In addition, DG offers the ability to defer costly transmission and distribution system upgrades and enables fuel hedging.

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Experts think both can survive on their own, and Southwest, thanks to the impressive results of its fuel hedging program, has a big leg up.

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The carrier has gained tremendous respect and popularity for its low-cost business model and thrives on maintaining low operating expenses, in part due to its fuel hedging programs.

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Without gains from fuel-hedging contracts, Southwest would have earned 7 cents per share, topping analysts' forecast of 2 cents per share.

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They are still paying more for their fuel under 'hedging' deals, in which they set a fixed price months into the future.

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It will manage fuel-price risk with hedging better than the competition.

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Ideally, this hedging lowers the average fuel costs a carrier pays over time.

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Southwest remained profitable even when fuel prices spiked, thanks to brilliant hedging, and has launched a series of moves to raise revenue without charging to check a bag, which really irks people.

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Much of the hedging is carried out with WTI contracts but the actual fuel is mainly refined from pricier oils.

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