Teach on Udemy

Turn what you know into an opportunity and reach millions around the world.

Learn More

Your cart is empty.

Keep shopping

Energy Trading and Risk Management (ETRM)

Name: Energy Trading and Risk Management (ETRM)
Rating: 4.5 (873 reviews)

Inspired by the GARP - Energy Risk Professional Curriculum

Created byChirag Ahuja

Last updated 9/2025

English

English [Auto],Spanish [Auto],

What you'll learn

Master the fundamental core concepts within ETRM
Quickly Prepare for Your ETRM Consulting Interview - Access the most commonly questions asked in an ETRM interview!
Learn the intricacies of the different energy commodity value chains - Oil, Gas, Coal and Power
Provide real world examples and case studies during interviews, presentations and sales pitches
Formulas with working excel spreadsheets - better grasp how they work when variables are changed.
Outshine the competition by demonstrating deep understanding of the energy and commodity trading business.
One stop shop for all your ETRM queries
100+ must know fundamental terminologies to help you speak like an ETRM professional
Access to energy podcasts - Meet the industry professionals and hear their stories
Visualize the "big-picture" of an energy company and how different departments work
Understand the functions of Front / Mid and Back offices within an energy trading house
Understand the most crucial reports such as PnL, Mtm, Exposure, VaR , etc and how they are structured
Learn the different types of contracts and how to model them within an ETRM application
Learn how energy exchanges operate across different regions
Learn the different types of energy instruments and how they are typically used in hedging
Understand the different types of risks faced by an energy company and how to mitigate them
Understand the fundamental concepts that form the backbone of ETRM applications such as Openlink Endur, Allegro, RightAngle etc.

Course content

11 sections • 78 lectures • 14h 31m total length

Course introduction and Overview5:13
Importance of Understanding Energy and Commodities6:28

What do ETRM Systems Do and How Do They Work?8:26
Who are the players and their roles in the ETRM Industry?7:34
Typical Structure of a Commodity Trading Firm - Front Office8:41
Explore how a commodity trading firm is structured into front, mid, and back offices, where front office traders handle physical and financial trades, IT, treasury, and credit teams provide support.
Typical Structure of a Commodity Trading Firm - Scheduler and Mid Office / Risk9:09
Typical Structure of a Commodity Trading Firm - Back Office, Legal and Treasury12:59
Explore the back office roles in invoicing, reconciling, and settlements, and learn how legal and treasury teams coordinate master contracts, credit, and cash flow in commodity trading.
ETRM - Physical Trade Life Cycle - Part 112:12
Explores the physical trade life cycle from pre-trade analytics to reporting and analytics, detailing deal capture, confirmation, matching, nomination, scheduling, and risk and exposure metrics.
ETRM - Physical Trade Life Cycle - Part 212:01
A Typical ETRM Landscape of a Commodity Trading House - Part 19:55
A Typical ETRM Landscape of a Commodity Trading House - Part 27:23

Exposure Report11:12
Inventory Report5:29
MtM and PNL Report13:00
Price Check Report6:15
Manage price data integrity by using a price check report to reconcile prices between the crm and price provider, aiming for zero delta and accurate pnl and settlements.
Credit Risk Report5:23
Discover how a credit risk report evaluates a counterparty's credit worthiness, tracks daily exposure against set limits, and uses ratings, sanctions checks, and netting to manage over-the-counter trading risk.
Trade Recon Report6:40
EOD / COB Report9:42
Book Structure in a Commodity Trading Firm4:07

Purpose of Energy/Commodity Trading10:08
Learn the three core purposes of energy trading: hedging, speculation, and arbitrage. See how hedging uses futures to lock in prices and how contango and backwardation describe price curves.
Purpose of Trading
Risks Involved in Energy/Commodity Trading11:51
Electricity Market Structure8:45
Electricity Market Structure
Crude Oil & Products - Value Chain40:56
Trace the crude oil value chain from upstream, midstream, to downstream, covering benchmarks, refinery types, Nelson index, crack spreads, and global transport channels.
What the hell is "Dated Brent" afterall?4:05
Natural Gas Value Chain - Part 120:35
Natural Gas Value Chain - Part 216:42
Coal - Value Chain14:28
Power/Electricity Value Chain - Part 110:23
Power/Electricity Value Chain - Part 212:55
Power/Electricity Value Chain - Part 37:49
Plot supply and demand curves to find the market clearing price and volume, and compare baseload, mid-merit, and peaking suppliers while reviewing tolling agreements, heat rate, and spark spreads.
Risks Involved in Energy / Commodity Trading
Price Reporting Agencies (PRAs)34:46
Agro - Value Chain11:40
Also added PRA's under this section

