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Fundamentals of Today's U.S. Electric Power Industry, the Smart Grid, ISO Markets & Wholesale Power Transactions
A comprehensive two-day training program

A Two-Day Classroom Seminar (CPE Approved)

Register Soon to get Early Bird Pricing.
Hilton Head Island, SC - July 18 & 19, Hilton Garden Inn - Hilton Head Island
Brisbane (San Francisco), CA - August 1 & 2, Homewood Suites San Francisco Airport-North
Washington D.C., - August 22 & 23, The Melrose Hotel
Houston, TX - September 26 & 27, Courtyard Marriott Houston by the Galleria
Houston, TX - December 5 & 6, Courtyard Marriott Houston by the Galleria

If you want to truly understand the U.S. electric power industry, this course is for you.

This in-depth program provides a comprehensive and clear explanation of the structure, function, and current status of today's U. S. electric power industry; the many industry topics listed below; and how PPAs and other power transactions are done.

Each part of this complex industry will be explained piece-by-piece, and then the pieces will be integrated so that you will leave the seminar with an understanding of "how it all fits together."

What You Will Learn
  • The structure and function of the electric service system, its terminology and units, and the properties of electricity.
  • How the North American power grid is structured and how it operates; how the major sources of electric generation work ( coal, natural gas, nuclear, renewables ) and the issues they face; how control areas, spinning reserves, AGC and economic dispatch works.
  • Who the key players in the industry are, and why the industry is so difficult to restructure.
  • The differences between cost-of-service regulation, open access markets, ISOs, transcos, ITCs, RTOs, and ICTs.
  • What the "smart grid" is, a summary of the different business models being tested, a discussion of the key issues and and how the smart grid is likely to develop.
  • The major issues facing wind energy, solar and other renewables and how these generation sources relate to the proposed buildout of the backbone power grid.
  • How ISO Day-Ahead auction markets operate, or will operate, in PJM, New York, Texas, California and other markets; what locational marginal pricing (LMP) is, and why it is important; how LMP is applied in the ISO markets, and why FTRs, TCCs, CRRs, TLRs, RPM and forward capacity markets are important concepts to understand. (The seminars presented at the Houston and California locations will discuss the Texas and California/Western Power markets respectively. Philadelphia, New York and Washington D.C. seminars will focus on PJM, MISO and the New York ISO.)
  • The structure and characteristics of the bilateral spot and forward wholesale power markets.
  • The terminology, concepts and mechanics of bulk power trading, and the difference between physical, scheduled and contract path power flows.
  • Why open access retail electricity markets may finally now develop.
  • The basics of executing a wholesale power transaction - including common contract language and what NERC tags are.
  • What "sellers choice is", and how forward "daisy chains" form at virtual trading hubs.
  • How to financially trade physical power with financial bookouts.
  • An overview of the three different types of forward electricity markets: physical, over-the-counter financial and NYMEX futures.
  • The basics of the NYMEX electricity futures contract, and how it can be used to hedge electricity price risk
  • An introduction to electricity swaps and Cfds and how these relate to ISO financial transmission rights.
  • The definition of heat rates, spark spreads, dark spreads and heat-rate-linked power transactions.
Seminar Agenda
  • The properties and terminology of electricity - current, power, var, voltage, etc
  • An overview of the electric service system, and how it works
  • The pros and cons of different sources of electric generation ( coal, natural gas, nuclear, renewables ), and how they work.
  • The structure and function of the North American power grid.
  • Who the various industry participants are and their roles.
  • Why restructuring today's power markets is such a complicated task.
  • How control areas function, what spinning reserves are, and how the lights are kept on.
  • A summary of FERC Orders 888, 889, & 2000
  • The difference between ISOs, ITCs, Transcos and RTOs.
  • What TLRs, ATC, OASIS, pancaking rates, shrinkage, economic dispatch and other terms mean.
  • What locational Marginal Pricing (LMP) is and why it's used
