LearnETRM.ACADEMY

ENERGY TRADING & RISK MANAGEMENT

Learn the market.
Understand the trade.

Build your ETRM knowledge, from physical markets to pricing and risk. Work through the lessons, then put it into practice.

Start with the fundamentals Start here with an open-access lesson
THE CURRICULUM

Seven chapters. Learn at your own pace.

Foundation · Chapter 1 of 7

Markets & trading

3 resources

Start with why firms trade commodities, how markets developed, and where an ETRM system fits.

  1. 01Purpose of TradingHedging, speculation, and arbitrage with worked examples.Workshop code
  2. 02Commodity Trading EvolutionFrom barter and physical trade to organised exchanges and electronic markets.Open access
  3. 03Typical ETRM LandscapeSee how trade capture, scheduling, risk, and settlement connect.Open access
Next chapterValue chains

Foundation · Chapter 2 of 7

Value chains

7 resources

Follow oil, gas, and power from production to delivery. Understand the physical operations behind a trade.

  1. 01The Oil Value ChainFollow crude oil from exploration to refining and delivery.Workshop code
  2. 02Natural Gas Value ChainExplore production, pipelines, LNG, storage, and distribution.Workshop code
  3. 03Power Value ChainUnderstand generation, transmission, distribution, and balancing.Workshop code
  4. 04Oil & Gas — Upstream OperationsExplore the production operations that supply physical markets.Workshop code
  5. 05Energy Transportation and StorageSee how commodities move and where they are stored.Workshop code
  6. 06Global Oil CheckpointsExplore key oil hubs and transport routes on an interactive map.Workshop code
  7. 07Basics of RefiningRefining processes and the Nelson Complexity Index.Open access
Next chapterETRM systems

Intermediate · Chapter 3 of 7

ETRM systems

7 resources

Follow a trade through the system, calculate positions and PnL, and work through end-of-day reporting.

  1. 01Trade Life CycleFollow a trade from execution through settlement.Workshop code
  2. 02Position & PnL — A Visual GuideCalculate positions, mark-to-market, and profit and loss.Workshop code
  3. 03Position Aggregation HeatmapCompare portfolio exposures and concentration.Workshop code
  4. 04PnL Attribution ToolBreak PnL into its components with an interactive waterfall chart.Workshop code
  5. 05ETRM Reports StoryboardReview positions, PnL, and the reports used to close the trading day.Open access
  6. 06EoD Process WalkthroughWork through trade validation, MtM, PnL, VaR, margin, and reporting.Open access
  7. 07ETRM Vendor ComparisonCompare vendors using an evaluation template and weighted scoring.Workshop code
Next chapterPower & energy trading

Intermediate · Chapter 4 of 7

Power & energy trading

5 resources

Work through power auctions, trading PnL, tolling agreements, and European carbon markets.

  1. 01Day-Ahead Auction TimelineWalk through the stages of a day-ahead power auction.Workshop code
  2. 02Power Trading PnL & MTMWork through power valuation, settlement, and trading risks.Workshop code
  3. 03German Power TradingExplore EEX products and German power market conventions.Workshop code
  4. 04Power Tolling CalculatorCalculate the economics of a power tolling agreement.Workshop code
  5. 05EU ETS GuideExplore carbon allowances, compliance, and carbon costs.Workshop code
Next chapterPricing & derivatives

Advanced · Chapter 5 of 7

Pricing & derivatives

4 resources

Explore options, value a commodity swap, and calculate refining and generation spreads.

  1. 01Black–Scholes Option PricerExplore how option prices change with pricing inputs.Workshop code
  2. 02Swap ValuationValue a commodity swap using worked examples.Workshop code
  3. 03Spark Spread ExplainedCompare power revenue with the cost of gas generation.Workshop code
  4. 04Crack Spread ExplainedExplore refining margins through product and crude prices.Workshop code
Next chapterRisk & hedging

Advanced · Chapter 6 of 7

Risk & hedging

5 resources

Identify trading risks, compare hedging instruments, and estimate risk using historical price moves.

  1. 01Risks in Energy TradingUnderstand market, credit, and operational risk.Workshop code
  2. 02Hedging ExplainedWork through how a hedge changes a trading exposure.Workshop code
  3. 03Hedging InstrumentsCompare futures, options, swaps, and other hedging instruments.Workshop code
  4. 04Historical VaREstimate gas and power portfolio risk from historical price moves.Workshop code
  5. 05Essential Statistical ToolsExplore statistics used in trading and risk management.Workshop code
Next chapterPractice & interviews

Practice · Chapter 7 of 7

Practice & interviews

15 resources

Test your understanding with 14 quizzes, or prepare for interviews with 36 questions and expandable answers.

  1. 01ETRM Interview Questions36 questions covering trading risks, systems, and implementation.Workshop code
  2. 02ETRM Quiz 129 questions with answer explanations.Workshop code
  3. 03ETRM Quiz 230 questions with answer explanations.Workshop code
  4. 04ETRM Quiz 330 questions with answer explanations.Workshop code
  5. 05ETRM Quiz 480 questions with answer explanations.Workshop code
  6. 06ETRM Quiz 560 questions with answer explanations.Workshop code
  7. 07ETRM Quiz 680 questions with answer explanations.Workshop code
  8. 08ETRM Quiz 760 questions with answer explanations.Workshop code
  9. 09ETRM Quiz 829 questions with answer explanations.Workshop code
  10. 10ETRM Quiz 980 questions with answer explanations.Workshop code
  11. 11ETRM Quiz 1080 questions with answer explanations.Workshop code
  12. 12ETRM Quiz 11132 questions with answer explanations.Workshop code
  13. 13ETRM Quiz 1289 questions with answer explanations.Workshop code
  14. 14ETRM Quiz 1389 questions with answer explanations.Workshop code
  15. 15ETRM Quiz 1460 questions with answer explanations.Workshop code

Review the relevant chapter when you want to revisit a concept.