Date: 8th, 15th and 22nd of June 2023 
Time: 09:30 - 13:00 
Venue: Online

Course Overview 

Electricity and economic growth have always been intertwined. In the last 20 year 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 has to 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. 

Course Objectives and Learning Outcomes 

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

• The importance of electricity markets and the key players that underpin its functioning.
• Key terms such capacity factors, energy, power and power curves.
• 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.
• The merit order- the interactions of supply and demand with the impact and opportunities that will come with increased penetration of renewables. The role of each technology in the merit order.
• Other markets outside of energy where renewable assets can capture revenue such as power purchase agreements, capacity and ancillary services.

Course Content 

1. The Market
   1. Key participants – suppliers, generators, system operators etc
   2. Regulatory environment
   3. Market types
   4. Energy, power, capacity factors
2. Generation
   1. Generation types – gas, coal and carbon roles. Flexible and inflexible generation, interconnectors, storage, hydro, batteries
   2. Heat rates, Ramps rates, Start costs
3. Demand/Supply
   1. Demand shape,
   2. Demand profiles
   3. Demand participation in markets
4. Other revenue streams
   1. Reserve margins
   2. Long run marginal costs
   3. Value of lost load (VOLL)
   4. Capacity market designs and implementation
5. Renewable market risks and mitigants
   1. Corporate PPA and routes to market
   2. Managing risk in contracts – balancing, credit, shaping etc
6. A day in the life of the market.

About the Trainer 

Patrick Calnan 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.