Power Origination & Flexibility · Trading Desk

Power Origination & PPAs Trading Desk Master Program

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Origination is trading with a long fuse, 10-20 year decisions. A senior, governance-first program of 115 cumulative chapters - built for people who run the desk, not those learning the basics.

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115
Cumulative chapters
8
Modules
Senior
Desk-level program
Global
US · UK · EU · ME · APAC
Why this program exists

Built around survival, accountability, and senior decision-making

Most trading training focuses on theory or benchmarks. Real desks fail on governance gaps, logistics breakdowns, misunderstood risk, and systems that lag physical reality. This program is designed around how the desk actually operates and how it fails.

Who this program is for

Senior, not introductory

    Why seniors respect it

    No fluff

    • No junior-level fluff
    • Focused on real losses, not theory
    • Treats curves, logistics & systems with healthy skepticism
    • Reflects real global desk pain points
    Curriculum

    Curriculum - 115 Cumulative Chapters

    115 cumulative chapters across 8 modules. Every module builds on the last, from running the desk to desk leadership and legacy.

    Module 1 - What a Power Origination Desk Really Is (Chapters 1-12) 12 chapters
    1. Origination vs Trading - Where Risk Actually Lives
    2. Why Origination Is Trading with a Long Fuse
    3. Senior Accountability for 10-20 Year Decisions
    4. Desk Mandates, Capital Allocation & Return Hurdles
    5. When Not to Originate
    6. Physical vs Synthetic PPAs
    7. Origination vs Portfolio Management
    8. How Origination Desks Actually Fail
    9. Authority, Overrides & Deal Kill Rights
    10. Senior View of Origination P&L
    11. ETRM as a Control System for Long-Dated Risk
    12. Lessons from Failed Origination Books
    Module 2 - PPA Market Structure & Reality (Chapters 13-28) 16 chapters
    1. Utility PPAs vs Corporate PPAs
    2. Why There Is No “Standard” PPA
    3. Merchant Exposure Hidden Inside PPAs
    4. Fixed-for-Floating Structures
    5. Hub vs Node vs Zonal Delivery Risk
    6. Shape Risk over Long Horizons
    7. Profile Risk from Renewables
    8. Basis Risk That Never Goes Away
    9. Curtailment Risk in Congested Grids
    10. Regulatory & Subsidy Dependency
    11. Credit Risk in Corporate Offtakers
    12. Early Termination Clauses
    13. Change-in-Law Landmines
    14. Liquidity Illusions in Long-Term Power
    15. When Market Assumptions Break
    16. Case Study: “Safe” PPA That Wasn’t
    Module 3 - Senior Structuring Playbooks (Chapters 29-48) 20 chapters
    1. Pricing Long-Dated Risk Without Liquidity
    2. Embedded Optionality in PPAs
    3. Shaping Long-Term Exposure
    4. Volume Flexibility Clauses
    5. Floor, Cap & Collar Structures
    6. Proxy Generation Risk
    7. Weather Correlation Over Decades
    8. Managing Residual Merchant Tails
    9. Portfolio vs Single-Deal Thinking
    10. Scaling Origination Without Blowing Risk
    11. Knowing When to Walk Away
    12. Risk-Off Origination Playbooks
    13. Correlation Breakdown Events
    14. Counterparty Concentration Risk
    15. Cross-Commodity Embedded Exposure
    16. Senior Deal Review Framework
    17. Post-Deal Regret Analysis
    18. When “Green Premiums” Collapse
    19. Structuring for Exit (or Lack Thereof)
    20. Case Study: Deal That Looked Perfect
    Module 4 - Valuation, Curves & Model Skepticism (Chapters 49-64) 16 chapters
    1. Long-Term Power Curves - Why They Lie
    2. Shape Forecasting over 10-20 Years
    3. Congestion Forecasting Fiction
    4. Weather Models Traders Don’t Trust
    5. Technology Change Risk (Batteries, Flex)
    6. Carbon Price Assumptions
    7. Subsidy & Policy Assumptions
    8. MTM as a Narrative, Not Truth
    9. P&L Attribution for Origination
    10. Model Override Governance
    11. Stressing Assumptions, Not Prices
    12. Consultant Models vs Desk Reality
    13. Managing Analytics Teams
    14. Excel Shadow Books in Origination
    15. When Quant Certainty Destroys Value
    16. Case Study: Model-Driven Origination Loss
    Module 5 - Risk, Credit & Capital Survival (Chapters 65-82) 18 chapters
    1. Risk as Capital Preservation
    2. Long-Tail Merchant Risk
    3. Basis Risk You Cannot Hedge
    4. Liquidity Risk (No Exit Reality)
    5. Credit Exposure over Contract Life
    6. Margining & Collateral Triggers
    7. Counterparty Downgrade Scenarios
    8. Stress Testing Policy Reversal
    9. Kill Switches for Origination Pipelines
    10. Who Pulls the Plug - And When
    11. Risk Escalation Playbooks
    12. Trading Through Regulatory Scrutiny
    13. Lessons from Long-Term Power Failures
    14. Texas & EU PPA Lessons
    15. Board-Level Risk Communication
    16. Capital Allocation Mistakes
    17. Portfolio Survival Framework
    18. Case Study: Desk That Survived
    Module 6 - Execution, Operations & Lifecycle Risk (Chapters 83-94) 12 chapters
    1. From Term Sheet to COD
    2. Construction Delay Risk
    3. Underperformance & Claims
    4. Settlement Disputes
    5. Data Quality over Decades
    6. Contract Management Failures
    7. Asset vs Desk Misalignment
    8. Operational Overrides & Audit Risk
    9. Force Majeure Abuse
    10. Renegotiation Reality
    11. End-of-Life Risk
    12. Operational Risk Case Study
    Module 7 - Systems, ETRM & Governance (Chapters 95-104) 10 chapters
    1. Why ETRM Struggles with PPAs
    2. Long-Dated Deal Capture
    3. Exposure Views That Matter
    4. MTM Under Deep Uncertainty
    5. Reporting for Boards & Regulators
    6. Shadow Systems & Excel
    7. Governance Failures in Origination
    8. Change Control over 20 Years
    9. What a Desk-Grade Origination Stack Looks Like
    10. When Systems Create False Comfort
    Module 8 - Behavior, Accountability & Leadership (Chapters 105-115) 11 chapters
    1. Career Risk of Long-Dated Decisions
    2. Incentives vs Long-Term Outcomes
    3. Overconfidence in Transition Narratives
    4. Decision-Making Under Uncertainty
    5. Crisis Leadership Years After the Trade
    6. Culture: Deal-Making vs Discipline
    7. Ethics & Disclosure Risk
    8. Managing Post-Loss Environments
    9. Succession Risk in Origination Desks
    10. Lessons from Long-Lived Origination Teams
    11. Legacy of a Senior Originator
    Program formats

