Market Risk Manager
3 weeks ago
At Kavaliro, we are seeking a highly skilled Market Risk Manager to join our team. As a Market Risk Manager, you will be responsible for assessing, monitoring, and managing market risk for our company's portfolio. You will rely on your expertise in analyzing market trends, assessing risk exposure, and developing risk management strategies to identify and quantify market risks related to commercial and trading activities.
Key Responsibilities:- Monitor and report on Company Risk Policy compliance, identifying new risks and making recommendations for updates and board consideration.
- Assist the Middle Office in developing sophisticated financial models for complex transactions within the physical and financial power markets.
- Balance open collateral and margin positions with counterparties and ISOs.
- Evaluate basis risk, price risk, and generation risk associated with merchant wind, solar, and storage resources in relation to potential Power Purchase Agreements (PPAs) opportunities.
- Monitor and manage basis risk exposure with the Power Marketing team by reviewing compliance with risk limits for various financial instruments.
- 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, 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 ISOs and RTOs 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.
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