Risk Management in Electricity Markets (στην Αγγλική γλώσσα)

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1 Η Υπηρεσία Εκπαίδευσης/Πιστοποίησης του Χρηματιστηρίου Αθηνών διοργανώνει 2-ήμερο σεμινάριο Risk Management in Electricity Markets (στην Αγγλική γλώσσα) About the Training Course This groundbreaking training course will provide you with practical hands-on strategies for mitigating risk in power trading. Developed by a power industry specialist, this course is the only programme of its kind that focuses on helping you identify the risks and then formulate effective strategies for dealing with them. It concentrates on the risks arising in liberalized and liberalizing markets and what steps you can take to deal with them. Packed with highly practical examples and case studies, this course will provide you with the perfect synergy between theory and practice. During two intensive days you will: Use topical situations to illustrate the theories of risk management in power trading a highly practical approach Learn from an international power expert who can translate jargon into clear and relevant information Learn how to identify risks and gain a practical approach to mitigating them using current real-life examples Get to grips with a number of pricing and risk modelling techniques that will prove invaluable to you in the future Case Studies The course is highly practical and will make extensive use of exercises, real life examples and market-focused case studies throughout the programme. The intention will be to highlight real-world issues when dealing with risk in the electricity industry and will reinforce the content covered throughout the course.

2 Ημερομηνίες διεξαγωγής του σεμιναρίου: 1 και 2 Δεκεμβρίου 2016 Ώρες διεξαγωγής: 09:00-17:00 Τελευταία Ημέρα Υποβολής Αιτήσεων: 18 Νοεμβρίου 2016 Κόστος Συμμετοχής: 800 συμπεριλαμβανομένου ΦΠΑ Σύνολο ωρών: 16 Χώρος διεξαγωγής: Χρηματιστήριο Αθηνών, Λεωφ. Αθηνών 110 Εισηγητής: KASPER WALET Επίπεδο Ύλης Σεμιναρίου Γενικό Εξειδικευμένο Εισαγωγικό Μεσαίου Επιπέδου Προχωρημένο Οι συμμετέχοντες θα λάβουν την ύλη καθώς επίσης και βεβαίωση παρακολούθησης του σεμιναρίου. Θα προσφερθούν καφές, αναψυκτικά και μεσημεριανό γεύμα. Πρόγραμμα σεμιναρίου 1 η μέρα Introduction Current status and future developments EU electricity markets Main features electricity important to trading Regulatory Issues Players Power Market Relationship Power and Carbon Market Impact of renewable targets on market structure Electricity Price Dynamics Non-storability Price Drivers; supply and demand, weather and others Evolution of volatility in energy markets o Comparing spot with forward volatility: spikes and mean-reversion Seasonality o Causes of seasonality Correlations Negative Pricing Risk Management in the Electricity Business

3 The electricity value chain o Fuels, Generation, Transmission & Distribution, Wholesale, Carbon and retail Portfolio of Contracts o Forward sales, retail supply, fuel, CO2, Freight, hedges etc. Sources of Risk Market, Credit,Operational, Legal and regulatory, Business,Strategic and Reputation Risk Risk Management programs in the electricity industry Scope of Framework Risk appetite and tolerance Corporate governance Risk metrics Risk policies Measurement and reporting patterns Risk limits and standard policies Market risk and credit risk limits Measurement Approaches Notional amount approach Price sensitivity measures derivatives What is Value at Risk (VaR) How to use VaR to limit risk in practice Need for stress testing and scenario analysis Risk Capital and Risk-Adjusted Performance Measurement 2 η μέρα The need for risk capital RAROC (Risk Adjusted Return on Capital) Risk capital allocation o Market, credit and operational Trading in electricity markets The different strategies: o Hedging o Arbitrage o Speculation Trading gas, oil and other commodities to improve performance Trading electricity contracts: margin requirements, clearing, liquidity, information advantages Features Derivatives What are derivatives History Derivatives: good or bad? Electricity Forwards, Futures and Swaps: The Essentials Forwards and futures Swaps Definitions Hedging with futures and forwards Hedging with swaps Essentials of Electricity Options

4 Calls and Puts o Difference between buying and selling options Terminology Caps, floors Premium Reduction o Collars o 3 Way Options Hedging applications with electricity options Spread Trading Different Spreads Spread trading strategies Spark and Dark Spread o Theoretical and real one Tolling Agreements o Physical vs. virtual Market Risk Hedging Strategies Hedging against spot price risk Hedging and liquidity risk The optimal hedge ratio Roll-over hedge Option Greeks analysis Delta hedging Hedging volatility Πρόσθετες πληροφορίες Οι ώρες διεξαγωγής του σεμιναρίου και τις δύο ημέρες είναι από 09:00-17:00, με 2 σύντομα διαλλείματα για καφέ στις 11:00 και 15:30 αντίστοιχα καθώς και διάλλειμα διάρκειας μιας ώρας, στις 13:00, για μεσημεριανό φαγητό. Τα δίδακτρα θα πρέπει να καταβληθούν στο ακέραιο μέχρι 18 Νοεμβρίου. Σε περίπτωση που το σεμινάριο δεν πραγματοποιηθεί, επιστρέφεται ολόκληρο το ποσό. Το Χρηματιστήριο Αθηνών, δεν δεσμεύεται για την υλοποίηση του σεμιναρίου και έχει το δικαίωμα να ακυρώσει ή να αναβάλει αυτό. Η διδασκαλία του σεμιναρίου θα γίνει στην ΑΓΓΛΙΚΗ ΓΛΩΣΣΑ

5 Σύντομο βιογραφικό εισηγητή Kasper Walet Kasper Walet has more than 20 years of experience and extensive knowledge on a theoretical and practical level about all the aspects related to trading, derivatives and risk management in the energy industry. Kasper received a Masters degree in Law from the University of Utrecht in He started his career at the NLKKAS, the Clearing House of the Commodity Futures Exchange in Amsterdam. After working for the NLKKAS for five years, Kasper was appointed as Member of the Management Board of the Agricultural Futures Exchange (ATA) in Amsterdam at the age of 31. While working for the Clearing House and exchange, Kasper became an expert in all the aspects of trading and risk management of commodities. In 1997 he founded his own specialist-consulting firm that provides strategic advice about energy commodity trading and risk management. Since the very beginning of the deregulation process, Kasper has advised government agencies, major utilities and energy trading companies and various power exchanges in Europe, CEE countries, North America and Asia. He is an expert not just in electricity, but also in natural gas, and emissions trading. Some of the issues he has advised on are the development and implementation of a Risk Management Framework, investment strategies, trading and hedging strategies, initiation of Power Exchanges (APX) and other trading platforms, the set-up of (OTC) Clearing facilities, and feasibility and market studies like for the LNG Market. Kasper has given numerous seminars, workshops and training sessions about both the physical and financial trading of energy products. The courses have been given to companies all over the world, in countries like Japan, Singapore, Thailand, United Kingdom, Germany, Poland, Slovenia, Czech Republic, Malaysia, Belgium and the Netherlands.