FUNDAMENTALS

Want to learn Python correctly?

Start with the Re-introduction to Python for Software Engineering textbook.

Mark-to-Market P&L Calculation

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.

The Spark Spread & Power Plant Economics

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.

Physical Foundations of Energy Commodities

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.

Position Aggregation and Delta Exposure

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.

Global Gas Market: LNG Shipping Economics & NBP-Henry Hub Price Correlation

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.

Physical vs Financial Energy Trading Guide | Power & Gas Markets UK

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.

Why Market Knowledge Beats ETRM Skills for a Career in Energy Trading

Learning an ETRM system is like learning Excel to be a CFO. Discover why the real value lies in understanding the business and the market, not the specific trading tool.

Energy Trading 101: A Software Engineer's Introduction to UK Energy Markets

Learn energy trading fundamentals from a software engineer's perspective. This comprehensive guide explains spot vs forward markets, hedging mechanics, physical vs financial settlement, exchange vs OTC trading, and how Python-powered analytics pipelines create competitive advantage in UK energy markets.