2020

ERP ®

Study Guide

garp.org/erp 1
2020 Energy Risk Professional (ERP®)
Exam Study Guide
ENERGY RISK PROFESSIONAL
(ERP®) PROGRAM
The ERP certification is the world’s first and only
internationally recognized designation developed
by energy professionals, for energy professionals, to
assess and validate energy professional knowledge
and skills. It objectively assesses and validates
candidates’ skills and knowledge of the tools used
to manage and measure energy risk. Certified
ERPs can apply knowledge about the production,
transportation, and storage of physical energy
commodities; structure and practical application of
energy derivatives; assessment of energy market data
and price modeling; and identification, measurement,
and management of risk in the energy industry.
ERP CURRICULUM
Development of the ERP Exam curriculum is guided
by GARP’s Energy Oversight Committee (EOC), a
panel of senior practitioners and academics with
energy market experience and risk management
expertise. The exam topics and required readings
listed in the 2020 ERP Study Guide and 2020
Learning Objectives (LOBs) are updated annually in
conjunction with the EOC to ensure the ERP Exam
remains a timely and accurate assessment of the
knowledge and skills required of energy market and
risk professionals.
ERP EXAM
The ERP Exam Part I and Part II evaluate a candidate’s
knowledge of key concepts aligned with the topics below:
ERP EXAM PART I | 80 QUESTIONS
• Crude Oil Markets and Refined Products
• Natural Gas Markets and LNG Trends
• Renewable Energy
• Electricity Markets and Coal
ERP EXAM PART II | 60 QUESTIONS
• Market Risk
• Credit Risk and Liquidity Risk
• Financial Energy Products
• Risk Governance, Enterprise Risk Management,
and Risk-adjusted Decision Making
Each year, we invite Certified ERPs from a variety of
disciplines and geographies to participate in the exam
development process. Our dual collaboration with EOC
members and certified ERP alumni ensures that the ERP
Exam and curriculum remain consistent with current
industry practice.
2020 ERP LEARNING OBJECTIVES
AND STUDY GUIDE
The 2020 ERP Learning Objectives and 2020 Study
Guide are valuable exam tools that candidates should
reference frequently when preparing for the Exam.
Each exam question is developed from and directly
references a specific reading and related learning
objective. Candidates are expected to be familiar
with the learning objectives and be able to apply the
principles on the Exam.
2020 ERP CURRICULUM CHANGES
Returning 2019 ERP candidates should closely review
the 2020 curriculum for added and deleted readings and
learning objectives in all domains. The 2020 curriculum
includes a new Renewables domain and combines
previously separate Natural Gas and LNG domains into
one, among other changes.
COMMONLY USED CONTRACT
SPECIFICATIONS
Exchange-traded energy commodity futures and option
contracts are typically transacted in standardized lot
sizes. Unless otherwise noted, exam questions will
assume the following standard volumetric terms:
• Crude Oil:
1,000 barrels (equal to 42,000 gallons) per
contract
• Gasoline futures:
42,000 gallons per contract
• ULSD futures:
42,000 gallons per contract
• Gasoil (diesel) futures:
100 metric tons (MT) per contract
• Natural gas (Henry Hub) futures:
10,000 MMBtu per contract
COMMON ABBREVIATIONS AND ACRONYMS
The following is a list of common abbreviations and acronyms that may appear on the ERP Examination.
• ACQ: Annual contract quantity
• ATC: Around-the-clock
• ATM: At-the-money
• AUD: Australian Dollar
• bbl: Barrel of _________
• bcm: Billion cubic meters
• BOE: Barrel of oil equivalent
• Btu: British thermal unit
• CAD: Canadian Dollar
• CCP: Central counterparty
• CDS: Credit default swap
• cf: Cubic feet
• CIF: Cargo, Insurance, and Freight
• CVA: Credit value adjustment
• DAP: Delivered-at-place
• dwt: Deadweight (shipping)
• E&P: Exploration and production
• ETS: Emissions trading system
• EUR: Euro (currency)
• FAS: Free alongside ship
• FOB: Free on board
• FTR: Financial transmission right
• gal: Gallon of ________
• GBP: British Pound
• GHG: Greenhouse gases
• GSA: Gas sales agreement
• IOC: Independent oil company
• ISO: Independent system operator
• ITM: In-the-money
• HKD: Hong Kong Dollar
• JCC: Japan Customs Cleared (price)
• kcal: Kilocalorie
• kg: Kilogram
• KPI: Key performance indicators
2020 ERP Study Guide
• KRI: Key risk indicators
• kW: Kilowatt
• kWh: kilowatt-hour
• LCOE: Levelized cost of electricity
• LNG: Liquefied natural gas
• LSE: Load-serving entity
• Mcf: Thousand cubic feet
• MM: Million
• MMBtu: Million British thermal units
• MT: Metric ton
• MMT: Million metric tons
• MtM: Mark-to-market
• MW: Megawatt
• MWh: Megawatt-hour
• NBP: National Balancing Point (UK)
• NOC: National oil company
• NYMEX: New York Mercantile Exchange
• O&G: Oil and Gas
• O&R: Operations and maintenance
• OTC: Over-the-counter
• OTM: Out-of-the-money
• PSC: Production sharing contract
• RAROC: Risk-adjusted return on capital
• RBOB: Reformulated gasoline blendstock for
oxygen blending
• SGD: Singapore Dollar
• SO: System operator
• SPA: Sales purchase agreement
• /t: Per ton
• TOP: Take-or-pay
• TSO: Transmission system operator
• USD: United States Dollar
• VaR: Value-at-risk
• WTI: West Texas intermediate crude oil
ERP EXAM PART I
CRUDE OIL MARKETS AND REFINED PRODUCTS

