Day One

The Fundamentals of flexibility

• Source and nature of variation in Gas Demand. 
• Load Factor and Load Duration concepts
• Sources of Flexibility in the gas chain (supply, storage and demand management)
• Types of physical storage capacities in markets across Europe
• Exercise - Flexibility Segmentation
• Use of Storage in Traditional and Liberalised Markets

European Gas Pricing,  supply and demand impact of storage

• Gas Price drivers and pricing structures in Europe - Long Term Contracts and Traded Markets
• Gas Price Volatility
• Exercise - Review of European Storage Use & Opportunity

Cost and Value of Storage (Part 1)

• Volume & Deliverability costs
• Introduction to the Standard Bundled Unit (SBU)
• Evaluating the value of storage provision - a four stage model
• The Intrinsic (Seasonal) Value of Storage 
• Exercise: Modeling Intrinsic Value  

Day Two

Cost and Value of Storage (Part 2)

• The Extrinsic (Volatility) Value of Storage
• Exercise: Modeling Extrinsic Value
• How storage operators value storage

European Hybrid Market Operation & Opportunities

• Traders view of Long Term Contracts
• Use of Storage and Linkage to other Markets

Introduction to Multi-User Gas Storage Contracts 

• Suite of Agreements for a Gas Storage Asset 
• Contract Structure
• Recommendations for Multi User Gas Storage

Business Simulation - Developing a Gas Storage Contract (Part 1) 

• Business Simulation Introduction 
• Impact of Transportation & Network Code
• Storage Asset Options and Design of SBU

Day Three

Business Simulation - Developing a Gas Storage Contract (Part 2)

• The Commercial Environment & Storage Market Briefing
• The impact of regulation
• Exercise : Develop Storage Contract Heads of Agreement 

Status and Impact of European Regulation 

• Regulatory developments including GGPSSO agreement and its influence
• The third directive and its effect on storage
• Third party access
• The security of supply directive

Gas Storage in the European Market today

• Facilitated Discussion of Gas Storage in Europe