FINANCIAL ENERGY ANALYSIS

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Certiﬁ cate in

FINANCIAL

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Date Day Location Subject SEMINAR 1

October 4th ₂₀₀₇ _Thursday _{Radisson SAS Royal Hotel} Copenhagen

Introduction and Basic Financial Theory October 5th ₂₀₀₇ _Friday _{Radisson SAS Royal Hotel}

Copenhagen Deregulation in Energy Markets October 6th ₂₀₀₇ _Saturday _{Radisson SAS Royal Hotel}

Copenhagen

Forward Curve Modelling SEMINAR 2

December 6th ₂₀₀₇ _Thursday _{Radisson SAS Royal Hotel}

Copenhagen Natural Resource Economics December 7th ₂₀₀₇ _Friday _{Radisson SAS Royal Hotel}

Copenhagen

Basic Option Price Theory December 8th ₂₀₀₇ _Saturday _{Radisson SAS Royal Hotel}

Copenhagen Options on Commodity Forwards(European, American, Asian) SEMINAR 3

January 31st ₂₀₀₈ _Thursday _{Radisson SAS Royal Hotel} Copenhagen

Demand Driven Swing Contracts (end users contracts)

February 1st ₂₀₀₈ _Friday _{Radisson SAS Royal Hotel}

Copenhagen Price Driven Swing Contracts;(Spark Spread, Dark Spread, Synthetic Power Plants) February 2nd ₂₀₀₈ _Saturday _{Radisson SAS Royal Hotel}

Copenhagen

Empirical Studies of Energy Prices and Emission SEMINAR 4

March 27th ₂₀₀₈ _Thursday _{Radisson SAS Royal Hotel}

Copenhagen Real Options and Investment March 28th ₂₀₀₈ _Friday _{Radisson SAS Royal Hotel}

Copenhagen

Risk Management Basic Theory March 29th ₂₀₀₈ _Saturday _{Radisson SAS Royal Hotel}

Copenhagen Different Value at Risk Approaches SEMINAR 5

April 23rd ₂₀₀₈ _Wednesday _NHH

Bergen Production Optimization Models April 24th ₂₀₀₈ _Thursday _NHH

Bergen Zonal Pricing in Deregulated Energy Markets April 25th ₂₀₀₈ _Friday _NHH

Bergen Cash Flow at Risk/Profi t at Risk April 26st ₂₀₀₈ _Saturday _NHH

Bergen Portfolio Management and Hedging of Production EXAM

May / june 2008 (date to be announced) Copenhagen and Bergen Exam 6 hrs

Programme overview

PROGRAMME OVERVIEW

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WELCOME TO NHH

Established as a public institution in 1936, the Norwegian School of Economics and Business Administration, NHH, is Norway’s leading business school. It is the fi rst choice for Norwegian students and the Norwegian business community. Approximately 2600 students study across a range of Bachelor, Master and Ph.D programmes focusing on economics, management, accounting and business analysis. NHH also has the longest running executive MBA-programme in Norway, with specialisations including strategic leadership, brand management, public management and management con-trol.

NHH has a faculty of high standing in the international research community. As a member of CEMS (Community of European Management Schools) and PIM (Partnership in International Management) NHH is part of a global network of institutions that rep-resent the highest degree of excellence in the fi elds of business administration and man-agement, and demonstrate leadership in their geographic region. EQUIS accreditation

(European Quality Improvement System) reinforces a strongly hold belief that lence in research is a prerequisite for excel-lence in teaching.

The main academic focus of the programme is market-based valuation and risk manage-ment. The electricity market is the main thematic focus but the programme will also examine other energy sources such as oil, gas and coal as well as policy issues related to the European energy markets and interac-tion between these different markets. The Certifi cate in Financial Energy Analysis was fi rst established as “Kraftanalytikerstudiet” in 2000. It was offered in Norwegian and catered primarily to a national market. The programme soon started to attract partici-pants also from other Scandinavian countries. In 2006 the programme was therefore revised and expanded to cover a wider selection of energy sources and markets. The new pro-gramme is offered in English and has par-ticipants from several North European countries.

WELCOME

TO NHH

Jan I. Haaland

Rector, professor

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The Norwegian School of Economics and Business Administration (NHH) has offered “Kraftanalytikerstudiet”, a programme in Financial Energy Analysis since autumn 2000. The programme was revised in 2006 in order to make it available to a wider Euro-pean market. It is now offered in English. The scope of the programme has been expanded to cover a wider selection of energy sources and markets. The programme has fi ve intensive seminars, providing a total of 24 ECTS points. Four of the seminars will be held in Copenhagen and a fi fth in Bergen. All course assignments and the fi nal exam can be delivered in English, Danish, Norwegian or Swedish.