NATURAL GAS MARKETS AND LNG TRENDS

RENEWABLE ENERGY

ELECTRICITY MARKETS AND COAL

ERP EXAM PART II

MARKET RISK

CREDIT RISK AND LIQUIDITY RISK

FINANCIAL ENERGY PRODUCTS

RISK GOVERNANCE, ENTERPRISE RISK MANAGEMENT,

AND RISK-ADJUSTED DECISION MAKING

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ERP EXAM PART I

Crude Oil Markets and Refined Products 30% 24 questions

Natural Gas Markets and LNG Trends 30% 24 questions

Renewable Energy 10% 8 questions

Electricity Markets and Coal 30% 24 questions

ERP Exam Part I Total 100% 80 questions

Crude Oil Markets and Refined Products

PART I EXAM WEIGHT | 30%

The broad areas of knowledge covered in readings related to crude oil markets and refined products include
the following:

• Physical properties of crude oil

• Crude oil grades
• Unconventional crude oils
• Global benchmarks
• Economic fundamentals
• Exploration and production
• Reserve identification
• Project development
• Fiscal regimes
• Oil and gas lending and collateral evaluation
• Economics of production
• Transportation and storage economics
• Crude oil refining
• Distillation, blending, and other refining processes
• Refinery complexity
• Refining margins and their determinants
• Finished products and specifications

2020 EPR Exam Part I garp.org/erp 1

 ERP EXAM PART I
READINGS FOR CRUDE OIL MARKETS AND REFINED PRODUCTS | 24 QUESTIONS

Bradford, T. (2018). The Energy System: Technology, Economics, Markets, and Policy. Cambridge, MA:
The MIT Press.
• Chapter 14. Oil

Inkpen, A., & Moffett, M.H. (2011). The Global Oil and Gas Industry: Management, Strategy and Finance.
Tulsa, OK: PennWell Corp.
• Chapter 3. Access, Leasing, and Exploration
• Chapter 4. Developing Oil and Gas Projects
• Chapter 5. Production of Oil and Gas Products

Kaminski, V. (2013). Energy Markets. London, UK: Risk Books.

• Chapter 16. Oil Transportation and Storage

Miesner, T.O., & Leffler, W.L. (2006). Oil & Gas Pipelines in Nontechnical Language. Tulsa, OK:
PennWell Corp.
• Chapter 4. Oil Pipeline Operations
• Chapter 10. Investment Decisions

International Chamber of Commerce. (2019). Incoterms 2020.*

Inkpen, A., & Moffett, M.H. (2011). The Global Oil and Gas Industry: Management, Strategy and Finance.
Tulsa, OK: PennWell Corp.
• Chapter 10. The Market for Crude Oil
• Chapter 12. Refining

Kaminski, V. (2013). Energy Markets. London, UK: Risk Books.

• Chapter 17. Oil Pricing

Johnson, O. (2018). The Price Reporters. New York, NY: Routledge.

