Joseph Adorna

About Joseph Adorna

I began my career at Merrill Lynch in July 2007 after receiving my Bachelors of Science Degree from The College of New Jersey, rotating through two finance groups over the course of my first year. In May 2008, I began working in Mortgage Backed Securities Finance, specifically with CMOs and Asset Backed Securities. I moved to Debt Derivatives Finance in February 2009 as part of the Bank of America-Merrill Lynch transition. In July 2009, I began working in Rates Middle Office involved with P&L/risk analysis, operational risk control, accounting, and financial reporting. I supported various different products over the next three years, including Structured Derivatives and Interest Rate Swaps/Options. In July 2013, I moved to a Trader Assistant role working on the Interest Rate Swaps desk. Beginning in September 2014, I expanded my product knowledge by beginning work with Bank of America\'s commodities businesses. I managed a Commodities Finance team in Houston, supporting the firm\'s Power and Natural Gas desks. After four years of gaining vast experience in this sector, I took on a new opportunity at Calpine Corporation on the Risk Analysis team, where I was responsible for daily PNL and risk position analysis for the company\'s East trading desk. In January 2021, I shifted to the Commercial Analytics - Portfolio Analysis team supporting the firm\'s Wholesale business with a primary focus on margin forecasting for Calpine\'s generation fleet given changes in markets, contract structures, hedging activities, and political landscapes. In February 2023, I was promoted to Director within the Commercial Analytics - Portfolio Analysis space where I now lead and oversee fleetwide Commodity Margin forecasting for the firm.

Experience

1. Director, Commercial Analytics

   Calpine

   Feb 2023 — Present · Houston, TX, US

   Perform Economic Commodity Margin forecasting for Calpine\'s generation fleet based on commodity markets, market/contract structures, asset characteristics, and current political landscapes• Perform analysis of business decisions and strategic issues, including those related to plant operations and dispatch, commodity markets, asset and contract commodity margins, and transaction pricing• Support the continued development of Calpine\'s modeling infrastructure, periodic corporate business plan projections, and commercial transaction targets.• Periodically review commercial views supporting business strategy, hedging decisions, and development/acquisition opportunities• Complete Business Insurance analysis with regards to long-dated fleet outages, including working with adjustors and calculating proposed insurance claims for the firm.• Perform analysis of operational issues including outage costs and optimization, operational trends, and investment analysis• Work with executive management to prepare materials for quarterly board meetings, including margin, pricing, and forecasting trends.• Conduct annual budget review for the company\'s commodity margin, including reviewing plant characteristics, fleet assumptions, outage schedules, and power/gas pricing analytics.

Education

• The College of New Jersey

  Bachelor of Science, Finance/Economics

  2003 — 2007

Skills

• Operational Risk
• Derivatives
• Middle Office
• Bloomberg
• Attention to Detail
• Account Reconciliation
• Financial Reporting
• Oracle Applications
• Time Management
• Credit Risk
• Risk Analysis
• Microsoft Office
• Sox
• Swaps
• Teamwork