The Guardian | Hedging on roads: councils bet on icy weather

The Guardian
Hedging on roads: councils bet on icy weather

As Britain prepares this weekend for a Siberian blast, councils across the country will be anxiously checking their betting slips. The increasing cost of keeping roads open during harsh winter weather has forced councils to make spread bets to offset the risk of big financial losses. Weather derivatives – financial contracts that pay out in cases of extreme weather – are being actively tested by councils across the country.

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