Risk Analyst

Calpine • San Diego, CA

1d

About The Position

The Risk Analyst plays a critical role within Calpine Energy Solutions’ risk management functions. This position provides independent oversight of commodity exposures, valuation, and P&L while partnering closely with front, middle, and back office teams. The role emphasizes strong analytic discipline, system expertise, and continuous improvement through process automation and enhancing business transparency. This position supports power and gas retail and wholesale activities by ensuring accurate deal capture, valuation, exposure reporting, and management information to enable informed commercial and risk decisions.

Requirements

• Bachelor’s degree is required; preferably in Finance, Economics, Business, Risk Management, or a related quantitative field.
• Ability to learn and become proficient with Microsoft Dynamics CRM
• Minimum of 2 years’ experience; preferably in energy industry.
• Highly desirable to have some experience with commodity or financial transaction valuation and forward reporting
• Ability to communicate effectively in both written and verbal communications
• Strong attention to detail, analytical rigor, and problem solving skills
• Strong desktop computer skills with the most important being Excel then Word and to a lesser extent PowerPoint and Visio
• Understanding of mark to market concepts
• Some experience with data analysis and reporting tools such as Power BI, VBA, SQL, Python, Power Automate, or similar is highly desirable
• Basic knowledge of Gas Storage and Transportation
• Basic knowledge of renewable energy
• Basic understanding of commodity trading and economic modeling along with power and gas physical deal valuations
• Some experience with Energy Trading and Risk Management Systems such as Allegro, Endur, etc.
• Ability to work both independently and in a team environment

Nice To Haves

• preferably in energy industry
• Highly desirable to have some experience with commodity or financial transaction valuation and forward reporting
• Some experience with data analysis and reporting tools such as Power BI, VBA, SQL, Python, Power Automate, or similar is highly desirable
• Basic knowledge of Gas Storage and Transportation
• Basic knowledge of renewable energy
• Basic understanding of commodity trading and economic modeling along with power and gas physical deal valuations
• Some experience with Energy Trading and Risk Management Systems such as Allegro, Endur, etc.

Responsibilities

• Perform daily reporting to portfolio managers and management summarizing positions and MtM P&L.
• Provide independent analysis and reporting of commodity positions and market price exposures to ensure compliance with company policy/guidelines and alignment with management risk appetite.
• Identify market/reporting/operational risks and proactively escalate issues with clear analysis and recommended actions.
• Perform daily reconciliation, verification and validation of all trading and pricing activities, as represented in the Energy Trading Risk Management Systems (ETRM).
• Research and understand the portfolio’s risks.
• Evaluate structured deals to ensure accurate deal capture and compare valuations from ETRM systems with front office expectations (risk summaries).
• Serve as a key risk partner on structured and non standard transactions, ensuring all economic components are properly captured, valued, and reported.
• Prepare structured deal reconciliations between initial deal evaluations, and accounting outcomes to confirm reporting accuracy.
• Involvement in development of new reports.
• Coordinate P&L actualization with settlement and operations groups.
• Ensure integrity of P&L by coordinating with trading, settlements, scheduling, and operations teams across the transaction lifecycle.
• Prepare detailed monthly reporting to facilitate accounting processes.
• Act as a subject matter expert (superuser) for Calpine’s trading and risk management systems (e.g., Allegro), supporting accurate deal capture, valuation, and reporting.

Benefits

• Equal Opportunity Employer of Minorities, Females, Protected Veterans, and Individuals with Disabilities.
• Calpine is committed to Equal Employment Opportunity and providing reasonable accommodations to applicants with physical and/or mental disabilities.

What This Job Offers

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