Jobs NYC

Requisition : 81452

PSEG Company : PSEG Services Corp.

Salary Range : $ 75,000 - $ 118,700

Work Location Category : Hybrid Flexible

PSEG operates under a Flexible Work Model where flexible work is offered when job requirements allow. In support of this model, roles have been categorized into one of four work location categories:

Onsite are roles that have specific onsite requirements and are typically onsite daily.

Hybrid fixed are roles that are a blend of onsite work/in-person interactions with some ability to work remotely and require employees to live within a commutable distance and be onsite fixed days each week.

Hybrid flexible are roles that can be performed remotely but require some level of onsite work/in-person interactions on a regular basis, require employees to live within a commutable distance and, since business needs vary by position and may change over time, managers will set expectations and flexibility regarding where and when work is performed.

Fully remote are roles that can be performed remotely, require employees to live in approved states and will have purpose-driven in-person interactions on occasion.

We want you to be healthy, balanced, and feel secure. That’s why you’ll enjoy a comprehensive range of benefits, with a focus on supporting your whole health. Starting on day one of your employment, you’ll be offered several health-related benefits including medical, vision, dental, well-being and behavioral health programs. We also offer a retirement program, 401(k) with company match, company paid life insurance, tuition reimbursement and a minimum of 18 days of paid time off per year (including vacation, scheduled holidays, and floating holidays).

PSEG offers a unique experience to our more than 12,000 employees – we provide the resources and opportunities for career development that come with being a Fortune 500 company, as well as the attention, camaraderie, and care for one another you might typically associate with a small business. Our focus on combatting climate change through clean energy technology, our new net zero climate vision for 2030 and enhanced commitment to diversity, equity, and inclusion; and supporting the communities we serve make this a particularly exciting time to join PSEG.

Job Summary

The Associate Market Risk Analyst is responsible for, monitoring the risk associated with PSEG Power's Nuclear generation assets and portfolio of energy derivative hedges, and drafting risk reports for management (including C-level executives) summarizing portfolio positions and risk levels. Modeling the risk associated with PSEG's exposure to energy prices, commodities, and interest rates, FX. Build out and maintenance of energy price simulation models, hedging models, cash-flow-at-risk models, and credit exposure models. Calibration of market risk models to market data (historical data & option implied data).

Day-to-day maintenance of Market Risk department's energy & commodity risk simulation application.

This is a multi-level position (Associate Market Risk Analyst and Market Risk Analyst) and hiring is based upon experience.

Job Responsibilities

•Monitor portfolio risk associated with PSEG Power’s fleet of nuclear electricity generation assets as well as physical & financial derivative hedges, monitor compliance with Hedging Practice, risk limits, and option limits, etc.

•Utilize energy risk software or internally developed models to assess cash-flow-at-risk, GMaR (Gross-Margin-at-Risk, VaR (Value-at-Risk), and credit exposure metrics such as PFE (Potential Future Exposure), and potential margin or collateral posting.

•Maintenance of energy risk software models and records including calibration of volatility and correlation models, price simulation models, derivative hedge transactions, ratable hedging models, and hypothetical stress tests

•Design, build, automate, and maintain risk reports, generation forecast reports, hedging reports, leveraging energy risk software system (Lacima) as well as Aligne ETRM (Energy Trading and Risk Management) software system report building functionality

•Support middle office services functions performed by PSEG for its external client LIPA (Long Island Power Authority) including:

•Maintenance of credit risk modules of energy risk application utilized to model LIPA credit risk

•Creation of month end P&L (profit and loss) reports for LIPA as well as hedge effectiveness analysis

•Creation of annual energy hedge requirement forecast updates for LIPA

•Valuation model validation: responsible for benchmarking of ETRM (Energy Trading and Risk Management) software energy and commodity transaction valuation models including forwards, futures, swaps, swaptions, and single and multi-asset options, etc.

