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Last month Duke's Fuqua school of business became the first top ten NBA programs offer concentration an anarchy -- Faculty dean gym and time is joining me from Duke's campus with -- -- thank you so much for speaking with me today.
My pleasure what changes in the energy industry led -- to offer this concentration.
The major change in -- industry came -- -- supply side with technology that is now maturing namely hydraulic fracturing.
Even though it's been around for over half a century it's now become commercially viable.
Not just in the US but also globally.
And as this technology.
Takes hold we get.
A vast increase in the supply of energy and without.
And attendance increase.
In the number of projects that are needed to support that supply and get its markets.
What classes are you offering that prepare and the concentration is.
Fairly and vault and it and requires students to prepare in finance and an energy and then in the conjunction of energy and finance.
So we have one set of courses that build -- skill base in finance.
Another -- that build deep background and foundation and energy markets.
Including an experiential component for the students.
And then the third prong of that out.
Is to bring energy and finance together what sort of practice call application -- students get through the paragraph.
At the end of the program they will be.
Well trained in the finance of energy projects and we can largely think of the infrastructure surrounding energy markets in addition to drilling.
-- refineries there's pipelines there -- liquefied natural gas facilities.
It's a long list of large scale projects that are very -- box there last.
Decades in some cases.
They throw off cash flows.
There are incredibly expensive and risky and the -- -- finding the money.
To get those projects off the ground is typically beyond the scope of any single.
Entity whether it might be a state government.
Federal government or private firms so we often see syndication.
-- our students.
In the capstone of the equity finance concentration which is a project finance course we'll look at exactly that problem.
Financing energy projects.
Both -- back to the energy side of that project and also -- respect to the policy.
Issues that come up the environmental concerns that come up.
So that coming out of the in energy finance concentration they will be well positioned for careers and investment banking.
And -- consulting firms that focus on industries with large scale projects.
Potentially with government.
Just a wide variety of careers.
That are built around large scale energy infrastructure.
Fracking has obviously been very controversial -- How do you address the concerns for environmentalists and have there been any push back on Duke's campus regarding concentration.
No push back that I've heard so far but then.
We're in the early stages of the energy finance concentration.
We out of school of the environment on campus so were.
Sylvia concerns on the environmental side and we take them seriously there's considerable uncertainty.
Just as there is what the project itself in terms of what sort of cast.
We're going to be generated by a particular well there might be zero they might be enormous.
Similarly there's still a lot of scientific uncertainty about the nature of ground water contamination and all these concerns.
The way we address that is that those are risks that have to be managed and addressed.
And so when the financing syndication for -- project is put together.
One of the key components of valuation.
Is addressing those environmental concerns.
And factoring -- in the project structure.
They say and it -- Philly.
The students -- will be participating in the concentration.
Did they have a background in energy or is offering the concentration leaking them down this path.
What's -- one of the students I know of who's.
Excited about this.
Energy finance concentration.
Does have a background and energy several others will be.
Leveraging an interest in advance into an exciting new area of financial markets.
So we expect their students to come from.
Several avenues we also have a joint program with the school of the environment.
Those students are more naturally.
Interest and an environmental issues.
And it's easy to see that with the changes and markets and energy markets coming over the next few decades with the technology ships.
That environmental concerns and energy finance or natural combination for someone who's going to be.
On the environmental side of issues.
Thank you so much for speaking with me today -- Thank you for the opportunity.
-- get -- -- out.
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