Energy Trading Finance - ETRM POV10:11
Forwards & Futures18:01
Commodity Options - Part 115:59
Commodity Options - Part 29:23
Black-Scholes Option Pricing11:00
Costless Collar and Cross Hedging - Part 112:01
Explore hedging with a costless collar using puts and calls to cap Brent at 59 and floor at 40, and apply cross hedging between jet fuel and heating oil.
Costless Collar and Cross Hedging - Part 26:36
Explore cross hedging with the minimum variance hedge ratio to hedge jet fuel exposure. Use volatility and correlation to justify optimal 16 crude oil contracts for 10 million gallons.
Energy Swaps8:31
Valuation of Energy Swaps11:21
Learn to price an energy swap by computing the fixed price leg from volumes, futures prices, and present value discounted at the risk-free rate, across 3, 9, and 15 months.
Energy Exchanges & Trade Mechanisms and Role of a CCP17:19
Explore how energy exchanges operate and the difference between exchange and otc trades. Discover how a central clearing party reduces counterparty risk through clearing, margins, and netting.
The Brent Complex and Brent CFD16:11
Exchange Futures for Physical7:32
Calculating PnL, VaR and CFaR16:13

Technology Evolution in Energy Industry with Dr. DK Punia56:41
Charts the evolution from early automation to scada and digital oilfields. Highlights the importance of domain knowledge and analytics to unlock energy data.
A Day in A Life of an Oil Trade Analyst - with Ishita Ranjan23:40
A Day In A Life of a Power Trader - with Sandeep Pendiyala36:00
Discover a day in the life of a power trader in India, navigating bilateral and exchange markets, forecasts, congestion, and deviation settlements to optimize renewable generation trading.
Energy Portoflio Management - with Amit Paul40:14
Explore open access electricity in India, where hospitals and hotels source power from IEX or bilateral markets. See how ML forecasting and portfolio management optimize costs and scheduling.
Autralian Energy Markets - with Ramanathan Hariharan35:35
FX Hedging - Real World Use Cases43:46

Some Fun Reference Materials6:10
Discover engaging reference materials on the energy world and trading concepts, from Enron and the Seven Sisters to risk-focused reads and oil industry sources like risk.net and Bloomberg.
Talk like an Energy Risk Professional - 1 to 109:22
Learn how energy traders use over-the-counter contracts, annual contract quantity terms, take-or-pay, access charge, accrual accounting, and ADP to manage power and gas markets, with arbitrage and storage strategies.
Talk like an Energy Risk Professional - 11 to 207:54
Talk like an Energy Risk Professional - 21 to 307:33
Talk like an Energy Risk Professional - 31 to 406:38
Talk like an Energy Risk Professional - 41 to 504:51
Talk like an Energy Risk Professional - 51 to 552:52
Talk like an Energy Risk Professional - 56 - 604:35
Talk like an Energy Risk Professional - 61 to 703:37
Master essential energy risk vocabulary, including bullish and bearish terms, bill of lading, cash-and-carry, demurrage, average, despatch, dry gas versus wet gas, lifting, parking, prompt cargo and tonnage, and co-mingling.
Talk like an Energy Risk Professional - 71 to 807:29
Explain crude landed cost, including crude price and transportation, excluding discharge port charges, and highlight daisy chains, po po po, and sweet versus sour, light versus heavy crude.
Talk like an Energy Risk Professional - 81 to 905:57
Learn key energy trading concepts from fracking and net back to open interest, prop and agency trading, market making, incoterms, middle distillates, bottom of the barrel, and flat positions.
Talk like an Energy Risk Professional - 91 to 1006:30

Key Takeaways - ETRM Mini-Series - Previse Systems - Ep 12:10
Key Takeaways - ETRM Mini-Series with Beacon - Ep 21:41
Key Takeaways - ETRM Mini-Series with Brady - Ep 31:42
Key Takeaways - ETRM Mini-Series with Brady - Ep 3

