Welcome to the EFET Energy Markets
Training Programme.

The EMTP is an easily-accessible, web-based, training programme designed to assist energy company staff to understand the complexities of energy commodity markets.

If you have been sent a username and password and have activated your account you can login and access all the learning content. If your company has subscribed, but you do not have a username, please contact your company EMTP administrator.

If your company has not yet subscribed to the EMTP, you can view the introduction pages to the modules below.

Module One: Energy Markets

Energy trading markets have developed rapidly since the growth of oil spot markets in the late 1970s. The liberalisation of natural gas and electricity markets across Europe has led to the emergence of gas and power trading markets in many countries. Coal trading has also developed in recent years and the trading of carbon emissions has grown following the creation of the EU Emissions Trading Scheme.

This section provides an introduction to the energy markets and the different commodities traded, setting a foundation for the later exploration of energy trading and Back Office issues.

Module Two: Commodity Trading

A range of different contracts financial instruments have been developed for trading energy commodities. This module explains the key concepts of commodity trading and features of different contract types. The specific contracts and trading markets for each energy market are described.

Module Three: Life Cycle of a Deal

This module puts energy trading operations into context, showing how they fit into the life cycle of a deal. It describes the structure of a trading organisation and explains the roles and responsibilities of the various different functions. It follows the life cycle of a deal, describing the main tasks that are carried out at each stage and explains the key operating principles. It also identifies common problems that can arise.

Module Four: Energy Market Risks

All business is characterised by risk. However, there are certain categories of risk that are particularly relevant to energy markets. This module considers the issues relating to risk, in particular the price risk driven by the inherent volatility of energy prices, and examines means of managing energy price risk. Risks such as delivery risk, operational risk, credit risk and regulatory risk are also explored.

Module Five: Master Agreements

Master Agreements provide a vital role in managing the process of energy trading. By trading under a Master Agreement counterparties do not need make complicated legal and commercial arrangements for each deal, and can instead concentrate on the deal itself. The relevant Master Agreement covers a wide range of areas including credit, netting, confirmation and settlement to simplify and standardize the trading process.

This module provides an overview of the key principles and practices of Master Agreements, as well as providing examples from the main Master Agreements in use for energy trading.

Module Six: Energy Market Regulation

Over the past decade, the regulation of energy trading has become increasing complex and wide-ranging, with the introduction of REMIT, a regime tailored to (physical) electricity and gas trading, and the extension of a series of financial market regimes to the trading in commodity derivatives, emission allowances and emission allowance derivatives. Relevant regulations include MiFID II/MiFIR, EMIR, MAR/CSMAD, SFTR and the EU capital adequacy regime (IFR/IFD, currently under development and replacing CRR/CRD IV). Compliance with these regulations is a vital part of the modern energy trading business.

This module provides an overview of the key energy trading regulations and regulatory roles, as well as a guide to the potential impact of these regulations on energy trading operations. Key areas covered include the overall regulatory context, as well as the detailed application of REMIT, EMIR, MiFID II/MiFIR and MAR/CSMAD to European energy markets.

Module Seven: Back Office Tasks

The Back Office has a crucial role in maintaining the operations of an energy trading business. This module examines the principles of Back Office operations and concisely introduces the main tasks of Back Office staff. While different trading businesses have varying approaches to elements of Back Office operations, this module provides a simple explanation of the practicalities of common Back Office task and processes.

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