Principal Term Trader / Senior Term Trader

Portland General Electric • Tualatin, OR

1d • Onsite

About The Position

At PGE, our work involves dreaming about, planning for, and realizing a smarter, cleaner, more enduring Oregon neighborhood. Its core to our DNA and we haven’t stopped since we started in 1888. We energize lives, strengthen communities and drive advancements in energy that promote social, economic and environmental progress. We’re always looking for people passionate about leading and being a part of teams that are advancing innovative clean energy solutions that are also affordable and accessible to all. We are looking for a Senior Trader or Principal Term Trader to join our Term Trading team. The position will lead natural gas position management applicable to term trading timelines (e.g., primarily focused on prompt month to the next year). Attaining internal qualifications to trade term-authorized power products will also be applicable but will not be the immediate focus of the position. In this role you will conduct purchase and sale transactions to increase margin, and lead internal stakeholder engagement to ensure natural gas positions are understood across front-office teams and partner organizations such as Risk Management and Power Cost Forecasting. The successful candidate will need to demonstrate a thorough understanding of wholesale hedging practices. You will also represent front-office in internal working groups tasked with establishing forecasts of power costs in regulatory proceedings. Placement at the Principal or Senior level will be based on the respective qualifications and experience for this position.

Requirements

• Requires a bachelor’s degree in finance, economics, engineering, math, science, marketing or other related field or equivalent experience.
• Principal Experience Typically, 12 or more years in energy trading, derivatives, marketing or bulk electronic and gas system management or related field.
• Senior Experience Typically, eight or more years in energy trading, derivatives, marketing or bulk electronic and gas system management or related field.
• Principal proficiency level: expert
• Senior proficiency level: advanced
• Knowledge of Western electrical and natural gas grid supply and demand components, along with all of its assets.
• Ability to function with an entrepreneurial and competitive perspective to assist PGE in actively trading in commodities and executing power transactions.
• Skills in analyzing energy market conditions or trends.
• Knowledge of California Independent System Operator (CAISO) bidding and strategy as it pertains to Day-Ahead.
• Knowledge of the operational capabilities of hydroelectric, coal and natural gas plants.
• Knowledge of WECC trading and scheduling practices.
• Knowledge of physical/financial gas trading fundamentals and dynamics.
• Knowledge of PGE organization, business objectives and marketing capabilities.
• Knowledge of electric utility operations, PGE accounting and economics.
• Knowledge of PGE business practices.
• Ability to develop and present proposals and information to a diverse group of customers and clients.
• Ability to manage trading book and earn a profit.
• Spreadsheet and database computer skills.
• Working knowledge of WSPP, International Swaps and Derivatives Association (ISDA), Gas Industry Standards Board (GISB) and North American Energy Standards Board (NAESB) agreements.
• Analytical thinking skills.
• Decision-making skills.
• Problem-solving skills.
• Interpersonal skills.
• Written and oral communication skills.
• Substantial: Consistent use of logic or scientific thinking to define problems, collect information, establish facts and draw valid conclusions (for example, engineer, HR director, plant manager, etc.).
• Ability to adhere to set response times, deadlines and time-sensitive tasks
• Ability to follow accuracy standards
• Ability to follow through on decision-making tasks
• Ability to interact effectively and collaboratively within a team environment
• Ability to communicate and problem solve when under stress
• Ability to respond and adapt to frequent change
• Ability to accept and demonstrate self-awareness when provided constructive feedback
• Ability to discern feedback and acknowledge ownership of areas of improvement
• Ability to avoid future mistakes by applying reasonable skills to new but similar work situations or tasks
• Ability to successfully collaborate with peers, managers and others within the organization
• Demonstrates sound memory
• Ability to process new information to be applied consistently to work tasks
• Ability to adhere to pre-established schedule, including start/stop time and break/lunch schedule
• Ability to work long hours
• Ability to work a variable schedule
• Ability to report to work and perform work during periods of severe inclement weather

