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The essential training manual for anyone who expects to profitably engage the energy market while avoiding the devils lurking in the details. Kurt Yeager, former President and CEO of the Electric Power Research Instituteand coauthor of Perfect PowerShrinking 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 amountof capital and investment manpower hasfl ooded into the energy market. Older utilitiesare finding that their quiet, safe businesshas changed dramatically in a short periodof time. Now, Energy Trading and Investing provides abig-picture introduction to the industry along with the trading know-how and financial details that every market participant needs for success.This hands-on guidebook covers all types ofenergy markets; from 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 energymarket, Energy Trading and Investing provides a highly disciplined and organized approach to profiting from energy investments. This potent combination of detailed, up-to-date information alongside expert know-how thoroughly prepares you to invest and trade with confidence in the energy market. If you're a serious trader, you need to understandthe energy markets, and Energy Trading and Investing is the only book you need to trade successfully in this growing sector.
Davis W. Edwards is the former head of.the Mathematical Arbitrage Trading Desk at Bear Stearns..With several billions in capital and operated like a private.hedge fund, the Mathematical Arbitrage Desk managed Bear.Stearnsn++s proprietary investments in the equities, energy, commodities,.and option markets.
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