How This Seminar Works
	1. This live seminar consists of two 90-minute, high quality conference calls combined with your choice of printed or Internet-posted slides. 2. The day before the seminar, you will be emailed a toll-free telephone number to access the audio portion of the live seminar session. The seminar's slides will be attached to the email as a PDF file, and a Website link will be provided so you can view the slides on the Internet if you prefer. Phone calls originating from outside of the USA and Canada will be a toll call billed to you by your telephone service provider. 3. A few minutes before the seminar is to begin, you will call the toll-free phone number to access the audio portion of the seminar. You can follow the visual portion of the presentation by using the printed PDF files or by viewing the Internet-posted slides on your computer screen. 4. A professional moderator will manage the seminar teleconference and there will be ample opportunity to ask questions. All participants will hear both the question and the instructor's response. After the seminar is over, further questions can be directed to the instructor via email.

Value-at-risk or VaR has become the industry standard for measuring uncertainty. This course takes the participants from the basic statistics underlying value-at-risk to the most sophisticated techniques used by energy companies today. The focus is on how to make value-at-risk work in practice—how to design, implement and use scalable production value-at-risk measures on real trading floors. Real-world challenges are discussed relating to measurement and computation of energy related uncertainty and risk. Click Here to Register

What You will Learn

	How to describe portfolio risk using delta, gamma, and vega.
	What is VaR, TVaR, Earnings at Risk and why they are needed?
	What is Conditional VaR (C-VaR) - should it replace VaR?
	.Portfolios and volatility – getting the units right.
	The two approaches to calculating VaR – historical simulation and model-building – advantages and disadvantages.
	How to calculate VaR using historic simulation.
	How to calculate VaR using variance-covariance (model-building) methods: 1) The linear model (delta); 2) The quadratic model (delta – gamma); 3) How to calculate VaR using Monte Carlo simulation
	Using Principle Component Analysis to calculate VaR.
	Cash Flow Mapping for tolling agreements and other “coupon paying” energy transactions.
	How to Stress Test and Back Test the VaR calculation.
	Reporting change in Daily VaR, change in 5-Day VaR Moving Average, and change in the Stress Test extreme value over a historic time horizon.

Your Instructor

Kenneth Skinner, Ph.D. – Dr. Skinner is Vice President and Chief Operating Officer of Integral Analytics (IA), an analytical software and management consulting firm focused on operational, planning, and market research solutions. Reaching every aspect of the energy industry, the IA proprietary analytical, programming and statistical methods allow clients more precise valuation, faster and more affordably. Dr. Skinner has over 15 years of energy industry experience including 5 years as the Derivative Structuring Manager for Sempra Energy Solutions, a national energy supplier, focused on developing retail commodity supply strategies including portfolio risk management, hedging strategy, and least-cost supply opportunities. Having worked with several energy consulting companies including Summit Blue Consulting, RDI Consulting and PHB Hagler Bailly, Dr. Skinner has significant experience in economic analysis and modeling of energy assets including development of portfolio VaR models, structured valuation of distributed generation and electricity and natural gas commodity transactions, financial risk assessment and valuation of energy hedging strategies.

Who Should Attend this Seminar

This seminar will benefit a wide variety of organizations in the electric power, financial and energy industries. Professionals from banks, energy producers, electric utilities, energy marketers, industrial companies, electric generators, and municipals will gain valuable insights, as will natural gas, oil and electric power executives, traders, marketers, (sales, purchasing & risk management professionals), accountants, economists, trading support staff, auditors, attorneys, government regulators, rate specialists, plant operators, engineers and corporate planners.

Why Choose PGS?

Save time and travel expenses while you increase your knowledge. PGS seminars are known for their clear explanations and in-depth content. Over 3,000 energy and financial professionals have already attended PGS Energy Training's proven courses. View Past Seminar Attendees

Prerequisites

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

Registration Fee