive breast cancer cells.In summary, through in vitro and pharmacodynamic studies we have learned that, besides mutations in the HER1 gene,oncogenic changes downstream of HER1 are the key players regulating gefitinib efficacy in breast cancer cells. It now appears that pharmacological inhibition of HER1 functionalso leads to striking changes in both the gene expression and the nucleo-cytoplasmic trafficking of HER-specific ligands,and that this response correlates with the intrinsic degree of breast cancer sensitivity to the EGFR TKI gefitinib. Therelevance of this previously unrecognized intracrine feedback to gefitinib warrants further studies as cancer cells could bypassthe antiproliferative effects of HER1-targeted therapeutics without a need for the overexpression and/or activation of other HER family members and/or the activation of HER-driven downstream signaling cascades

Incidència de les lesions en el futbol. Primera divisió. Temporada 1999-2000

El futbol constitueix al nostre país, igual com en d’altres Estats del nostre entorn, un fenomen que transcendeix allò merament esportiu per esdevenir un referent social que desperta passions i que té el seu consegüent reflex als mitjans de comunicació social. No és, doncs, estrany, que de forma diària la premsa esportiva d’àmbit nacional proporcioni informació constant sobre la matèria, incloent-hi allò que concerneix a les lesions que afecten els jugadors, car consideren que és un fet noticiable en la mesura en què això pugui influir en les expectatives dels diferents equips. La informació esmentada, adequadament recollida, sistematitzada i analitzada és susceptible de proporcionar valuoses dades sobre la incidència de les lesions en aquesta modalitat esportiva. Aquest és, precisament, l’objectiu del nostre estudi, sense una altra pretensió que la de proporcionar unes pautes a prendre en consideració per part dels professionals, perquè el seu esforç se centri en l’optimització del rendiment, la planificació de la temporada, l’establiment de programes de prevenció i, al capdavall, en la minimització del risc de lesions.

The endodermis.

A Casparian strip-bearing endodermis is a feature that has been invariably present in the roots of ferns and angiosperms for approximately 400 million years. As the innermost cortical layer that surrounds the central vasculature of roots, the endodermis acts as a barrier to the free diffusion of solutes from the soil into the stele. Based on an enormous body of anatomical and physiological work, the protective endodermal diffusion barrier is thought to be of major importance for many aspects of root biology, reaching from efficient water and nutrient transport to defense against soil-borne pathogens. Until recently, however, we were ignorant about the genes and mechanisms that drive the differentiation of this intricately structured barrier. Recent work in Arabidopsis has now identified the first major players in Casparian strip formation. A mechanistic understanding of endodermal differentiation will finally allow us to specifically interfere with endodermal barrier function and study the effects on plant growth and survival under various stress conditions. Here, I critically review the major findings and models related to endodermal structure and function from other plant species and assess them in light of recent molecular data from Arabidopsis, pointing out where the older, descriptive work can provide a framework and inspiration for further molecular dissection.

Intervention de la pensée représentative de futurs enseignant-e-s dans leurs prises de position envers l'intégration scolaire

