Today's U.S. Electric Power Industry, ISO Markets, Power Transactions and Renewable Energy Resources

PGS Energy Training
Training overview
Professional Course
2 days
From 2,395 USD
Start dates
2,395 USD
PGS Energy

Course description

Today's U.S. Electric Power Industry, ISO Markets, Power Transactions and Renewable Energy Resources

If you have difficulty understanding the U.S. electric power industry and how power deals are done, you are not alone.

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."

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.

Training content

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 transactions—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

About PGS

PGS Energy Training

PGS Energy Training (PGS) is a leading provider of quality seminars for the electric power and energy industries. Established in 1990, PGS offers on-site training programs, open-registration classroom seminars, live online seminars, and private education sessions for senior executives....

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