Durga Analytics • ETRM • Power Trading

Enterprise Power Trading & Risk Management Program
End-to-End ETRM (Physical + Financial)

A deep, desk-ready training program covering power markets, physical operations, derivatives, risk, settlements, and ETRM systems. Designed for utilities, IPPs, traders, analysts, and consultants operating at enterprise scale.

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Program Snapshot

  • • Coverage: Power markets, trading desks & ETRM lifecycle
  • • Physical & financial power trading (Day-ahead, RT, FTRs, options)
  • • Risk: Market, credit, liquidity, congestion & volumetric risk
  • • ETRM workflows: Deals, scheduling, nominations, settlements
  • • Real-world desk scenarios & enterprise case studies

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Curriculum — 125 Cumulative Chapters

Module 1: Running a Power Trading Desk (Chapters 1–12)
  1. What a Power Desk Is Accountable For (P&L, Risk, Reputation)
  2. Physical vs Financial Desks at Scale
  3. Senior Trader vs Junior Trader Decision Boundaries
  4. Desk Mandates, Capital Allocation & Risk Budgets
  5. When Not to Trade: Capital Preservation
  6. Asset-Backed vs Portfolio-Driven Desks
  7. Spec vs Flow: Senior Control Points
  8. How Power Desks Actually Fail
  9. Authority, Overrides & Escalation Rights
  10. Senior View of Desk P&L
  11. ETRM as a Control System (Not a Toy)
  12. Lessons from Failed Power Desks
Module 2: US & EU Power Market Reality (Chapters 13–28)
  1. Nodal (US) vs Zonal (EU): Strategic Implications
  2. PJM & ERCOT: Where Risk Actually Sits
  3. CAISO & Negative Pricing Dynamics
  4. EU Market Coupling: Opportunity & Fragility
  5. DAM vs Intraday vs Balancing — Who Owns the Risk
  6. LMP Components Traders Truly Trade
  7. Congestion Risk vs Basis Risk (Senior Framing)
  8. Virtual Trading: Where Firms Get Burned
  9. FTRs vs Capacity Rights (US vs EU)
  10. Weather as a Non-Linear Risk Factor
  11. Scarcity Pricing & Political Risk
  12. Market Rule Changes Traders Ignore at Their Peril
  13. Cross-Market Arbitrage Limits
  14. Liquidity Illusions in Power
  15. When Market Models Stop Working
  16. Case Study: Market Design Failure
Module 3: Strategy Beyond Textbook Trades (Chapters 29–48)
  1. Portfolio-First Trading vs Single Bets
  2. Shaping Risk, Not Just Pricing Shape
  3. Congestion Trades with Asymmetric Risk
  4. Virtual Trading as Optionality, Not Spec
  5. Intraday Trading Under Stress
  6. Trading Renewable Uncertainty
  7. Heat Rate Economics Under Volatility
  8. Cross-ISO & Cross-Border Reality
  9. Event-Driven Trading (Outages, Grid Stress)
  10. Liquidity-Aware Position Building
  11. Scaling In vs All-In Trades
  12. Knowing When You’re Wrong
  13. Risk-Off Playbooks
  14. Correlation Breakdown Events
  15. Trading Through System Failures
  16. Position Netting vs Risk Masking
  17. When “Diversification” Fails
  18. Capital Allocation Mistakes
  19. Senior Trade Review: Post-Mortems
  20. Case Study: A Desk That Made Money by Not Trading
Module 4: Valuation, Analytics & Model Skepticism (Chapters 49–62)
  1. When Forward Curves Lie
  2. Shape Models vs Reality
  3. Congestion Forecasting Errors
  4. Weather Models Traders Don’t Trust
  5. Intraday Signals vs Noise
  6. MTM as an Estimate, Not Truth
  7. P&L Attribution for Accountability
  8. Model Override Governance
  9. Analytics Bias & Confirmation Risk
  10. Stressing Models, Not Markets
  11. When Quant Signals Hurt P&L
  12. Managing Analytics Teams
  13. Excel Shadow Books: Why They Exist
  14. Case Study: Model-Driven Loss
Module 5: Risk Management for Survivors (Chapters 63–78)
  1. Risk as Capital Preservation
  2. Volumetric & Shape Risk at Scale
  3. Basis Risk You Cannot Hedge
  4. Congestion Risk That Blows Up
  5. Liquidity Risk Under Stress
  6. Credit as a Trading Constraint
  7. Margin Calls During Intraday Chaos
  8. VaR: What It Misses in Power
  9. Stress Testing Extreme Scenarios
  10. Kill Switches & Trade Freezes
  11. Who Pulls the Plug — And When
  12. Risk Escalation Playbooks
  13. Trading Through Regulatory Scrutiny
  14. Lessons from Major Power Blow-Ups
  15. Texas Freeze: Senior Desk Decisions
  16. Case Study: Desk Survival Playbook
Module 6: Execution, Scheduling & Operational Risk (Chapters 79–90)
  1. Trade Intent vs Physical Reality
  2. Scheduler–Trader Conflict
  3. DAM vs RT Execution Risk
  4. Forced Outages & Asset Lies
  5. Curtailments & TSO/ISO Intervention
  6. Virtual Trades Gone Wrong
  7. Scheduling Errors That Kill P&L
  8. Intraday Adjustments Under Pressure
  9. Automation Failures
  10. Manual Overrides & Audit Risk
  11. Follow-the-Sun Desk Handoffs
  12. Operational Risk Case Study
Module 7: ETRM as a Strategic Control Layer (Chapters 91–102)
  1. ETRM as a Risk System, Not IT
  2. What Traders Expect vs What ETRM Delivers
  3. Latency, Intraday Reval & Reality
  4. Deal Capture Under Pressure
  5. Position & Exposure Views That Matter
  6. Real-Time P&L — Myth vs Reality
  7. Shadow Systems & Why They Persist
  8. Control vs Flexibility Trade-Off
  9. Governance Failures in ETRM
  10. What a Power Desk-Grade ETRM Looks Like
  11. AI, Auto-Bidding & Model Risk
  12. When Technology Becomes the Risk
Module 8: Regulation, Behavior & Leadership (Chapters 103–115)
  1. Trading vs Balancing Responsibility
  2. Imbalance as Strategy vs Failure
  3. Inside Information & Disclosure Risk
  4. REMIT / FERC: Personal Liability
  5. Brokered & Voice Market Risk
  6. Behavioral Risk & Overconfidence
  7. Fatigue, Shift Trading & Errors
  8. Culture: Fear vs Discipline
  9. Decision-Making Under Stress
  10. Crisis Leadership on the Desk
  11. Managing Post-Loss Environments
  12. Ethics Under Pressure
  13. Case Study: Trader Ban & Desk Fallout
Module 9: Building a Durable Power Desk (Chapters 116–125)
  1. Designing a Resilient Desk
  2. Capital Allocation Across Traders
  3. Hiring & Firing Decisions
  4. Compensation & Risk Incentives
  5. Succession Planning
  6. Desk Metrics That Matter
  7. Avoiding Complacency
  8. Adapting to Market Structure Change
  9. When to Shut a Desk Down
  10. Lessons from Long-Lived Power Desks

Why Senior Traders Respect This Program

$999


Video • PDF • Audio Podcast

Cohort-Based

Live Instructor-Led (ILT)

Enterprise

Private cohorts & customized content

Instructors & Credibility

Instructor

Course Authors

Practitioners with extensive Power Trading experience across trading desks and large-scale ETRM implementations.

Includes: Labs, runbooks, realistic datasets, and enterprise playbooks.

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