Business Analyst - Commercial Power

Determined, imaginative, curious-if these are some of the ways you describe yourself, we want to learn more about you!

The Opportunity The Business Analyst will support the Commercial Power team by delivering market intelligence, customer and competitor insights, investment-grade analyses, and executive-ready materials to enable profitable growth across Alberta, PJM, and ERCOT.

This role blends power market fundamentals, commercial structuring, and financial modeling to support evaluation of asset acquisitions and support negotiations for tolling structures, offtake agreements, hedges, and other commercial contracts.

The Analyst will develop compelling pitch decks and recommendation packages for both internal leadership and external counterparties (utilities, IPPs, funds, traders, industrials, and large loads). This role is ideal for a highly analytical, detail-oriented professional with strong experience in commercial structuring, financial forecasting, and executive reporting. The successful candidate will serve as a trusted advisor to Commercial leadership, translating complex financial and performance data into clear insights that support strategic decision-making and value creation initiatives.

What you'll do

• 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.

Minimum Qualifications

• 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 u