Where you fit inShell Energy is at the heart of delivering Shell's ambition to become a world-class investment case that powers progress by providing a diverse array of cleaner energy solutions. Shell Energy is an exciting, fast-moving business - and a key driver in being able to fulfil that ambition.
The European Power Portfolio has grown significantly over the last 2 years, which in turn has increased the level of market and operational risk within the Shell Energy Europe business. One such area is the management of electrons in the short-term power markets across UK and Europe. As a result, a new opportunity to analyse/report these risks has emerged and will be the primary responsibility of the newly created role.
The role will be based in London, leading a team of market risk professionals from within Shell and our short-term power businesses. The purpose of the role is to independently identify, measure, and report on the level of risk from new business proposals, material contracts, and trading market conditions to advise the commercial teams on mitigation strategies and risk appetite. The role will provide risk assessments and insights to senior management while collaborating with and providing market specific information and advice to others in the Global Finance and Risk Management organization.
The role will require a close collaboration across Market Risk teams to ensure risks are adequately reflected. The role also works closely with Risk Leads for all parts of the Risk Management spectrum, as well as Front Office, Finance, Valuation, Compliance, and Back Office.
What's the role? As Market Risk lead for Short-Term Power:
- Line management responsibility for Market Risk Teams covering short-term trading activities
- Market Risk focal for new business integration into Shell's Trading & Supply (T&S) business
- Ensuring the Short-T erm Risk team is able to adequately monitor volumetric position taking in real-time (undelivered, delivered & imbalance volumes)
- Develop full understanding of systematic trading strategies and ensure appropriate controls and monitoring strategies are implemented.
- Embedding of Trading & Supply controls, and implementation of fit-for-purpose risk metrics
- Performance reporting for management; including but not limited to:
- Trading strategy P&L performance
- Net Imbalance Volume analysis (e.g. DA/outturns/imbalance)
- Forecast accuracy: generation and demand side
- Limit monitoring
- Fundamental analysis (e.g. weather impacts, concentration/covariance risk)
- Ensure Risk leadership is kept abreast of notable position and market movements
- Member of the European Energy Market Risk Leadership team reporting into the Market Risk Head of Energy Europe; close collaboration across Market Risk teams, sharing best practices and ensuring strategic alignment with Market Risk leadership
- Support of new deals / activities across coverage area.
- Develop a close partnership with commercial leadership for the European trading businesses to support new deals and appraise trading activities to ensure adherence to mandated exposure and risk limits
- A focal point for Market Risk queries for the short-term Power portfolio from senior stakeholders (VPs/GMs)
- Ensure timely and accurate execution of SOX and key non-SOX controls for the business area, and collaborate with other functions to ensure continuous improvement of controls/processes
- Attract, develop, and retain top talent within the team; provide opportunities for individual development and promote continuous professional development and timely training for risk professionals
- Actively manage resources and processes to optimise the efficient analysis of risk across the portfolio, manage change, and prioritise accordingly
- Provide independent advice and guidance on the level of risk/return in the business and whether this is congruent with the agreed level of risk appetite
- A focal point for Internal and External Audit queries
- Continue to develop and refine the fair economic value (FEV) principles, whilst ensuring consistency with the global T&S Risk Management policies
- Utilise the wider Shell network to offer further data-led market risk insights on imbalance risks, weather events, and shorter-term changes in the load-stack
What we need from you?We are keen to hear from candidates with substantial experience within a trading and risk management organization, including a strong understanding of trading, operations, risk, compliance and mid/back-office business processes, policies, procedures, and controls.
Beyond that, we also hope to see the following expertise touched by your professional experience:
- In depth knowledge of the UK and European Power markets, forward markets, day ahead, within day, capacity markets, auctions, shape risk, imbalance risk, renewable certificates (GoOs, REGOs, ROCs)
- Experience of working with a portfolio of generation assets: CCGTs, renewable PPAs: wind, solar, and batteries
- Experience of non-linear valuations: options (e.g. CSS), tolling agreements
- An understanding of the interdependencies with other asset classes, such as: gas, coal, carbon, and oil
- Proven experience of new market entries, new deal structures, and emerging markets
- Experience of leading a team and business/function; leader and adviser in implementing new processes with short-dated hard deadlines
- Preferred degree in Business, Economics, Mathematics, Science, Engineering, or IT; Other degrees will be considered with relevant workplace experience in the energy trading industry. Advanced degrees a plus.
- Learner mindset; innovative and creative, excellent problem-solving capabilities
- A critical and strategic thinker, with a long-term view on risk but with a short term and pragmatic view on implementation
- Technologically oriented; ability to utilise new technologies to enhance existing controls, processes, and offer detailed trading insights
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