Learning the trading lingo

Iris Eva Einarsdottir, Trading Operations Specialist, joined the trading team in Oslo a year ago. In this interview, she reflects on her first year at Axpo, shares her professional journey, gives insights on her day-to-day role, and explains why talking about the weather is not just small talk.

Let’s talk about your background.

I did my bachelor’s and master’s degrees at the Norwegian School of Economics. During my first degree, I studied Economics and Business Administration and for my postgraduate studies, I specialised in economic analysis. Before and during my studies I’ve been abroad for quite some time. I went to high school in Chicago for a year and I did an exchange semester at the University of Cape Town. Between my bachelor's and master's, I worked for six months at the Norwegian Embassy in Iceland.

Was the energy field on your radar at all?

For my master’s thesis, I focused on biofuels, specifically exploring whether they offer a cost-efficient way to reduce carbon emissions. My research was centred on the defence sector, which is also what initially led me to work in this field.

In general, energy has always been a topic that fascinates me. In the power market, I find it remarkable that an economic market can be built around a system fundamentally based on physics. Moreover, the energy sector is highly innovative and constantly evolving. That’s why it was clear to me that I wanted to be part of this industry and gain an in-depth understanding of it.

How did you come across Axpo?

I found out about a job opportunity at Axpo and, since my boyfriend is Swiss, I had already heard of the company. I then did some research and actually found the website very helpful. I also read some of the employee testimonials, which made a very good impression. So I applied for the position.

How was the application process for you?

The first part was submitting the application for the role of trading operation specialist. I then had a first online interview with the trading team, followed by an interview with HR and a third on-site interview with the extended trading team and the managing director of Axpo Nordic. It all went very quickly. The first interview was on a Monday and by the end of the week I received an offer.

Three aspects of the process really stood out for me:  the complexity and constant evolution of the energy market, the knowledgeable team at Axpo and the quick and well-structured process.

Do you have a specific goal for your professional career?

My goal is to continuously develop my knowledge and skills so I can contribute even more to the team. I want to take on greater responsibilities and drive meaningful results. I feel very fortunate to have the opportunity to do that at Axpo. The team is incredibly supportive and always willing to answer my questions. Axpo also fosters a culture where new ideas are encouraged, and you have the freedom to implement them while taking on responsibilities that align with your strengths and ambitions.

How is the gender spread in your team?

I’m currently the only female in the trading team, but I appreciate that Axpo Nordic maintains a strong overall gender balance and fosters a great team spirit. I also feel fortunate to work alongside several women who are leaders in the field, which is inspiring. While the trading team is still growing in diversity, I’m excited to be part of an inclusive and supportive environment that values different perspectives.

Reflecting on the past year, what have you learned?

It has definitely been a very steep learning curve and very rewarding. When I started at Axpo I realised quickly that my knowledge of the energy markets barely scratched the surface. Over the past year, I gained a much deeper understanding of how power prices are determined and the factors which influence them. I have learned how the physical power market operates and the role of the financial energy markets.

Also, I have learned that discussions about the weather is not just small talk but rather fundamental to understanding price movements and market trends. I have also acquired a whole new vocabulary to follow the conversations on the desk and engage with brokers!

Did you receive any specific training or professional development opportunities to bring you up to speed?

Yes, very much. As I am still in the early stages, I have taken an introductory course with Nord Pool, covering both the physical and financial markets. In addition, I attended several other external courses and have engaged in really informative discussions with different teams at Axpo. For example, the physical trading team explained how the physical market operates and the origination team provided insights into their role. This combination of structured training and internal knowledge-sharing has been very valuable.

I also had the opportunity to explore topics independently, diving deeper into areas that I found particularly interesting, while having insightful conversations with colleagues across the company. Overall, it has been a very welcoming and informative introduction to the markets.

So what do you do as a trading operation specialist?

I do price hedging for both our portfolio and customers, helping power consumers and producers access the financial power market to secure future prices. I provide price quotes for monthly, quarterly, or yearly contracts, and if a client decides to proceed, I execute the transaction either on the exchange or through brokers.

In addition, I do market analysis and handle ad-hoc tasks. The day is very much dependent on our clients’ activity.

Does that mean there isn’t really a typical working day in your job?

A typical working day starts with updating the prices that we show to our customers. Then, I get an overview of the market, including any changes in weather forecasts. After that, we have a team discussion about market developments and strategies. The rest of the day depends on client activity, which can vary from day to day.

What makes a successful trader?

I think it’s essential to be sharp, focused, and able to switch quickly between tasks while maintaining an overview of everything you’re working on. Prioritising is key - identifying the most important task at any given moment.

Additionally, filtering information is crucial, as there’s a constant flow of updates on market fundamentals, such as changes in weather forecasts, supply and demand, and geopolitical events. You need to assess and evaluate this information quickly to determine its impact on the market. That’s something I’m continuously working on, and I hope to improve over time, as it’s definitely a challenging aspect of the role.

What would you say are the biggest challenges in your role nowadays?

In the financial market, liquidity is relatively low, which can make it challenging to find the right products to trade. One of the most demanding aspects of my job is switching quickly between tasks while maintaining clear priorities. Since each day is unpredictable, I never fully know what to expect when I arrive at work, which I enjoy - but it also presents challenges. Managing my trades, keeping track of prices from different brokers, and simultaneously diving into new topics, following the market, and conducting analyses can be quite demanding. On top of that, as a separate project, I’m working on modelling water values, which is both complex and exciting.

Looking back at your time at Axpo, what stands out the most?

The team, definitely, the overall work environment and the company culture: inclusive, fast-paced and innovative. It’s a very warm, welcoming, yet professional and fun place to work. I’ve really enjoyed that aspect.

I also appreciate the variety in my tasks - I get to work on both analysis and operational activities, which keeps things interesting. Additionally, having the opportunity to attend conferences, like the GO conference in Iceland or the REC Market Meeting in Amsterdam, and meet other market participants has been an enriching professional experience.

Looking 20 years down the line, where do you see yourself in your career?

I’ve thought about this question, and my current role has taught me to beware of making forecasts that far ahead! However, in 20 years, I hope to be an expert in this field and be well-prepared to adapt to whatever the future way of working looks like.

How do you relax after work?

I enjoy being social and staying active, so I usually have something planned after work. Whether it’s having dinner with friends, spending time with family, going for a hike, a run, or cross-country skiing - or even trying something new. It’s a great way to relax and clear my mind after processing so much information during the workday.

Do you have a hidden skill or talent?

That is a tough one. But I would say I am pretty good with names and faces. That can be very beneficial when going to conferences and meetings.