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Manager, Trading - ERCOT

Oakville, ON, CA, L6J 2X1

At Liberty, we hire passionate people who care about doing the right thing for our customers. We are entrepreneurial, creative, and outcome-focused. Here, your natural talent and achievements will flourish in an inclusive environment of teamwork, trust and continuous learning. We are always pursuing excellence to exceed our ambitions goals, rewarding both the goal outcome and how we achieve it. 

Purpose

At Liberty, growth and development within our enterprise is a key aspect toward the continued success of our organization. The Energy Services (ES) group, within the deregulated side of the Liberty organization, acts as the power marketing function. The mandate of Energy Services team is to maximize the company’s risk adjusted asset return across North Amercia. The team consists of three functional groups: Portfolio Management (Hedging/Trading), Client & Asset Integration and Market Analytics. 
The Portfolio Management team is responsible for hedging, trading and managing market exposure on Liberty's deregulated North American power assets. All hedging & trading activities are asset backed and speculative trading is not within the team's mandate. 
The position of Manager Trading - ERCOT will report to the Senior Portfolio Manager and assist in the development of the hedging and optimization strategy for Liberty's growing fleet of renewable assets in the ERCOT region (currently 1500 MW). They will be directly responsible for the execution (transacting) of the strategy and portfolio plan for those regions. The successful candidate will have had a minimum 5 years of direct trading experience, a passion for growth and be energized by 'build mode.

Accountabilities

  • Energy Trading: Create and execute energy hedge and optimization strategies and manage financial trading position around physical asset position (currently 1500 MW)  in the ERCOT market (same day - 3 years). 
  • Congestion Trading: Optimize physical basis conditions. Develop and execute basis strategies to mitigate exposure, transacting CRRs/PtP congestion products.
  • Asset Optimization Trading: Manage and optimize Day Ahead - Real Time (DART) spreads. 
  • Develop deep understanding of all long-term off-take arrangements (PPAs/Long Term Hedges) associated with Liberty's asset portfolio in ERCOT. 
  • Identify seasonal weather risk in the portfolio and develop and execute cost-effective hedging strategies to mitigate this risk. 
  • Have a deep understanding and be continually monitoring and researching supply and demand fundamentals and grid congestion in the ERCOT market. Stay current with developments in the electricity and fuel markets (ERCOT) including any potential regulatory changes. 
  • Work closely with the Market Analytics team to improve price and risk modelling and development of new tools/software to support profitable trading decisions.  
  • Be the ERCOT market specialist on all issues related to trading/hedging, transmission, congestion, market fundamentals, portfolio risk and settlement (P&L) of the ERCOT portfolio. 
  • Originate and negotiate contracts with counterparties for physical and financial commodities. Effectively utilize internal resources such as legal, credit and settlement support.
  • Ensure that all transactions are accurately captured and reflected within the deal capture system and have received the necessary approvals within prescribed Delegation of Authority limits.
  • Actively monitor, report and ensure ongoing compliance to market rules and regulations.
  • Continually monitor information that may impact market conditions and communicate that information immediately to appropriate stakeholders.
  • Assist the Senior Portfolio Manager in the monthly performance and market insights report to executive management.
  • Respond/Assist Middle Office (Risk/Credit) and Back Office (settlements) with any questions they have concerning ERCOT transactions and hedging strategy.
  • Comply with all internal policies, procedures and guidelines. Work with the Senior Portfolio Manager on continuous improvements in policies and procedures.
  • Ensure all reporting: Position, MTM, P&L, Risk metrics is timely and accurate. Immediately flag any inaccuracies when discovered and report immediately to the relevant internal stakeholders.
  • Understand and abide by all corporate risk tolerance levels. Understand the core objectives of the Energy Services team and the integration/support with the corporate objectives. 
  • Provide information/insight to the Asset Integration team in regards to Business Development requests and on-boarding of new assets. 
  • Support Senior Portfolio Manager and other stakeholders with ad-hoc requests and projects. 
  • Provide back-up support to other traders within the Energy Services team when needed. 
  • Communicate to internal stakeholders portfolio value drivers, impact of market fundamentals and associated sensitivities.
  • Provide insights that are relevant to the broader objectives of the group across trading, financing, risk and portfolio management.
  • Create position (ex. Short-Term Trader - ERCOT, Congestion Trader - ERCOT). Position will be based on the needs assessed by the Manager Trading ERCOT to support the team's success.
  • Hire, lead and manage the Short-Term Trader -ERCOT.

Education and Experience

  • Experience Trading or Analyzing ERCOT. A minimum of 5 years of trading experience is required. Preference will be given to direct experience trading the ERCOT market however trading experience in other markets will be considered. 
  • Deep understanding of supply and demand market fundamentals is a must. 
  • Understanding of traded products: energy (swaps, options), congestion trading etc.  
  • Knowledge of Asset Optimization and risk/opportunities inherent with renewable energy sources is a bonus. 
  • Knowledge of Regulatory Process and rules in ERCOT. 
  • Experience developing, executing or analyzing hedge strategies and/or optmization strategies in ERCOT. 
  • Experience using SQL, Python, R2 is a bonus. Experience using Excel is a must. 
  • Bachelor Degree and/or equivalent combination of education and experience. The ideal candidate has 5-10 years experience in a Analyst or Trading role. 
  • Perform all performance reviews for direct reports and support development plan initiatives.
  • Assist the Energy Services leadership team and broader Renewables organization in the establishment and monitoring of KPI's for the ERCOT Region.
  • Lead onboarding of any direct reports. Ensure sufficient cross-training is provided for all critical functions.
  • Demonstrate Liberty Core Values: Integrity, Entrepreneurial, Customer Centric, Continuous Learning, Outcome Focused, Owner Mindset and Teamwork/Trust.

Our purpose is sustaining energy and water for life, and it is demonstrated in everything we do as a business and as an employee team.

 

Our Mission

We provide safe, secure, reliable, cost-effective and sustainable energy and water solutions. Our mission is how we create value as an organization—it is what drives us every day to fulfill our purpose.

 

Our Vision

We better the lives of our customers and communities. Our vision is what we see as possible. It's where we aspire to be, what we want to achieve and how we'll make an impact. It guides and keeps us on the right path as we work towards fulfilling our purposes.

Our Guiding Principles

  • Customer Centric
  • Integrity
  • Entrepreneurial
  • Teamwork
  • Owner mindset
  • Outcome focused
  • Continuous learning

What we offer 

Collaborative environment with a genuine flexible working policy

Share purchase/match plan

A defined contribution savings plan

Leadership Development Program

Volunteer paid days off

Employee Assistance Program

Achievement fund

Free parking, including free electrical charging

Group Benefit Plan

Variety of Health & Wellness programs

Discount and Perks program

 

We are focused on building a diverse and inclusive workforce.  If you are excited about this role and are not confident you meet all the qualification requirements, we encourage you to apply to investigate the opportunity further.

We are an equal opportunity employer and value each person's unique background, diversity, experiences, perspectives and talents.

Full participation of all employees in a safe, healthy and respectful environment is key to individual and company success. We are committed to fully utilizing the abilities of all our employees and expect each of our employees to honour this commitment in their daily responsibilities.

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