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9.00 ENERGY RISK welcome address: Mark Pengelly, Editor, ENERGY RISK
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09.10 KEYNOTE ADDRESS: FERC enforcement: Market manipulation, compliance, and recent developments
- Recent developments in FERC's Office of Enforcement
- Importance of compliance
- Thoughts on how Enforcement approaches market manipulation investigations
Working with Enforcement in investigations
David Applebaum, Deputy Director, Division of Investigations, Office of Enforcement, FEDERAL ENERGY REGULATORY COMMISSION
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09.50 PANEL DISCUSSION: Unintended consequences and long-term implications of central clearing initiatives on energy trading participants
- Reducing risk or creating new ones: Does central clearing, as mandated, reduce counterparty credit risk?
- How banks will change the way they interact with the energy industry?
- Extraterritorial challenges of OTC derivatives clearing: How new rules are being implemented across different jurisdictions?
Moderator: Margarita Jannasch, Principal, North America Resources Risk Management, ACCENTURE
Salman Banaei, Counsel to Commissioner Bart Chilton, CFTC
Kelly Funderburk, Managing Director, Associated General Counsel, BANK OF AMERICA MERRILL LYNCH
Jerry Jeske, Group Chief Compliance Officer, MERCURIA ENERGY TRADING
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10.40 Morning break
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STREAM ONE
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STREAM TWO
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11.10
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Chairman's opening remarks:
John Wengler, Director, Market Risk Controls, HESS CORPORATION
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Chairman's opening remarks:
Kevin Kindall, Director of Quantitative Analysis, CONOCOPHILLIPS
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11.20
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PANEL DISCUSSION: Assessing the role of renewables in supply and demand of energy commodities in the US
- Risk and volatility of the renewable energy market
- How the renewables market introduces additional volatility?
- Tools to measure and manage increased volatility
Moderator: Paul MacGregor, Senior Vice President, Clean Energy Markets Division, NEXANT
Tom Miller, Energy Trader, HESS CORPORATION
Massimo Passini, Vice President of Environmental Products, EDF TRADING NORTH AMERICA
Andrew Kolchins, President, TITAN ENERGY MARKETS
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Value added - Flexibility in energy markets
- What is strategic risk thinking?
- How can strategic risk concepts be measured?
- An overview of an economic setting for modeling flexibility
- Use of the replicating portfolio methodology to value strategic assets
- An example of the valuation a non-traded energy asset using the replicating portfolio methodology and a market oriented spanning set
Robert Manicke, Director of Quantitative Analyses, STATOIL
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12.00
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Challenges and opportunities presented by shale oil to business processes and systems
- Impact of shale production on US energy markets
- Operational requirements to support shale production and marketing
- Challenges with calculating netback prices and well profitability
- Support for truck and rail logistics in today's ETRM systems
- Opportunities for process and data analysis improvements
Kurt King, Managing Director, OPPORTUNE
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Structuring wholesale load following deals with active retail markets
- Migration: The dynamics of switching
- Forecasting migration: Quantitative models and heuristics
- Migration risk premiums: Some alternatives to price migration risk
Ismael Arciniegas Rueda, Head of Structuring and Quantitative Analysis, PSEG ENERGY RESOURCES AND TRADE
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12.40 Lunch and opportunity to visit the exhibition
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1.40
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Reviewing emission trading landscape in the US
- Assessing implications of California's emissions trading system
- Could and should it be applied further in the US?
- Carbon emission trading: Is it the way forward for the US energy market?
Moderator: Susan Wood, Independent Advisor
Ethan Ravage, West Coast Representative - North America, THE INTERNATIONAL EMISSIONS TRADING ASSOCIATION (IETA)
Daniel Lieberman, Senior Advisor, Environment & Climate Change, CHEVRON
Matthew Suhr, Head of Fundamental Analysis, CALPINE
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Creating effective front office solutions
- Understanding the business needs
- Confronting IT realities
- Building sustainable solutions while minimizing costs
Kevin Kindall, Director of Quantitative Analysis, CONOCOPHILLIPS
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2.20
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Industry outlook for the natural gas trading and hedging strategies
- Market overview
- How current trends impact the way natural gas is being traded?
- Exploring correlation between natural gas and oil markets
- Risk management at the wholesale and retail levels
- Natural gas trading in a deregulated marketplace
Freddy Cardozo, Vice President, Supply and Risk Management, GAS SOUTH
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Spread options: Practical implications of approximating vs. exact valuation with applications to generation portfolios
- Commonly used Kirk's approximation: the benefits and the costs
- Exact valuation using two-factor trees and comparison to the approximation
- Examples of application to a generation plant: variable load and heat-rate
- Valuation and optimization of a generation portfolio: is the sum greater than parts?
Dragana Pilipovic, Author of "Energy Risk: Valuing and Managing Energy Derivatives"
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3.00 Afternoon break
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3.30 PANEL DISCUSSION: Discovering efficient energy portfolio management strategies in the uncertain economic environment
- How do you position your portfolio among different energy sources?
- Stress testing of energy assets in a portfolio
- Complete portfolio approach to risk modeling and risk management
- How to align energy portfolio management with the overall ERM program?
Moderator: John Wengler, Director, Market Risk Controls, HESS CORPORATION
Rashed Haq, Head of Physical Portfolio Optimization Practice, SAPIENT GLOBAL MARKETS
Vince Kaminski, Professor, RICE UNIVERSITY'S JESSE H. JONES GRADUATE SCHOOL OF MANAGEMENT
Nick Kiritz, Former Director, Wholesale Trading Risk, EXELON
Dragana Pilipovic, Author of "Energy Risk: Valuing and Managing Energy Derivatives"
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4.10 CLOSING KEYNOTE ADDRESS: Trading in today's changing marketplace
Bill Perkins, Founder and Chief Investment Officer, SKYLAR CAPITAL MANAGEMENT
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4.50 Closing remarks from the chairman. End of conference.
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