Mr. Kalup has for over 25 years of experience in plant operations, hedging, trading and risk management as well as M&A. Tom has a proven track record in large transactions along with extensive experience in hedging, financing, structuring, operating and monetizing power assets.  He has among the broadest skill sets in the US power industry.   He has extensive leadership experience in a variety of areas, including commercial operations and commodity hedging, power plant dispatch and operations, fuel supply procurement, structured transaction execution and deal origination, risk management, strategic planning, corporate finance and investor relations, and power plant acquisitions and sales.   He has also successfully managed several critical RTO, FERC, and state regulatory efforts at Allegheny to promote efficient market development and add value for key stakeholders.  He earned a bachelors degree in electrical engineering from The Johns Hopkins University and an MBA from Carnegie Mellon University

Career accomplishments at Allegheny Energy include:

  • Directed commercial operations for over  8000 MW of  unregulated coal- and gas-fired generation. Almost $2 billion of annual revenues under commercial management, generating over $300 million of incremental margins from commercial and other asset-backed structured transactions.  Launched new retail marketing business, targeting large industrial/commercial customers to enhance margins year-one.
  • Promoted to Senior VP to turnaround a Wall Street trading business, replacing a rogue head trader, with a book of long-dated commodity contracts in virtually every major power and natural gas market in the US.  Exited non-core markets and terminated non-core contracts.  Implemented new risk management processes.  Negotiated more favorable credit agreements with counterparties.  Refocused organization to support asset-backed activities, reduced operating costs, and restored profitability within two years.
  • Managed all commercial interfaces with PJM for the unregulated generation business.  Developed strategies and led Allegheny negotiations in PJM stakeholder processes to improve capacity markets, financial transmission rights allocation and funding mechanisms, and other wholesale energy market rules. 
  • Developed commodity price forecasts and pro forma cash flow models to evaluate and execute strategic transactions, including asset acquisitions and M&A opportunities.
  • Implemented market-based power plant outage management and scheduling process to increase profitability, availability and cost optimization.
  • Established Allegheny’s first formal investor relations program.  Worked closely with major shareholders, commercial and investment banks, and rating agencies in support of major financings.

Tom Kalup

Chief Operating Officer