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Course Descriptions
To
attend, Call (412) 494-0450 or Register
Online
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Fundamentals of Energy Futures, Options & Derivatives (D-201)
This popular two-day
program is the perfect way for natural gas, electric power and oil industry professionals to acquire a solid understanding of energy futures, options and derivatives. The first day of the seminar covers
commodity markets, price risk and the different types of energy trading; what energy futures contracts are and how they are traded; commodity exchange operations, futures hedging, basis, basis risk; and how basis
trading works. The second day of the seminar addresses commodity swaps; how OTC dealers, institutional energy brokers and electronic exchanges operate; the difference between financial and physical basis ("fin" and
"phys"); trigger deals and EFPs; the master energy trading equation and dealer book; exchange-traded, OTC and physical options; how to create price caps and collars; and an introduction to structured transactions.
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Detailed Table of Contents
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Other
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Fundamentals of the Electric Power Industry (E-201)
This one-day program is for energy professionals looking for a solid understanding of the electric power industry and the basics of
bulk power trading. The first part of the program discusses the properties of electricity, the structure of the North American electricity grid, different types of electric generating units, economic dispatch and
how control areas operate.
The seminar then addresses open-access electricity markets, ISOs, Transcos, RTOs, PoolCo versus bilateral markets, how the PJM market operates, the calculation of ATC, TLRs, LMP, FTRs and other key terms and concepts. After lunch, the seminar addresses the basics of bulk power trading including trading units, the structure of electricity spot and forward markets, commonly used agreement language, shrinkage, "tagging", "contracts for differences", forward hub trading using "Seller's Choice", what an electricity bookout transaction is, and how institutional energy brokers and electronic exchanges operate. The seminar finishes with a basic discussion of heat-rates, spark spreads and tolling arrangements.
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Gas-to-Electricity Arbitrage & Maximizing the Profitability of Electric Generation Assets (D-401)
This one-day program is for those seeking a better understanding of gas-to-electricity arbitrage
trading and how to maximize the profitability of electric generation assets. After a quick review of heat rates, spark spreads and tolling arrangements, the course addresses spark spread trading, cross-commodity
derivative instruments, heat rate linked transactions and four examples of how to engage in gas/electricity arbitrage without access to generation assets. Case studies then address how to optimize profits for
those with access to generation assets. The program closes with a discussion of the value of new electric generation plants.
Prerequisites: Courses D-201 and E-201 or equivalent experience.
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Detailed Table of Contents
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Developing Energy Risk Management Policies & Procedures
Designed for
executives and managers who need to set corporate priorities and policies for trading and risk management. The course starts by examining the nature of electricity and energy markets, the "risk management
mindset", the Price-Risk Pyramid and a "Top Ten Checklist" of things a risk manager should do. The seminar next addresses how to develop your organization's risk management policies and
procedures including strategy, enforcement, risk limits and the Gamma Criterion. The program then explores defining the corporate portfolio, valuing the portfolio using a payoff diagram and how to use hedging
to meet your organization's portfolio objectives. Presented by John Wengler and based on his forthcoming book Managing Energy Risk: A Nontechnical Guide to Markets, Trading and Risk (PennWell Books,
2001.)
For further details, contact John Wengler at R.W. Beck. (847) 784-8113 jwengler@RWbeck.com
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Detailed Table of Contents
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Fundamentals of Value-at-Risk
This program is for energy professionals looking for a solid understanding of:
1) What Value-at-Risk, or VaR, is; 2) Why VaR is the risk measurement method of choice at most energy trading firms, and how VaR is used; 3) What is meant by separate VaR risk buckets; 4) How to calculate the appropriate volatilities needed for VaR computation; 5) How to prepare, calculate and use a cross-correlation table; 6) How to calculate VaR using the variance-covariance", "historical simulation" and "Monte Carlo" methods; 7) What the pros and cons are for each of these three calculation methods; 8) The impact that volatility, correlation and shape of curve assumptions have on VaR calculation; 9) How to calculate both correlated and uncorrelated total VaR; and 10) What the pitfalls and assumptions to be aware of when using VaR.
For further details, contact Soli Forouzan at (713) 838-1028 forouzan@mind-span.com
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Detailed Table of Contents
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Fundamentals
of Statistical Analysis
This course is designed to provide a working understanding of key
statistical and analytic tools used in the energy and electric power
markets. Emphasizing the value of a probabilistic view of
decision criteria, the course develops those concepts most useful
for maximizing value and minimizing risk. The course covers
correlation & regression analysis, real option analysis, Black-Scholes,
Binonomial Trees, GARCH Models, the measurement of energy price
risk and how to adapt value-at-risk (VaR) to the energy industry.
Actual case studies are examined including a Monte Carlo simulation
of customer migration out of default service, benchmarking techniques
used for estimating the incremental cost savings of expanding an
existing facility, and real-option valuation of duel fuel capability.
For further details,
contact Dr. Kenneth Skinner at (619) 540-1271
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Detailed Table of Contents
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How to Value Electric Generation Assets Using Real Options
This course begins by exploring the various approaches used to value electric generation assets as real options. The course considers the deficiencies of marginal cost valuation
and develops a real-options approach based on forward price forecasts of fuel and energy markets. Net present value (NPV), decision analysis (DA), and real options (RO) valuation techniques are compared. The
course further considers the role of volatility, portfolio considerations, and risk management implications in valuation.
For further details,
contact Dr. Kenneth Skinner at (619) 540-1271
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Detailed Table of Contents
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Modeling Forward Energy & Power Prices
This new one-day course focuses on electricity and energy forward price behavior and how to model forward price curves to include seasonality and price-mean reversion. The course begins by examining the
building blocks of forward price behavior including the Mark-to-Market process, Mean Reversion and the Pilipovic model and introduction to seasonality functions. The seminar next discusses how to read
non-seasonal and seasonal forward price curves and then addresses overlapping seasonalities and how to capture seasonality effects through magnitude, entering Dates and Decay. Special emphasis is paid to
market-driven (mark-to-market) analysis.
For further details, contact John Wengler at R.W. Beck. (847) 784-8113 jwengler@RWbeck.com
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Fundamentals of Structured Energy Products
How to analyze,
structure, price, trade and market energy products to take advantage of a dynamic pricing environment in natural gas and electric power markets.
The course is aimed at teaching some of the most popular, productive, and practical structures used in the energy markets and assumes that participants have only a preliminary level of familiarity with concepts and products such as swaps and options e.g. calls and puts. An active participant in today's energy markets, the instructor presents a detailed picture of common transactions and goes into actual calculations and examples. The instructor will teach not only how to price these structures but will also demonstrate how to trade or present and market these concepts, ideas and products to clients and counter parties. This course is specially designed for marketers, structurers, commodity traders, analysts, and those who are interested in learning about energy commodity transactions.
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Managing Industrial, Commercial & Municipal Energy Procurement (B-201)
This one-day program is for fuel managers, sales personnel and buyers looking
for ways to reduce the cost of this big-dollar budget
item. Subjects addressed by the course include: assessing energy supply requirements, developing a fuel management plan, establishing a working program, assessing suppliers and transporters, monitoring costs and invoices, managing daily responsibilities and tips for reducing supply costs.
For further details, contact Greg Peters at (724) 935-2223 gpeters2001@attbi.com
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