• Chapter 3. How Price Benchmarks Work
• Chapter 11. PRA Pricing Methodologies

Office of the Comptroller of the Currency. (March 2016). Oil and Gas Exploration and Production Lending.*

Wright, C. (2017). Fundamentals of Oil & Gas Accounting, 6th Edition. Tulsa, OK: PennWell Corp.
• Chapter 15. Conveyances
• Chapter 17. Reserve Valuation
• Chapter 18. Accounting for International Petroleum Operations

*denotes online reading

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Natural Gas Markets and LNG Trends
PART I EXAM WEIGHT | 30%

The broad areas of knowledge covered in readings related to natural gas and LNG trends include the following:

NATURAL GAS
• Physical properties of natural gas
• Types of natural gas, units of measure, and heat content
• NGLs and condensates
• Global natural gas markets and economic fundamentals
• Market dynamics and pricing
• Gas sales agreements and trading
• Transportation and storage economics

LNG
• Market dynamics and pricing
• Contracts and shipping
• Project structuring and financing
• Trading
• Geographic trends

2020 EPR Exam Part I garp.org/erp 3

 ERP EXAM PART I
READINGS FOR NATURAL GAS MARKETS AND LNG TRENDS | 24 QUESTIONS

Rogers, H., & Stern, J. (December 2014). The Dynamics of a Liberalized European Gas Market – Key
Determinants of Hub Prices, and Roles and Risks of Major Players. Oxford Institute for Energy Studies.*

Bradford, T. (2018). The Energy System: Technology, Economics, Markets, and Policy. Cambridge, MA:
The MIT Press.
• Chapter 18. Natural Gas

Le Fevre, C. (2013). Gas Storage in Great Britain. Oxford Institute for Energy Studies.*

Leffler, W. (2014). Natural Gas Liquids: A Non-Technical Guide. Tulsa, OK: PennWell Corp.
• Chapter 6. Refineries and the Unnatural Gas Liquids
• Chapter 7. Logistics

Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville
Risk Partners.
• Chapter 8. Basis Markets
• Chapter 3. Natural Gas Markets

Griffin, P. (Ed.). (2017). Liquefied Natural Gas: The Law and Business of LNG. Surrey, UK: Globe Law and
Business Ltd.
• Structuring LNG Projects

Tusiani, M.D., & Shearer, G. (2016). LNG: Fuel for a Changing World – A Nontechnical Guide, 2nd Edition.
Tulsa, OK: PennWell Corp.
• Chapter 13. Upstream Gas Supply Agreements
• Chapter 14. LNG Sale and Purchase Agreements

Griffin, P. (Ed.). (2017). Liquefied Natural Gas: The Law and Business of LNG. Surrey, UK: Globe Law and
Business Ltd.
• LNG Shipping
• LNG Trading
• Financing LNG Projects
• Portfolio LNG
• US LNG and the Global Market

Fulwood, M. (May 2018). Asian LNG Trading Hubs: Myth or Reality. Columbia University, The Center on
Global Energy Policy.*

*denotes online reading

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Renewable Energy
PART I EXAM WEIGHT | 10%

The broad areas of knowledge covered in readings related to renewable energy include the following:

• Biofuels' value chains and economics

• Wind, solar, biomass, biogas, geothermal, and ocean energy
• Electricity demand management
• Types of electric storage and economics
• Distributed generation and its prospects
• Emission reduction programs and regulations

2020 EPR Exam Part I garp.org/erp 5

 ERP EXAM PART I
READINGS FOR RENEWABLE ENERGY | 8 QUESTIONS

Bradford, T. (2018). The Energy System; Technology, Economics, Markets, and Policy. Cambridge, MA:
The MIT Press.
• Chapter 8. Renewable Electricity
• Chapter 9. Electricity Demand Management
• Chapter 10. Electric Storage
• Chapter 11. Distributed Generation
• Chapter 15. New Fuels: Biofuels

Parsons, J.E. (2019). Introduction to Electricity Markets. Jersey City, NJ: GARP.
• Chapter 9. Emissions Markets

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Electricity Markets and Coal
PART I EXAM WEIGHT | 30%

The broad areas of knowledge covered in readings related to electricity markets and coal include
the following:

