From Zero to 40 Markets: The Trading Strategy Nobody Talks About | Time2Talk #209: Lars Weber

Why European Power Markets Are Getting Harder to Understand | Time2Talk with Tom Darell #304

In today's episode, join Tom Darell, CEO of Nord Pool, and Paul Pontenagel from Time2Market, as they discuss:    👉 Why European power markets became harder to understand 👉 How Nord Pool delivered five major market changes in 20 months 👉 What flow-based market coupling optimizes and what it costs in transparency 👉 Why algo trading didn't break intraday markets 👉 Nord Pool just migrated open interest away from Nasdaq If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch.  Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg    𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬:  00:00 – In today's episode... 01:08 – Welcome & Introduction: Recording Live in Aarhus 01:42 – Tom's Background: From Telecom & Dotcom to Energy 03:17 – Energy Feels Like Telecom Did in 2000 04:44 – What Nord Pool Does: Exchange, Data, Services & Technology 07:09 – Running a Multi-Business Exchange: Revenue Mix & Strategic Priorities 08:25 – TSO Market Surveillance: What It Is and Why It's Growing 09:18 – How the Role of Power Exchanges Has Evolved 10:00 – Pan-European Market Coupling: The Biggest Shift in Market History 10:43 – 20 Months of Major Deliveries: Flow-Based, 15-Min Resolution & More 12:20 – Nord Pool as a Technology & Platform Company 13:15 – Why Nord Pool In-Sourced All Core Technology 13:40 – Interconnectors, the North Sea Link & the Case for Integration 14:55 – Assetless Traders & Speculators: Oil in the Engine 15:50 – The Euronext Partnership: Why Nord Pool Needed a Financial Partner 18:25 – The Nasdaq Open Interest Migration: What Happened & What's Next 20:11 – Geographical Expansion: Continental Europe & Beyond 20:40 – Internationalization: How Nord Pool Operates Across 21 Countries 21:10 – 1 in 3 German Intraday Trades Goes Through Nord Pool 22:27 – How to Scale Across 21 Countries Without a Huge Organisation 23:29 – Balancing Central vs Local: Sales, Regulation & Technology 25:27 – Market Complexity, Regulation & the Challenge for Smaller Participants 26:00 – Flow-Based Market Coupling: More Optimal, Less Transparent 27:26 – Where Is the European Market Heading?  28:10 – Are Policy Makers Keeping Up With Market Evolution? 29:20 – The Political Problem With Marginal Pricing 31:20 – Tom as Europex Chairman: Bridging Industry and Policy 32:50 – Is the European Model Exportable? Europe vs the US Approach 34:45 – The Rise of Algo Trading & Why Intraday Volumes Keep Growing 37:10 – Why Algo Trading Made the Intraday Market Possible 38:12 – Do Market Participants Understand How Prices Are Formed? 38:53 – Flow-Based and the Loss of Price Intuition 39:40 – If You Could Change One Thing in European Market Design 40:17 – CACM 2.0: The Governance Debate & Nord Pool's Position 41:32 – Why Decentralized Price Coupling Must Be Protected 42:29 – Nord Pool's Strategic Priorities for the Years Ahead 44:27 – Flexibility Markets, Data Growth & Potential Acquisitions 45:58 – What Tom Is Most Proud Of 47:34 – Advice for New Market Participants 48:55 – Closing & Outro Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently.  As a result, information discussed on this page is subject to change without notice.   Time2Market's website: www.time2market.net   Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg

Inside Europe’s Balancing Markets, PICASSO, Volatility & AI | Time2Talk with Priyanka Shinde #303

In today's episode, join Priyanka Shinde, Nordic Market Expert at Montel, and Paul Pontenagel from Time2Market, as they discuss:    👉 PICASSO and cross-border integration 👉 Renewables, batteries, and new asset types in ancillary services 👉 Why recent market changes led to extreme price spikes and volatility 👉 How balancing, intraday, and reserve markets are becoming increasingly interconnected 👉 The balance between AI-driven trading and fundamental market understanding   If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch.  Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg  Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently.  As a result, information discussed on this page is subject to change without notice.   Time2Market's website: www.time2market.net   Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg

The Growing Challenge in Europe’s Power Markets | Time2Talk with Jean-Paul Harreman #302

