Dragunov, as I understand it, you work for a generator. Usually, generators sell parts of their available energy into the grid at market, but also have wholesale agreements with retailers and large customers in place. These are usually swap-type structures where the generator would receive fixed $/ per MWh and dispatches fixed volume as per the agreement. In addition you'd also have some purchase agreements between the entity operating the plant and those financing it.
Your risk factors are thus energy, coal, gas, and oil prices plus any systemic ones such as outages due to grid or generation issues. It becomes interesting when you have storage facilities for your fuel sources at your disposal allowing you to do carry trades on the risk factors' forward curves and spot. Often municipalities would lease out empty, underground salt fields connected to different pipelines where you could pump gas in and out. There are a few IBs that specialise on leasing those facilities from the municipalities to trade the gas forward curve (dunno about oil).
At any rate - if you havent done this already - before delving into trading your cost risk factors (ie fuel sources), you'd be better off building a model of your generators to get an understanding of their sensitivity with respect to these and other parameters (like minimum stable generation, ramp rates, heat rates, start up cost dependent on heat state and so forth). Also, you can do pseudo optimisations in regards to your optimal dispatch schedule given market prices and forward curves. The latter being your initial condition (eg Hull and White model for interest rates comes to mind). With a good and well calibrated model, you'd be surprised as to how well the model can reflect reality.
Once you've done the above, I think it'd be much easier for you to think about how to go about trading. Personally, I havent heard of generators which trade the fuel risk factors as a source for profit, but rather to hedge the output and profitability of their plant.