Job Specific Qualifications

•Master's Degree (in a quantitative field such as Quant Finance, Computational Finance, Financial Mathematics, Statistical Finance, or similar) with 0 years of experience specifically to Energy Risk Management, or Financial Risk Management). In lieu of Master's degree - a Bachelors degree with 5 years experience specifically to Energy Risk Management, or Financial Risk Management)

Other Qualifications:

•Ability to develop financial models using R, Matlab, or Python (or similar) programming language

•Knowledge of financial derivative pricing models, including financial option pricing theory

•Knowledge of various types of commodities hedging transaction types such as forwards, futures, swaps, and options

•Knowledge time-series analysis, and numerical regression analysis

•Ability to work with large sets of financial data

•(academic experience ok for all of the above)

Desired:

•Direct experience in energy risk management or commodity risk management

•Experience building risk models in a professional setting using R, Matlab, Python, or similar statistical programming language

•Knowledge of northeast power markets (e.g. PJM ISO), and northeast natural gas markets and pipelines

•Experience working with ETRM (Energy Trading Risk Management) software, or CTRM (Commodity Trading Risk Management) software

Minimum Years of Experience

0 years of experience

5 years of experience

Certifications

None Noted

Disclaimer

Certain positions at the Company may require you to have access to Part 810-Controlled Information. Under the law, the Company is limited in who it can share this information with and in certain circumstances it is necessary to obtain specific authorization before the Company can share this information. Accordingly, if the position does require access to this information, you must complete a 10 CFR Part 810 Export Control Compliance Nationality Request Form, a copy of which will be provided to you by Talent Acquisition if an offer is made. If there is a need for specific authorization, due to the time it takes to obtain authorization from the government, we will likely not be able to further proceed with an offer.

If you are a current PSEG employee and if you are offered an opportunity with PSEG Long Island, you will be treated as a new hire. Please note that as a new hire to the Long Island subsidiary, your benefits will change and generally will be consistent with other similarly situated PSEG Long Island new hires. Similarly, for PSEG Long Island employees who accept job opportunities with PSEG or any of its subsidiaries (other than PSEG Long Island), their benefits would change and generally be consistent with other similarly situated new hires of that company.

As an employee of PSE&G or PSEG LI, you should be aware that during storm restoration efforts, you may be required to perform functions outside of your routine duties and on a schedule that may be different from normal operations.

For all roles, PSEG’s drug and alcohol testing program includes pre-employment testing, testing for cause, and post-incident/accident testing. For employees in federally regulated roles (including positions covered by USDOT, PHMSA, or NRC regulations), this also includes random testing. Although numerous states throughout the country have legalized marijuana/cannabis products recreationally and/or medically, it is prohibited for employees in federally regulated roles. Employees who are hired or transfer into a federally regulated role are subject to drug and alcohol testing, inclusive of marijuana. Please note that the use of CBD products may result in a positive drug test for THC/Marijuana and such use is not a legitimate medical explanation for such a positive result.

PSEG is an equal opportunity employer, dedicated to a policy of non-discrimination in employment, including the hiring process, based on any legally protected characteristic. Legally protected characteristics include race, color, religion, national origin, sex, age, marital status, sexual orientation, disability or veteran status or any other characteristic protected by federal, state, or local law in locations where PSEG employs individuals.

PSEG is committed to providing reasonable accommodations to individuals with disabilities. If you have a disability and need assistance applying for a position, please call 973-430-3845 or email accommodations@pseg.com.

If you need to request a reasonable accommodation to perform the essential functions of the job, email accommodations@pseg.com . Any information provided regarding a disability will be kept strictly confidential and will not be shared with anyone involved in making a hiring decision.

ADDITIONAL EEO/AA INFORMATION (Click link below)

Know your Rights: Workplace Discrimination is Illegal (https://www.eeoc.gov/sites/default/files/2022-10/22-088_EEOC_KnowYourRights_10_20.pdf)

Pay Transparency Nondiscrimination Provision

Diversity at PSEG: Equal Opportunity Employer

PSEG is an equal employment opportunity employer and makes employment decisions, including but not limited to, hiring, firing, promotion, demotion, training, and/or compensation, on the basis of merit. Employment decisions are based on an individual’s qualifications as they relate to the job under consideration. PSEG's policy prohibits unlawful discrimination based on sex (which includes pregnancy, childbirth, breastfeeding, or related medical conditions, the actual sex of the individual, or the gender identity or gender expression), race, color, religion, including religious dress practices and religious grooming practices, sexual orientation, national origin, ancestry, citizenship, marital status, familial status, age, physical disability, mental disability, medical condition, genetic information, protected veteran or military status, or any other consideration made unlawful by federal, state or local laws, ordinances, or regulations.

Need to request an accommodation?

If you have a disability and need assistance submitting your resume, applying for a position or registering for a test, please call 973-430-3845. Any information provided regarding a disability will be kept strictly confidential and will not be shared with anyone involved in making a hiring decision.

PSEG is committed to complying with all applicable laws providing equal employment opportunities. This commitment applies to all persons involved in the operations of the Company and prohibits unlawful discrimination by any employee of the Company, including supervisors and co-workers.