Presenters: John Varholy and Edward Clayman - Troutman Sanders LLP, UK

This workshop provides in depth coverage of the form Master Trading Agreements for both Power and Natural Gas, as well as generally addressing the EFET Form Credit Support Annex and various Appendices to the two Master Agreements.

It is designed as an intensive, across-the-board training seminar for delegates now using or desiring to become familiar for the first time with the current versions of the EFET Master Trading Agreements for Power and Gas, currently the industry standard documents used to buy and sell electric power and natural gas throughout Europe. The Workshop will also cover the EFET Form Credit Support Annex commonly used to secure trading exposures under individual Master Trading Agreements via the collection and return of collateral. And finally, the Workshop will examine each of the country and Hub-specific Appendices to the EFET Power and Gas Master Agreements:

• TTF Appendix and Guidelines (Dutch Gas)
• PEG Appendix (French Gas)
• ZBT Appendix (Zeebrugge Gas)
• NBP Appendix (English Gas)
• GUD Appendix (German Gas)
• Italian Appendices (Power and PSV Appendix)
• Emissions Allowance Appendices (Carbon and other Greenhouse Gas Emission Rights)

The Workshop will provide a comprehensive introduction for those new to the industry or EFET’s form documents. And for those already using the EFET Master Trading and Collateral Agreements, the Workshop will provide a chance to:

• learn the unique history of the development of these documents,
• clarify specific issues with the industry experts on these agreements,
• examine each of the key product, country and hub-specific Appendices developed by EFET to supplement the terms of its Master Agreements,
• understand why and how certain provisions came to be drafted the way they were, and
• brush up on the nuts and bolts of each of the EFET form Master Trading agreements, as well as all related supplemental Appendices.

The Workshop is targeted at and will greatly benefit energy trading lawyers (both in-house and in private practice), contracts negotiators and administration managers, risk and credit managers and related personnel and all others who negotiate contracts and document trades in the European energy markets. The Workshop will prepare participants for, and serve as an introduction to and/or refresher for the continued training on EFET's other form documents at the following day’s Energy Contracting Master Class.


Tuesday 17 November 2009
Time: 10.00 – 16.00

Energy Contracting Master Class -- The Expanded Universe of EFET Form Documentation*

Presenters: John Varholy and Edward Clayman - Troutman Sanders LLP, UK

The Energy Contracting Master Class is designed to provide an in-depth introduction to certain essential ancillary documents developed by EFET to expand the scope of its Power and Gas Master Trading Agreements, as well as to supplement and link those agreements, and other similar trading documents used in the industry, in order to provide their users with state-of-the-art contractual, credit and legal risk mitigation tools.

The Master Class will closely examine the provisions of the two current form EFET Emissions Allowance Appendices, by which companies with existing, executed EFET form Power or Gas Master Trading Agreements can easily expand the scope of these contracts into contractual platforms for the trading of Emission Allowances under the EU cap and trade regime and related systems derived from the Kyoto Protocol. The Master Class will address the revisions of the earlier versions of these documents to trade and address risks unique to Kyoto Phase II products such as CERs and ERUs, as well as the various forms of standardized bridging documentation developed by EFET to help users to efficiently update existing contracts containing earlier releases of the Allowance Appendices.

Attendees will also examine the EFET/IECA European Commodities Schedule and the other component parts of the Bond Market Association's Cross-Product Master Agreement (the "CPMA," EFET's Master Netting Agreement for European energy products) which can be used to contractually link trading under different form master trading agreements into a single, harmonious contractual structure offering optimal credit risk mitigation. Next, the Master Class will examine the EFET form Cross-Product Credit Support Annex ("CPCSA") to the CPMA, and consider options for collateralizing trading exposures at the net level, rather than on a gross basis at the level of individual master trading agreements. Finally, attendees will examine the EFET form Cross-Product Payment Netting Agreement by which companies trading different energy commodities in different markets may harmonize their payment cycles and thereby optimize related cash flow challenges. Time permitting; the attendees will also receive an overview of the new EFET Coal Credit Annex, a credit document developed by EFET’s membership as a supplement to GlobalCoal’s^® SCoTA^® Agreement.

The Workshop and Master Class Together:

By the end of the Workshop and Master Class, attendees will be familiar with the key procedures, documents and issues involved in trading power, natural gas and emissions allowances throughout Europe. In addition, attendees will know everything they need to start using (or for those already using, to better understand and master), each of EFET's template trading, collateralization, netting and related ancillary agreements and form documents. The Workshop and Master Class will focus on both EFET’s efforts to standardize physical energy trading terms and to improve industry risk mitigation through the widespread adoption of its standard form documents. Particular attention will also be given to various methods and mechanisms for managing legal, contracting and credit risk.

Registration

The price to attend the workshop and the master class separately is EUR 750.
Should you want to take part in both, we offer a special discounted price of only EUR 1,050!
Please go to the REGISTRATION button in the menu on the left to register.


* separate registration needed