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.