The posting, in ON.energy's own words
archived Sep 9, 2026ON.energy is building the backbone of energy and AI infrastructure powering grid-safe data centers and mission-critical facilities. The company supplies and operates hyperscale power systems that solve the toughest resilience challenges, delivering custom solutions for AI data centers, mission-critical facilities, and front-of-the-meter assets. ON recently announced a 5GW partnership, with 3GW currently under construction across multiple hyperscale data center campuses. With patented technology and proprietary software, ON.energy develops projects worldwide that set new benchmarks for resilience.
Role Summary
On Energy is seeking a highly competent Commercial Analyst (CA) to support its energy trading operations. This role is vital to ensuring informed commercial decision-making across power markets. The successful candidate will provide the market and analytical foundation for the desk's commercial positions while actively participating in the full lifecycle of deal origination, negotiation, and execution. This position requires a highly skilled individual with both analytical and communication competencies who can manage a high-pressure, fast-paced environment.
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Key Responsibilities
Market Views: Develop market analysis and structural views on power markets, evaluating the performance of active trading strategies. Fundamental Analysis: Perform fundamental research on ISO supply/demand stacks, weather patterns, fuel prices, and transmission constraints in ERCOT. Commercial operations: Monitor and analyze the Commercial operations of merchant assets, such as telemetry, cycling, bidding and dispatch rules. Work closely with operations, asset management, and commercial teams to align trading with operational capabilities. Opportunity Screening: Evaluate emerging market opportunities in demand-side flexibility and new merchant instruments, including ERCOT 4CP peak avoidance, demand response and ancillary service participation, and load-side products, sizing the revenue opportunity and the contractual structure required to capture it. Daily P&L: Calculate, report and explain P&L, including benchmarking and attribution to fundamental drivers. Position Tracking: Monitor and report the desk’s positions across all hubs, tenors, and products. Risk Metrics: Monitor exposure against contractual and credit limits. Deal Valuation: Model and value structured transactions, including virtual PPAs, tolling agreements. Contract Analysis & Negotiation Support: Review ISDA Master Agreements, Schedules, Credit Support Annexes, EEI/NAESB confirmations, term sheets and definitive agreements to identify commercial risks, credit and collateral terms, and embedded optionality; support negotiation alongside Legal and Credit. Counterparty Onboarding: Manage onboarding processes, including ISDA/CSA execution, KYC, credit review, margining and collateral terms, and coordinate with Legal for contract execution. Support the Development team on valuating energy assets and portfolios from the commercial/market standpoint. Build and review valuation models (DCF, merchant curve scenarios) and support diligence workstreams on acquisitions and divestitures.