ERCOT question

Why would you do an outright flat price directional buy on North Hub instead of Houston Hub? Is it because north trades at a discount? (like it's same Risk/Reward ratio as ercot but less initial capital?)

That leads me into my next question if I am trying to figure out my risk reward ratio? How the heck do you do that in power. Is the max just the market cap for what it can surge to? Or is it recent historical surges compared to recent historical minimums)

To preface I am a student in Houston who really wants to get an internship in commodities (power in particular) . So I have been reading up a ton on power and particularly ercot but I still feel like this part is super unclear. Marcellus_Wallace please come through

 

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