Actually, the few guys that I've seen trade these at hedge funds were former PP desk heads. Access to an actual power plant changes the strategy a lot, apparently, but even without it there is a bunch of arb for people with deep pockets (and solid brass testicles).
Owning a major gas pipeline is even better, since gas is generally the marginal price setter for the LMP auctions. This is a market where players like gas pipeline owners literally have legal insider info, so absent something like that you're certainly playing against a stacked deck if you're looking at a macro ISO level view. If you get down to trading actual day ahead markets and taking advantage of arcane congestion rules you might could carve out a niche for yourself if a couple places in an iso, but the capitalization required to do that seems to be far greater than than the potential reward.
Are you playing hOHMage to Back to the Futures? Would AMP be the best broker for them? You know you cannot resistance the urge to laugh your watt off here.
There is the niche specialty of FTR (financial transmission rights) that many consider to be the most complex and highly modeled genre in power trading. These are, literally, financially settled rights to transmit power over specific transmission line nodes at specific dates and time duration. Never trust a fart.
The future of electricity is something volatile that still does not handle very well! With blockchain technology and cryptocurrencies, there are already several people who are moving to rural areas to mine their bitcoin and the cost of electricity is extremely low. The governments will take measures in this regard. You have to be aware!