CLASSROOM SEMINARS

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Today's U.S. Electric Power Industry, ISO Markets, Power Transactions, and Renewable Energy Resources
A comprehensive two-day training program

A Two-Day Classroom Seminar (CPE Approved)

Register Soon to get Early Bird Pricing.
Houston, TX - October 11 & 12, Courtyard Marriott Houston by the Galleria
Washington D.C., - October 19 & 20, The Melrose Hotel
New York, NY - November 15 & 16, The Cornell Club
Houston, TX - December 6 & 7, Courtyard Marriott Houston by the Galleria
Online Training Option - Take this course anytime/anywhere (No CPE) Learn More >

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, how it operates and what the different types of electric generation are.
  • How control areas, balancing authorities, spinning reserves, AGC and security constrained environmental economic dispatch work.
  • Who the key players in the industry are, and why the industry is so difficult to restructure.
  • How cost-of-service utility ratemaking and open access deregulated markets work, and why open access retail electricity markets are finally developing in states that permit them.
  • What ISOs, RTOs, ITCs and merchant transmission companies are, and how they operate.
  • What the smart grid, demand side management ("DSM"), distributed energy resources ("DER") and demand response ("DR") are, and how these forms of "virtual generation" and renewable energy resources are disrupting the U.S. power industry.
  • The opportunities and challenges associated with wind, solar and other renewables.
  • How ISO Day-Ahead energy auction markets operate in PJM, New York, Texas, California, MISO and other ISO areas;
  • What locational marginal pricing (LMP) is and why it is important; how Day-Ahead and Real Time LMP is applied in the ISO markets, and why FTRs, TCCs, CRRs, TCRs , virtual bids ("Incs & Decs") and convergence bidding are important to understand.
  • What capacity markets and resource adequacy are, and how this important issue relates to demand response, DER and demand side management and affects the integration of wind, solar and other renewables into the existing power grid.
  • An overview of Utility scale solar, rooftop solar, and net metering, and wind and other renewable energy resources.
  • What the Western Grid "Energy Imbalance Market" is, and why it is important to understand Community Choice Aggregators, the California "Duck Curve" and "FRAC-MOO."
What You Will Also Learn
  • The terminology, concepts and mechanics of PPAs and physical, financial & heat rate power transactions.
  • How to transport physical power using OASIS and NERC tags, and how and why companies often move physical power financially causing it to 'jump' between regions.
  • The difference between physical, scheduled, and contract path power flows.
  • What "sellers choice" is, and how transaction "daisy chains" form at virtual trading hubs.
  • How and why physical power transactions are often "booked-out" and settled in cash, and why bilateral transactions in ISO markets are primarily financial.
  • How to execute wholesale and retail power marketing transactions both within and outside of an ISO area- including commonly used contract language and NERC tags; how to manage LMP, basis, delivery, volumetric, intermittency and operational risks; and why NITS, TAC, UCAP, resource adequacy and ancillary service charges need to be included.
  • How ICE & CME cash settled futures contacts, commodity swaps and FTRs/CRRs/TCCs can be used to hedge electricity price, basis and LMP spread risk.
  • The difference between operating, economic, market and negotiated heat rates, and what the terms spark spread, dark spread and bark spread mean.
  • What "tolling deals" are, and how the powerful technique of heat-rate-linked power transactions can be used.
  • How a natural gas-fired generating plant is a call option on the spark spread, what "optionality" means, and a simple rule to use to optimize the economics of a natural gas or coal-fired merchant generating plant.
Seminar Agenda

DAY 1

  • The properties and terminology of electricity - current, power, var, voltage, etc.
  • An overview of the electric service system, and how it works.
  • The structure and function of the North American power grid.
  • How control areas & balancing authorities operate, what spinning reserves are, and how the lights are kept on.
  • The pros and cons of different sources of electric generation ( coal, natural gas, nuclear, renewables ), and how they work.
  • How cost-of-service ratemaking and retail open access markets work
  • Why open access retail electricity markets are finally developing in states that permit them.
  • Who the various industry participants are and their roles.
  • Why restructuring today's power markets is such a complicated task.
  • The difference between ISOs, RTOs, ITCs and merchant transmission companies.
  • Why it is so difficult to build new high voltage power lines.
  • How ISO Day-Ahead energy energy auction markets operate in PJM, New York, Texas, California, MISO and other ISO areas.
  • What locational marginal pricing (LMP) is, and why it is important.
  • How Day-Ahead and Real Time LMP applied and managed in the ISO markets.
  • Virtual bids ("Incs & Decs") and convergence bidding and what their purpose is.
  • Financial transmission rights ("FTRs"), congestion revenue rights ("CRRs"), TCCs, TCRs and TRs.
  • Forward capacity markets, resource adequacy and generation reserve margins.

