Market Risk Manager

Join the team of an established leader in clean energy, with 5,900 megawatts of operating and under construction wind, utility scale solar and storage assets across the U.S. Formerly known as Duke Energy Renewables, Deriva Energy is a portfolio company of Brookfield, one of the world's largest owners and operators of renewable power and climate transition assets. Deriva is headquartered in Charlotte, North Carolina.

Deriva Energy attracts high-performing individuals who are driven to make an impact in a fast-paced and collaborative environment. We encourage collaboration across all levels of experience to promote learning, generate best ideas, and deliver quality results, with the aim for growth and career development. We offer unparalleled opportunity to lead and manage one of the largest renewable energy businesses with decades of history, while contributing to the global need for sustainable energy.

Overview

The Market Risk Manager is responsible for market risk assessment, monitoring, modeling, and analysis functions for Deriva Energy wind and solar portfolio. As the Manager of Market Risk, you will rely on your expertise in analyzing market trends, assessing risk exposure and risk management strategies. Your experience of the North American power market will pay a crucial role to identify and quantify market risks related to commercial and trading activities.

Responsibilities

• Monitor Company Risk Policy compliance and report any exceptions, identified new risks and make recommendation for updates and board consideration to the policy.
• Assist the Middle Office in the development of sophisticated financial models for complex transactions within the physical and financial power markets, including MISO, SPP, PJM, NEISO, NYISO, CAISO, and ERCOT.

• Balance open collateral and margin positions with counterparties and ISOs

• Evaluate the basis risk, price risk, and generation risk associated with our merchant wind, solar, and storage resources in relation to potential Power Purchase Agreements (PPAs) opportunities.
• Monitor and manage basis risk exposure with Power Marketing team by reviewing compliance with risk limits for the various financial instruments, made available through energy markets, such as FTRs, TCRs CRRs and PTP (Point to Point) transactions. Review that the trades are properly captured within the trade capture system. Provide management reporting regarding trade strategy results.
• Stay informed about relevant market developments, including price volatility, price correlation, changes in market rules, and shifts in supply and demand dynamics.
• Work with the RCC to monitor market factors, trends, etc. with basis, congestion, and curtailments and provide market overview to management when appropriate.
• Assess the risk profile of our power portfolio, encompassing derivatives, futures contracts, and
• physical assets such as wind, solar, and storage installations
• Contribute to the development and maintenance of Revenue at Risk models, including conducting stress tests and performing attribution analysis.
• Support and develop Capacity trading strategies.
• Establish key indicators to monitor the effectiveness of risk strategies and Power Purchase Agreements (PPAs).
• Present quantitative analysis and insights to Front Office functions and senior management.
• Support the Front Office with ad-hoc analytical requests, such as basis risk analysis and plant generation optimization.
• Review and validate valuation models created by the Front Office and Finance teams as needed.
• Model power pricing for developers. Model using historic data and trends in environmental factors, policy, and power pricing to develop power curves used in project modeling for potential renewables project offerings to customers.
• Review proposed transactions and provide recommendations for appropriate risk mitigation measures to stakeholders.
• Support growth analytics for scenario planning, growth budget and forecast development and renewables business plan, including model review and quality control.
• Develop, create, and maintain Power Curve pricing for various operating project based on management direction and support.
• Review PPAs and other contractual agreements to understand billing mechanics and risk exposures to the company.

• Perform complex queries in energy trading systems in support of various compliance filings and inquiries from internal stakeholders.

• Coordinate REC Transfer and Sales Agreement between the Business Unit, Power Marketing and Risk Management Teams
• Work with the Power Marketing team to maintain the portfolio REC inventory and expected position.
• Recommend other hedging opportunities through new product development or counterparties who may have an interest. Monitor the power markets for potential long/mid-term hedge opportunities.
• Assist in the preparation for the annual generation and market revenue budgets.
• Assist with compiling assumptions and pricing for asset recoverability assessments.
• Develop the tools and processes to facilitate Mark to Market reporting to parent company.
• Educate, coach, and mentor team members across the enterprise.
• Support enhancements and recommendations to IT team to support the market risk business model tool.

• Bachelor's degree with major in engineering, accounting, finance, economics or related discipline
• 4-8 years of increasingly diverse or complex experience in related field in addition to degree
• Possesses fundamental knowledge of energy trading and risk management practices.
• Advance knowledge of Microsoft Excel, PowerQuery, PowerBi or Tableau
• Demonstrated ability to manage and assess large amounts of data and distill for management consumption.
• Strong quantitative and qualitative data modeling skills
• Advanced analytical and mathematical skills combined with advanced knowledge of numerical/algorithmic methods.
• Knowledge of financial derivatives, options, and futures, and their application in risk management.
• Understanding of the various ISO's and RTO's and their basic operations, the wholesale energy markets and products including Energy, Transmission and Capacity and experience using RTO data interface
• Understanding of emissions and REC products

• Experience leading large projects with both direct and indirect oversight of work.
• Understanding system economic and reliability curtailments
• Able to work in a dynamic, fast-paced environment and to adapt quickly to changing priorities.
• Self-motivated, with a high level of initiative.
• Strong attention to detail and focused on achieving high quality results with the organization's standards.
• Adaptable and able to work effectively in ambiguous or changing situations, and with diverse individuals and groups.
• Capable of conducting research on various topics and acquiring essential knowledge and skills independently.
• Demonstrated ability to work independently and meet stated deadlines.
• Demonstrated ability to work in a team environment and foster good relationships with teammates and business partners.
• Excellent written and oral communication skills

• Graduate degree in finance, business, accounting or other related disciplines
• Professional designation such as FRM, ERM or CPA will be considered an asset.
• Working knowledge of GAAP
• Understanding of different trading platforms or work experience with CommoditesXL, PowerOptix, Adapt2, Aveva PI system, ZE Power, Zema, Hitachi ABB curves, Woodmac Greenscape, Morningstar, Yes Energy, and various Financial and Accounting software (i.e., IFS, OneStream, etc.)
• Understanding of CommoditiesXL platform with demonstrated ability to use its capabilities to improve business operations and risk management.
• Knowledge of programming languages i.e. VBA, SQL, Python or similar
• Advanced query writing skills
• Experience with power settlements and invoicing with the various ISO/RTOs
• Experience with complex power purchase agreements, VPPAs, and CFD

• Hybrid - Work will be performed from both remote and onsite locations after the onboarding period. However, hybrid employees should live within a reasonable commute to the designated Deriva Energy facility.