Gas Risk Analyst

About Nscale

At Nscale, we are building the infrastructure for the AI revolution. Nscale is developing cutting‑edge, sovereign generative AI solutions powered by a new generation of high‑performance, sustainable data centres and GPUs built specifically for AI workloads.

The rapid growth of artificial intelligence is driving unprecedented global demand for compute and GPU infrastructure. Positioned at the heart of this transformation, Nscale is delivering the platforms that will enable the next decade of innovation.

Working closely with the world’s most advanced AI technology providers — including Microsoft and NVIDIA — Nscale integrates next‑generation compute hardware and GPU clusters across both partner and self‑delivered facilities. This is a unique opportunity to join Nscale’s journey, play a pivotal role in delivering transformative AI infrastructure, and help shape a company designed to scale rapidly across North America, Europe, and beyond.

We are seeking a Gas Risk Analyst to support natural gas market analysis, price risk quantification, and hedging strategy for the Monarch Compute Campus. As Monarch scales to multi‑gigawatt operations, disciplined commodity risk management is essential to delivering predictable economics for Nscale and our customers.

Based in Houston and reporting into Nscale’s energy team, you will partner closely with the Gas Supply Manager, Trading, Finance, and Operations functions to model exposures, run scenarios, support hedge execution, and produce the reporting our leadership and counter parties rely on.

• Track Henry Hub, Appalachian basis points (Dominion South, TETCO M2, TGP Z4), and regional supply/demand fundamentals.
• Produce weekly and monthly market commentary for internal stakeholders.
• Maintain forward curves, basis differentials, and seasonality views supporting hedging decisions.

• Build and maintain exposure reporting across physical, financial, and basis positions for Monarch.
• Run VaR, stress testing, and scenario analysis on the gas book.
• Model PnL impact of supply disruptions, weather events, and basis blowouts.

• Support development and execution of the Monarch hedging strategy (fixed‑price, basis, swaps, options) in coordination with Supply, Trading, and Finance.
• Model hedge effectiveness and provide pre‑trade analytics.
• Track hedge accounting documentation requirements and partner with Finance on reporting.

• Monitor counter party credit exposure across physical and financial trading.
• Produce daily, weekly, and monthly risk reports for senior leadership.
• Support audits, control reviews, and regulatory reporting (Dodd‑Frank, EMIR‑equivalent).

• Maintain and improve risk reporting in ETRM and analytical systems.
• Build Python / SQL / Power BI tooling to automate routine reporting and enable deeper analytics.
• Continuously refine risk methodologies and assumptions.

• 4+ years of experience in commodities risk, market analysis, or trading support — ideally natural gas.
• Strong quantitative and analytical skills; proficient in Python, SQL, and Excel; R or Power BI a plus.
• Working knowledge of ETRM systems (Allegro, Endur, ZE) and US gas market structure.
• Familiarity with VaR, stress testing, and standard hedging instruments (swaps, futures, options).
• Excellent attention to detail and ability to communicate complex analyses clearly to non‑technical stakeholders.
• Bachelor’s degree in finance, economics, engineering, mathematics, or related quantitative field.

• Relevant certifications (CFA, FRM, ERP).

The Monarch Compute Campus is Nscale’s flagship North American AI factory: a 2,250+ acre hyperscale campus in Mason County, West Virginia, and the first state‑certified AI microgrid district in the United States. At full build‑out, Monarch is engineered to deliver multi‑gigawatt, off‑grid power to support the world’s most demanding AI training and inference workloads, anchored by an MOU with Microsoft for 1.35 GW of capacity using NVIDIA Vera Rubin NVL
72 GPUs.

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