DAY 2

  • Wind, utility scale solar, rooftop solar, community solar, and the net metering debate.
  • The opportunities, challenges and risks associated with wind, solar and other renewables.
  • The smart grid, demand side management ("DSM"), distributed energy resources ("DER") and demand response ("DR"), and why these assets are forms of "virtual" electric generation..
  • How wind, solar, DER, DSM, demand response and conservation are disrupting the U.S. power industry
  • The Western Grid "Energy Imbalance Market," The California "Duck Curve" and California's "FRAC-MOO."
  • The fundamentals of bilateral power transaction-units, concepts and terminology.
  • Common contract language used for bilateral power transactions.
  • Point-to-Point Firm, Network Firm, and Non-Firm transmission service, and how to buy transmission contracts on OASIS.
  • How to transport physical power using purchased transmission service and the purpose of NERC tags.
  • What "seller's choice" and "buyer's choice" are, and how forward "daisy chains" form at virtual trading hubs.
  • The difference between physical, scheduled and contract path power flows, and why power transactions have nothing to do with the flow of electrons.
  • How trading floors and futures exchanges help commercial players manage risk.
  • How and why physical power transactions are often "booked-out" and settled in cash.
  • How any why companies often move physical power financially causing it to 'jump' between regions.
  • An introduction to electricity cash settled futures, swaps, and CFDs, and how these products relate to ISO administered financial transmission rights (FTRs), congestion revenue rights (CRRs) and TCCs.
  • Detailed examples of how to execute wholesale and retail power marketing transactions both within and outside of an ISO area-- including commonly used contract language & NERC tags; how to manage price, LMP, basis, delivery, volumetric, intermittency and operational risks; and the importance of including NITS, TAC, UCAP, resource adequacy and ancillary service charges.
  • The difference between operating, economic, market and negotiated heat rates, and what the terms spark spread, dark spread and bark spread mean.
  • What "tolling deals" are, and how the powerful technique of heat-rate-linked power transactions can be used.
  • How a natural gas-fired generating plant is a call option on the spark spread, what "optionality" means, and a simple rule to use to optimize the economics of a natural gas or coal -fired merchant generating
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.
October 11 & 12
Courtyard Marriott Houston by the Galleria
2900 Sage Road
Houston , TX 77056
There is a courtesy block of rooms for the rate of $109 USD per night, plus tax. There are a limited number of rooms, so book early. Last Day to book: Thursday, September 22, 2022, if rooms are still available. To book your group rate copy and paste into your browser: https://www.marriott.com/event-reservations/reservation-link.mi?id=1656097310178&key=GRP&app=resvlink or call the hotel and ask for the OCTOBER PGS ENERGY TRAINING discount.
October 19 & 20
The Melrose Hotel
2430 Pennsylvania Avenue, NW
Washington D.C. 20037
November 15 & 16
The Cornell Club
6 E. 44th St.
New York , NY 10017
December 6 & 7
Courtyard Marriott Houston by the Galleria
2900 Sage Road
Houston , TX 77056
There is a courtesy block of rooms for the rate of $109 USD per night, plus tax. There are a limited number of rooms, so book early. Last Day to book: Monday, November 14, 2022, if rooms are still available. To book your group rate copy and paste into your browser: https://www.marriott.com/event-reservations/reservation-link.mi?id=1656097224055&key=GRP&app=resvlink or call the hotel and ask for the DECEMBER PGS ENERGY TRAINING discount.
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.
New York - November 15 & 16
Cutoff date for discount: October 26, 2022
Houston - December 6 & 7
Cutoff date for discount: November 16, 2022
  • 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: 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

 

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.”