In the past two decades, international recommendations have made inclusive education a priority issue. Many countries have adopted school policies inciting players to question their representations about the duties and purposes of schooling and their role therein. In Switzerland, a new national and cantonal framework defines the integration of students with disabilities or special educational needs in the regular classroom as a priority. However, progress in this area is modest and many researchers are left wondering how teachers could be better prepared to meet the special needs of some students. Initial training is thus seen as essential in bringing pre-service teachers to develop open attitudes toward students with disabilities or special educational needs. While many studies have examined the role of training in building professional attitudes, very few deal with teacher representations of inclusive education, let alone those of future teachers. Our research focuses on two samples of pre-service teachers in the beginning, middle or end of their initial training. 261 pre-service teachers for primary education and 212 pre-service teachers for secondaiy education are involved in the study. The research aims to highlight the role of their representative thinking in building their attitudes towards inclusive education. Our results show that objectification remains essentialist and focuses on the prototypes of the most publicized disabilities. They also showed the weakness of the training system as perceived by future teachers. Even though they have maintained or strengthened positive attitudes towards integration, most leave their training with a reinforced sense of apprehension when faced with the disabilities or special educational needs that they expect to encounter in their future work. Although pre-service teachers consider their training insufficient, it nevertheless positively influences their attitudes toward integration. In particular, greater internship practice, however modest it may be, has a significant effect on attitudes of future teachers by increasing their perception of competence and confidence. -- Ces deux dernières décennies, les recommandations internationales ont fait de l'inclusion scolaire une thématique prioritaire. De nombreux pays ont adopté des politiques scolaires obligeant les acteurs scolaires à interroger leurs représentations des missions de l'école et leur rôle au sein de celle-ci. En Suisse, un nouveau cadre national et cantonal a défini comme prioritaire l'intégration dans l'école ordinaire des élèves en situation de handicap ou ayant des besoins éducatifs particuliers. Or, les avancées en la matière restent modestes et de nombreux chercheurs se questionnent sur la manière dont les enseignant-e-s pourraient être mieux préparés à répondre aux besoins éducatifs particuliers de certains élèves. La formation initiale est ainsi perçue comme essentielle pour amener les futurs enseignant-e-s pour développer des attitudes ouvertes envers les élèves en situation de handicap ou ayant des besoins éducatifs particuliers. Si beaucoup d'études portent sur le rôle de la formation dans la construction d'attitudes professionnelles, très peu traitent des représentations des enseignant-e-s à l'égard de l'intégration scolaire et encore moins de celles des futurs enseignant-e-s. Notre recherche porte sur deux populations de futurs enseignant-e-s en début, au milieu ou en fin de formation. Elles sont composées respectivement de 261 étudiant-e-s se destinant à l'enseignement primaire et de 212 étudiant-e-s se destinant à l'enseignement secondaire. La recherche vise à mettre en évidence l'intervention de leur pensée représentative dans leurs prises de position envers l'intégration scolaire. Nos résultats montrent que l'objectivation reste essentialiste et se focalise sur les prototypes de situations de handicap les plus médiatisés. Nos résultats font également fait apparaître la faiblesse du dispositif de formation tel que perçu les futurs enseignant-e-s. Quand bien même ont-ils conservé ou renforcé des attitudes favorables à l'intégration, ils quittent pour la plupart leur formation avec une appréhension renforcée à l'égard des situations de handicap ou de besoins éducatifs particuliers qu'ils s'attendent à rencontrer dans leur future pratique. Bien que la formation soit jugée insuffisante par les étudiant-e-s, elle oriente néanmoins favorablement leurs prises de position envers l'intégration des élèves concernés. En particulier, une plus grande pratique de stage, si modeste soit-elle, a un effet important sur ces prises de position par l'augmentation du sentiment de compétence et la perception d'assurance des futurs enseignant-e-s.

A situated analysis of football goalkeepers' experiences in critical game situations.

This study described elite football (soccer) goalkeepers' activity and performance in critical game situations. The 11 best French players (M age = 15.5 yr., SD = 0.5) participated in the study. Interviews focused on goalkeepers' experiences were conducted to identify meaningful events involved in failed actions. Players formulated 23 critical game situations. Verbatim encoding using a thematic analysis indicated that four main categories (coming off the line, goal-line clearance, one-on-one, and diving) represented the most critical situations encountered during matches. The relations among experience and action, inner states, background, attention contents, and intentions were elucidated. The discussion is grounded on the properties of such critical game situations and their implications for improving goalkeepers' performance.

Los juegos y deportes tradicionales en Europa: entre la tradición y la modernidad

El juego es un elemento básico de socialización: es una creación cultural en el marco de una sociedad determinada. La visión contextualizada de todo juego tradicional debe considerar las propiedades que caracterizan su lógica interna, así como las condiciones socioculturales y los significados simbólicos que le atribuyen sus protagonistas (lógica externa). En esta investigación se realiza un inventario y análisis de la lógica interna y la lógica externa de los juegos tradicionales de adultos que se practican actualmente en 11 regiones europeas. Entre las conclusiones más relevantes destacar que existe un gran repertorio de juegos psicomotores y sociomotores. Se trata de juegos con un alto componente competitivo, en los que se distinguen vencedores y perdedores. Los grupos son básicamente masculinos y mixtos y sin la presencia de un líder o capitán, excepto en las regiones más deportivizadas en las que si aparece esta figura. Se observa que muchas de estas prácticas se están transformando en deportes (regionales), sobre todo aquellas que son protagonizadas por el género masculino. En definitiva, esta investigación aporta datos muy relevantes para comprender la naturaleza de la cultura lúdica tradicional europea.

