OI24: Why Power Trading Is 10 Times Crazier Than Crypto ft. Cory Paddock

Moritz Seibert is joined by GBE Energy co-founder Cory Paddock for a look inside the unusual world of proprietary power trading. Cory explains how electricity markets combine weather, physics and economics, and why understanding supply and demand can create opportunities in markets where prices can change dramatically within minutes. They explore the psychology behind taking risk, why a handful of exceptional days can define an entire year, and the lessons Cory learned from his biggest wins and losses. They also discuss GBE’s approach to developing young traders and how AI is accelerating the process of turning raw talent into real trading ability.
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Episode TimeStamps:
00:00 - Knowing when to walk away from a losing trade
01:03 - Introducing Cory Paddock and GBE Energy
04:35 - How US power markets actually work
08:21 - PJM and the changing US electricity mix
11:07 - Why North America effectively has three separate power grids
14:42 - What a power trader actually trades
19:40 - Why electricity trading never really stops
21:48 - Finding an edge through supply, demand and weather
28:13 - Why power markets remain so attractive to traders
30:37 - What “10 times crypto” volatility looks like
33:50 - The four stages of becoming a power trader
36:07 - Conviction, sizing and getting comfortable with being uncomfortable
38:15 - The trades that helped create GBE Energy
40:42 - What a painful losing trade taught Cory
43:16 - Why GBE changed the way it recruits traders
48:57 - What Cory looks for in aspiring traders
50:50 - How quickly can someone learn to trade power?
53:31 - AI, data centers and the future of electricity markets
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