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Manager Trading - PJM MISO

Oakville, ON, CA, L6J 2X1

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.

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 America. 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 - PJM-MISO will report to the Senior Portfolio Manager and assist in the development of the hedging and optimization strategy for Liberties growing fleet of renewable assets in the PJM-MISO regions (currently 1035 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 1035 MW)  in the PJM-MISO region (same day - 3 years).
  • Congestion Trading: Optimize physical basis conditions. Develop and execute basis strategies to mitigate exposure, transacting FTRs/UTCs/Virtual congestion products.
  • Asset Optimization Trading: Manage and optimize Day Ahead - Real Time (DART) spreads.
  • Capacity Trading: Create and optimize capacity trading strategies. Participate in PJM Capacity Auctions and enter into capacity bi-lateral transactions.
  • Develop deep understanding of all long-term off-take arrangements (PPAs/Long Term Hedges) associated with Liberties asset portfolio in PJM-MISO.
  • Identify seasonal weather risk in the portfolio and develop and execute cost-effective hedging strategies to mitigate this risk.
  • 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 PJM-MISO market specialist on all issues related to trading/hedging, transmission, congestion, market fundamentals, portfolio risk and settlement (P&L) of the PJM-MISO 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, regulations and tariffs.
  • 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 senior management.
  • Respond/Assist Middle Office (Risk/Credit) and Back Office (settlements) with any questions they have concerning PJM-MISO transactions.
  • 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 trades within the Energy Services team when needed.
  • 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 - PJM/MISO, Congestion Trader PJM/MISO) position will be based on the needs assessed by the Manager Trading PJM-MISO to support the team's success. 
  • Hire, lead and manage the Short-Term Trader - PJM/MISO.
  • 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 PJM-MISO 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.

Education and Experience

 

  • Bachelor’s degree and/or equivalent combination of education and experience. The ideal candidate has 5-10 years’ experience in a Analyst or Trading role.
  • Experience Trading or Analyzing PJM-MISO. Minimum of 5 years of trading experience is required, direct trading experience in PJM-MISO is preferred however trading experience in other power markets will be considered. 
  • Deep understanding of supply and demand market fundamentals is a must. 
  • Understanding of traded products: energy (swaps, options), congestion trading, virtual, capacity etc.  
  • Knowledge of Asset Optimization and risk/opportunities inherent with renewable energy sources is a bonus. 
  • Knowledge of Regulatory Process and rules in PJM-MISO. 
  • Experience developing, executing or analyzing hedge strategies and/or optimization strategies in PJM-MISO. 
  • Experience using SQL, Python, R2 is a bonus. Experience using Excel is a must. 

Algonquin Power & Utilities Corp. is a growing renewable energy and utility company with over $15 billion of assets across North America and internationally.

For more than 30 years, Algonquin has demonstrated an unwavering commitment to delivering clean energy and water solutions. Our rapid growth has led both our regulated utility services and renewable energy business groups into different geographies and commodities, but our purpose remains unchanged – Sustaining Energy and Water for Life.

Through our operating business (Liberty), we provide regulated electricity, water, and natural gas utility services to over 1 million customer connections, primarily in North America. And, our growing portfolio of clean, renewable wind, solar, hydro and thermal power generation facilities represent over 3 GW of renewable generation capacity in operation and under construction.

With our robust, diversified, and growing presence in communities across North America and internationally, we are continually demonstrating our “Think Global,  Act Local” business model.

What we offer

Company funded Pension program

401k with Company match

Full insurance benefits (health/dental/vision/life)

Collaborative environment with a genuine flexible working policy

Share purchase/match plan

Defined Contribution savings plan

Top Talent Program

Volunteer paid days off

Employee Assistance Program

Achievement fund

Free parking, including free electrical charging

 

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

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 of our employees and expect each of our employees to honor this commitment in their daily responsibilities.

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