Gary Cho
Ashburn,VA
Summary
- Analytically trained professional with over 25+ years of energy trading, portfolio management/optimization, structuring and marketing, market/credit risk management, power asset management, quantitative analysis for fully integrated global energy companies (supply, retail, trading) and banks.
- Over 25 years experience managing global market volatility associated with power and adjacent energy/commodities markets (ERCOT, PJM, MISO, NEISO, CALISO, Canada, Europe, Central/South America).
- Successful history of building scalable front, middle and back office functions for multiple global entities.
- Extensive experience building proprietary risk metrics, risk allocation models, valuation engines, position management and performance systems,
- Experience organizing, administrating and chairing risk committees, structuring, valuation at executive and board level committees.
- Proven leader and effective team player with experience building consensus and navigating through organizations.
Overview
29
29
years of professional experience
Work History
Global Head of Risk Management
Trailstone
Austin, TX
12.2022 - Current
- Manage and oversee day-to-day risk management of the global risk management organization of Trailstone (North America, Europe and Asia).
- Measure, monitor and provide strong risk governance of Trailstone global portfolio (gas, power, oil, environment, fuel and renewable energy asset management).
- Develop risk governance framework including risk policy, risk metrics (e.g., VaR, credit metrics, operational risk, cash flow and earnings at risk)
- Work with senior management, commercial portfolio managers to identify key risk, anticipate emerging risks and potential path analysis
- Support methodological growth of Trailstone portfolio and business lines by providing independent review of potential acquisitions and divestures.
- Provide analytic support to Trailstone Finance and Corporate departments
- Chair weekly portfolio risk review (senior management, portfolio managers and risk management).
- Secretary for the Trailstone Board Risk Committee
Sr. Director Global Portfolio Risk
AES Corporation
Arlington, VA
11.2019 - 12.2022
- Build and lead newly formed AES Global Portfolio Risk team (global market risk, policy management, risk committees, structured transaction approval process and systems infrastructure development)
- Market risk governance of AES global portfolio (North America, South America, Europe, Asia) composed of renewable assets, thermal plants, retail (deregulated and regulated) and trading.
- Design, develop and implementation of AES proprietary global portfolio risk and valuation model for portfolio risk governance, metrics, portfolio optimization.
- Development of global portfolio risk metrics (VaR, EBITaR, CFaR, PFE) and global market risk policy and governance
- Chair valuation committee and ETRM governance
- Structured deal and portfolio allocation
- Summarize and present to AES board new risk methodologies and market risk trends
Director and Head Commercial Analytics
Emera Energy
Halifax, Canada
03.2017 - 11.2019
- Lead and manage Emera commercial analytics, portfolio analysis and structuring team
- Valuation of complex natural gas and power structured transactions (AMAs, EAMAs, natural gas storage and retail load auctions)
- P/L ownership and management of power load auction portfolio and natural gas options portfolio
- Commercial strategy development and implementation of momentum trading, options and load following portfolios
- Measure and manage credit requirements associated ISO and credit insurance
- System development and integration associated with new business and acquisitions
- Chair of Structured Transaction Committee
Sr. Vice President Risk Management (CRO of GPAM)
Green Plains Renewable Energy
Omaha, NE
02.2012 - 03.2017
- Sr. Vice President of Green Plains Renewable Energy and Chief Risk Officer of Green Plains Asset Management (hedge fund division)
- Risk manage the overall portfolio composed of Ethanol, Corn, Wheat, DDG, Soybeans, Soy Meal, Soy Oil, Natural Gas and Power
- Build and develop portfolio analysis and governance framework for Green Plains Renewable Energy (risk allocation and governance)
- Daily management of risk management and middle office function of Green Plains Renewable Energy (p/l, position, VaR, EBITaR, future potential exposure, cash flow at risk)
- Build risk management, middle office, back office and compliance function for Green Plains Asset Management
- Successfully designed, developed and implemented proprietary risk and valuation system Green Plains Renewable Energy and Green Plains Asset Management
- Secretary of Corporate Risk Committee
- Under the direction of risk committee execute on risk reduction strategies for the corporate portfolio
Head of Portfolio Optimization - Risk Management
Optim Energy / First Choice Power
