New York Power Authority Director Market Analysis & Hedging in White Plains, New York

Summary

The Director Market Analysis and Hedging (MA&H) is responsible for managing and supervising the Market Analysis & Hedging group within the Energy Resource Management department. Responsible for ensuring leadership in NYPA’s (i) development of hedging strategies to mitigate forward commodity price risk for NYPA and its customers upon approval from Management, procure financial / physical products in the marketplace, (ii) directs and executes derivative securities as part of the hedging program, (iii) ensures that all activities are within the market and operations risk management policies and procedures tolerance levels, (iv) maintains competitive information regarding loads, resources and prices, (v) develops forward forecasts of hydro availability, energy and capacity prices, as well as ancillary energy prices, and provides revenue forecast for the Blenheim-Gilboa (BG) pumped storage facility and our fossil fuel generators, (vi) provides leadership, management and guidance to the Resource Planning group which performs longer term analyses of energy markets and specific projects which may impact NYPA.

Responsibilities

  • Provide strategic direction, guidance and supervision to the Energy Portfolio Manager and his/her team in the development of hedge strategies to mitigate energy commodity price risk exposure.

  • Maintain system to support energy trade risk management. Consult and recommend hedge strategies to the New York City Governmental Customers (NYCGC) in support of their annual cost of service process along with providing them a monthly risk report and the execution of strategies which they request of us. For NYPA’s net income risk, work with the Director of Power Trading and Director Fuel Planning & Operations to develop strategies to contain our merchant exposure to commodity price risk and analyze the volumetric risk for our hydro and fossil availability. For the ReCharge NY program, developing strategies to contain the exposure to energy commodity price risk. Activities to support this include maintaining OTC (over the counter) relationships with qualified firms, membership & trading access to NYMEX and ICE including web ICE (inter-continental Exchange), maintaining multiple forward commission merchants (FCM’s) and third party brokers, as well as having the Bloomberg terminal for real-time price and information discovery. Use of analytical tools such as Matlab, Risk Solver and VBA (visual basic) is needed along with using an energy commodity and credit risk management solution (Now using Ascend / Allegro) maintained by the mid office. Also, maintaining forward price curves in our PEG (Price of Electric and Gas) system from an outside vendor (Platts). Finally, reporting on derivative positions thru GASB (government accounting standards board) hedge effectiveness testing on a quarterly basis.

  • Contribute to the development of new and existing products and services to increase wholesale market presence.

  • Develop forward generation forecasts of hydro availability, energy prices, capacity prices, emissions prices and resulting fossil fuel and pumped storage revenues at NYPA plants using vendor supplied software.

  • Provide strategic direction, oversight and broad-based management of the Resource Planning Group which performs complex studies on far reaching projects that may impact NYPA, or projects which we are directly considering and want to know the financial aspects of. Using sophisticated software tools such as the GE MAPS (multi area project simulation), use long-term analyses with given assumptions to examine various projects as well as their effects on NYPA’s business model.

  • Ensure an updated Business Continuity Plan (BCP) is in place.

  • Support as needed analysis to support NYPA’s position in the changing energy landscape.

Knowledge, Skills and Abilities

  • Ability to be self-directed, results-driven and accustomed to overseeing multiple activities simultaneously.

  • Ability to demonstrate strong team leadership skills within MA&H and throughout NYPA, possess advanced analytical and reasoning skills and have knowledge of the US natural gas and electric markets with an exceptional knowledge of the northeast utility markets.

  • General knowledge of NYPA’s balance sheet including its customer base, transmission revenues and its merchant energy and capacity sales along with a working knowledge of our large hydro facilities and the volumetric risk associated with the hydro flows.

  • A keen understanding of the NYISO administered marketplace, physical natural gas markets, as well as the underlying financial energy and natural gas marketplace.

  • General knowledge of NYPA’s Southeast New York Governmental customers (NYCGC and Westchester) and their cost of service along with the contractual relationships and the development of the individual components.

  • Strong organizational skills.

  • Strong verbal and written communication skills and the ability to present complex matters to executive management and customers in both a formal manner and non-formal.

  • Strong people management skills and ability to manage professionals ranging from entry-level to manager levels, providing them with employee development goals.

  • Ability to multi-task and delegate tasks to effectively manage assignments and meet deadlines for bidding requirements.

  • Development of working relationships across a broad spectrum of functions including Finance, Operations, Marketing, Treasury, Legal and Accounting.

Education, Experience and Certifications

  • Bachelor’s degree in business administration, engineering, finance, math, sciences or a business related field is required; Masters &/or an MBA is preferred.

  • Minimum of 10 years of experience with broad exposure in the energy and/or financial markets.

  • Solid working knowledge of physical assets and valuation of its operational capabilities in the NYISO markets.

  • Experience with negotiated energy contracts, cost of service, and valuation.

  • Minimum of 7 years of experience in working with an Energy Commodity Risk Management system.

  • Minimum of 5 years of experience in forecast modeling and fundamental systems modeling.

  • Minimum of 5 years’ experience in a supervisory role.

  • Experience with trades on ICE, NYMEX, OTC trades, etc.

  • Experience with a wide range of hedging tactics including physical and financial forwards, basis swaps and option strategies.

  • Experience with International Swaps and Derivatives Association (ISDA) documents, power annexes, North American Energy Standards Board (NAESB) agreements, etc.

Physical Requirements

  • Approximately 10% travel within NYS, primarily to NYPA’s ECC located at Marcy, NY

  • Valid NY State Driver’s License

The New York Power Authority is an Equal Opportunity Employer