In today's episode, join Jean-Paul Harreman, Director of Montel EnAppSys and Paul Pontenagel from Time2Market, as they discuss:    👉 What flexibility really means in short-term European power markets 👉 Why renewable curtailment is increasing across Europe 👉 How negative prices are reshaping market behavior and incentives 👉 The fundamentals behind battery storage business cases 👉 The role of non-physical traders in liquidity and price formation 👉 Why regulation struggles to keep up with market evolution 👉 Key risks shaping the future of European energy markets   If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch.  Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg    𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬:  00:00 – In today’s episode... 01:43 – What “Short-Term Power Markets” Actually Mean 02:48 – Recent Market Changes in Europe (Flexibility, PICASSO, Renewables) 04:36 – What Is Flexibility in Energy Markets? 07:18 – Is Renewable Curtailment a Sign of Market Efficiency? 09:05 – Negative Prices & Their Role in Market Signals 10:42 – Are Batteries a Viable Investment Today? 12:43 – Inside a Large-Scale Battery Business Case 16:37 – Market Saturation Risk: Too Many Batteries? 19:32 – When Will Flex Markets Stabilize? 21:06 – Will Negative Prices Disappear Over Time? 23:26 – Do Batteries Trade Beyond Short-Term Markets? 25:20 – Comparing EU Markets (Germany, France, Netherlands) 30:47 – Spain Case Study: Blackout & System Stability 33:01 – Market Shocks: TSOs vs Market Participants 34:14 – Why Flexibility Challenges May Get Worse 36:19 – Interconnectors & Cross-Border Shock Risks 40:00 – Structural Flaws in Capacity Mechanisms 42:15 – Policy Lag: Markets vs Regulation 44:53 – Role of Non-Physical Traders in Liquidity 48:00 – Do Traders Reduce or Increase Volatility? 52:00 – Complexity of Balancing Markets & Price Formation 56:00 – Harmonization Challenges Across Europe 58:30 – Future Risks: Geopolitics & Market Dependencies 01:00:10 – Demand Growth, Data Centers & Renewable Expansion 01:01:27 – Long-Term Outlook & Market Challenges Ahead 01:01:51 – Closing Thoughts Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently.  As a result, information discussed on this page is subject to change without notice.   Time2Market's website: www.time2market.net   Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg

How U.S. Power Markets Actually Work | Time2Talk with Jathan Malik, Nodal Exchange #301

We are very excited to finally share the first episode of Time2Talk SEASON 3! In today's episode, join Jathan Malik, Director of Energy Markets at the Nodal Exchange and Paul Pontenagel from Time2Market, as they discuss: 👉 What traders misunderstand about U.S. power market structure 👉 The role of futures and derivatives in modern energy trading 👉 Why risk management matters more as power markets grow more complex 👉 The relationship between physical power flows and financial markets 👉 What traders should know before entering U.S. electricity markets 👉 How market design influences trading strategy   If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch.  Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg    𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬:  00:00 – In today’s episode... 01:20 – Welcome Jathan Malik from Nodal Exchange 03:24 – Gas price volatility and its impact on U.S. power markets 04:00 – From London to Boston: Jathan’s path into the U.S. energy industry 05:00 – What Nodal Exchange is and how it fits within the EEX Group 06:21 – Why nodal hedging matters: managing price risk at specific grid locations 07:00 – Launching short-term power futures: Nodal’s new daily contracts 08:07 – European vs U.S. power markets: nodal pricing vs zonal pricing 09:06 – Why traders use futures exchanges instead of only ISO markets 10:09 – Financial vs physical settlement in power futures markets 11:27 – Who trades on Nodal? Utilities, hedge funds, prop shops, and new entrants 12:42 – Why electricity trading is attracting new participants 13:38 – Data centers, AI, and the growing demand for power trading and hedging 15:22 – Exchange onboarding in the U.S.: clearing members and market access 16:58 – Expanding granularity: Nodal’s daily contracts and future hourly markets 18:35 – Virtual trading, nodal spreads, and hedging ISO exposure 20:02 – Managing thousands of tradable contracts on a trading screen 22:07 – Understanding real-time futures and day-ahead vs real-time spreads 23:49 – Competing in U.S. power and gas markets 25:30 – Margin advantages and portfolio risk management at Nodal 26:42 – European traders entering U.S. markets and gas trading opportunities 28:16 – How new participants can prepare to trade on Nodal 29:44 – Final thoughts on entering U.S. power markets and closing remarks Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently.  As a result, information discussed on this page is subject to change without notice.   Time2Market's website: www.time2market.net   Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg

