This comprehensive three-day program is designed to provide a solid understanding of key statistical and analytic tools used in the energy and electric power markets. Through a combination of lecture and hands-on exercises that you will complete using your own laptop, participants will learn and practice key energy applications of statistical modeling. Be armed with the tools and methods needed to properly analyze and measure data to reduce risk and increase earnings for your organization.
Learn why companies continue to be exposed to significant energy and electricity related price risk, and how risk and value are properly quantified. Energy and electricity companies worldwide depend on accurate information about the risks and opportunities facing day to day decisions. Statistical analysis is frequently misapplied, and many companies find that "a little bit of knowledge is a dangerous thing."
This three-day course is designed as a hand-on workshop. Not only will you learn about practical energy statistical techniques and tools, but you will practice building statistical models in a workshop format. A laptop is required.
How This Online Course Works
Get the best of both worlds with this blended learning approach.
- Learn at your own pace and on your own schedule as you first enjoy the internet-streamed, on-demand seminar. Speed up, slow down, or repeat sections of the presentation.
- Upon completion, join us for one of our regularly scheduled live online Q&A sessions. A calendar of live Q&A dates and times is provided in the program access instructions you will receive. You can also email your questions directly to the instructor.
Course Access
You will receive immediate online access to the on-demand training presentation. The audio for the online seminar is only available through your computer or other Internet connected device. You will also receive links in your access instructions to PDFs for all the presentation materials in case you want to print or keep a copy.
The on-demand training presentations are available for a total of 45 days from the time any one of the training presentations is first accessed. After 45 days, your access to the on-demand presentations will expire. However the PDF formatted training program slides and other documents you receive are yours to keep.
Course Content
Session 1: Introduction
Session 2: Module 1: The Basics of Deterministic vs. Probabilistic Thinking for Energy Applications
- Correlation & regression analysis; real option analysis; the Black-Scholes option pricing model; binomial trees; GARCH Models; the measurement of energy price risk; and how to use correlation and regression analysis for maintaining a competitive edge.
Session 3: Module 2: Applications in Calculating Value at Risk (VaR)
- Workshop exercises will have you building forecast models including time series and financial engineering price models including Geometric Brownian Motion and Mean Reversion Jump Diffusion.
Session 4: Module 3: Applications in Hedging Energy Exposure
- How to minimize price risk through operational design flexibility; measure forward price volatility and adapt Value-at-Risk concepts (VaR) for the Energy Industry.
Session 5: Module 4: Applications in Component Risk Analysis
- Workshop exercises will have you building VaR models, calculating volatility and simulating complex energy projects.
Session 6: Module 5: Fundamental Modeling Tools and Simulation
- Use actual case studies to examine 1) how Monte Carlo simulation is used to value renewable energy, demand response programs and energy storage projects; 2) bench-marking techniques used for estimating the incremental cost savings of expanding existing operations; and 3) real-option value of generation assets and power purchase agreements.
Session 7: Module 6: Introduction to Real Options Analysis
- Actual workshop problems and case studies will look at statistical applications and tools most frequently used in the energy industry.
Session 8: Module 7: The Energy Forecasting Toolbox
- Learn the four management statistical metrics.
Speakers
Ken Skinner, Ph.D.Vice President, Integral Analytics Inc.
Dr. Skinner is a Vice President for Integral Analytics Inc. (IA), an energy conservation-focused analytical planning software and consulting firm. IA is fully owned by Willdan, an industry-leading energy solutions provider and sustainability consultant. Dr. Skinner supports core energy risk management and sustainability services including electric grid optimization, integrated resource planning, design and implementation of integrated demand side projects and distributed energy resources. He is part of a team specializing in energy engineering, renewable generation, electric vehicle fleets and infrastructure, program management, microgrids, financing, data analysis, software development, and other fields.
Dr. Skinner has over 20 years of energy industry experience developing energy conservation and commodity supply strategies involving portfolio risk management, hedging strategies, and least-cost supply opportunities. Having worked as an energy consultant, Dr. Skinner has significant experience in economic analysis and modeling of distributed energy projects, forward energy prices, financial derivatives, and valuation of energy assets using econometric analysis, statistical methods, optimization principles, real option valuation techniques. Dr. Skinner is widely published having served as the technology columnist for Wiley Natural Gas and Electricity Journal. He is a noted speaker on energy related topics for organizations such as AESP, IAEE, ACEEE, PLMA, IEPEC, INFORMS, Infocast, EUCI, SNL Energy and PGS Energy Training.
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.
