FTR Power Trader - PJM/MISO Market

About the role

The FTR Power Trader will develop and execute trading strategies in the PJM/MISO Financial Transmission Rights markets to maximize profitability while managing risk. This role requires deep knowledge of the PJM/MISO transmission system, congestion patterns, and FTR market mechanics.

Responsibilities

• 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.
• 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.
• 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.
• 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.
• 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.

Requirements

• 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.

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.
• 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.

Working Conditions

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.