As elected officials and regulators try to form new, tougher laws addressing corporate governance and energy risk, the University of Houston has stepped up by introducing a new certificate program in energy risk management. " We hope this will become the Harvard MBA of energy risk management," said Pat Wood, chairman of the Federal Energy Regulatory Commission, during an opening ceremony at the university's C.T. Bauer College of Business recently. Wood and other noteworthy industry experts are advising the program's developers and serving as guest faculty. The energy risk-management certification is offered by the university's Global Energy Management Institute (GEMI). It prepares undergrad and graduate students as well as industry veterans to address challenges facing the energy community-analyzing risk and understanding trading opportunities to manage risks. It will do so through classes, seminars and forums with industry and academia, exploring real-world problems, and an energy research center that works on solutions and innovations. At the undergraduate level, students will pursue a five-year degree that includes a BBA in energy markets and an MS in energy finance. Grad students and industry professionals may pursue specialized certificates in energy risk management, international energy project finance or energy accounting. "GEMI must play a key role in providing the next generation of business leaders with skills and training for ongoing changes in this dynamic industry," said Arthur Warga, dean of the Bauer College. "Houston is the only city in our country capable of delivering a world-class educational model that can produce the future leaders of the industry." GEMI plans to use an energy trading room in the fall of 2003.