Business Analyst Commercial Power

Determined imaginative curiousif these are some of the ways you describe yourself we want to learn more about you!

At TC Energy we are proud to connect the world to the energy it needs. Guided by our values of safety in every step personal accountability one team and active learning we deliver the critical energy that North America and the world rely on while balancing reliability affordability and sustainability.

The Opportunity

The Business Analyst will support the Commercial Power team by delivering market intelligence customer and competitor insights investment-grade analyses and executive-ready materials to enable profitable growth across Alberta PJM and ERCOT.

This role blends power market fundamentals commercial structuring and financial modeling tosupportevaluation ofasset acquisitions and support negotiations for tolling structures offtake agreements hedges and other commercial contracts.

The Analyst will develop compelling pitch decks and recommendation packages for both internal leadership and external counterparties (utilities IPPs funds traders industrials and large loads).This role is ideal for a highly analyticaldetail-orientedprofessional with strong experience in commercial structuring financialforecasting and executive reporting. The successful candidate will serve as a trusted advisor to Commercial leadership translating complex financial and performance data into clear insights that support strategicdecision-makingandvalue creationinitiatives.

What youll do

• Track and synthesize market developments: power price drivers congestion and basis fuel fundamentalsrenewablesbuild-out load growth transmission expansion reliability rules and policy/regulatory changes.
• Conduct structured customer research toidentifyand size opportunities with LSEs co-ops municipals C&I customers data centers electrification loads traders and developers.
• Produce concise market memos and quarterly outlooks that translate complex fundamentals into commercial implications for strategy and deal selection.
• Createhigh-quality pitch decks forleadership investment committees and external counterparties including:
• Investment rationale and market context
• Asset overview and operating thesis
• Revenue stack and scenario outcomes
• Risk register and mitigants
• Indicative terms and value proposition
• Develop standardized templates andstoryboardingframeworks to improve speed and consistency across transactions.
• Partner with cross-functional teams (Legal Risk Finance Operations Regulatory Commercial Marketingand Commercial Marketing Analytics) to align messaging and ensure materials areaccurateandclientand/orinvestment-ready.
• In collaboration with Finance and other commercial analytics teams build andmaintaintransaction models forasset acquisitions (thermal storage hybrid contracted vs merchant) including:
• Discounted cash flow (DCF) IRR NPV MOIC
• Merchant revenue forecasting (energy ancillaries)
• Capacity market constructs (where applicable)
• Tolling and Heat-Rate Call Optionanalytics support
• Heat-rate/fuel conversion variable O&M start costs cycling impacts
• Taxes financing assumptions and sensitivity tables
• Perform scenario and sensitivity analysis (fuelprices heat rate outages basis curtailment capture ancillary prices regulatory changes carbon costs).
• Convert analytical outputs into clear commercial recommendations (bid/offer ranges value drivers downside cases walk-away conditions).
• Analyze and support structuring/negotiation of:
• Tolling agreements (fixed/variable tolls fuel/heat-rate pass-through dispatch rights outages capacity/availability provisions)
• Asset optimization agreements hedging strategies and structured products
• PPAs/offtake agreements CFDs block/shape products and basis hedges
• Ancillary services participation strategies and revenue sharing
• Quantify contract economics and key risks (credit volume basis operational constraints regulatory compliance).
• Support contract term sheets with clear assumptions pricing logic and risk allocations.
• Coordinate inputs from internal stakeholders and external advisors (engineering market consultants valuation legal counsel insurance).
• Support due diligence workstreams by translating technical findings into commercial value impacts.

MinimumQualifications

• Bachelors degree in Business Finance Economics Engineering ora relatedfield.
• 37 years of relevant experience in one or more of: power origination trading/marketing energy investment bankingIPP developmentinfrastructure/private equity corporate development or energy consulting.
• Experience specifically supporting transactions or commercial structures in Alberta PJM and/or ERCOT is preferred.
• Strong ability to synthesizemarket and customer research into actionable commercial recommendations.
• Power market fundamentals understanding and ability to translate into deal economics for Alberta PJM and ERCOT (energy/ancillaries congestion/basis fuel linkagessupply-demandrenewablesimpacts).
• Demonstrated capabilityto develop financial models in support ofasset acquisitions and/or structured commercial agreements: DCF scenario/sensitivities merchant revenue forecasting valuationranges.
• Experience analyzing and/or supporting tolling structures and other commercial agreements (dispatch rights availability performance guarantees pass-through mechanicscreditand collateral).
• Proven ability to create executive-quality pitch decks and concise written memos for internal and external stakeholdersand clients.
• Strong stakeholder management skillsable to align cross-functional inputs and communicate clearly with commercial finance risk legal and operations teams.
• High attention to detail disciplinedassumptionsmanagement and comfortoperatingin fast-paced deal environments.
• Emerging ability to interact with and articulate advanced concepts to internal and external stakeholders and clients.
• Advanced Excel modeling skills (structured models sensitivity tables scenario managers data validation).
• Strong PowerPoint skills (storyboarding charting clean visual standards).
• Familiarity with market data sources and curve concepts (forward curves shaping basis) and comfort working with large datasets; experience with Power BI SQL Python or similar tools is an asset.

Preferred Qualifications

• Experience with conducting market analysis withspecifichistory ofdeveloping credible strategies to support customerdecision making.
• Experience with gas/powerdispatcheconomics heat-ratebased valuation or unit commitment concepts.
• Exposure to storage (BESS) economics (cycling degradation ancillary optimization) or hybrid resources.
• Familiarity with credit and collateral frameworks (CSA/ISDA/EEI) counterparty credit evaluation and risk governance.
• Ability to automate recurring analyses (Power Query VBA Python) and develop repeatable market reporting.

To remain competitive support our high-performance culture and allow for more flexibility in the way we work we offer a hybrid work model and flexible dress code for our eligible office-based workforce in Canada the U.S. and Mexico. #LI-Hybrid

About our business

We are a leader in North American energy infrastructure spanning Canada the U.S. and Mexico. Every day our dedicated team proudly connects the world to the energy it needsmoving over 30 per cent of the cleaner-burning natural gas used across the continent. Complemented by strategic ownership and low-risk investments in power generation our infrastructure fuels industries and generates affordable reliable and sustainable power across North America while enabling LNG exports to global markets.

TC Energy is an equal opportunity employer and participates in the E-Verify program supervised by the US government. We welcome applications from all qualified individuals regardless of race religion age sex color national origin sexual orientation gender identity veteran status or disability. We are also committed to providing accommodations throughout the recruitment process. Applicants requiring accommodations or accessible formats are encouraged to contact us at for support.

All applicants must have legal authorization to work in the country where the position is based without restrictions. Background screening is required for all positions which may include criminal and/or credit checks. Offers may be extended at a different level or job title that best aligns with the successful candidates qualifications.

Learn more

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Thank you for considering TC Energy in your career journey.