Market Risk Manager

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 assistance can be provided for the right candidate.

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 detail oriented.

• 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 counter parties 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 counter party credit risk across trading and origination portfolios
• Conduct credit reviews and financial analysis for counter parties, 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 counter party 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,…