ERCOT Power Fundamentals Analyst

Commodities, Operations, Quantitative Analysis

Join our North American Power team as an ERCOT Power Fundamentals Analyst, working at the intersection of trading, data science, and software development. Working on‑site with the trading desk in Minneapolis or Houston, you will collaborate directly with traders and fellow analysts to transform complex, high‑volume market data into actionable insights that inform fast‑paced decision‑making.

As part of a small, highly integrated team, you will play a key role in empowering ERCOT trading decisions with data‑backed, evidence‑based, qualitative and quantitative analysis. Your work will focus on analyzing generation, load, transmission, and price formation, helping to develop a clear, data‑driven view of market dynamics. Success in this role requires strong technical capabilities, intellectual curiosity, and the ability to form and confidently communicate an independent market view.

You will be expected to move quickly, adapt to changing conditions, and proactively highlight when assumptions or analyses need to be challenged.

We are a global financial services group operating in 30 markets with 57 years of unbroken profitability. At Macquarie, you’re empowered to shape a career that is fulfilling and creates value.

In this role, you will build and maintain ERCOT‑focused data pipelines, dashboards, models, and analytical tools that directly inform trading decisions. You will develop and refine fundamental models—including supply and demand balances, generation stack analyses, and key price drivers, forward‑looking inferential models—while analyzing core market variables such as load, generation, transmission, and congestion patterns. You will actively monitor regulatory risks, day‑ahead and real‑time market activity, identifying dislocations, risks, and trading opportunities as they emerge.

Working closely with traders, you will translate complex analytical outputs into clear insights and continuously refine your models and market view based on evolving desk needs. Additionally, you will be responsible for synthesizing large, unstructured, and often noisy datasets into structured, defensible views of the market that inform positioning and strategy.

• Minimum of 3 years of experience in power markets, ideally within a trading environment (ERCOT preferred)
• Strong understanding of core power market concepts, including generation stacks, DA/RT markets, scarcity pricing, demand response, load growth, and regulatory risks
• Experience working with power flow or grid modeling tools (e.g., Dayzer, Power World) is preferred
• Strong technical skillset, including required experience in Python and SQL, with preferred familiarity in tools such as Dataiku, Excel, Redshift, Snowflake, Spotfire, or similar analytics platforms
• Ability to work end‑to‑end, with large, messy datasets—pulling the data, building models, creating visualizations, analyzing the outputs
• Strong communication skills, with the ability to clearly and quickly articulate complex ideas and adapt messaging to various traders
• Proven ability to form independent market views, challenge others’ assumptions, and operate effectively in a fast‑paced environment
• Self‑starter mindset with a high degree of curiosity and comfort working in ambiguous or evolving situations with the goal of informing traders and finding opportunities

• 1 wellbeing leave day per year and a minimum of 25 days of annual leave
• 20 weeks’ paid parental leave for primary caregivers along with 12 days of paid transition leave upon return to work and 6 weeks’ paid leave for secondary caregivers
• 2 days of paid volunteer leave and donation matching
• Benefits and initiatives to support your physical, mental and financial wellbeing such as medical, prescription drug, dental and vision insurance; health savings account and dependent day‑care savings account; life insurance, disability and other insurance plans; 401(k) and short/long‑term disability
• Access to our Employee Assistance Program, a robust behavioural health network with counseling and coaching services
• Access to a wide range of learning and development opportunities,…