Dedicated, Professional, Problem Solvers


The R^2 team has broad and extensive experience in the financial industry and energy markets. Our combined 150 years of experience will take the mystery out of hedging for you, so your firm can make decisions that will get the results you desire.


Wayne Penello is the President and Founder of Risked Revenue Energy Associates (R^2 or “R-squared”). Since 2001, the firm has been developing financial solutions for corporations and private equity firms that wish to enter, optimize or exit the energy trading/marketing arena. R^2 currently assists clients with the management of more than $65 billion in assets. In 2010, Mr. Penello was awarded a patent for R^2’s methodology for quantifying risk (US Patent # 7,822,670 B2). He has 30 years of market-making, option trading and asset management experience in the energy industry. Mr. Penello began his career on the New York Mercantile Exchange, where he was a market maker and served as Ring Chairman of options trading.

Subsequently, he held positions managing globally distributed energy assets for Vitol S.A., Vitol U.S.A., Tenneco Gas Marketing and Torch Energy. Mr. Penello was formerly a research scientist. He holds a Masters degree in Marine Sciences from Stony Brook University and an undergraduate degree in Marine Biology from Southampton College.


  Andrew Furman has 30 years of experience in energy and trading.  For the past 10 years at R^2, he has delivered hedge solutions to senior management of public corporations, private firms, institutions and utilities.  Prior to joining R^2, Mr. Furman was a managing member of Atlantic Capital Consultants, a member firm on the NYMEX.  At Atlantic, he designed the commodity options training and risk management platform which launched the careers of many successful professionals in the energy industry.  After serving as a Managing Director at two hedge funds, he assisted in the growth of R^2 through the deployment of its patented analytics.  A risk management and financial engineering expert, Mr. Furman received a Bachelor of Science degree in Chemical Engineering from MIT.           


  Bill Spijkerman has over 15 years of experience in the energy industry in deal origination and trading. He is an expert at translating customer needs into unique commercial solutions. Prior to joining R^2, Mr. Spijkerman served in management positions for several energy related firms, most recently as Director of western markets for Houston Energy Services Company where he managed all aspects of its natural gas business including supply and risk management. He has worked very closely with large commercial and industrial end-use clients throughout his career to structure suitable sales agreements. Mr. Spijkerman has served in management capacity for Xcel Energy (NYSE: XEL), Enermetrix and as an independent consultant. He holds a Bachelors of Arts degree in Economics from Texas Tech University. 


  Teddy Jones has over 20 years of trading and marketing experience in the energy industry, with expertise in managing oil and gas portfolio risk. He has held positions in energy risk management with several energy companies including: Enron, Citrus Energy Marketing, Aquila Energy, and ConocoPhillips. Most recently he was Director, US Commodity Sales for Credit Agricole where he worked with various independent producers and energy consumers to develop their hedging strategies. Mr. Jones holds a Masters degree in Business Administration, Finance from St. Thomas University and a Bachelor of Architecture degree from Texas Tech University.


  Daniel Lindenberg joined R^2 in 2008. He has worked extensively with producer management teams in order to generate cash flow models and provide fair-value and risk-adjusted portfolio valuations. Daniel is an expert in data and systems management, and developed models and systems for RVI Partners, LP. He is also experienced in hardware and network maintenance and manages IT for the firm. Mr. Lindenberg holds a Bachelors of Arts degree in Business from Southwestern University.


  Rishi Sahay is a Principal at R^2. Prior to joining R^2, Rishi worked in the asset management industry as a research analyst with Alliance Bernstein and Janus Capital. He holds a Masters degree in Mathematics from New York University, a Certificate in Global Affairs from New York University, and an undergraduate degree in Economics from Dartmouth College. He has held the Chartered Financial Analyst designation since 2003.




Will Dahlmeier is an analyst at R^2. Previously Will held positions in the Risk Management department at Macquarie Bank and on the Middle Distillates trading team at Lukoil. He holds a B.S. and M.S. in Mechanical Engineering from Carnegie Mellon University and an M.S. in Statistics from the University of Texas at Austin.



  Melody Valenzuela has over 12 years of experience in the energy and financial services industry. Prior to joining R^2, Ms. Valenzuela served in an administrative support role for FutureSource (acquired by Interactive Data Corporation, 2004) where she handled customer service and market data support for clients in North and South America. Ms. Valenzuela holds a BSBA in Business Information Systems from DeVry University.