Table of Contents

Introduction SECTION 1: ENERGY TRADING: THE PAST AND THE FUTURE 1. Energy Trading and Marketing: The Macro View 2. Energy Trading: The Organization 3. Weather Information in Energy Trading SECTION 2: PARTICIPANTS AND INSTRUMENTS 4. Energy Markets: The Instruments 5. Energy Markets: Structured Transactions 6. Energy Markets: Exchanges 7. Energy Markets: Market Participants and Regulatory Developments SECTION 3: NATURAL GAS 8. Natural Gas: Upstream 9. Non-Conventional Natural Gas 10. Natural Gas Transportation and Storage 11. US Natural Gas Markets 12. International Natural Gas Markets SECTION 4: OIL MARKETS 13. Oil Markets: Properties, Production and Reserves 14. Non-Conventional Oil 15. Oil Processing 16. Oil Transportation and Storage 17. Oil Pricing 18. Transactions in the Oil Markets SECTION 5: ELECTRICITY, EMISSIONS AND COAL 19. Electricity: The Basics 20. Power Generation 21. Transmission, Loads and Power Pools 22. Analytical Tools 23. Electricity Markets Transactions 24. Manipulation and Gaming of Energy Markets 25. Emission Markets 26. Coal Conclusion

About the Author

Vincent Kaminski Mr Vincent Kaminski has spent fourteen years working in different positions related to quantitative analysis and risk management in the merchant energy industry. The companies he has worked for include Citigroup, Sempra Energy Trading, Reliant Energy, Citadel Investment Group, and Enron (from 1992 to 2002) where he was the head of the quantitative modeling group. Prior to beginning a career in the energy industry, Mr Kaminski was a vice president in the research department, bond portfolio analysis group, of Salomon Brothers in New York (from 1986 to 1992). In September 2006 Mr Kaminski accepted an academic position with Rice University in Houston (Jesse H. Jones Graduate School of Business) where he is teaching MBA level classes on energy markets, energy risk management and valuation of energy derivatives. Mr Kaminski holds an M.S. degree in international economics, a Ph.D. degree in theoretical economics from the Main School of Planning and Statistics in Warsaw, Poland, and an MBA from Fordham University in New York. He is a recipient of the 1999 James H. McGraw award for Energy Risk Management (Energy Risk Manager of the Year). Mr Kaminski has published a number of papers, and contributed to several books, on the energy markets.