Most trading desks leave half the revenue stack on the table.
The gap between day-ahead-only and full-stack trading is £2-4M per year on 100 MW. If your desk can't access intraday, balancing mechanism, and ancillary revenue safely, or can't prove its P&L to auditors and regulators, that gap is yours.
Enterprise ETRM costs £100-500k/year with a 6-12 month implementation. Spreadsheets aren't auditable or compliant. For a 20-500 MW desk, there's nothing in between. Until now.
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Three situations where operational assurance changes the economics.
You want the full revenue stack without the operational risk.
Moving from tolling to in-house trading unlocks DA, intraday, BM, and ancillary revenue. But without audit-grade operations, lenders won't fund it and regulators won't trust it. And under REMIT II, a typical renewables or BESS desk using algorithmic strategies generates dozens to hundreds of reportable events daily. Manual compliance is no longer workable.
Readiness Programme →You can't verify what your optimiser is actually capturing.
Tolling agreements are opaque by design. Without independent oversight, you have no way to know whether your optimiser is maximising your asset or their margin. We give you the visibility to hold them accountable.
Managed Close →You need operational due diligence before you commit capital.
Portfolio companies claim trading capability, but how do you verify it? We assess operational readiness across the revenue stack so you know what you're buying before the term sheet is signed.
Power Desk Score →Insights
Technical deep-dives on European power trading.
Global Gas Market | LNG Shipping & NBP-Henry Hub Pricing
FUNDAMENTALS
Master global gas market dynamics: LNG shipping economics, netback pricing, storage arbitrage, and why UK prices track Henry Hub with a 6-8 week lag. Essential foundation for understanding the gas input costs in spark spread calculations.
Read More →Mark-to-Market P&L Calculation | Energy Trading Guide
FUNDAMENTALS
Master MTM P&L from first principles: the core formula, realized vs unrealized P&L, why sign matters, real-time monitoring, and interpreting hedge-effective portfolios. The foundation for daily risk management, margin calls, and performance measurement.
Read More →Position Aggregation & Delta Exposure | Energy Trading
FUNDAMENTALS
Master position aggregation from first principles: signed quantities, the three-key rule, physical vs financial splits, delta exposure, and hedge ratios. Includes Python implementation of a position engine - the foundation every trading system uses.
Read More →Spark Spread Calculation | Power Plant Economics Explained
FUNDAMENTALS
Master spark spread calculations: efficiency factors, carbon emissions, hourly variation, and why plants run at losses. Includes Python implementation and real-world trading strategies for CCGT dispatch decisions.
Read More →Physical Foundations of Energy Commodities
FUNDAMENTALS
Master the physical foundations of energy trading: instant grid balance, merit order dispatch, and how infrastructure constraints create trading opportunities. The essential foundation for understanding spark spreads, gas shipping, and storage arbitrage.
Read More →Physical vs Financial Energy Trading | UK Gas & Power Guide
FUNDAMENTALS
Comprehensive guide to physical vs financial energy trading in UK and European markets. Covers spatial arbitrage (NBP-TTF pipeline trading), temporal arbitrage (storage economics and forward curves), quality arbitrage (spark spreads), and the software architecture challenges of building integrated ETRM systems. Essential for engineers, quants, and aspiring energy traders.
Read More →Built by people who've run trading operations
Our team has built and operated production trading platforms at Shell, Centrica, bp, Limejump, and Gazprom, across power, gas, carbon, and ancillary markets. We know where desks lose money, where compliance breaks down, and what it takes to make operations audit-ready.
More about A115 →Find out where your desk stands
The Power Desk Score is a free self-assessment that shows you which revenue streams your desk can safely access, and where the operational gaps are. Takes under 10 minutes.
Take the Power Desk Score Book a conversation