Energy Trading and Investing: Trading, Risk Management and Structuring Deals in the Energy Market

Energy Trading and Investing: Trading, Risk Management and Structuring Deals in the Energy Market
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Energy Trading and Investing:

Trading, Risk Management and Structuring Deals in the Energy Market

by Davis Edwards



Overview

¡°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

3. Electricity

4. Oil



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



Biographical note

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 new traders.

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