Introduction
Hosts: The dialogue is steered by Chris Sass and Martin Hiller, the insightful minds behind the "INSIDER'S GUIDE TO ENERGY PODCAST."
Featured Guest: The episode features Chris Regan, the Energy Product Director at Brady Technologies, a company at the forefront of trading, risk management, and logistics software solutions, particularly in the European energy markets.
Episode Context: Part of the ETRM (Energy Trading and Risk Management) Mini-Series, this episode delves into the intricacies of energy trading, risk management, and the significant transitions shaping these sectors.
In-Depth Key Takeaways
Brady Technologies' Market Position:
Brady Technologies is recognized for its pivotal role in aiding trading participants to navigate and profit from the green energy transition.
The company's expertise spans a broad spectrum, including short-term power trading, curve trading, algorithmic trading, and the complexities of credit and liquidity risk management.
Chris Regan's Extensive Industry Experience:
Chris Regan brings a wealth of knowledge with over two and a half decades in the UK energy trading market.
His current role involves managing Brady's diverse portfolio of energy trading solutions, balancing both short-term dynamics and long-term strategic developments in the sector.
Evolving Landscape of ETRM:
The ETRM sector is witnessing a paradigm shift from traditional, large-scale on-premise systems to more agile, scalable, and user-friendly SaaS-based mid-tier solutions.
This transition reflects a market that values rapid deployment, flexibility, and the efficiency of subscription-based models, catering to the evolving needs of modern energy traders.
The Increasingly Competitive ETRM Arena:
The ETRM domain is characterized by its burgeoning number of new entrants, indicating a vibrant and competitive market.
This trend underscores the sector's ongoing transformation, driven by technological advancements and the need for innovative solutions that align with the current and future demands of energy trading.
Conclusion
The conversation with Chris Regan from Brady Technologies provides a comprehensive overview of the current trends and future trajectories in energy trading and risk management. The episode sheds light on the industry's gradual but decisive move towards more adaptable, efficient, and cloud-based solutions. These developments are in sync with the broader shifts in the energy sector, which is increasingly leaning towards sustainability and technological innovation. Brady's strategies and solutions are portrayed as instrumental in facilitating this transition, offering a glimpse into the future of energy trading where agility, efficiency, and adaptability are paramount.
For a detailed exploration and to gain firsthand insights from the industry expert, you can watch the entire interview on YouTube.
Key Takeaways - ETRM Mini-Series with CTRMCloud - Ep 41:47
Key Takeaways - ETRM Mini-Series with CTRM Cubed - Ep 51:49
Key Takeaways - ETRM Mini-Series with Moelcule - Ep 61:43
Key Takeaways - ETRM Mini-Series with PSI - Ep 71:57
Key Takeaways - ETRM Mini-Series with Contigo - Ep 81:40
Key Takeaways - ETRM Mini-Series with FIS- Ep 9 Introduction • Hosts: Chris Sass1:40
Key Takeaways - ETRM Mini-Series with Hitachi- Ep 101:41
Key Takeaways - ETRM Mini-Series with Gen10- Ep 111:34
Key Takeaways - ETRM Mini-Series with ION Commodities - Ep 121:33
Key Takeaways - ETRM Mini-Series with Inatech- Ep 131:24

Requirements

Proficiency in the English Language.

Description

Energy - More important than ever right now!

Some economists say that the GDP of a country is directly proportional to its energy consumption. The global population is predicated to reach nearly 10 billion people by 2050. This will put high requirements on the demand for energy globally, requirements for leaner and more efficient supply chains, a push towards a diversified energy portfolio mix and stricter environmental and regulatory control. The impact would be a spurge in need for specialists having deep domain knowledge within the energy space to help our precious blue planet face some of its biggest energy challenges and hopefully help us transition into the "new-energy" age.

Course Overview:

The course is specifically designed to impart you with the fundamental concepts to thrive and succeed in banking, commodity and energy companies and get your foot in the door of the world of ETRM - Energy Trading and Risk Management. I have attempted to simplify and break down complex concepts into easy digestible pieces to ensure maximum learning is transitioned to you, in an entertaining manner.

The focused cheat sheets will help you solidify your learning. The wide range of questions in the form of quizzes (multiple choice questions) will assist in consolidating your knowledge. Lastly, I talk to industry professionals from a wide range of backgrounds within energy and upload them in the form of podcasts. You get access to those as well in this course.