Els jocs i esports tradicionals a Europa: entre la tradició i la modernitat

El joc és un element bàsic de socialització: és una creació cultural en el marc d’una societat determinada. La visió contextualitzada de qualsevol joc tradicional ha de considerar les propietats que caracteritzen la seva lògica interna, i també les condicions socioculturals i els significats simbòlics que -li atribueixen els seus protagonistes (lògica externa). En aquesta investigació es fa un inventari i una anàlisi de la lògica interna i la lògica externa dels jocs tradicionals d’adults que es practiquen actualment a 11 regions europees. Entre les conclusions més rellevants cal destacar que hi ha un gran repertori de jocs psicomotors i sociomotors. Es tracta de jocs amb un alt component competitiu, en els quals es distingeixen vencedors i perdedors. Els grups són bàsicament masculins i mixtos i sense la presència d’un líder o capità, excepte a les regions més esportivitzades, on sí que apareix aquesta figura. Observem que moltes d’aquestes pràctiques s’estan transformant en esports (regionals), sobretot les que són protagonitzades pel gènere masculí. En resum, aquesta investigació aporta dades molt rellevants per a comprendre la naturalesa de la cultura lúdica tradicional europea.

Incidencia lesional en el fútbol. Primera división. Temporada 1999-2000

El fútbol constituye en nuestro país, al igual que en otros Estados de nuestro entorno, un fenómeno que trasciende de lo meramente deportivo para convertirse en un referente social que despierta pasiones y que tiene su consiguiente reflejo en los medios de comunicación social. No es pues de extrañar que de forma diaria la prensa deportiva de ámbito nacional proporcione información constante sobre la materia, incluyendo lo concerniente a las lesiones que aquejan a los jugadores considerándolo hecho noticiable en la medida que ello pueda afectar a las expectativas de los diferentes equipos. Dicha información, debidamente recogida, sistematizada y analizada, es susceptible de proporcionar valiosos datos sobre la incidencia lesional en esta modalidad deportiva. Éste es precisamente el objetivo de nuestro estudio, sin otra pretensión que la de proporcionar unas pautas a tomar en consideración por los profesionales cuyo esfuerzo se centre en la optimización del rendimiento, en la planificación de la temporada, en el establecimiento de programas de prevención y, en definitiva, en la minimización del riesgo lesional.

HIV-1 immune activation induces Siglec-1 expression and enhances viral trans-infection in blood and tissue myeloid cells.

BACKGROUND: Myeloid cells are key players in the recognition and response of the host against invading viruses. Paradoxically, upon HIV-1 infection, myeloid cells might also promote viral pathogenesis through trans-infection, a mechanism that promotes HIV-1 transmission to target cells via viral capture and storage. The receptor Siglec-1 (CD169) potently enhances HIV-1 trans-infection and is regulated by immune activating signals present throughout the course of HIV-1 infection, such as interferon α (IFNα). RESULTS: Here we show that IFNα-activated dendritic cells, monocytes and macrophages have an enhanced ability to capture and trans-infect HIV-1 via Siglec-1 recognition of viral membrane gangliosides. Monocytes from untreated HIV-1-infected individuals trans-infect HIV-1 via Siglec-1, but this capacity diminishes after effective antiretroviral treatment. Furthermore, Siglec-1 is expressed on myeloid cells residing in lymphoid tissues, where it can mediate viral trans-infection. CONCLUSIONS: Siglec-1 on myeloid cells could fuel novel CD4(+) T-cell infections and contribute to HIV-1 dissemination in vivo.

Plantar flexor neuromuscular adjustments following match-play football in hot and cool conditions.

We assessed neuromuscular fatigue and recovery of the plantar flexors after playing football with or without severe heat stress. Neuromuscular characteristics of the plantar flexors were assessed in 17 male players at baseline and ∼30 min, 24, and 48 h after two 90-min football matches in temperate (∼20 °C and 55% rH) and hot (∼43 °C and 20% rH) environments. Measurements included maximal voluntary strength, muscle activation, twitch contractile properties, and rate of torque development and soleus EMG (i.e., root mean square activity) rise from 0 to 30, -50, -100, and -200 ms during maximal isometric contractions for plantar flexors. Voluntary activation and peak twitch torque were equally reduced (-1.5% and -16.5%, respectively; P < 0.05) post-matches relative to baseline in both conditions, the latter persisting for at least 48 h, whereas strength losses (∼5%) were not significant. Absolute explosive force production declined (P < 0.05) 30 ms after contraction onset independently of condition, with no change at any other epochs. Globally, normalized rate of force development and soleus EMG activity rise values remained unchanged. In football, match-induced alterations in maximal and rapid torque production capacities of the plantar flexors are moderate and do not differ after competing in temperate and hot environments.

