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
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
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
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
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
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
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)
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
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
10.1996 - 04.1997
- Build models to predict potential locations for major clients
- Ad-hoc quantitative analysis
Chief Statistician
Vehicle Information Center Of 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
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