DRW Loses $176M on North American Gas and Power Trading Amid Winter Storm Volatility

DRW Holdings has announced the departure of Teoman Guler, its head of North American gas and power trading. The move follows a significant loss of $176 million tied to price volatility during a recent winter storm.

Guler had held his position since May 2022 and was brought in as part of DRW's rebuilding effort after the firm restructured its energy trading unit in 2021, following a similar round of departures and losses.

This is not the first time DRW has faced significant challenges in its energy trading division. The company also saw two other senior employees, Michael Kennedy and Adam Findlay, exit in February 2026 after the same volatility event affected the firm's energy desk.

DRW's losses in this area are substantial, with a single-event loss of $176 million being a significant hit for a firm of its scale. The company operates a diverse portfolio, including equities, fixed income, crypto, and commodities through its Cumberland brand, which has been a major player in the digital asset space since 2014.

The departure of Guler and others from DRW's energy trading unit raises questions about capital allocation and risk appetite within the firm. The losses are a stark reminder that even well-established companies can struggle with volatility and uncertainty in their operations.