IN-PERSON CLASSROOM SEMINARS

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Fundamentals of The Texas ERCOT Electric Power Market


A One-Day Classroom Seminar (CPE Approved)

Understand the basic workings of the dynamic Texas wholesale and retail markets and learn how the ERCOT ISO operates.

Understand, enhance and apply knowledge of how ERCOT's Day-Ahead, Real-time, Settlement activities, Retail operations and related costs and operations impact retail market operation, costs, billing and tariff conditions.

Benefit from a solid understanding of how the ERCOT market is organized, operates and is coordinated on a wholesale and retail level.

Understand and apply how wholesale industry operations are synchronized with retail markets, market settlements, and ERCOT's retail operations in the Nodal Market Structure.

What You Will Learn
  • ERCOT Structures, Market Functions and Stakeholders
  • Nodal System: LMPs, Congestion Management and CRRs
  • Power Transactions at the Wholesale Level and How it Works
  • Bilateral and Auction Markets - how they work
  • Day-Ahead and Real-Time Markets: Energy, Ancillary Services and Capacity
  • Settlement Processes and Who Gets Paid What
  • Wholesale Pricing, Retail Market Functions, ERCOT structures for Retail Business
  • Current and Future Issues
What You Will Also Learn
  • Highlights of the move from a "Zonal" to a "Nodal" Market Design.
  • What changed after the move to a Nodal Market Design and major transactional differences.
  • Wholesale Balancing and the importance of the QSEs' role.
  • The workings and relationship of the Day-ahead and Real-time Markets.
  • What the "Shadow Price" is, and why it is important and it's relationship to LMP.
  • ERCOT's Zonal and Local Congestion Management procedures.
  • The functions and importance of Congestion Revenue Rights.
  • The key wholesale market Settlement activities under the Nodal Market.
  • How ERCOT's retail market works and what's going on in this market.
  • What Generation, Transmission and infrastructure issues ERCOT faces now and over the next ten years.
Seminar Agenda
  • Who are the different types of players and their different roles.
  • Who the key wholesale and retail stakeholders and market participants are, and how their activities shape ERCOT's operations.
  • The importance of the QSEs' role and who can participate based on qualifications and objectives.
  • Highlights of the move from a "Zonal" to a "Nodal" Market Design.
  • What changed after the move to a Nodal Market Design and major transactional differences.
  • How Day-Ahead Auction markets work and the types of products.
  • The workings and relationship of the Day-ahead and Real-time Markets.
  • What the "Shadow Price" is, and why it is important and it's relationship to LMP.
  • How LMP is calculated and used for transaction pricing at nodes, zones and hubs.
  • ERCOT's Zonal and Local Congestion Management procedures.
  • The functions and importance of Congestion Revenue Rights.
  • The different types of ERCOT Ancillary, Balancing and Energy market services.
  • What DRUC, HRUC and related capacity markets mean and why these distinctions are important
  • The critical parts of the wholesale and retail markets
  • The key wholesale market Settlement activities under the Nodal Market.
  • How the "Two Market Settlement" process works.
  • Load Zone versus Hub Settlements and LMP calculation differences.
  • How ERCOT's retail market works and what's going on in this market.
  • What are the concerns and relationships between reserve margins real-time energy price market caps and reserve markets.
  • What Generation, Transmission and infrastructure issues ERCOT faces now and over the next ten years.
Your Instructor
Greg Peters
Greg Peters is President, EnVision Energy Solutions and the natural gas consultant to the Midwest ISO and author of several of the MISO's electric - natural gas infrastructure interdependency studies. Mr. Peters has over 25 years of energy industry consulting and management experience and is an expert in energy products and services marketing and supply planning, procurement and energy management. Mr. Peters' consulting experience includes several years as Manager of Price Waterhouse's National Public Utilities Consulting Services and currently as President, Envision Energy Solutions Company. Envision provides gas, electric and fuel management consulting services to a wide range of industrial, commercial and municipal end-users. Previously, Mr. Peters has had fuel procurement, fuel management and planning responsibilities for Columbia Energy Services Corporation, Equitable Gas Company, and The Peoples Natural Gas Company.
Hotel and Seminar Information
This one-day seminar will be held at the hotels listed below or can be conducted on-site at your facilities. The seminar will start promptly at 8:00 AM and will finish at 4:00 PM. The program includes continental breakfast, lunch and coffee breaks. Attendees also receive a professionally produced seminar manual that can serve as a valuable office reference. Dress is casual for all seminars.
COVID 19 Information: Please click here for the PGS Covid-19 policy. You can confirm each hotel's specific COVID 19 policy using the link(s) provided below.
Registration Fee and Discounts
The price for this comprehensive two-day seminar is $895 (USD).
Register online or Call (440) 853-1038.
  • Additional attendees and government employees receive a 10% discount.
  • Register 4 or more attendees and receive 20% Off. Special pricing is available for groups of 5 or more.
    If you want attendees to pay with separate credit cards or have other questions, please call (440) 853-1038 for assistance.
Payments and Cancellations
Payment is due prior to the start of the seminar by Visa, Master Card, American Express, or corporate check. Seminar fees will be charged to your credit card at the time of registration unless other arrangements have been made. Please make checks payable to "PGS Energy Training" 26 Teal Lane • Hilton Head Island, SC 29926. Cancellations will result in a credit that is good for 2 years which can be transferred to a colleague. Substitutions may be made at any time. For more information on PGS policies regarding administrative matters and complaint resolution, please contact our offices at (440) 853-1038.
CPE Credits in Specialized Knowledge

This live group seminar is eligible for 7.0 CPE credits. Be aware that state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. As of January 1, 2002, sponsored learning activities are measured by program length, with one 50-minute period equal to one CPE credit. One-half CPE credit increments (equal to 25 minutes) are permitted after the first credit has been earned in a given learning activity. You may want to verify that the state board from which your participants will be receiving credit accept one-half credits.

PGS Energy Training is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. CPAs interested in attending any seminars should contact our offices for details on CPE credits granted and any prerequisite requirements.
PGS Energy Training is registered with GARP as an Approved Provider of Continuing Professional Development (CPD) credits. If you are a Certified FRM or ERP, please record this activity in your Credit Tracker at http://www.garp.org/cpd. Please inform PGS Energy Training that you are a GARP CPE participant upon seminar registration.

The Global Association of Risk Professionals (GARP) is a not-for-profit membership association dedicated to preparing professionals and organizations for making better-informed risk decisions. GARP's membership represents more than 150,000 risk management practitioners and researchers at academic institutions, banks, corporations, government agencies, and investment management firms in 195 countries and territories. GARP administers the Financial Risk Manager (FRM) and Energy Risk Professional (ERP) Exams – certifications recognized by risk professionals worldwide. Visit www.garp.org/cpd.
Who Should Attend

Professionals from natural gas and electric utilities, pipelines, attorneys; government regulators, traders & trading support staff, energy producers and marketers, banks and hedge funds, government regulators, buyers and operators, accountants & auditors, industrial trade groups, shipping and cargo executives, equipment manufacturers and suppliers, environmentists, and anyone needing a solid overview and foundation in understanding how ERCOT works and current issues.

Prerequisites and Advance Preparation

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

Why Choose PGS?

PGS seminars are known for their clear explanations and in-depth content. Register for a PGS class today, and join the over 10,000 energy professionals who have already attended one of PGS's proven programs.

Program Level & Delivery Method
Basic level. This fundamental course begins with basic material and then proceeds to the intermediate level. Delivery method is "Group-Live.”