Energy Risk Awards 2025: Nodal Exchange interview

Paul Cusenza, chief executive of Nodal Exchange, discusses the outlook for energy and environmental markets, the impact of artificial intelligence on power markets and Nodal Exchange’s future plans

Amid the extreme power price volatility of recent years, Nodal Exchange grew both its business and its market share and now holds 57% of open interest in all US power contracts.

Cusenza comments on how this was achieved, provides examples of recent volatility using Nodal data and offers his outlook for power and environmental markets, as well as the firm's ongoing business.

Key discussion points:

1:07 – Did Nodal Exchange set out to attract the critical mass of more than 50% of open interest, and how is it achieving this growth?

4:11 – Illustrations of recent volatility and negative prices

11:18 – The impact of AI on power demand

12:38 – Do high numbers of granular contracts bring liquidity risk?

16:18 – The outlook for environmental markets under the current US administration

19:07 – Nodal’s plans for its gas markets business

Nodal Exchange won Exchange of the year at the Energy Risk Awards 2025