Market Potential of Service Providers for Niche Vendor

Diplomityössä tarkastellaan palveluoperaattoreiden asemaa Länsi-Euroopan matkapuhelinpalvelumarkkinoilla. Tavoitteena on selvittää, ovatko palveluoperaattorit potentiaalisia asiakkaita tietylle matkapuhelinlisäpalvelujärjestelmien toimittajalle. Lisäksi tavoitteena on rakentaa liiketoimintalaskelmatyökalu, jolla tällaisen järjestelmäinvestoinnin kannattavuus voidaan osoittaa paitsi palveluoperaattorille, myös tämän loppuasiakkaille. Työ aloitetaan matkapuhelinpalvelumarkkinoilla toimivien osapuolten esittelyllä. Eri osapuolten asemaa ja merkitystä matkapuhelinpalvelumarkkinoilla käsitellään. Matkapuhelinpalvelumarkkinoiden kehitystä tarkastellaan uuden teknologian ja erityisesti tulevien palvelujen näkökulmasta. Tarkastelua jatketaan analysoimalla regulaation vaikutusta matkapuhelinpalvelumarkkinoihin. Erityisesti kiinnitetään huomiota regulaation motiiveihin sekä käytännön toteutukseen tietyissä Länsi-Euroopan maissa. Tutkimuksen toteuttamisessa merkittävässä osassa ovat asiantuntijahaastattelut sekä markkina-analyysiraportit.Markkina-analyysissa saatuja tuloksia hyödynnetään liiketoimintalaskelmatyökalun toteutuksessa. Työn tuloksena päädytään myös ratkaisuun palveluoperaattoreiden kiinnostavuudesta asiakassegmenttinä. Tämän lisäksi havaitaan muita potentiaalisia asiakassegmenttejä, joiden tämäntyyppiseen liiketoimintaan soveltuvuutta tutkitaan edelleen.

Core Competence of a Small or Medium Sized Content Providing Company Operating in the Information and Communication Technologies Secto

Tutkimuksen tavoitteena on tarkastella tekijöitä, joista ydinosaaminen muodostuu, sekä sitä kuinka yritykset voisivat parhaiten hyödyntää omia resurssejaan ja osaamistaan tunnistetun ydinosaamisen avulla. Teoria osuudessa käydään läpi kuinka ydinosaaminen on kirjallisuudessa määritelty ja miten yritykset voivat sen määritellä sisäisesti itselleen. Empiirisessä osiossa käydään läpi Telecom Business Research Centerissä tehdyn kvantitatiivisen selvityksen pohjalta valitut kolme sisällöntuottaja case - yritystä sekä kuvataan näiden osaamista. Tiedot yrityksistä perustuvat niiden edustajille tehtyihin haastatteluihin ja heidän käsitykseensä omasta yrityksestään. Tämä näkemys on tutkimuksen kannalta äärimmäisen relevanttia, koska ydinosaamisen määrittely tehdään yrityksessä sisäisesti juuri haastatellun kaltaisten yrityksen ydintoimijoiden toimesta. Varsinaisten case -yritysten lisäksi käydään läpi käytännön tapaus action-oriented -tutkimusosuudessa. Tutkimusta ja siinä käsiteltyjä esimerkkejä tulisi hyödyntää yrityksen oman ydinosaamisselvityksen apuna prosessin varrella.

Leri's pleonosteosis, a congenital rheumatic disease, results from microduplication at 8q22.1 encompassing GDF6 and SDC2 and provides insight into systemic sclerosis pathogenesis.

