Market Analyst, Market Power Mitigation

This role is with the internal market monitoring (IMM) group in ISO New England. Market monitoring is responsible for protecting both consumers and market participants in the wholesale electricity markets by mitigating the impacts of uncompetitive bidding, identifying and reporting market design issues and market manipulation, and evaluating market performance. In fulfilling this role, we rely on a multidisciplinary team with expertise in economics, financial analysis, engineering, data science and law.

How You Will Make an Impact
This analyst will play an important role in implementing the market power mitigation rules in the wholesale energy markets, and thereby helping to ensure that prices are set at competitive levels. You will get a unique insight into the capital and operating costs of generators, ranging from existing fossil fuel generation to emerging new technologies such as battery storage, as the grid transitions to clean energy. The analyst will interact with project owners and existing participants, and conduct production cost and financial analysis in the evaluation of offers in the energy and capacity markets. You will also have a role in conducting empirical analysis assessing the effectiveness of the mitigation rules, developing and reviewing market reports and screens, and monitoring participant behavior for compliance with the market rules.

• Paid participation in the monitoring and mitigation on-call rotation, which includes some weekend on-call duties
• Hybrid work schedule with up to 2 days remote

How you will make an impact

• Develop and use financial and engineering models to estimate and evaluate a generator’s marginal and opportunity costs of production
• Create and analyze large datasets containing generator offers, fuel input and operational data
• Develop screening tools to identify tariff violations and market manipulation in the energy market
• Perform the energy market mitigation duties as set out in the market rules
• Create production cost models for existing and new resources used to determine competitive benchmarks (reference levels) in energy market mitigation assessments. Assess the reasonableness and veracity of inputs into the reference level calculations, such as heats rates, and variable operation and maintenance costs
• Review and develop market reports providing situational awareness of market outcomes, competitiveness and mitigation
• Evaluate the offers of new generators seeking to enter the capacity market and existing capacity generators seeking to exit the capacity market
• Perform due diligence quality reviews of financial reports, project financing models, risk assessments and engineering studies associated with the development of new resources and the exit of existing capacity resources from the capacity market
• Assist in the development, testing and implementation of tools required to operate and develop the mitigation functions in the energy and capacity market

What We Are Looking For

• Bachelor’s degree in Economics, Finance, Engineering, Business Administration or related field.
• Experience or interest in wholesale electricity markets or in the electric utility industry
• Familiarity with wholesale electricity and gas markets, as well as an understanding of inputs and drivers of production and opportunity costs. Knowledge of costs across the power plant asset life cycle (build - > operation - > retire) desirable
• Ability to thoroughly analyze data, and assess power buying and selling strategies from the perspective of a profit maximizing market participant
• Financial analysis skills - understanding of discounted cash flow models and modeling techniques
• Ability to identify anomalous outcomes and behavior, identify potential gaps in the current electricity market rules, and assess how participants could exploit such gaps
• Demonstrated ability to work to tight deadlines, and efficiently and collaboratively with others.
• Experience with Excel, SAS, SQL or other relational database software to perform analysis on large databases (desirable)
• Experience with risk evaluation techniques (desirable)
• Excellent written and oral communication skills, and ability to communicate technical concepts to a broad audience

The position is open to qualified candidates at various levels, ranging from Associate to Senior Analyst. The level depends on a number of considerations, including, but not limited to:

• experience in a similar role
• technical proficiency
• academic background
• ability to manage and lead projects
• ability to mentor analysts, and
• level of communication and interpersonal skills

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From Holyoke, MA, ISO New England oversees the 24/7 operation of the power grid that covers the six-states of New England and administers the region’s $15+ billion “stock exchange” for the buying and selling of wholesale electricity. The power system is constantly evolving as new technologies emerge and energy policies evolve. There is a lot happening at our organization behind the scenes to make sure the grid continuously yields reliable electricity at competitive prices while addressing the clean energy transition here in New England. COME JOIN US in making an impact within the region!

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COVID-19 Policy: Employee safety and well-being is a priority at ISO New England. To safeguard our teams and the important work they do, ISO New England has a mandatory COVID-19 vaccination policy.
Equal Opportunity: We are proud to be an EEO/AA employer. Applicants for employment are considered without regard to race, creed, color, citizenship, religion, sex, sexual orientation, marital status, national origin, age, disability, status as a veteran, Vietnam Era Veteran, or being a member of the Reserves or National Guard.

Drug Free Environment:
We maintain a drug-free workplace and perform pre-employment substance abuse testing.

Social Networking Notice:
ISO New England reserves the right to review the candidate's postings on any social networking site accessible in the public domain as part of the candidate assessment process.