Energy Trading and Investing

Author: Davis Edwards
Publisher: McGraw Hill
ISBN: 9780071629065
Published In: October 2009
Format: Hardback , 400 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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'The essential training manual for anyone who expects to profi tably engage the energy market while avoiding the devils lurking in the details.'
Kurt Yeager, former President and CEO of the Electric Power Research Institute and coauthor of Perfect Power

Shrinking fossil fuel supplies, volatile prices, deregulation, and environmental conservation have transformed the energy market into a major arena for making money. In response, an unprecedented amount of capital and investment manpower has fl ooded into the energy market. Older utilities are finding that their quiet, safe business has changed dramatically in a short period of time.

Now, Energy Trading and Investing provides a big-picture introduction to the industry along with the trading know-how and fi nancial details that every market participant needs for success.

This hands-on guidebook covers all types of energy markets'from the big-three markets of electricity, natural gas, and oil to the growing markets for liquefied natural gas, emissions, and alternative energy. It provides useful information on the interdependence of the different energy markets, who the major players are, and how Wall Street trades energy products.

Energy Trading and Investing features:

An overview of the entire energy market
In-depth descriptions of all of the major energy commodities
Financially oriented discussions of how chemistry, physics, accounting, and option pricing affect trading
Primers on load forecasting, tolling agreements, natural gas storage, and more
A practical introduction to risk management

Written by a pioneering quant in the energy market, Energy Trading and Investing provides a highly disciplined and organized approach to profi ting from energy investments. This potent combination of detailed, up-to-date information alongside expert know-how thoroughly prepares you to invest and trade with confi dence in the energy market.

If you're a serious trader, you need to understand the energy markets, and Energy Trading and Investing is the only book you need to trade successfully in this growing sector.

Part One: Instruments & Markets
1. Major Players
2. Natural Gas
3. Electricity
4. Oil

Part Two: Coal & Carbon Emissions
5. Technical Primer
6. Physics of Gas
7. Physics of Power
8. Financial Options
9. Math of Spread Options
10. Estimating Correlations
11. Monte-Carlo Simulations
12. Game Theory
13. Dynamic Programming

Part Three: Electricity Models
14. Forecasting Demand for Electricity
15. Generation Stack
16. Tolling Agreements
17. Wheeling Power
18. Congestion Models
19. Solar Power
20. Wind Power

Part Four: Natural Gas Models
21. Natural Gas Transportation
22. Natural Gas Storage
23. Liquefied Natural Gas
24. Weather Forecasting
25. Financial Instruments

Davis W. Edwards is a managing director at Macquarie Group and is responsible for managing the credit risks of its North American energy investments. Macquarie, Australia's preeminent fi nancial conglomerate, is one of the largest energy companies in North America through its subsidiary, Macquarie Cook Energy. Previously, Davis headed the Mathematical Arbitrage Trading Desk at Bear Stearns. With several billion in capital and operated like a private hedge fund, the Mathematical Arbitrage Trading Desk handled Bear Stearns's proprietary investments in the equities, energy, commodities, and option markets.