Dallas, TX
05.2007 - 12.2011
- Optimize First Choice Power (electricity retail entity focusing on ERCOT) and Optim Energy (generation asset entity)
- Hire and mentor resources associated with risk management and portfolio optimization department
- Build, develop and update of First Choice Power / Optim Energy businesses
- Risk metric, governance framework and ETRM system integration
- Build and lead Optim's portfolio optimization and structuring group
- Design structures to optimize Optims portfolio composed of 1200 MW capacity power plants, natural gas storage and fuel contracts and trading (options, congestion) P/L ownership of power assets and its optimization
- Provide fundamental analysis associated with energy markets and forecast power and natural gas prices
- Load forecasts, volatility and correlation analysis
- Valuation of structured transactions for asset hedging and trading (heat rate options, hourly options and natural gas storage)
Sr. Vice President and Head of Energy Risk
Fortis Bank
Houston, TX
10.2005 - 05.2007
- Lead the valuation group for acquisition of Cinergy Marketing and Trading
- Lead energy risk management for Fortis Bank
- Manage the integration of risk management and ETRM systems associated with Cinergy Marketing and Trading
- Form and lead the newly combined risk management function for Fortis Energy Marketing and Trading
- Provide risk framework for risk management of the integrated trading entity (e.g., VaR limits, approved products, risk policies)
Global Director Risk and Head of Market Risk
TXU (now Vistra)
Dallas, TX
09.2000 - 09.2005
- Build and lead North America's Quantitative Risk Group and Global Quantitative Risk Group (Dallas, Ipswich, Geneva, Melbourne)
- Risk management of TXU integrated portfolio (retail, generation and trading)
- Risk Control and governance management
- Design of risk metric for optimization of TXU (VaR, EBITaR, Cash flow at risk, future potential exposure)
- Design and implement proprietary risk analytics and valuation engine for TXU's global portfolio.
- Fundamental analysis (retail load forecast, forward price, volatility and correlation).
- Model governance and structured transaction review
- Build and led the newly formed market risk management and middle office
- Daily reporting of pl, position, VaR and credit exposure
- Report to corporate risk committee.
Commodity Risk Manager
Bank Of Montreal
New York, NY
04.1997 - 09.2000
- Build the market risk function for the newly formed commodity derivative business line at Bank of Montreal,
- VaR model development and implementation
- Pl, position and risk metric daily reporting and market/risk commentary
- Risk policy compliance review and reporting
- Price and volatility validation and reporting
Statistician
Compusearch
Toronto, Canada
10.1996 - 04.1997
- Build models to predict potential locations for major clients
- Ad-hoc quantitative analysis
Chief Statistician
Vehicle Information Center Of Canada
Toronto, Canada
06.1995 - 10.1996
- Build models to determine automobile insurance rates due to automobile type
- Perform analysis on accident frequency and severity
- Present to media and insurance agencies
Education
Doctor Of Philosophy - Statistics
University of Guelph
Guelph, Canada04.1997
Master Of Science - Statistics
University of Guelph
Guelph, Canada09.1991
Bachelor Of Science - Statistics
University of Western Ontario
London, Canada06.1990
Skills
- Valuation and pricing of complex structured transactions (power based assets, tolling transactions, supply transactions, retail load, energy storage, renewable asset management)
- Detailed understanding of derivatives and optimizing its use for portfolio hedging and optimization
- Trading and optimizing power assets (ERCOT, NEISO)
- Commodity (power, natural gas, fuels, environment and agriculture) portfolio risk and governance framework for global organizations
- Consensus building and timely execution/delivery of structured transaction, complex models analysis and system implementation
Timeline
Global Head of Risk Management
Trailstone
12.2022 - Current
Sr. Director Global Portfolio Risk
AES Corporation
11.2019 - 12.2022
Director and Head Commercial Analytics
Emera Energy
03.2017 - 11.2019
Sr. Vice President Risk Management (CRO of GPAM)
Green Plains Renewable Energy
02.2012 - 03.2017
Head of Portfolio Optimization - Risk Management
Optim Energy / First Choice Power
05.2007 - 12.2011
Sr. Vice President and Head of Energy Risk
Fortis Bank
10.2005 - 05.2007
Global Director Risk and Head of Market Risk
TXU (now Vistra)
09.2000 - 09.2005
Commodity Risk Manager
Bank Of Montreal
04.1997 - 09.2000
Statistician
Compusearch
10.1996 - 04.1997
Chief Statistician
Vehicle Information Center Of Canada
06.1995 - 10.1996
Doctor Of Philosophy - Statistics
University of Guelph
Master Of Science - Statistics
University of Guelph
Bachelor Of Science - Statistics
University of Western Ontario