08.00 Registration and breakfast

09.00 Welcome address

09.10 Keynote session

Richard Sandor, Chairman, CHICAGO CLIMATE EXCHANGE

09.50 Regulatory roundtable
Coping with the impact of the latest CFTC regulations – how energy companies and financial institutions are responding

10.30 Coffee break

STREAM 1
Market developments

10.50 Chairman's opening remarks

11.00 Electricity price impact in moving from a zonal to nodal design

11.30 Changing landscape of the gas market in the US

• Impact of shales natural gas on the production and prices of LNG and natural gas
• How will the changing pipeline grid change the dynamics of gas prices?

12.00 Pricing and supply issues in the coal market

• Developments in the market
• Impact of clean coal

12.30 Using fundamental information on physical infrastructure when you trade

• How can traders without physical assets trade?
• Information they can use in their trade

1.00 Lunch and opportunity to visit the exhibitions

Environmental risk management

2.00 Chairman's opening remarks

2.10 Outlook of carbon trading in the US

• How a successful Western Climate Initiative (WCI) can shape the US carbon market
• Cap and trade or carbon tax?
• How will design developments and market integrity affect carbon prices?
• Addressing the need for consistent regulations

2.40 Integration of solar and wind power with the grid

3.10 Quantifying your company’s exposure to climate risk

• Assessing risk exposure in investment portfolios, company evaluations, fixed assets and industry sectors
• Anticipating physical risks and policy risks
• The financial benefits of becoming carbon neutral

3.40 Panel: Carbon trading and risk management

• Carbon trading – the road from Copenhagen
• New technologies in renewable energy
• True profits without government subsidies

4.00 Closing remarks

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STREAM 2
Quantitative methods for energy markets

10.50 Chairman's opening remarks

11.00 Impact of gas storage on valuation

• Valuation and pricing vis-à-vis your storage facilities
• A look at storage auctions

11.30 Changing dynamics in gas storage modelling

• Impact of shut downs
• Incorporating new supply and storage in the models

12.00 Complex models for risk managers in the commodities and natural gas markets

12.30 Risk management and valuation of generation assets

• A look at different modelling approaches
• Implementing modelling via numerical techniques
• Calculating intrinsic and extrinsic value
• Determining the effects of operational constraints and emissions on the value of generation assets

1.00 Lunch and opportunity to visit the exhibitions

2.10 Liquidity risk – Avoiding the “Roach Motel” trade

• What are the risks and costs around lack of liquidity?
• How do we estimate liquidity in the market? What defines a “big” position?
• Constructing a liquidity VaR.
• Appropriately adjusting MTM values based upon underlying liquidity

2.40 Simulating multivariate time series while estimating no parameters

• Why we prefer nonparametric simulation methods
• What we do to simulate multivariate time series
- Stationary series
- Non-stationary series
• How we test time series simulations for adequacy

3.10 Real options theory

• Modelling electricity prices: long-term and spot prices
• Generating forward curves
• Simulating the results

3.40 Option pricing in energy risk management
• Pricing Asian and basket options
• Using swing options
• Determining spread options
• Use of power options for the management of power plants

4.00 Closing remarks

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4.30 Energy trading roundtable
Energy traders, Heads of Trading Desk, and Risk Managers converge to discuss challenges facing commodities trading, latest CFTC regulations, and the importance of incorporating risk measures into trading practices

5.10 End of Energy Risk USA congress