Ideally, you should be able to complete it within 3 months. But since you will get lifetime access, feel free to take your own sweet time.

So come, join hands with me and let's partner together to understand the intricacies and dynamics of the ETRM industry. I wish you all the luck in the world and hope you clear it in the first attempt :)

What you get with the course:

All the fundamental core concepts you need to thrive in the ETRM industry
250+ Practice Quiz Questions - aligned to the GARP - ERP paper pattern
7 previous years GARP Practice Papers
Formulas with working Excel Spreadsheets - better grasp how they work when variables are changed.
Consolidated links to important learning materials available online - all required help in one place.
One Stop Shop for all your ETRM Queries - via other participants on this course who passed the exam and myself of course
Access to Energy Podcasts within the course - Meet the professionals from various backgrounds.
100+ Must Know Fundamental Terminologies - speak like an Energy Risk Professional
Learn ETRM in a fast pace and structured manner with all the content in one stop shop!

Core concepts covered in this course:

ETRM - Part 1 - Physicals

Hedging, Speculation and Arbitrage
Risks involved in energy trading
Crude Oil Value Chain
What the hell is "Dated Brent" ?
Natural Gas Value Chain
Power Value Chain
Power Trading - Calculating the clearing price
Coal Value Chain
Price Reporting Agencies
Agro Value Chain (Bonus)
122 practice questions for ERP - Part 1

ETRM - Part 2 - Financials

Forwards and Futures
Energy Commodity Options
Black Scholes Option Pricing
Costless Collar Hedging Strategies
The Brent Complex and Brent CFD
Cross Hedging Strategies
Energy Swaps
Valuation of Energy Swaps
Energy Exchanges and Trade Mechanisms
Exchange Futures for Physicals (EFPs)
PnL, VaR and CFaR
142 practice questions for ERP - Part 2

Post registering, click on the "resources" button provided by Udemy under each lecture to open the cheat sheets, presentation and ready made excel formula sheets for you to leverage.

Course Disclaimer:

1. This is a beginner level course and not designed for advanced industry experts. However, post registering, you get access to our community of over 3000+ Energy Professionals. You can leverage this community for interactions or advance queries through this platform.

2. Sometimes the audio volume tends to get low (my apologies in advance). I urge you to use headphones and after that, it should be perfectly audible. In case you still face issues, just drop me a mail and I will assist you on the same.

3. Honest and transparent participant feedback on the Udemy course platform. You may probably not find this anywhere else on the internet.

4. Note - the closest certificate available to demonstrate competency in the ETRM industry, used to be the GARP - ERP exam. However, the exam itself is discontinued from GARP. At the same time, the ETRM industry continues to thrive and in my view is going to witness strong growth over the next decade.

#Learn ETRM #ETRM Course #ETRM online course

Who this course is for:

Business Analysts / Consultants involved in the ETRM indsutry and want to extend their knowledge
Financial Analysts – To understand the nature of the different financial risks involved within a commodity/energy firm.
Consultants & Analysts – To demonstrate the nuances of different commodity value chains and risks involved in your company
Junior Traders – Get early access to knowledge what the senior trader might not teach you yet!
Trade Support Staff – Learn what’s going on behind the screens and apply critical thinking to the trade processes and documentation.
Energy Job Candidates - Use this course to quickly brush up your skill sets before your interview process
Students – Currently pursuing or wish to pursue a career within the energy / commodity supply chain industry
Teachers – This will help you to demonstrate real life examples within the industry.
ETRM Job / Contractor Role - Interview Candidates - quickly recap the concepts here!
ETRM Analysts/Consultants

Energy Trading and Risk Management (ETRM)

What you'll learn

Explore related topics

Course content

Let's Get Started!2 lectures • 12min

ETRM Applications 1019 lectures • 1hr 28min

Important Reports Churned by an ETRM Application8 lectures • 1hr 2min

ETRM - Physical Value Chains and Energy/Commodity Market Operations13 lectures • 3hr 25min

ERP Part 1 - Question Bank0

ETRM - Financial Concepts, Risk Management Instruments and Reporting13 lectures • 2hr 40min

ERP Part 2 Question Bank0

Energy Podcasts - In Conversation with Industry Professionals6 lectures • 3hr 56min

Talk like an Energy Risk Professional12 lectures • 1hr 13min

ETRM important videos/podcast summaries13 lectures • 22min

Requirements

Description

Who this course is for: