Here's the outline we sent to FERC yesterday.? I had sent the  following 
e-mail last week to Dan Larcamp and Ellen Schall (OGC) of FERC.
?
? 

Dan ) I am a senior research fellow at the Mercatus Center at  George Mason 
University.? I recently  taught a course to FERC staff on energy derivatives, 
and based on that and  discussions with others, think you might benefit from 
a broader course to help  FERC staff and commissioners understand prices and 
energy markets, particularly  the relationship between cash or spot markets, 
and financial markets (including  derivatives).? 

We at the Mercatus Center are in a unique position to serve  as a resource to 
the Commission and staff on economic/financial issues.? We are a nonprofit, 
research, education,  outreach organization, and, as part of our mission are 
organized to work with  the administration on different regulatory and market 
issues.? We would offer the course at no  charge.

We have in mind a team of experts in energy markets with  unique experiences 
and?  perspectives.

Prof. Bill Albrecht, of  Iowa State University is a former commissioner at 
the Commodity Futures  Trading Commission.? He was there  in the aftermath of 
the Crash of +87, during the Gulf War and other market  crises, and has a 
valuable understanding of the issues FERC is facing now,  with respect to the 
influence of trading and derivative markets on energy  prices.
Jerry Ellig, Ph.D., is  a senior research fellow at Mercatus and has done 
extensive research and  teaching on market infrastructure issues, 
particularly in energy markets.
Prof. Vernon Smith, who  has recently joined the faculty of GMU and the 
Mercatus Center, is known as  the father of experimental economics.?  You may 
be familiar with his sophisticated economic &experiments,8  which offer hands 
on experience with energy markets, including transmission  constraints, etc. 
and allow participants and researchers to test market  reactions to different 
rules, events, etc.
I  am a former CFTC economist, and write and teach courses on risk and risk  
management in energy markets.?  

Professor Albrecht will be in the area on July 25-26.? Two 3-hour sessions on 
those days  (starting in the afternoon after your Commission meeting on the 
25th)  would provide a strong introduction to these issues.? We could then 
talk about whether future  courses or workshops would be valuable.

I will call you tomorrow to discuss this idea.

?

?

Susan  E. Dudley, Senior Research Fellow, Regulatory Studies Program, 
Mercatus Center,  George Mason University?

3401 North Fairfax Drive,  Suite 450, Arlington, VA 22201-4433.?  
703-993-4934 (o)??  703-995-4835 (fax)?  703-754-0304 (h)

www.mercatus.org
 - FERC course outline 7-16.doc