Welcome to the EFET Energy Markets
Training Programme.

The EMTP is an easily-accessible, web-based, training programme designed to assist energy company staff to understand the complexities of energy commodity markets.

If you have been sent a username and password you can login and access all the learning content. If your company has subscribed, but you do not have a username, please contact your company EMTP administrator.

If your company has not yet subscribed to the EMTP, you can view the introduction pages to the modules below.

Energy Markets

Energy trading markets have developed rapidly since the growth of oil spot markets in the late 1970s. The liberalization of natural gas and electricity markets across Europe has led to the emergence of gas and power trading markets in many countries. Coal trading has also developed in recent years and the trading of carbon emissions has grown following the creation of the EU Emissions Trading Scheme.

This section provides an introduction to the energy markets and the different commodities traded, setting a foundation for the later exploration of energy trading and Back Office issues.

  • Introduction to energy markets
  • Oil
  • Coal
  • Natural gas
  • Electricity
  • Emissions

Commodity Trading

A range of different financial instruments have been developed for trading energy commodities.

This module explains the key concepts of commodity trading and features of different contract types. The specific contracts and trading markets for each energy market are described.

  • Introduction to trading
  • Motives
  • Types of Contracts
  • Spot
  • Forwards
  • Futures
  • Swaps
  • Options
  • Trading by Energy Markets

Life Cycle of a Deal

This module puts energy trading operations into context, showing how they fit into the life cycle of a deal. It describes the structure of a trading organisation and explains the roles and responsibilities of the various different functions. It follows the life cycle of a deal, describing the main tasks that are carried out at each stage and explains the key operating principles. It also identifies common problems that can arise.

  • Organisation
  • Risk Management
  • Front, Middle and Back Office
  • Systems
  • Preparation
  • Negotiation
  • Capture
  • Confirmation
  • Delivery
  • Settlement
  • Reporting
  • Problems

Energy Market Risks

All business is characterised by risk. However, there are certain risks that are integral to the energy markets.

This module considers the issues relating to risk, in particular the price risk driven by the inherent volatility of energy prices, and examines means of managing energy price risk. Risks such as delivery risk, operational risk, credit risk and regulatory risk are also explored.

  • Introduction to risk
  • Energy Markets and Volatility
  • Risk Management
  • Market Risk
  • Credit Risk
  • Operational Risk
  • Liquidity Risk
  • Delivery risk
  • Regulatory Risk
  • The Role of the Back Office in Reducing Risk

Back Office Tasks

The Back Office has a crucial role in maintaining the operations of an energy trading business.

This module examines the principles of Back Office operations and concisely introduces the main tasks of Back Office staff. While different trading businesses have varying approaches to elements of Back Office operations, this module provides a simple explanation of the practicalities of common Back Office task and processes.

  • Principles
  • Main tasks
  • Timetables
  • OTC confirmation
  • Exchange reconciliation
  • Settlement
  • Other tasks

Back Office Trading Simulation

Although there are many similarities between energy commodity markets, there are also significant differences. This module uses flow-charts to illustrate the key tasks and processes for a range of energy market deals for different commodities and types of financial instrument.

This module looks at the following:

  • German spot electricity brokered OTC contract
  • NBP gas brokered forward contract
  • ARA coal bilateral forward contract
  • EUA emissions futures exchange contract
  • Electricity spot exchange contract
  • Brent crude oil fixed-for-floating swap contract

Master Agreements

Master Agreements provide a vital role in managing the process of energy trading. By trading under a Master Agreement counterparties do not need make complicated legal and commercial arrangements for each deal, and can instead concentrate on the deal itself. The relevant Master Agreement covers a wide range of areas including credit, netting, confirmation and settlement to simplify and standardize the trading process.

This module provides an overview of the key principles and practices of Master Agreements, as well as providing examples from the main Master Agreements in use for energy trading.

Energy Market Regulation

Over recent years regulation of energy trading has become increasing complex and wide-ranging, with the introduction of a series of, sometimes overlapping, regulations, including REMIT, EMIR and MiFID. Compliance with these regulations is a vital part of the modern energy trading business.

This module provides an overview of the key energy trading regulations and regulatory roles, as well as a guide to the probable impact of these regulations on energy trading operations. Key areas covered include the overall context of regulation, as well as detailed application of REMIT and EMIR to European energy markets.

Subscription details

The EFET Energy Markets Training Programme is provided as part of EFET’s Back Office Group, under the Business Process Optimisation Committee (BPOC).

To subscribe and for more info please contact Marianne Alfenaar at EFET on +31 (0)20 520 7970 or simply fill out this form.

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