OBJECTIVES: Leri's pleonosteosis (LP) is an autosomal dominant rheumatic condition characterised by flexion contractures of the interphalangeal joints, limited motion of multiple joints, and short broad metacarpals, metatarsals and phalanges. Scleroderma-like skin thickening can be seen in some individuals with LP. We undertook a study to characterise the phenotype of LP and identify its genetic basis. METHODS AND RESULTS: Whole-genome single-nucleotide polymorphism genotyping in two families with LP defined microduplications of chromosome 8q22.1 as the cause of this condition. Expression analysis of dermal fibroblasts from affected individuals showed overexpression of two genes, GDF6 and SDC2, within the duplicated region, leading to dysregulation of genes that encode proteins of the extracellular matrix and downstream players in the transforming growth factor (TGF)-β pathway. Western blot analysis revealed markedly decreased inhibitory SMAD6 levels in patients with LP. Furthermore, in a cohort of 330 systemic sclerosis cases, we show that the minor allele of a missense SDC2 variant, p.Ser71Thr, could confer protection against disease (p<1×10(-5)). CONCLUSIONS: Our work identifies the genetic cause of LP in these two families, demonstrates the phenotypic range of the condition, implicates dysregulation of extracellular matrix homoeostasis genes in its pathogenesis, and highlights the link between TGF-β/SMAD signalling, growth/differentiation factor 6 and syndecan-2. We propose that LP is an additional member of the growing 'TGF-β-pathies' group of musculoskeletal disorders, which includes Myhre syndrome, acromicric dysplasia, geleophysic dysplasias, Weill-Marchesani syndromes and stiff skin syndrome. Identification of a systemic sclerosis-protective SDC2 variant lays the foundation for exploration of the role of syndecan-2 in systemic sclerosis in the future.

Evolutionary Games in Networked Populations: Models and Experiments

Cooperation and coordination are desirable behaviors that are fundamental for the harmonious development of society. People need to rely on cooperation with other individuals in many aspects of everyday life, such as teamwork and economic exchange in anonymous markets. However, cooperation may easily fall prey to exploitation by selfish individuals who only care about short- term gain. For cooperation to evolve, specific conditions and mechanisms are required, such as kinship, direct and indirect reciprocity through repeated interactions, or external interventions such as punishment. In this dissertation we investigate the effect of the network structure of the population on the evolution of cooperation and coordination. We consider several kinds of static and dynamical network topologies, such as Baraba´si-Albert, social network models and spatial networks. We perform numerical simulations and laboratory experiments using the Prisoner's Dilemma and co- ordination games in order to contrast human behavior with theoretical results. We show by numerical simulations that even a moderate amount of random noise on the Baraba´si-Albert scale-free network links causes a significant loss of cooperation, to the point that cooperation almost vanishes altogether in the Prisoner's Dilemma when the noise rate is high enough. Moreover, when we consider fixed social-like networks we find that current models of social networks may allow cooperation to emerge and to be robust at least as much as in scale-free networks. In the framework of spatial networks, we investigate whether cooperation can evolve and be stable when agents move randomly or performing Le´vy flights in a continuous space. We also consider discrete space adopting purposeful mobility and binary birth-death process to dis- cover emergent cooperative patterns. The fundamental result is that cooperation may be enhanced when this migration is opportunistic or even when agents follow very simple heuristics. In the experimental laboratory, we investigate the issue of social coordination between indi- viduals located on networks of contacts. In contrast to simulations, we find that human players dynamics do not converge to the efficient outcome more often in a social-like network than in a random network. In another experiment, we study the behavior of people who play a pure co- ordination game in a spatial environment in which they can move around and when changing convention is costly. We find that each convention forms homogeneous clusters and is adopted by approximately half of the individuals. When we provide them with global information, i.e., the number of subjects currently adopting one of the conventions, global consensus is reached in most, but not all, cases. Our results allow us to extract the heuristics used by the participants and to build a numerical simulation model that agrees very well with the experiments. Our findings have important implications for policymakers intending to promote specific, desired behaviors in a mobile population. Furthermore, we carry out an experiment with human subjects playing the Prisoner's Dilemma game in a diluted grid where people are able to move around. In contrast to previous results on purposeful rewiring in relational networks, we find no noticeable effect of mobility in space on the level of cooperation. Clusters of cooperators form momentarily but in a few rounds they dissolve as cooperators at the boundaries stop tolerating being cheated upon. Our results highlight the difficulties that mobile agents have to establish a cooperative environment in a spatial setting without a device such as reputation or the possibility of retaliation. i.e. punishment. Finally, we test experimentally the evolution of cooperation in social networks taking into ac- count a setting where we allow people to make or break links at their will. In this work we give particular attention to whether information on an individual's actions is freely available to poten- tial partners or not. Studying the role of information is relevant as information on other people's actions is often not available for free: a recruiting firm may need to call a job candidate's refer- ences, a bank may need to find out about the credit history of a new client, etc. We find that people cooperate almost fully when information on their actions is freely available to their potential part- ners. Cooperation is less likely, however, if people have to pay about half of what they gain from cooperating with a cooperator. Cooperation declines even further if people have to pay a cost that is almost equivalent to the gain from cooperating with a cooperator. Thus, costly information on potential neighbors' actions can undermine the incentive to cooperate in dynamical networks.

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.