Programme goals

A fi nancial marketplace for energy has devel-oped to meet need for risk management amongst producers, suppliers and consum-ers. Forwards are traded for changing vari-able prices to fi xed prices, or for changing future prices between different areas or forms of energy. In addition contracts are traded to secure minimum or maximum prices, or to provide a right to change future prices for different forms of energy or areas (options). An energy company can use information from the energy fi nancial market as the basis for estimating the market value of a given position, activity or segment

(mark-to-mar-ket), and its exposure to risk (Value at Risk). Market information can also be used with a view to achieving a more profi table use of resources in a business, for example in production or distribution. At the same time an energy company can operate actively in the energy market to implement its own risk management strategy or to take a position on own market view.

One of the purposes of the programme is to provide knowledge and insight on the basics and principles of option-pricing theory with regard to the energy fi nancial markets. This can be applied to supporting decisions at the corporate level in the energy sector.

Target group and organisation of the programme

The Certifi cate in Financial Energy Analysis is a specialised programme, developed for people working with corporate level decisions in the European energy market. People linked to other product markets, fi nancial insti-tutions or public competition and regulation bodies can also benefi t from this programme. The programme is demanding and requires active participation from everybody involved. Participants are expected to work on assign-ments between sessions, and these will form the basis for discussion and follow-up during the next session.

The integration of energy markets in Europe is increasing fast, both across geographical

regions and across energy sources (oil, gas and electricity). Today’s energy markets are

to a large degree driven by price, and supply and demand uncertainty leads to uncertain

energy prices. This uncertainty can result in signifi cant fi nancial profi t or loss for individual

players in the market.

CERTIFICATE IN

FINANCIAL ENERGY ANALYSIS

Petter Bjerksund

Professor

Gunnar Stensland

Professor

Programme directors

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REFERENCES

Studying together

with people from

different parts of the

market throughout

almost a year is

benefi cial both

professionally and socially.

Henriette Amundrustad, Norway

Market Analyst Statkraft Energi AS

NHH provided

excellent lecturers.

Both the professors

covering the theoretic

basis and the executives

from the market had

interesting angles and ensured that the

programme was challenging and relevant.

Håkan Sandebjer, Sweden

Risk Management Analyst Nord Pool Clearing ASA

The Programme

enabled me to better

understand how to

operate and manage

market positions and

how to improve forecasts.

Yngve Torvanger, Norway

Senior Market Analyst Statoil Natural Gas, Norway

Teaching was

concentrated in three

day assemblies.

I would say three days

was necessary in order

to obtain the best focus

and concentration.

Bo Lynge Rydahl, Denmark

Managing Director Nordjysk Elhandel Aalborg, Denmark

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PRACTICAL

INFORMATION

ADMISSIONS REQUIREMENTS

A minimum of three years’ higher education equivalent to a bachelor degree and relevant work experience is required. The programme builds on previous knowledge of fi nance, mathematics and statistics, and it is required that applicants have a business, economics, or technical education that contains elements of these.

TUITION FEE

• € 12 500 (€6 250 per semester)

• Optional accomodation at Radisson SAS Royal Hotel is estimated to € 480.

APPLICATION DEADLINE

The deadline for receipt of applications is May 1st_2007.

A rolling admissions process is used, so early admission is recommended to avoid disappointment.

DOCUMENTATION REQUIREMENTS

Information provided in the application must be supported with copies of relevant documentation. Transcripts of grades received from higher education institutions and letters of reference from employers are required to be sent with the application. All copies of grade transcripts and letters of reference should be confi rmed as true copies of the original documents by a lawyer, charted accountant or a civil servant. NHH can undertake this certifi cation if applicants send in original documents with the application (originals will be returned promptly)

PROGRAMME DURATION, SCOPE AND LEVEL

The programme will run over one year as a part-time programme, totalling 24 ECTS. See session plan on page 2.

EXAM

The programme fi nishes with a six hour written exam, which can be taken in either Bergen or Copenhagen

LANGUAGE

All classes and literature are in English. Assignments and the fi nal exam can be submitted in either English, Danish, Norwegian or Swedish.

NOTIFICATION OF CHANGES

NHH reserves the right to make changes to the dates and prices stipulated in this document.

APPLICATION FORM

Please fi nd application form at www.nhh.no/executive

PRACTICAL INFORMATION

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NHH has been offering high-quality executive education programmes in the fi elds of economics and business administration for over 50 years. The school has also developed a number of specialised courses and programmes in partnership with other leading institutions, both nationally and internationally. The following specialised programmes are designed to be combined with a professional career:

EXECUTIVE EDUCATION AT NHH

EXECUTIVE EDUCATION

AT NHH

EXECUTIVE MBA PROGRAMMES

• MBA in Strategic Management • MBA in Management Control

• MBA in Public Economics and Management • MBA in Brand Management

• MBA in Finance

OTHER SPECIALISED PROGRAMMES

• Authorised Financial Analyst (AFA programme) • Part-time courses in economics and business administration at the bachelor level

• Customised executive programmes for corporate clients

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NORGES

HANDELSHØYSKOLE

Executive Education Department Helleveien 30,

NO-5045 Bergen Norway

Telephone: +47 55 95 96 00 Fax: +47 55 95 96 01

E-mail: [email protected] www.nhh.no/executive

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