    How you learn

    Self-paced

    Lifetime access as a senior reference you return to as markets shift.

    Cohort-based

    Instructor-led cohorts with live discussion and desk case reviews.

    Enterprise

    Private, tailored delivery for your desk, systems, and governance.

    Executive offsites

    Intensive desk offsites and post-incident remediation for teams.

    Related desks

    Explore the other desks

    See all trading desks →

    Go deeper

    Related learning

    FAQ

    Power Origination & PPAs desk program - answered

    What is the Power Origination & PPAs Desk Master Program?

    It is a senior, practitioner-led program covering the power origination & ppas trading desk end to end - what the desk is accountable for, how it makes and loses money, and how it should be governed. It spans 115 cumulative chapters across 8 modules.

    Who is the Power Origination & PPAs program for?

    Senior traders, desk heads, risk and credit leaders, and trading-systems owners.

    How many chapters does the Power Origination & PPAs program have?

    The curriculum runs to 115 cumulative chapters organized into 8 modules, from running the desk through market structure, playbooks, valuation, risk, execution, systems, regulation, and desk leadership.

    Is this a beginner course?

    No. This program assumes you already trade, manage risk, own trading systems, or lead a book. It is built for senior decision-making, not introductory learning.

    Is there a downloadable brochure?

    Yes. A PDF brochure summarizing the curriculum, formats, and outcomes is available from the download button at the top of this page.

    What delivery formats are available?

    Self-paced with lifetime access, instructor-led cohorts, private enterprise delivery, and executive desk offsites or post-incident remediation for teams.

    Can my organization run this privately?

    Yes. The program can be delivered as a private corporate cohort, tailored to your desk, systems, and governance. Use the contact form to scope it.

    Why does the Power Origination & PPAs program exist?

    Because most power origination & ppas training focuses on theory, while real desks fail on governance, logistics, misunderstood risk, and systems that lag reality. This program is built around survival, accountability, and senior decision-making.

    How does this relate to your ETRM and Energy programs?

    It complements them. This desk program focuses on how the desk trades and is governed; our ETRM and data-engineering programs cover the systems and data, and the Energy & Commodities program gives broad end-to-end coverage.

    How do I enrol or request details?

    Use the contact form to request program details or a corporate cohort, and a senior practitioner will respond to scope the right next step.

    Advance your power origination & ppas desk

    Enrol as a senior individual or bring the program to your desk as a tailored corporate cohort.

    Enrol or enquire