Power Valuation Analyst, PJM Load

Engelhart was founded in 2013 by BTG Pactual Group as a commodities trading company. Our business model is “asset light” and highly diversified – giving us the ability to adapt effectively and nimbly to changing market conditions. We have assembled successful multidisciplinary teams, leveraging advanced fundamental analysis with deep quantitative and weather research capabilities.  Our activities are underpinned by strong risk management practices and by powerful technology and operational excellence. We have exceptional teams with diverse global backgrounds and decades of experience, and are driven by a highly collaborative culture, across products and competencies.

In 2024, Engelhart acquired Trailstone, a global energy trading and technology company. The acquisition provides us with new expertise, analytics and proprietary technology which is being used to provide risk management and optimisation services to help maximise the value of our clients’ renewable power. The acquisition also expanded Engelhart’s capabilities into physical natural gas across North America, a critical fuel to support the energy transition.

Our talented and experienced individuals work together according to its four company values: Performance, Agility, Collaboration, Entrepreneurship.

We are looking for an experienced analyst to join our Global Middle Office team, based in either Houston TX or Stamford CT. The analyst will support our middle office function for the PJM Full Requirements portfolio by producing daily P&L analysis, maintaining strong controls, and providing insights to help management understand portfolio performance and risks. This is a key role, offering direct exposure to the trading desks, risk department, IT, accounting, and other internal stakeholders.

This will be a full-time role, owning the following responsibilities:

• Preparing daily P&L reports, explaining key drivers of the portfolio performance, including impacts from quantity, price, shape, weather, and other market dynamics. Calculating reserves in accordance with company policies.
• Performing reconciliations across multiple systems to ensure positions, pricing, and settlements are accurate, and reviewing settlement data to identify and resolve discrepancies.
• Providing analytical support to management and other teams by developing reports and conducting deep-dive analysis to improve understanding of portfolio performance.
• Conducting independent analysis of non-hedgeable components such as capacity and ancillary services. Identifying and highlighting potential risks or unusual exposures.
• Performing valuation and pricing checks ahead of auction periods to ensure market prices and key inputs are properly captured.
• Partnering with the quant team to monitor load forecast accuracy and contribute to improvements in forecasting performance.
• Continuously improving reporting processes, streamlining data workflow, and helping build a centralized data resource to support the Full Requirement business.
• Working closely with Operations and IT to maintain data quality, ensuring accurate valuation inputs, and improving system workflows.
• Contributing to documentation, workflow standardization, and model transparency to ensure repeatability and scalability as the business grows.

We believe the following experiences will best set someone up for success in this position:

• At least 5 years of PJM Full Requirement experience, in commodities trading or valuation environment. Familiarity with other ISOs (e.g., ERCOT, ISONE, and CAISO) is not essential but desirable as complementary knowledge.
• Working knowledge of financial derivatives (futures, options) and physical Power & Gas products.
• Advanced Excel skills and familiarity with at least one programming language (VBA, Python, or SQL preferred).
• Knowledge of risk management and cash flow forecasting.
• Strong communication and teamwork skills, with the ability and desire to build relationships across functional teams.
• Self-driven, detail-oriented, and comfortable working independently in a fast-paced environment.