ELECTRICITY
• Physical properties of electricity
• Types of power generation (fossil fuel and renewable)
• Transmission and distribution
• Electricity market economics
• Base load, mid-merit, peak, and off-peak generation
• Capacity factor, heat rate, and spark spread
• Market data and price discovery
• Investing in generating capacity
• Electric energy markets and trading
• Power pools (ISOs and RTOs) and bilateral trading
• Contracts and structured solutions for energy markets
• Liberalized (deregulated) wholesale power market design
• Energy markets (day-ahead vs. real-time) and balancing markets
• Energy only vs. capacity markets
• Ancillary services
• Integration of renewable energy
• Global electricity markets and economic fundamentals

COAL
• Physical properties of coal
• Types of coal, units of measure, and heat content
• Benchmarks, contract specifications, and trading
• Global coal markets and economic fundamentals
• Transportation

2020 EPR Exam Part I garp.org/erp 7

 ERP EXAM PART I
READINGS FOR ELECTRICITY MARKETS AND COAL | 24 QUESTIONS

Bradford, T. (2018). The Energy System; Technology, Economics, Markets, and Policy. Cambridge, MA:
The MIT Press.
• Chapter 6. Coal, Oil, and Gas for Electricity

Schernikau, L. (2016). Economics of the International Coal Trade: Why Coal Continues to Power the
World. Second Edition. Springer International Publishing.
• Chapter 7. Global Coal Trade — Derivatives, Price Drivers, and More

Parsons, J.E. (2019). Introduction to Electricity Markets. Jersey City, NJ: GARP.
• Chapter 1. Industry Overview
• Chapter 2. Load
• Chapter 3. Generation
• Chapter 4. Transmission
• Chapter 5. Economic Optimization of the System
• Chapter 6. Bilateral Contracts and Trading
• Chapter 7. Centralized Markets for Energy
• Chapter 8. Other Electricity Markets

Weron, R. (2006). Modeling and Forecasting Electricity Loads and Prices. West Sussex, England: John
Wiley & Sons Ltd.
• Chapter 1. Complex Electricity Markets

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ERP EXAM PART II

Market Risk 20% 12 questions

Credit Risk and Liquidity Risk 30% 18 questions

Financial Energy Products 30% 18 questions

Risk Governance, Enterprise Risk Management, and 20% 12 questions

Risk-Adjusted Decision Making

ERP Exam Part II Total 100% 60 questions

Market Risk
PART II EXAM WEIGHT | 20%

The broad areas of knowledge covered in readings related to market risk include the following:

• Value-at-Risk (VaR) and other risk measures

• Liquidity risk and liquidity-adjusted VaR
• Expected shortfall
• Risk metrics associated with option contracts (“Greeks”)
• Delta-gamma hedging
• Quantitative tools for risk analysis
• Probability theory
• Statistics
• Regression analysis
• Energy commodity price formation
• Fundamental drivers
• Technical properties and time series analysis
• Modeling energy prices
• Correlation and volatility estimation
• Forecasting electricity demand
• Model risk management

2020 ERP Exam Part II garp.org/erp 9

 ERP EXAM PART II
READINGS FOR MARKET RISK | 12 QUESTIONS

Miller, M. (2013). Mathematics and Statistics for Financial Risk Management, 2nd Edition. Hoboken, NJ:
John Wiley & Sons, Inc.
• Chapter 2. Probabilities
• Chapter 3. Basic Statistics
• Chapter 4. Distributions
• Chapter 10. Linear Regression Analysis

Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley &
Sons, Inc.
• Chapter 8. How Traders Manage Risk

Clewlow, L., & Strickland, C. (2000). Energy Derivatives: Pricing and Risk Management. Sydney,
Australia: Lacima Publications.
• Chapter 2. Understanding and Analyzing Spot Prices
• Chapter 3. Volatility Estimation in Energy Markets
• Chapter 10. Value-at-Risk

Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley &
Sons, Inc.
• Chapter 25. Model Risk Management

Weron, R. (2006). Modeling and Forecasting Electricity Loads and Prices. West Sussex, England: John
Wiley & Sons Ltd.
• Chapter 2. Stylized Facts of Electricity Loads and Prices
• Chapter 3. Modeling and Forecasting Electricity Loads

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Credit Risk and Liquidity Risk
PART II EXAM WEIGHT | 30%

The broad areas of knowledge covered in readings related to credit risk & liquidity risk include the following:

LIQUIDITY RISK
• Liquidity risk management
• Liquidity stress testing
• Contingency funding planning