Responsibilities

• Serves as an expert when it comes to communicating impacts of term trading on preschedule operations.
• Leads Term to Day-Ahead strategy discussions (e.g., “Hand Off” meetings) and can clearly outline the Term Teams thought process in providing position(s) to Day-Ahead.
• Serves as an expert on the commodity energy markets and captures market information that will facilitate economic transactions.
• Demonstrates ability to build relationships with PGE originators (e.g., Structuring and Origination and Renewable Initiatives) and can guide them to find products needed to hedge the position.
• Evaluates business-related software applications and implements improvements to products; provides training and guidance on power and gas marketing to less experienced traders.
• Understands the forward position and how changes to the portfolio mix and load will impact not only the forward position but the impact to Day-ahead and Real-time operations.
• Acquires sufficient and cost-effective supplies of wholesale energy commodities to reliably serve PGE load and contractual commitments.
• Leads PGE’s deterministic position management; independently negotiates and executes approved transactions to meet customer demand, optimize company assets and maintain system integrity.
• Maintains qualification to execute short-term (next-day) power and/or gas trades but primary focus is long-term (up to 24 months) power and/or gas trades in commodity markets with approved counterparties.
• Leads the development and execution of mid-term hedging strategies beyond 24 months.
• Leads transaction strategy and execution specific to FERC jurisdictional products beyond power and natural gas (e.g., Congestion Revenue Rights).
• Mentors junior team members in transacting of FERC jurisdictional produces with less complexity (e.g., Renewable Energy Certificates and Carbon Allowances.)
• Works with Credit and Contracts Department to establish new trading partnerships and opportunities.
• Analyzes PGE’s commodity positions and makes recommendations on optimizing the value of PGE’s assets.
• Performs both technical and fundamental analyses of regional power and regional/national natural gas markets; recommends and implements hedge execution strategies to optimize company assets and manage risk.
• Develops and operates models to determine the likelihood of favorable plant economics based on power and fuel prices for various time frames.
• Plans the most efficient and profitable operation of generation assets and contractual resources in the portfolio based on such modeling.
• Evaluates and coordinates the timing of scheduled plant outages with the resource coordinator to ensure that plant availability is maximized when plant profitability is highest, while performing necessary plant maintenance.
• Collaborates with long-term resource and planning groups to review asset acquisitions.
• Leads in managing PGE’s forward probabilistic power and gas positions consistent with approved hedging strategies and exposure limits.
• Performs complex ad-hoc analyses to support strategic portfolio decisions.
• Researches commodity electricity and natural gas markets to master the market fundamentals and develop trading strategies.
• Serves as technical lead; assists in training Operations staff in power and gas trading and delivery.
• Provides technical oversight and coordination of trader activities to ensure alignment.
• Coordinates with Power Operations managers to align program goals concerning trading and position strategy; interfaces with traders to provide real-time decision support.
• Ensures cross-functional alignment for implementation of programs.
• Cooperates with Term, Prescheduling and Risk Management to ensure compliance with policies and practices.
• Provides operational leadership concerning state and federal regulatory impacts to Power Operations and helps coordinate compliance with applicable Federal Energy Regulatory Commission (FERC) orders, North American Electric Reliability Corporation (NERC), Western Electricity Coordinating Council (WECC) and other applicable reliability standards and transmission tariffs and business practices.
• Assists in the development of power and gas policies and procedures.
• Ensures internal stakeholders at manager, general manager and VP levels are informed of program goals, activities, results and issues.
• Monitors within month power cost changes and partners with Power Cost Forecasting to lead the development of net variable power cost forecasts used by corporate forecasting.
• Partners with Rates and Regulatory Affairs to lead the development of testimony and response to data requests to support rate case requirements and outside stakeholder data requests.
• Accounts for all details of term and prescheduled transactions; ensure real-time and back-office personnel are provided with daily preschedule documentation.
• Represents PGE in industry-related regional and national organizations and forums, including technical committees and workgroups.

Benefits

• performance based incentive bonus
• total rewards package that is designed to reward your contributions to the company, and, at the same time, support your well-being and professional development, both now and into the future.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior