Topics in Energy Finance

Electricity, gas, oil: in addition to spot products, important commodity markets also trade in futures and an increasing number of derivatives.

This doctoral seminar focuses on the commodities electricity, gas and oil. Parallel to the classic commodity markets, where the underlying changes hands not only virtually, there are pure financial markets with derivatives of all kinds. The main reason for this development, in addition to technical feasibility, is the need to reduce individual risk by means of instruments such as futures, options, swaps, etc. On the other hand, speculation opens up new opportunities for risk-takers and drives up turnover. This seminar is equally dedicated to the markets for the product and for derivatives. Topics include market models, the valuation of trading products and the quantification and management of risks in this trade.