CREDIT AND COUNTERPARTY RISK

• Credit risk measurement
• Credit ratings and scoring
• Counterparty risk measurement and management
• Expected loss, loss given default, and probability of default
• Collateralization and netting agreements
• ISDA Master and Credit Support Annex
• Credit exposure metrics and exposure profiles
• Credit valuation adjustment (CVA)
• Country and sovereign risk metrics and management
• Political, economic, social, and security risks
• Financial market indicators

2020 ERP Exam Part II garp.org/erp 11

 ERP EXAM PART II
READINGS FOR CREDIT RISK AND LIQUIDITY RISK | 18 QUESTIONS

Burger, M., Graeber, B., & Schindlmayr, G. (2014). Managing Energy Risk: An Integrated View on Power
and Other Energy Markets, 2nd Edition. West Sussex, UK: John Wiley & Sons Ltd.
• Chapter 3. Risk Management

Gregory, J. (2014). Central Counterparties. West Sussex, UK: John Wiley & Sons Ltd.
• Chapter 3. Basic Principles of Central Clearing
• Chapter 2. Exchanges, OTC Derivatives, DPCs and SPVs

Gregory, J. (2015). The xVA Challenge: Counterparty Credit Risk, Funding, Collateral and Capital,
3rd Edition. West Sussex, UK: John Wiley & Sons Ltd.
• Chapter 4. Counterparty Risk
• Chapter 5. Netting, Close-Out, and Related Aspects
• Chapter 6. Collateral
• Chapter 7. Credit Exposure and Funding
• Chapter 14. Credit Value Adjustment
• Chapter 17. Wrong-Way Risk

Damodaran, A. (July 2019). Country Risk Determinants, Measures and Implications – 2019 Edition.*

Hull, J.C. (2018). Risk Management and Financial Institutions, 5th Edition. Hoboken, NJ: John Wiley &
Sons, Inc.
• Chapter 24. Liquidity Risk

Venkat, S., & Baird, S. (2016). Liquidity Risk Management – A Practitioner’s Perspective. Hoboken, NJ:
John Wiley & Sons, Inc.
• Chapter 3. Liquidity Stress Testing
• Chapter 7. Contingency Funding Planning

*denotes online reading

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Financial Energy Products
PART II EXAM WEIGHT | 30%

The broad areas of knowledge covered in readings related to financial energy products include the following:

• Hedging mechanics and cash flows

• Energy derivative contracts
• Forwards and futures
• Swaps
• Options and real options
• Structure and operation of OTC and exchange markets
• Central clearing
• Physical energy commodity markets
• Pricing benchmarks
• Fundamental price drivers
• Time spreads
• Basis markets and hedging locational basis risk
• Physically-versus financially-settled transactions

2020 ERP Exam Part II garp.org/erp 13

 ERP EXAM PART II
READINGS FOR FINANCIAL ENERGY PRODUCTS | 18 QUESTIONS

Marest, L., & Errera, S. (2018). Fundamentals of Trading Energy Futures & Options, 3rd Edition. Tulsa,
OK: PennWell Corp.
• Chapter 16. History and Growth of Derivatives Markets
• Chapter 13. Option Valuation
• Chapter 14. Energy Options Strategies

Hickey, D. (Ed.). (2016). Oil and Gas Trading: A Practical Guide. Surrey, UK: Globe Law and Business Ltd.
• Hedging and Derivatives

Mack, I.M. (2014). Energy Trading and Risk Management. Singapore: John Wiley & Sons Singapore
Pte. Ltd.
• Chapter 3. Plain Vanilla Energy Derivatives
• Chapter 4. Exotic Energy Derivatives
• Chapter 6. Illustrations of Hedging with Energy Derivatives
• Chapter 9. Hedging Nonlinear Payoffs Using Options

Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville
Risk Partners.
• Chapter 8. Basis Markets

Kaminski, V. (2013). Energy Markets. London, UK: Risk Books.

