Balancing risk and opportunity in energy markets

In today’s markets, securing energy at competitive prices has become a strategic imperative. We sat down with Oana Lazar, Portfolio Manager, Power & Gas at Axpo in Romania, about the challenges of optimising energy portfolios in an increasingly dynamic and volatile market. 

A role at the heart of the energy markets 

Oana Lazar manages both power and natural gas portfolios across Romania and Hungary. Her role focuses on optimising portfolio performance by buying, trading, and structuring products that deliver strong financial results for both the company and its clients – increasingly including renewable energy sources. 

Oana works with a diversified portfolio that includes full supply, wholesale activities, cross-border transactions, and power purchase agreements (PPAs), while navigating exposure across two commodities, three currencies, and different market environments. The variety of responsibilities reflects the multifaceted nature of energy portfolio management today. 

Managing complexity 

Elevated market volatility – driven by geopolitical developments, regulatory changes, and shifting supply-demand dynamics – makes Oana’s role constantly demanding. In Romania, lower market liquidity can sometimes limit trading opportunities, particularly for long-term hedging. At the same time, quickly adapting to an evolving regulatory environment is essential.  

Operating across two countries adds another layer of complexity, as each market presents its own dynamics, frameworks, and client expectations. On top of that, combining both gas and power within a single role introduces a challenge rarely seen elsewhere, as these functions are often handled by separate teams. 

Supporting clients beyond energy supply 

While energy supply remains essential, modern portfolio management increasingly centres on helping clients navigate risk. In today’s environment, businesses are looking beyond standard contracts for support with hedging strategies that stabilise costs and limit exposure to unpredictable price movements. 

Oana’s role therefore goes beyond executing transactions. She provides timely market insights, interprets regulatory changes, and develops tailored structures aligned with each client’s operational and financial priorities. As clients become more informed and market-aware, the need for customised solutions continues to grow, putting the spotlight on the advisory dimension of her work.

A day shaped by the market 

Oana’s day typically begins with scheduled calls, analysis, and preparation. She focuses on these structured tasks early in the morning, before trading activity intensifies. 

As market liquidity increases later in the day, her schedule becomes more fluid. Oana responds to client requests related to hedging, supports colleagues in the Origination team, and adapts to shifting priorities. Throughout the day, she closely monitors market movements to identify trading opportunities and optimise portfolio positions. 

This combination of planned analysis and real-time market engagement makes the role both demanding and rewarding. 

Working at Axpo:  challenge, collaboration and growth 

Oana’s journey with Axpo in Romania is a story in two parts. She first joined the team in 2017, working on power markets and operations. After two years she left to gain valuable experience with some of Romania’s largest energy suppliers, but when a more challenging role opened up at Axpo in Romania, returning felt like a natural next step. The position provided exactly what she was looking for: the chance to work on more sophisticated projects within a dynamic and collaborative team environment.  

“One of the things I value most is the opportunity to work with colleagues across the Axpo Group, sharing ideas and often discovering synergies between portfolios and initiatives,” Oana says. “Everyone is genuinely focused on finding solutions and creating an energising environment.” She also appreciates an organisational structure that encourages accessibility and connection, without unnecessary layers that might slow decision-making. 

Axpo’s growth mindset and commitment to professional development are equally important to her. Employees have access to a wide range of learning platforms, courses, conferences, and practical tools to enhance their skills and work more effectively. 

Life beyond the markets 

Outside work, Oana enjoys staying active, often starting her mornings with running, cycling, weight training, or yoga. In the evenings, she likes to unwind by meeting friends or getting lost in a good book. She recommends The Changing World Order by Ray Dalio – a thought-provoking read on how nations rise and fall in recurring cycles – but a good novel is her go-to when it’s time to truly relax.  

Oana enjoys living in Bucharest, with its unique blend of energy and balance. The city’s theatres, parks, and vibrant social scene create a dynamic atmosphere, although she admits that none of the lively cafes rival the flat white she makes in her own home. She especially appreciates strolling through neighbourhoods where historic architecture has been carefully preserved, or, on a sunny day, exploring the city on her Vespa.