  • What the "smart grid" is, a summary of the different business models being tested, a discussion of the key issues and and how the smart grid is likely to develop.
  • The major issues facing wind energy, solar and other renwables and how these generation sources relate to the proposed buildout of the backbone power grid.
  • The difference between auction and bilateral bulk power markets and the pros & cons of each
  • The fundamentals of the PJM, MISO, ERCOT or California wholesale market (Depending on seminar location) and the role of LMP
  • How the PJM/MISO/ERCOT/California two-settlement energy and Day-Ahead markets operate, or will operate.
  • The meaning of the terms "RPM" and "Forward Capacity Markets " and why this issue is important.
  • A summary of the key issues of today and where the U. S. electric power industry is headed, including a discussion of the smart grid, renewable energy and the building of new transmission lines..
  • The pros & cons of PJM's RPM generation capacity planning proposal versus MISO's energy-only market-based approach.
  • What PJM FTRs are; their equivalent names in other ISOs, and how and why these financial instruments are used.
  • An overview of the similarities and differences between the PJM, New York, New England, MISO, ERCOT and/or California markets. (Depending on seminar location)
  • The fundamentals of bilateral bulk power trading units and terminology.
  • The three different types of wholesale forward power markets.
  • Common contract language used for bilateral power transactions.
  • What OASIS & NERC tags are.
  • How power marketers and traders use "sellers choice" to buy and sell forward power at "virtual hubs" across North America.
Your Instructor
John Adamiak
John Adamiak is President and Founder of PGS Energy Training and an expert in energy derivatives and electric power markets. Mr. Adamiak is a well-known and highly effective seminar presenter who has over 20 years experience in the natural gas and electric power industries. His background includes 15 years as a seminar instructor, 9 years of energy transaction experience, and 6 years of strategic planning and venture capital activities. John's academic background includes an M.B.A. degree from Carnegie Mellon University.
Hotel and Seminar Information
This two-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 4:30 PM on the first day. On the second day, the seminar will resume at 8:00 AM and will finish at 3:00 PM. The program includes continental breakfast, lunch, and coffee breaks on the first day. On the second day a continental breakfast, snack and coffee breaks are included. 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.
July 18 & 19
Hilton Garden Inn - Hilton Head Island
1575 Fording Island Road
Hilton Head Island , SC 29926
August 1 & 2
Homewood Suites San Francisco Airport-North
2000 Shoreline Court
Brisbane (San Francisco) , CA 94005
August 22 & 23
The Melrose Hotel
2430 Pennsylvania Avenue, NW
Washington D.C. 20037
September 26 & 27
Courtyard Marriott Houston by the Galleria
2900 Sage Road
Houston , TX 77056
December 5 & 6
Courtyard Marriott Houston by the Galleria
2900 Sage Road
Houston , TX 77056
Registration Fee and Discounts
The price for this comprehensive two-day seminar is $2,395 (USD).
Register online or Call (440) 853-1038.
Save $100 per seminar order if you register before the cutoff date.
Hilton Head Island - July 18 & 19
Cutoff date for discount: June 28, 2023
Brisbane (San Francisco) - August 1 & 2
Cutoff date for discount: July 12, 2023
Washington D.C. - August 22 & 23
Cutoff date for discount: August 2, 2023
Houston - September 26 & 27
Cutoff date for discount: September 6, 2023
Houston - December 5 & 6
Cutoff date for discount: November 15, 2023
  • 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 14.5 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: 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 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
Who Should Attend

Among those who will benefit from this seminar include energy and electric power executives; attorneys; government regulators; traders & trading support staff; marketing, sales, purchasing & risk management personnel; accountants & auditors; plant operators; engineers; and corporate planners. Types of companies that typically attend this program include energy producers and marketers; utilities; banks & financial houses; industrial companies; accounting, consulting & law firms; municipal utilities; government regulators and electric generators.

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.”