Power Origination & PPA Desk Master Program

Corporate PPAs, Utility PPAs & Long-Dated Power Risk

How senior traders structure, price and survive long-term power commitments. Built around illiquid risk, governance and capital preservation — not renewable deal marketing.

Curriculum — 115 Cumulative Chapters

Module 1 — What a Power Origination Desk Really Is (Chapters 1–12)
  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)
  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)
  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)
  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)
  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)
  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)
  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)
  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

Why Senior Originators Respect This Program

Self-Paced


Lifetime access • Video • PDF • Audio Podcast

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Live Instructor-Led (ILT)

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