Overnight Trader

Summary:

The following job details the qualifications, responsibilities, and requirements for a Financial Transmission Rights (FTR) Power Trader position specializing in the PJM/MISO market.

Position Overview

The FTR Power Trader will be responsible for developing and executing trading strategies in the PJM/MISO Financial Transmission Rights markets to maximize profitability while managing risk. This role requires deep knowledge of PJM/MISO transmission system, congestion patterns, and FTR market mechanics. The successful candidate will analyze market fundamentals, execute trades across Long-term, Annual, and Monthly FTR Auctions, and actively participate in the FTR Secondary market to optimize the company's portfolio performance].

Essential Duties & Responsibilities:

Market Analysis and Strategy Development

• Research and model electricity market supply, demand, and grid congestion fundamentals to identify profitable trading opportunities in the PJM/MISO FTR markets.
• Develop sophisticated trading strategies based on thorough analysis of historical congestion patterns, transmission outages, and market conditions. In addition, it is essential to implement strategic power flow analysis for the continual integration of new power generation into the grid.
• Monitor variables that influence pricing, availability, and reliability of power resources across the PJM/MISO footprint.
• Analyze and evaluate complex energy transactions and their impacts on FTR positions
• Integrate quantitative analysis and techniques into fundamental trading strategies to optimize portfolio construction and outcomes.

Trading Execution

• Execute FTR transactions in Long-term FTR Auctions, Annual FTR Auctions, Monthly FTR Auctions, and the FTR Secondary market via FTR Center.
• Submit strategic bids and offers for FTRs that align with the company's risk tolerance and portfolio strategy. Actively manage existing FTR positions through secondary market transactions to maximize value and mitigate risk.
• Coordinate with other trading desks to ensure FTR positions complement the overall energy trading strategy.
• Maintain detailed records of all trading activities and provide regular performance reports

Risk Management

• Establish and maintain robust risk management practices for FTR trading activities
• Develop hedging strategies to mitigate congestion risk exposure
• Monitor and report on portfolio positions, mark-to-market valuations, and risk metrics
• Ensure all trading activities comply with company risk policies and regulatory requirements

Market Intelligence

• Stay current on PJM/MISO transmission system developments, rule changes, and market conditions.
• Analyze the impact of renewable generation projects, power plant retirements, and transmission upgrades on congestion patterns.
• Build and maintain relationships with key market participants and PJM/MISO stakeholders
• Collaborate with internal teams to share market intelligence and coordinate strategies

Education and/or Experience, Knowledge, Skills & Abilities:

To perform this job successfully, an individual must be able to perform each essential job duty satisfactorily. The requirements for this position are listed below:

• Bachelor's degree in finance, Economics, Engineering, Mathematics, or related field; Master's degree preferred
• Minimum of 2-5 years of power trading experience with specific focus on FTR/CRR markets.
• Demonstrated success in FTR trading strategies and portfolio management.
• Strong understanding of PJM/MISO market structure, rules, and settlement processes.

Technical Knowledge and Skills

• In-depth knowledge of Financial Transmission Rights mechanisms, including options and obligations.
• Expertise in congestion analysis and transmission system constraints in the PJM/MISO region.
• Proficiency with FTR Center and other PJM/MISO market interfaces.
• Experience with power flow modeling tools such as Enverus and Panorama.
• Advanced skills in data analysis and financial modeling using Excel, Python, R, or similar tools
• Understanding of production cost modeling for electricity markets.

Professional Attributes

• Strong analytical mindset with ability to identify patterns and opportunities in complex data sets
• Decision-making skills under time pressure and market uncertainty
• Excellent communication skills to articulate trading strategies and results to management
• Self-motivated with ability to work independently while contributing to team objectives
• Detail-oriented approach to transaction execution and risk management.

This FTR Power Trader position offers an exciting opportunity for an experienced energy trading professional to specialize in the dynamic and complex PJM/MISO FTR markets. The successful candidate will combine market knowledge, analytical skills, and trading experience to generate value through strategic FTR positioning while managing associated risks. This role requires both technical expertise in electricity markets and the commercial acumen to capitalize on trading opportunities in a fast-paced environment.

Working Conditions:

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job.

• Usually, normal office working conditions.
• Must be able to remain in a stationary position 50% of the time due to prolonged periods of sitting or standing.
• Occasional overnight travel may be required.
• Occasional visits to industrial/manufacturing settings, which may include exposure to various materials and chemicals, as well as extreme temperature conditions and loud machinery, and require appropriate personal protective equipment.