From Zero to 40 Markets: The Trading Strategy Nobody Talks About | Time2Talk #209: Lars Weber

Welcome to this episode of Time2Talk, where we talk about interesting developments in the energy industry. In today's episode, join Lars Weber from Yggdrasil and Eszter Pontenagel and Paul Pontenagel from Time2Market, as they discuss:    👉 What 2.5 years of entering Japan really looks like 👉 Why successful algorithms start with physics, not markets 👉 How trading across continents becomes a natural hedge 👉 The biggest trap new trading entrants fall into 👉 Why 1 MW of manual trading is the secret to automation. 👉 The next wave: batteries, AI, and unexpected new players.   If you would like to be the next guest on Time2Talk, please do not hesitate to contact Time2Market. If you have an interesting guest in mind, leave their name in the comments, and we will get in touch.  Do you want early access to watch all Time2Market episodes one week before they are published? Subscribe to Time2Market’s monthly newsletter here 👉 https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg    𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐜𝐨𝐧𝐭𝐞𝐧𝐭𝐬:  00:00 – In today’s episode... 01:30 – Welcome to the Studio: Introducing Lars Weber 03:30 – Lars’ Early Career 06:00 – Entering the UK Market & Discovering PPAs 08:00 – Moving Back to Denmark & The Birth of Yggdrasil 10:00 – Scaling to All US ISOs with Just 10 People 12:30 – From Manual Trading to Full Automation 15:00 – Entering Europe: New Complexity, New Strategy 17:00 – Build or Buy? How Yggdrasil Built Everything In-House 18:30 – Choosing Not to Scale Too Fast 20:00 – The 2.5-Year Journey to Enter Japan 24:00 – Why Cultural Commitment Is Essential in Japan 26:00 – The Harsh Reality of Banking & KYC in Japan 28:00 – How Japan Became One of the Most Volatile Markets in the World 31:00 – Gas Shortages, LNG Price Shocks & The 2020 Crisis 33:00 – Spot Trading vs. Global Correlations 36:00 – Risk Diversification Through Geography 38:00 – Strategy Scaling Across Markets: Physics Over Geography 40:00 – Preventing Cross-Market Overexposure 44:00 – Assetless Trading, Regulation & “Significant Support” Requirements 46:00 – Learning Market Boundaries Through Practice 48:00 – Transparency, Mistakes & TSO Relationships 50:00 – Becoming an Asset Manager Without Losing Lean Structure 52:00 – Servicing Customers Without Becoming a Service Company 54:00 – Entering the US: ISO Expansion & Regulatory History 56:00 – The Challenge of US Entry: PJM, SPP & Strict Onboarding Rules 58:00 – Market Failures & Lessons Learned 01:00:00 – Physical vs. Financial: Clearing Up a Common Misconception 01:03:00 – Mistakes, Compliance & Why TSOs Value Self-Reporting 01:06:00 – Scheduling, IT Stacks & Building Operating Systems In-House 01:08:00 – The Hidden Complexity of Market Entry 01:10:00 – Entering 40 Markets in Seven Years 01:12:00 – The Future of Market Liberalization Worldwide 01:14:00 – What Yggdrasil Will Become in the Next 3-5 Years 01:16:00 – The Next Wave: Batteries, AI & New Entrants 01:17:30 – Advice to New Market Entrants 01:19:00 – Thank You For Today Legal disclaimer: This podcast is intended for informational purposes only and should not be considered business or legal advice. Time2Market does not guarantee the completeness, accuracy, and actuality of the information provided. The energy industry is extremely dynamic and conditions and requirements change frequently.  As a result, information discussed on this page is subject to change without notice.   Time2Market's website: www.time2market.net   Time2Market's LinkedIn: www.linkedin.com/company/time2market-market-management-services Subscribe to Time2Market's newsletter for early access and exclusive content: https://sy4ic.share.hsforms.com/2GEq1A1elRH2eMpxHuPS4Rg