• Chapter 18. Transactions in the Oil Markets
• Chapter 11. US Natural Gas Markets

Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville
Risk Partners.
• Chapter 6. Price Level Trading

Swindle, G. (2014). Valuation and Risk Management in Energy Markets. Cambridge University Press.
• Chapter 2. Forwards and Carry

Simkins, B.J., & Simkins, R.E. (Eds.). (2013). Energy Finance and Economics: Analysis and Valuation, Risk
Management, and the Future of Energy. Hoboken, NJ: John Wiley & Sons, Inc.
• Chapter 11. Real Options and Applications in the Energy Industry

Lassander, R., & Swindle, G. (2018). Natural Gas Trading in North America. Princeton, NJ: Scoville
Risk Partners.
• Chapter 7. Time Spreads

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Risk Governance, Enterprise Risk Management,
and Risk-Adjusted Decision Making
PART II EXAM WEIGHT | 20%

The broad areas of knowledge covered in readings related to risk governance, enterprise risk management,
and risk-adjusted decision making include the following:

• Economic capital frameworks and capital allocation

• Risk-adjusted return on capital (RAROC)
• Enterprise Risk Management (ERM) frameworks and risk governance
• Risk assessment and management tools
• Risk appetite and risk tolerance
• Strategic risk management
• Management and governance of emerging risks
• Case studies in ERM implementation
• Project risk management
• Control and validation
• Emerging risks
• Cybersecurity
• Climate investment risks
• Financial statement analysis
• Decision analysis and decision quality
• GARP Code of Conduct

2020 ERP Exam Part II garp.org/erp 15

 ERP EXAM PART II
READINGS FOR RISK GOVERNANCE, ENTERPRISE RISK MANAGEMENT, AND
RISK-ADJUSTED DECISION MAKING | 12 QUESTIONS

Lam, J. (2017). Implementing Enterprise Risk Management – From Methods to Applications. Hoboken,
NJ: John Wiley & Sons, Inc.
• Chapter 7. The ERM Framework
• Chapter 12. Risk Appetite Statement
• Chapter 13. Risk Control Self-Assessments
• Chapter 15. Strategic Risk Management

Crouhy, M., Galai, D., & Mark, R. (2014). The Essentials of Risk Management, 2nd Edition. New York, NY:
McGraw-Hill Education.
• Chapter 17. Risk Capital Attribution and Risk-Adjusted Performance Measurement

Chapelle, A. (2019). Operational Risk Management. West Sussex, UK: John Wiley & Sons, Ltd.
• Chapter 9. Operational Risk Governance
• Chapter 14. Key Risk Indicators
• Chapter 17. Project Risk Management

Fraser, J., Simkins, B., & Narvaez, K. (Eds.). (2015). Implementing Enterprise Risk Management: Case
Studies and Best Practices. Hoboken, NJ: John Wiley & Sons, Inc.
• Chapter 20. Implementing Risk Management within Middle Eastern Oil and Gas Companies

Simkins, B., & Simkins, R.E. (Eds.). (2013). Energy Finance and Economics. Hoboken, NJ: John Wiley &
Sons, Inc.
• Chapter 9. Financial Statement Analysis for Oil and Gas Companies

International Risk Governance Council (IRGC). (2015). IRGC Guidelines for Emerging Risk Governance.*

SPE International. (2016). SPE Technical Report: Guidance for Decision Quality for Multicompany
Upstream Projects.*

World Energy Council. (2016). World Energy Perspectives: The Road to Resilience 2016 - Managing
Cyber Risks.*

Spetzler, C., Winter, H., & Meyer, J. (2016). Decision Quality. Value Creation from Better Business
Decisions. Hoboken, NJ: John Wiley & Sons, Inc.
• Chapter 14. The Amaco Unleaded Gasoline Decision — Decision Quality

Society of Actuaries. (2018). Managing Climate and Carbon Risk in Investment Portfolios.*

Global Association of Risk Professionals (GARP). (2010). Code of Conduct.*

*denotes online reading

garp.org/erp 16
2020 Energy Oversight Committee

CO-CHAIRS

Glenn Labhart Dr. John Parsons

Labhart Risk Advisors Massachusetts Institute of Technology (MIT)

MEMBERS

Richard Apostolik Phillip North

Global Association of Risk Professionals AES

Ben Baglin, ERP Peter J. O’Neill

EDF Archer Daniels Midland

Earl Burns, Jr. Laurent Pommier, ERP

Phillips 66 PSEG

Stuart Chaplin Jonathan C. Stein

Shell Hess Corporation

Beth Gould Creller Dr. Chris Strickland

Global Association of Risk Professionals Lacima Group

Dr. Vince Kaminski Gary Taylor

Rice University BP

Alessandro Mauro, FRM

MKS (Switzerland) SA

2020 FRM Exam Part II garp.org/erp 17

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