Business Analyst - Commercial Power

Determined, imaginative, curious-if 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 analytical,detail-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 you'll do

• Track and synthesize market developments: power price drivers, congestion and basis, fuel fundamentals,renewablesbuild-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

• Bachelor's degree in Business, Finance, Economics, Engineering, ora relatedfield.
• 3-7+ years of relevant experience in one or more of: power origination, trading/marketing, energy investment banking,IPP development,infrastructure/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 linkages,supply-demand,renewablesimpacts).
• 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 mechanics,creditand collateral).
• Proven ability to create executive-quality pitch decks and concise written memos for internal and external stakeholdersand clients.
• Strong stakeholder management skills-able 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-rate-based 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 needs-moving 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 careers@tcenergy.com 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 candidate's qualifications.

Learn more

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Thank you for considering TC Energy in your career journey.