Commodity Risk Manager Jobs in Berkeley, CA (NOW HIRING)

Lambda, The Superintelligence Cloud, is a leader in AI cloud infrastructure serving tens of thousands of customers. Our customers range from AI researchers to enterprises and hyperscalers. Lambda's mission is to make compute as ubiquitous as electricity and give everyone the power of superintelligence. One person, one GPU.

If you'd like to build the world's best AI cloud, join us.

Originator with analyst and hedging experience. This is one of the most critical hires on the team: the role bridges commercial deal-making, quantitative analysis, and energy risk management in support of Lambda's data center growth. For the right candidate with commodity risk experience, hedging analysis can become a core, ongoing responsibility rather than an occasional task.

• Originate Energy Agreements: Lead origination of PPAs, utility interconnection agreements, and energy supply contracts; experience in a data center context strongly preferred.
• Build the Investment Case: Develop LCOE and NPV/IRR analyses comparing utility (typically $1M–$3M guarantee), hybrid, and islanded (~$300K credit support) power strategies to inform site and structure decisions.
• Own Hedging Strategy: Evaluate and execute power and fuel price hedges that directly de-risk and support GPU financing.
• Structure the Instruments: Work across fixed-price contracts, heat rate call options, financial swaps, basis swaps, and NYMEX and OTC gas to manage price exposure.
• Manage Demand Charge Risk: Model peak demand exposure and identify tariff, demand response, or BESS strategies to reduce cost.
• Forecast Energy Costs: Produce site-level energy cost forecasts at acquisition using tariff structures and market price curves.
• Lead Negotiations: Negotiate directly with utilities, Solaris, VoltaGrid, and fuel suppliers on commercial and technical terms.
• Track the Market: Maintain working knowledge of RTO/ISO processes, tariff structures, state regulatory risk, and broader energy market dynamics.

• Background: Meaningful experience in energy origination, commodity/power trading, or utility-scale power markets, with direct exposure to contract negotiation and deal execution.
• Analytical Rigor: Comfortable building and pressure-testing LCOE, NPV, and IRR models comparing competing power supply strategies.
• Hedging Experience: Hands-on experience evaluating or executing power and gas hedges (swaps, options, NYMEX/OTC); prior experience holding commodity risk is a strong plus.
• Communication Skills: Able to negotiate directly with utilities and counterparties, and to translate complex risk and financial analysis for senior leadership.

• Prior experience procuring or structuring power for data centers, hyperscale, or other large industrial/AI infrastructure loads.
• Working familiarity with RTO/ISO markets (ERCOT, PJM, MISO, CAISO, SPP, etc.) and their tariff and settlement structures.
• Exposure to project or asset financing where power costs and hedges are a driver of the financing structure (e.g., GPU or infrastructure financing).
• Background at a utility, energy trading desk, IPP, data center developer, or commodity risk management group.

The annual salary range for this position has been set based on market data and other factors. However, a salary higher or lower than this range may be appropriate for a candidate whose qualifications differ meaningfully from those listed in the job description.

• Founded in 2012, with 500+ employees, and growing fast
• Our investors notably include TWG Global, US Innovative Technology Fund (USIT), Andra Capital, SGW, Andrej Karpathy, ARK Invest, Fincadia Advisors, G Squared, In-Q-Tel (IQT), KHK & Partners, NVIDIA, Pegatron, Supermicro, Wistron, Wiwynn, Gradient Ventures, Mercato Partners, SVB, 1517, and Crescent Cove
• We have research papers accepted at top machine learning and graphics conferences, including NeurIPS, ICCV, SIGGRAPH, and TOG
• Our values are publicly available: https://lambda.ai/careers
• We offer generous cash & equity compensation
• Health, dental, and vision coverage for you and your dependents
• Wellness and commuter stipends for select roles
• 401k Plan with 2% company match (USA employees)
• Flexible paid time off plan that we all actually use

Lambda is an Equal Opportunity employer. Applicants are considered without regard to race, color, religion, creed, national origin, age, sex, gender, marital status, sexual orientation and identity, genetic information, veteran status, citizenship, or any other factors prohibited by local, state, or federal law.