Business Analyst – Commercial Power

Role Overview

• Track and synthesize market developments: power price drivers, congestion and basis, fuel fundamentals, renewables build-out, load growth, transmission expansion, reliability rules, and policy/regulatory changes.
• Conduct structured customer research to identify and size opportunities with LSEs, co-ops, municipals, C&I customers, data centers, electrification loads, traders, and developers.
• Produce concise market memos and quarterly outlooks that translate complex fundamentals into commercial implications for strategy and deal selection.
• Create high-quality pitch decks for leadership, investment committees, and external counterparties, including: Investment rationale and market context, Asset overview and operating thesis, Revenue stack and scenario outcomes, Risk register and mitigants, Indicative terms and value proposition.
• Develop standardized templates and storyboarding frameworks to improve speed and consistency across transactions.
• Partner with cross-functional teams (Legal, Risk, Finance, Operations, Regulatory, Commercial Marketing and Commercial Marketing Analytics) to align messaging and ensure materials are accurate and client and/or investment-ready.
• In collaboration with Finance and other commercial analytics teams, build and maintain transaction models for asset acquisitions (thermal, storage, hybrid, contracted vs merchant), including: Discounted cash flow (DCF), IRR, NPV, MOIC Merchant revenue forecasting (energy + ancillaries), Capacity market constructs (where applicable), Tolling and Heat-Rate Call Option analytics support, Heat-rate/fuel conversion, variable O&M, start costs, cycling impacts, Taxes, financing assumptions, and sensitivity tables.
• Perform scenario and sensitivity analysis (fuel prices, heat rate, outages, basis, curtailment, capture, ancillary prices, regulatory changes, carbon costs).
• Convert analytical outputs into clear commercial recommendations (bid/offer ranges, value drivers, downside cases, walk-away conditions).
• Analyze and support structuring/negotiation of: Tolling agreements (fixed/variable tolls, fuel/heat-rate pass-through, dispatch rights, outages, capacity/availability provisions), Asset optimization agreements, hedging strategies, and structured products, PPAs/offtake agreements, CFDs, block/shape products, and basis hedges, Ancillary services participation strategies and revenue sharing.
• Quantify contract economics and key risks (credit, volume, basis, operational constraints, regulatory compliance).
• Support contract term sheets with clear assumptions, pricing logic, and risk allocations.
• Coordinate inputs from internal stakeholders and external advisors (engineering, market consultants, valuation, legal counsel, insurance).
• Support due diligence workstreams by translating technical findings into commercial value impacts.

Requirements

• Bachelor’s degree in Business, Finance, Economics, Engineering, or a related field.
• 3–7+ years of relevant experience in one or more of: power origination, trading/marketing, energy investment banking, IPP development, infrastructure/private equity, corporate development, or energy consulting.
• Experience specifically supporting transactions or commercial structures in Alberta, PJM, and/or ERCOT is preferred.
• Strong ability to synthesize market and customer research into actionable commercial recommendations.
• Power market fundamentals understanding and ability to translate into deal economics for Alberta, PJM, and ERCOT (energy/ancillaries, congestion/basis, fuel linkages, supply-demand, renewables impacts).
• Demonstrated capability to develop financial models in support of asset acquisitions and/or structured commercial agreements: DCF, scenario/sensitivities, merchant revenue forecasting, valuation ranges.
• Experience analyzing and/or supporting tolling structures and other commercial agreements (dispatch rights, availability, performance guarantees, pass-through mechanics, credit and collateral).
• Proven ability to create executive-quality pitch decks and concise written memos for internal and external stakeholders and clients.
• Strong stakeholder management skills—able to align cross-functional inputs and communicate clearly with commercial, finance, risk, legal, and operations teams.
• High attention to detail, disciplined assumptions management, and comfort operating in fast-paced deal environments.
• Emerging ability to interact with and articulate advanced concepts to internal and external stakeholders and clients.
• Advanced Excel modeling skills (structured models, sensitivity tables, scenario managers, data validation).
• Strong PowerPoint skills (storyboarding, charting, clean visual standards).
• Familiarity with market data sources and curve concepts (forward curves, shaping, basis) and comfort working with large datasets; experience with Power BI, SQL, Python, or similar tools is an asset.

Tech Stack

• Python
• SQL

Benefits

• Health insurance
• Flexible work arrangements
• Professional development opportunities