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Energy Trading and Investing:
Trading, Risk Management and Structuring Deals in the Energy Market
by Davis Edwards
¡°The essential training manual for anyone who expects to profi tably engage the energy market while avoiding the devils lurking in the details.¡±
Kurt Yeager, former President and CEO of the Electric Power Research Institute and coauthor of Perfect Power
Shrinking fossil fuel supplies, volatile prices, deregulation, and environmental conservation have transformed the energy market into a major arena for making money. In response, an unprecedented amount of capital and investment manpower has fl ooded into the energy market. Older utilities are finding that their quiet, safe business has changed dramatically in a short period of time.
Now, Energy Trading and Investing provides a big-picture introduction to the industry along with the trading know-how and fi nancial details that every market participant needs for success.
This hands-on guidebook covers all types of energy markets¡ªfrom the big-three markets of electricity, natural gas, and oil to the growing markets for liquefied natural gas, emissions, and alternative energy. It provides useful information on the interdependence of the different energy markets, who the major players are, and how Wall Street trades energy products.
Energy Trading and Investing features:
An overview of the entire energy market
In-depth descriptions of all of the major energy commodities
Financially oriented discussions of how chemistry, physics, accounting, and option pricing affect trading
Primers on load forecasting, tolling agreements, natural gas storage, and more
A practical introduction to risk management
Written by a pioneering quant in the energy market, Energy
Trading and Investing provides a highly disciplined and organized approach to profi ting from energy investments.
This potent combination of detailed, up-to-date information alongside expert know-how thoroughly prepares you to invest and trade with confi dence in the energy market.
If you¡¯re a serious trader, you need to understand the energy markets, and Energy Trading and Investing is the only book you need to trade successfully in this growing sector.
Table of contents
Part One: Instruments & Markets
1. Major Players
2. Natural Gas
Part Two: Coal & Carbon Emissions
5. Technical Primer
6. Physics of Gas
7. Physics of Power
8. Financial Options
9. Math of Spread Options
10. Estimating Correlations
11. Monte-Carlo Simulations
12. Game Theory
13. Dynamic Programming
Part Three: Electricity Models
14. Forecasting Demand for Electricity
15. Generation Stack
16. Tolling Agreements
17. Wheeling Power
18. Congestion Models
19. Solar Power
20. Wind Power
Part Four: Natural Gas Models
21. Natural Gas Transportation
22. Natural Gas Storage
23. Liquefied Natural Gas
24. Weather Forecasting
25. Financial Instruments
Davis W. Edwards is a managing director
at Macquarie Group and is responsible for
managing the credit risks of its North American
energy investments. Macquarie, Australia¡¯s
preeminent fi nancial conglomerate, is one of
the largest energy companies in North America
through itssubsidiary, Macquarie Cook
Energy. Previously, Davis headed the Mathematical
Arbitrage Trading Desk at Bear Stearns.
With several billion in capital and operated
like a private hedge fund, the Mathematical
Arbitrage Trading Desk handled Bear Stearns¡¯s
proprietary investments in the equities, energy,
commodities, and option markets.
Back cover copy
How to profit in one of today¡¯s
fastest-growing financial markets!
With diminishing fossil fuel supplies and the growing specter of environmental
change, governments are using the free market to minimize the cost of adopting
sustainable energy policies. This makes energy one of the few markets that is rapidly
expanding, and it is now one of the hottest investment opportunities in the world.
Energy Trading and Investing offers a comprehensive and practical introduction to
energy trading¡ªfrom the big picture of how different products are related to each
other to in-depth explanations of the jargon and fi nancial mathematics that trip up
Energy Trading and Investing features:
A detailed introduction to each of the major energy markets:
electricity, natural gas, petroleum, coal, and emissions
Primers on advanced topics like storage, wheeling,
load forecasting, and pipeline transportation
Examples of ways to invest in wind power, carbon emissions,
thermal solar power, and other new markets