Average Reviews:
(More customer reviews)Excellent book which describes how physical constraints significantly impact the trading of electricity and natural gas. It explains the physics behind pipelines and power systems in a fairly accessible way however I imagine it would be quite difficult for people who have never done physics. It introduces risk management and options in an easy to read fashion.
The only reason I gave it four stars is due to the incongruous 20 or so pages in the middle of the book in which the author gives us his significantly misinformed view on renewable energy. I hadn't heard this one before, but apparently wind energy's ability to limit oil imports is seriously offsetted by the need for lubricating oil in the wind turbine.
Two minutes on google tells me that a typical wind turbine (1.5MW) consumes about 100L of oil per year. That's about 1MWh of energy. A wind turbine has a typical capacity factor of 30% which means it would generate approximately 4000MWh of energy per year. Thus the energy used for the lubrication oil is 0.025% of the energy generated.
So my advice is to buy the book but skip chapters 4.5-4.8.
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"The essential training manual for anyone who expects to profi tably engagethe energy market while avoiding the devils lurking in the details."Kurt Yeager, former President and CEO of the Electric Power Research Instituteand coauthor of Perfect Power
Shrinking fossil fuel supplies, volatileprices, deregulation, and environmentalconservation have transformed the energymarket into a major arena for makingmoney. In response, an unprecedented amountof capital and investment manpower hasfl ooded into the energy market. Older utilitiesare finding that their quiet, safe businesshas changed dramatically in a short periodof time.
Now, Energy Trading and Investing provides abig-picture introduction to the industry alongwith the trading know-how and fi nancialdetails that every market participant needsfor success.
This hands-on guidebook covers all types ofenergy markets—from the big-three marketsof electricity, natural gas, and oil to thegrowing markets for liquefied natural gas,emissions, and alternative energy. It providesuseful information on the interdependenceof the different energy markets, who themajor players are, and how Wall Street tradesenergy products.
Energy Trading and Investing features:
An overview of the entire energy market
In-depth descriptions of all of the majorenergy commodities
Financially oriented discussions of howchemistry, physics, accounting, andoption pricing affect trading
Primers on load forecasting, tolling agreements,natural gas storage, and more
A practical introduction to risk management
Written by a pioneering quant in the energymarket, Energy Trading and Investing providesa highly disciplined and organized approachto profi ting from energy investments. Thispotent combination of detailed, up-to-dateinformation alongside expert know-howthoroughly prepares you to invest and tradewith confi dence in the energy market.
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