Strategic advisory for European energy trading

Connecting trading firms with the architecture, talent, and market intelligence they need to compete. 10+ years building production platforms at Shell, Centrica, and Limejump.

How we work

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Strategic Advisory

Architecture validation, platform strategy, and network access for European power trading. For trading firms and investors navigating technology decisions.

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Technical Delivery

When strategy leads to execution: platform buildout, exchange integration, and Python trading systems — delivered with strategic oversight, not as outsourced dev work.

Our approach

Knowledge Base

Deep-dive guides on energy trading fundamentals, market analysis, and trading systems. For engineers, analysts, and career changers entering European power markets.

Explore

New to energy trading? Start with our Energy Trading 101 guide, learn about physical energy trading, or explore our complete fundamentals library.

Trading and technology knowledge base

Insights and analysis on technology, commodity trading, and software engineering.

Mark-to-Market P&L Calculation | Energy Trading Guide

FUNDAMENTALS

Master MTM P&L from first principles: the core formula, realized vs unrealized P&L, why sign matters, real-time monitoring, and interpreting hedge-effective portfolios. The foundation for daily risk management, margin calls, and performance measurement.

FUNDAMENTALS

Master spark spread calculations: efficiency factors, carbon emissions, hourly variation, and why plants run at losses. Includes Python implementation and real-world trading strategies for CCGT dispatch decisions.

FUNDAMENTALS

Master the physical foundations of energy trading: instant grid balance, merit order dispatch, and how infrastructure constraints create trading opportunities. The essential foundation for understanding spark spreads, gas shipping, and storage arbitrage.

FUNDAMENTALS

Master position aggregation from first principles: signed quantities, the three-key rule, physical vs financial splits, delta exposure, and hedge ratios. Includes Python implementation of a position engine - the foundation every trading system uses.

FUNDAMENTALS

Master global gas market dynamics: LNG shipping economics, netback pricing, storage arbitrage, and why UK prices track Henry Hub with a 6-8 week lag. Essential foundation for understanding the gas input costs in spark spread calculations.

FUNDAMENTALS

Comprehensive guide to physical vs financial energy trading in UK and European markets. Covers spatial arbitrage (NBP-TTF pipeline trading), temporal arbitrage (storage economics and forward curves), quality arbitrage (spark spreads), and the software architecture challenges of building integrated ETRM systems. Essential for engineers, quants, and aspiring energy traders.

MARKET ANALYSIS

A visual infographic of the UK energy trading market in 2025. Explore key players like Shell and BP, market dynamics, asset control, and future trends in this deep-dive analysis.

MARKET ANALYSIS

A115's deep-dive analysis of the UK's volatile energy market for professionals. We dissect the paradox of renewable success, the unshakeable reliance on gas, the pivot to physical assets by merchant traders, and the emerging trading strategies for 2025 and beyond.

MARKET ANALYSIS

A115's analysis of Belgium's dynamic energy market for UK professionals, covering nuclear policy shifts, renewable volatility, the evolving role of gas, and cross-border trading opportunities.

MARKET ANALYSIS

Explore Belgium's dynamic energy landscape through this infographic. Key data on generation mix, nuclear policy shifts, rapid renewable growth, and crucial UK interconnections provide essential context for energy traders.

MARKET ANALYSIS

A deep dive into the European energy markets of July 2025. This educational report breaks down the key trends, from weather-driven volatility and geopolitical risks to the contrarian plays and the rise of AI in trading.

FUNDAMENTALS

Learning an ETRM system is like learning Excel to be a CFO. Discover why the real value lies in understanding the business and the market, not the specific trading tool.

FUNDAMENTALS

Learn energy trading fundamentals from a software engineer's perspective. This comprehensive guide explains spot vs forward markets, hedging mechanics, physical vs financial settlement, exchange vs OTC trading, and how Python-powered analytics pipelines create competitive advantage in UK energy markets.

BOOK REVIEWS

A software engineer's guide to becoming a quant by mastering stochastic calculus. Using Steven Shreve's famous textbook as a roadmap, this article translates complex topics like Itô's Lemma and binomial models into developer-friendly analogies. Learn how to bridge the gap between deterministic code and the probabilistic models that run financial markets.

CAREER ADVICE

To thrive in today's market, modern software engineers need a diverse skill set beyond just coding. This guide details the essential technical and business competencies, from mastering a back-end language like Python to understanding cloud infrastructure and CI/CD pipelines. Future-proof your career by focusing on these fundamental skills that separate good developers from great ones.

SOFTWARE ENGINEERING

Bridge the gap between simple Python scripting and building enterprise-grade software with the new book by Jordan Dimov. This guide instils the mindset of a seasoned software engineer, focusing on production-quality code, reusable patterns, and managing complexity. Master the fundamental skills needed to build reliable, maintainable, and scalable business software.

MARKET ANALYSIS

Stay informed on the key discussions among UK commodity traders in March 2025, focusing on energy trading topics. This report covers geopolitical impacts, market volatility, government policies, and renewable energy trends.

London-based advisory for European energy trading

A115 is a strategic advisory practice for European energy trading. We help trading firms navigate platform decisions, build technology teams, and connect with the right partners — drawing on a decade of hands-on experience building production systems at Shell, Centrica, and Limejump.

Meet the founder

I'm Jordan Dimov, founder of A115. After a decade building trading platforms at Shell, Centrica, and Limejump, I now advise firms on the technology and partnerships that drive trading performance.