Market Risk Manager

Deriva Energy

4d•Onsite

About The Position

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. This position is located in Charlotte, NC. Employees should live within a reasonable commute to the designated Deriva Energy facility or be open to relocation. Relocation assisted can be provided for the right candidate. 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.

Requirements

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

Nice To Haves

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
Renewable Energy experience
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

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
Manage counterparty credit risk across trading and origination portfolios.
Conduct credit reviews and financial analysis for counterparties, including: Financial statement analysis Credit scoring and internal ratings Liquidity and leverage assessment
Establish and monitor credit limits, collateral thresholds, and margin requirements
Oversee exposure reporting, including potential future exposure and stress scenarios
Partner with Legal and Commercial teams on credit terms, collateral provisions, guarantees, and ISDA/EEI negotiations
Monitor counterparty performance and proactively identify deterioration in credit quality
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