*** Please note that if the trainee does not qualify for the funded discount, we will be in contact for full payment of the course should they decide to proceed with the course. ***

Date: Thursdays, 3rd and 10th of October 2024 
Time: 09:30 - 14:00
Venue: Online

Course Overview

Electricity and economic growth have always been intertwined. In the last 20 years the increase of renewables in the electricity system has been significant, and so has the impact on the markets in which they participate. If we are to reach our global targets of CO2 reduction the deployment of renewables within the electricity sector will have to maintain its current momentum and grow further. The impact of renewables on the electricity market therefore must be understood to achieve this.

Electricity is such a unique commodity. The fact that it cannot be stored easily, the regulated nature of the market it resides in and the economic importance to jurisdictions makes it one of the most interesting markets to study and understand. The growing share of renewables only adds to this interest. This course will set out how electricity markets work, how renewables impact these markets and what we should expect in the future if we are to decarbonise our economies using renewables.

Learning Outcomes

At the end of this course the participant should be able to understand the following.

1. The importance of electricity markets and the key regulatory players that underpin its functioning.
2. Key terms such capacity factors, energy, power and power curves
3. Know the key technologies that participate in the market. The limitations and functioning of these technologies. The role of different commodities such as gas, coal and carbon with their impact on prices.
4. The merit order- the interactions of supply and demand with the impact and opportunities that will come with increased penetration of renewables.
5. Other markets outside of energy where renewable assets can capture revenue such as capacity and ancillary services.
6. Corporate Power Purchase Agreements and routes to market for renewables.
7. Understanding bidding strategy and market runs from Day Ahead to the Balancing Market.

Course Content

• · Generation & the Merit Order
  • Market types
  • Physical and Contractual Market
  • Generation types
  • Heat rates
  • Merit Order
  • Inframarginal Rent
  • Short run and Long run marginal costs
• · Capacity and Ancillary Service Markets
  • Capacity Markets
  • Missing money
  • VOLL, LOLP, LOLE
  • Scarcity
  • Ancillary Services
  • Guarantees of Origins
• · Day in the Life of the electricity market
  • Market information
  • Trading Strategy
  • Day Ahead to Balancing Market
  • Strategy Template
  • What to bid/offer into the intraday market
  • Intraday Outcome
  • Balancing Market Outcome
• · Routes to Market and Corporate PPAs
  • Government auctions, Corporate Power Purchase agreements (CPPA)
  • Balancing risk, Shaping risk, Basis Risk, Volume Risk, Merchant Risk, Development Risk, Operational Risk
  • Supply Co Setup
  • Renewable discounting/cannibalization Risk
  • Proxy Revenue Swap
  • Volume Firming Agreement
  • Pay as Generate Model
  • Pay as Consume Model
• · A day in the life of a PPA negotiation and implementation
  • Heads of Terms
  • Negotiation and agreement
  • PPA in action and settlement
• · Case Study – Texan Market Power Outage Feb-21

Who should attend

For those interested in the fundamentals of electricity markets and renewables place in it starting their career in the sector.

About the trainer

Reasire is a company focused on a world powered by sustainable infrastructure. The company was founded by Patrick Calnan who is a Chartered Engineer with over 20 years’ experience in the energy sector, predominantly in renewables. He has worked as a Project Manager, Trader, Analyst and Portfolio Manager in many different businesses, from gas to renewables, from utilities to fund managers.

He is passionate about renewables and is looking to help as many people enter the sector to help us reach our targets to decarbonise our economies. His broad knowledge of the sector means that beyond the Electricity Market Fundamentals for Renewables participants can benefit from his experience across all facets of renewables and energy.