Market Risk Manager

Job Description:

Overview

Deriva Energy is a leading Independent Power Producer in the US renewables market, with over 6.5GW of operating or under construction wind, solar and storage projects across the country. Formerly the division of Duke Energy, Deriva is now backed by Brookfield Renewable and is poised for dynamic growth across its wind, solar, and storage portfolios. Join a dynamic team committed to excellence and innovation who envision a future of energy independence using resilient, carbon-free generation. We offer competitive compensation, comprehensive benefits, and the opportunity to make a significant impact on the rapidly evolving renewable energy industry.  Deriva empowers customers with innovative clean energy solutions that strengthen communities and serve future generations.

Summary

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. Job duties include analyzing information from internal and external sources, reading and interpreting contract terms, leveraging settlement data, modeling various scenarios and communicating asset performance with various internal stakeholders.  Other responsibilities include facilitating Renewable Energy Credit contracting and analyzing/researching ad-hoc requests to support management decision making, and support asset recoverability and Mark to Market valuations.  The candidate needs to be familiar with a variety of derivative and hedging practices and assure adherence to the control environment.  The ideal candidate will possess strong attributes for accuracy and will be highly detailed oriented.

Duties and 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

• 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

• Establish key indicators to monitor the effectiveness of risk strategies and Power Purchase Agreements (PPAs)

• Support the Front Office with periodic and 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

• Review proposed transactions and provide recommendations for appropriate risk mitigation measures to stakeholders

• 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

Basic Qualifications

• Bachelor's degree with major in engineering, accounting, finance, economics or related discipline

• Five (5) years or more of increasingly diverse or complex experience in related field in addition to degree

• In lieu of bachelor's degree, high school diploma/GED AND 10 years or more years of related work experience

Desired Qualifications

• Graduate degree in finance, business, accounting or other related disciplines

• Strong quantitative and qualitative data modeling skills

• Professional designation such as FRM, ERM or CPA will be considered an asset

• Working knowledge of GAAP

• 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

• Understanding of different trading platforms or work experience with, Aveva PI system, ZE Power, Zema, Hitachi ABB curves, Woodmac Genscape, Morningstar, Yes Energy, and various Financial and Accounting software (i.e., IFS, OneStream, etc.)

• Knowledge of programming languages i.e. VBA, SQL, Python or similar

• Experience with complex power purchase agreements, VPPAs, and CFD

• 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

• 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

Working Conditions

• This position is located in Charlotte, NC

• Hybrid work schedule–hybrid employees should live within a reasonable commute to the designated Deriva Energy facility.

• Up to 25% travel

Benefits

• Health Insurance

• Dental Insurance

• Vision Insurance

• 401(k) with matching

• Employee assistance program

• Flexible spending account

• Life insurance

• Paid time off

• Parental leave

Additional Information:

Applicants must be authorized to work for ANY employer in the U.S. We are unable to sponsor or take over sponsorship of an employment Visa at this time.

Deriva welcomes veterans of the United States Armed Forces to apply for this position. Deriva includes veterans of all branches and a diverse set of occupational specialties. We value the independent thinking, problem solving, leadership, and teamwork that our veterans have developed through their service. We welcome applications from any service and any military occupational specialty.

Deriva Energy is an Equal Opportunity and Affirmative Action Employer encouraging diversity in the workplace. All qualified applicants will receive consideration for employment without regard to their race, color, creed, religion, national origin, citizenship status, ancestry, sex, age, physical or mental disability, marital status, family responsibilities, pregnancy, genetic information, sexual orientation, gender expression, gender identity, transgender, sex stereotyping, protected veteran or military status, and other categories protected by federal, state or local law.