Power Portfolio Manager

We are both an electricity retailer and a tech platform and we think there is no better way to address our greatest challenge, climate change, than with the combination of those two.

Through our proprietary tech platform, Kraken, we are changing the way people interact with their energy company - by making it approachable, low cost, easy-to-understand, and most importantly, 100% renewable. We’ve distinguished ourselves by being named 2020’s Energy Provider of the Year, which highlights our commitment to exceptional customer service. In many markets we are a leading employer on Glassdoor for best places to work.

Wholesale electricity makes up both our largest cost but also our most volatile. At the same time, the growth of renewables and smart access to data provides a lot of opportunities. This is an exciting opportunity to help build out a key function, both to enable Octopus to rapidly grow its customer base but also to innovate and participate in the drive to net zero.

What you'll do

• As the Power Portfolio Manager, you will be responsible for retail supply management activities in ERCOT power market as well as risk management, and retail contract pricing driving the gross margins associated with our retail power business located in the ERCOT market.
• Identify long and short-term price and volume risk exposures inherent to the retail power business
• Monitor and manage shaping risk of the retail load portfolio and optimize utilization of DSR program to help manage risk.
• Execute bilateral hedges, day-ahead demand bid schedules, and utilize non-standard instruments to cover risk and load for the retail book.
• Monitor and formulate forward price curves for all power cost components and continually monitor and adjust shaping assumptions to produce retail pricing at expected gross margin.
• Provide insight to senior management into the drivers of the company’s gross margin from forecast through settlement
• Produce reports related to the company’s open position and MTM exposure, and VaR under a range of outlooks
• Expand supplier relationships to maximize market coverage and trading liquidity
• Take ownership of risk management policy, suggest amendments, and ensure compliance with all approved risk limits with close monitoring of position and mark-to-market reports
• Develop and recommend clear procurement strategies to key stakeholders (both within Octopus Energy US and the wider Octopus Energy group) using data-driven analysis.
• Continuously challenge processes and deliver improvement/automation, or spec improvements/automation for delivery by the Tech team.
• Make proposals on generation, flexibility, or DSR initiatives that will support risk management and innovative ways to deliver genuine renewable supply.

What you'll need

• Minimum 5 years of experience working in ERCOT markets
• Bachelor’s degree or higher in a quantitative field such as Engineering, Mathematics or Statistics
• Very bright, highly numerate, ability to handle multidimensional concepts
• Proficiency in Python and SQL is necessary
• Experience managing and reporting on financial risk
• Strong analytical skills coupled with an ability to think strategically
• Excellent verbal and written communication skills
• Flexibility to grow and adapt as the business grows
• Able to challenge with empathy and support as required at times as we develop the business
• Comfortable with some ambiguity (our world is changing fast)

Why else you'll love it here

• Great medical, dental, and vision insurance options including FSAs.
• Paid time off — we know working hard means also being able to recharge as needed, we trust our employees to get the work done and take the time they need.
• 401(k) plan with employer match.
• Parental leave. Biological, adoptive and foster parents are all eligible.
• Pre-tax commuter benefits.
• Flexible working environment: you need to shift around your schedule? You do you, we genuinely believe in work/life balance.
• Equity Options: every Octopus employee owns part of the business. We’re a team, working together towards huge goals. Every person is crucial to our success, you should be rewarded as such.
• Modern office or co-working spaces depending on location.
• Wondering what the salary for this role is? Just ask us! When on a call with one of our recruiters it's something we always cover as we genuinely want to match your experience with the correct salary. The reason why we don't advertise is because we honestly have a degree of flexibility and would never want salary to be a reason why someone doesn't apply to Octopus - what's more important to us is finding the right octofit!

If this sounds like you then we'd love to hear from you.

Studies have shown that some groups of people, like women, are less likely to apply to a role unless they meet 100% of the job requirements. Whoever you are, if you like one of our jobs, we encourage you to apply as you might just be the candidate we hire. Across Octopus, we're looking for genuinely decent people who are honest and empathetic. Our people are our strongest asset and the unique skills and perspectives people bring to the team are the driving force of our success. As an equal opportunity employer, we do not discriminate on the basis of any protected attribute. Our commitment is to provide equal opportunities, an inclusive work environment, and fairness for everyone.