Online Seminars

Generation Optionality, Tolling Deals, and Trading Around the Asset

On-Demand Recording Available September 5th (72 hour access)

How These Online Seminars Work

This seminar addresses the fundamentals of heat rates, spark spreads, tolling arrangements, electric generation optionality and the basics of hedging gas-fired power plants.

You will also learn how heat-rate-linked power transactions can be used to financially hedge electricity price risk and how this technique can structure profitable arbitrage transactions between the natural gas and electric power markets

This proven online seminar features the same material used in the popular PGS in-person classroom training program. Register today and join the over 10,000 energy professionals who have already benefited from an in-depth PGS seminar.

What You Will Learn

  1. The basics of spread trading using a spark spread example.
  2.  An introduction of synthetic options and the put-call parity equation.
  3. Why and how coal and natural gas fired generating units are valuable call options on the spark and dark spreads.
  4. How to hedge electric generation assets while keeping the upside income potential that results from the asset's optionality. (A Detailed Example)
  5. What heat-rate-linked power transactions are, and why they are important.
  6. How heat-rate-linked power transactions can be used to hedge electricity price risk. (Mini Case Study)
  7. How heat-rate-linked power transactions can be used to arbitrage natural gas/electricity price discrepencies without access to physical generation facilities. (Mini Case Study)
  8. What "tolling deals" are, and how the powerful technique of heat-rate-linked power transactions can be used.
  9. 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.
  10. The structure of forward tolling, reverse tolling and power purchase arrangements -- and what can go wrong.

Who Should Attend this Seminar

This seminar will benefit those organizations and professionals interested in learning how to hedge and monetize natural gas and coal-fired power generation assets. Asset owners, power marketers, traders, nergy producers, utilities, banks, law firms, municipals, ISOs, industrial companies, and electric generators will gain valuable insights, as will energy and electric power executives, traders, marketers, (sales, purchasing & risk management professionals), accountants, trading support staff, auditors, attorneys, government regulators, rate-making specialists, plant operators, engineers and corporate planners.

Prerequisites and Advance Preparation

A basic knowledge of heat rates, spark spreads, and energy call and put options is recommended.

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.


John Adamiak
President PGS Energy

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.

Seminar Price

$245 for the first attendee, $99 for the second attendee, and $49 for each attendee thereafter
for either the live or on-demand version of this seminar.

Payment and Cancellations

Payment is required prior to seminar attendance. Payment can be made by Visa, Master Card, or American Express. Seminar purchases will be charged to your credit card at the time of registration unless other arrangements have been made.

Live seminar registrations can be cancelled for a full refund up to 5:00 PM (U.S. Eastern Time) two (2) business days before the scheduled seminar date. For example if the live seminar is on Thursday then the cancellation would need to occur by 5:00 PM Eastern Time on the Tuesday before the seminar. No refunds will be made thereafter, but a streamed recording of the live seminar can be provided. Attendee substitutions may be made at any time. 

Due to the nature of a recorded event, no refunds can be made for on-demand recorded seminars. For more information on PGS policies regarding administrative matters and complaint resolution, please contact our offices at (440) 853-1038.

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