What You Will Learn

1. How the North American power grid is structured and how it operates; the properties of electricity, its terms and units; who the key players are in the industry; and how control areas, spinning reserves, economic dispatch and load following generating units operate. You will also receive a list of key industry websites.
    
2. Tthe differences between ISOs, transcos, ITCs, RTOs, and ITPs; and what today's ISO/RTO status is by region (Includes a detailed map).
    
3. How the PJM two-settlement market operates; what locational marginal pricing (LMP) is; how LMP is applied in the PJM market; and why FTRs, CRRs, TLRs, ICAP and LICAP are important concepts to understand.

You Will also Learn

1. The structure and characteristices of the spot and forward bulk power markets.
    
2. The terminology, concepts and mechanics of bulk power trading, and the difference between physical, scheduled and contract path power flows.
      
3. How to execute a spot power transaction - including common contract language, how to obtain transmission capacity, scheduling and NERC tagging requirements.
    
4. What sellers choice is; how forward transaction "daisy chains" form at virtual trading hubs; what a financial bookout is; and how bulk power can be financially traded.

Seminar Agenda

Morning:

• The properties and terminology of electricity - current, power, var, voltage, etc
• An overview of the electric service system, and how it works
• The structure and function of the North American power grid
• Who the various industry participants are and their roles
• Why open access power markets are so politically complicated
• How control areas function, what spinning reserves are, and how the lights are kept on.
• What happened with the August, 2003 blackout
• A summary of FERC Orders 888, 889, 2000 and SMD
• The difference between ISOs, Transcos, ITCsand RTOs are, and where they stand today.
• What TLRs, ATC, OASIS, pancaking rates, shrinkage and other terms mean.
• The different types of electric generating units and how the are economically dispatched.
• The different types of electric transmission service and how it's secured
• What locational Marginal Pricing (LMP) is and why it's used
• The difference between auction and bilateral bulk power markets and the pros & cons of each
• The PJM market and the role of LMP
• How the PJM two-settlement energy market operates.
• What ICAP and LICAP are and why they are important.

Afternoon:

• What PJM FTRs are and why they are used
• An overview of the similarities and differences between the PJM, New York and New England markets.
• The fundamentals of bilateral bulk power trading including trading units
• The structure of electricity spot and forward markets
• Common terminology and contract language used for bilateral power transactions.
• How to secure transmission capacity using OASIS
• How to calculate shrinkage and line losses
• How to prepare a NERC tag
• Why " Sellers' Choice" is an important concept to understand.
• How power marketers and traders buy and sell forward power at "virtual hubs" in PJM, MISO and other locations.
• The difference between physical, scheduled and contract path power flows
• How to financially trade power with financial bookouts
• Common forms of electricity options
• How institutional energy brokers and electronic exchanges such as "ICE" and NYMEX Clearport Services operate.

Your Instructor

John Adamiak is President and Founder of PGS Energy Training and is an expert in energy derivatives and electric power markets. Mr. Adamiak is a well-known and highly effective seminar presenter who has over 20 years experience in the natural gas and electric power industries. His background includes 10 years as a seminar instructor, 9 years of energy transaction experience, and 6 years of strategic planning and venture capital activities. John's academic background includes an M.B.A. degree from Carnegie-Mellon University.

Who Should Attend this Seminar?

Professionals from electric utilities, generators, municipals, power marketers, banks, government regulators and industrial companies; energy and electric power executives; attorneys; government regulators; traders & trading support staff; marketing, sales, purchasing & risk management personnel; accountants & auditors; plant operators, engineers and corporate planners.

Prerequisites

This group live seminar has no prerequisites. No advance preparation is required before the seminar.

Why Choose PGS?

Since 1996, PGS seminars have been known for their clear explanations and in-depth content. Register for a PGS program today, and team up with the leader in electric power and energy education. Over 3,000 energy and financial professionals have already attended PGS's proven courses. View Past Seminar Attendees

Prices

Please call 412-494-0450 for pricing information.

CPE Credits

This group live seminar is eligible for 7.0 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.

PGS  Energy Training is registered with the National Association of State Boards of Accountancy (NASBA)  as a sponsor of continuing professional education  on the National Registry of CPE Sponsors. State boards of accountancy have final authority on  the acceptance of individual courses for CPE  credit. Complaints regarding registered sponsors  may be addressed to the National Registry of  CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org. CPAs interested in attending any seminars  should contact our offices for details on CPE credits granted and any prerequisite requirements.