Head of Middle Office

job requisition id R-13395

Head of Middle Office

Glasgow

Competitive Salary, Annual Bonus, Car Allowance & Health Cover

Permanent

Global Energy Management (GEM) provides commodity market access and related services to our Retail and Renewables businesses.

GEM is responsible for managing the commodity market exposures of the Scottish Power portfolio, through wholesale trading strategies in energy products and related markets. It is a global activity with the main goal of optimising energy margins and minimising risk from wholesale market exposures.

The role holder will head the Middle Office function in GEM UK which comprises three teams:

• Contract Management
• Valuation & Analysis
• Regulation

Collectively, Middle Office is responsible for the provision of wholesale market access infrastructure, performance reporting and analysis, regulatory support, and management of GEM OPEX.

We are looking for you to have a level of experience and expertise that enables you to capture insights from performance and industry developments that can be used to positively influence business strategy and regulatory responses and provide accurate and concise information on often complex, wholesale market aspects of business performance to a director and executive level audience including the UK and Global GEM Directors, the Retail CEO, Renewables Managing Directors and CEO, and Directors in several of our corporate functions including Control, Legal and Regulation.

As a member of GEM’s senior management team, we will look to you to offer leadership, guidance and support to the wider GEM team as well as implementing the direction of the Liberalised Business. When required we will look for the role holder to deputise for the GEM Director.

What you’ll be doing

We will look for you to work constructively with a wide range of internal stakeholders in GEM, Retail, Renewables, Control, Legal, Risk and Regulation at all levels of seniority while liaising effectively with external stakeholders including service providers and regulators and communicating business performance and relevant market and industry developments clearly and concisely to a senior audience ensuring that key messages and impacts are understood while looking for opportunities to support and improve strategy and business performance.

Supporting our Renewables business you will provide relevant wholesale market analysis to support new asset growth while providing Capacity Market bidding strategy and auction access for renewables assets.

Role responsibilities include:

Valuation & Analysis

Undertaking analysis and producing valuation models to assess the profitability/suitability of structured contracts and non-standard products – providing an opinion and recommendation on their fit with the overall portfolio requirements e.g. 3rd Party PPAs, Gas Swing Contracts, Commodity Options, Gas Storage Assets/Contracts and working to develop new methodologies and techniques for valuations, including scenario modelling, stochastic analysis and sensitivity analysis of all opportunities ensuring all valuation methodologies are auditable and adopt relevant control and governance procedures.

Supporting the participation of the wider SP business within the Capacity Market, facilitating bidding in annual auctions and management of existing obligations while providing regular analysis of Retail Energy Costs with supporting information to identify key drivers, benchmark current performance and quantify impact of events or strategies e.g. performance against Ofgem Price Cap and assumptions used in Fixed Price Products.

Regular analysis of Wind Energy Margins with supporting information to identify key drivers, benchmark current performance and quantify impact of events or strategies e.g. performance against contract price or alternative hedging strategies.

Monitoring of open positions and market exposures to understand the potential impact from risks/opportunities on the business performance and regular reporting on GEM performance against budgeted targets for OpEx/CapEx spend and FTE levels.

Contracts

You will successfully manage relationships with internal and external stakeholders to effectively conclude the negotiation and execution of financial and physical Trading Agreements, as well as other related contracts, required for GEM commercial activities to be efficient and effective, considering associated risks and formulating preferred contract standard terms across all traded commodities, ensuring that the Group’s standard terms and conditions incorporate best industry and commercial practice, changes in interpretation and changes in master agreement structure. Assessment of business impacts associated with deviations from these.

Keeping informed on proposed EU and UK Regulation to analyse and assess the impact on trading activity, advising front and back offices, risk and other affected internal stakeholders while managing our existing portfolio of structured commodity contracts, maximising the value extracted from these and taking actions to minimise the risk of any adverse impacts from failing to comply with the terms of these contracts.

Regulation

Coordinating GEM input to consultation responses from Government, Regulatory and Industry bodies such as OFGEM and BEIS while ensuring that UK and European developments in commercial, trading and wholesale regulatory arrangements that are likely to have a significant impact on ScottishPower’s energy management business are identified and actively managed by the team.

Representing ScottishPower on external bodies set up by Government, Regulators, National Grid and the Industry on commercial, trading and wholesale regulatory arrangements on issues impacting energy management business where appropriate to ensure the commercial impact of potential changes to trading and wholesale regulatory arrangements are quantified to enable GEM to implement clear solutions.

What you’ll bring

We will look for you to be educated to honours degree level, with a strong preference for a postgraduate or professional qualification, in a numerate or business-related subject and hold a deep understanding of multiple energy commodity markets (oil, power, gas, coal, emissions) and their impacts on the SP portfolio to analyse that strategies optimise energy margins and minimise risks from wholesale market exposures – industry experience highly desirable.

You will bring with you your experience in developing strategies, plans and undertaking financial analysis and be a decisive and focussed individual with strong commercial, financial, and due diligence skills and a proven track record of precision, accuracy, and attention to detail.

Advanced Excel skills and knowledge of data management, including MS Access and VBA programming, with the ability to use complex models or specialised computer applications. Experience of ENDUR (Business Optimisation) preferable.

What’s in it for you

As well as a competitive salary which is reviewed annually, you can also enjoy a number of other benefits. With our pension scheme, we’ll double match your contribution up to a company contribution of 10%.

At ScottishPower, we believe it’s the little things we do in life that make a big difference. From helping you look after your family’s wellbeing, save for your future and take personal steps for climate action – our benefits are designed to help you do just that – so that you have everything you need to take care of your world – today and tomorrow. That’s why our benefits include:

• 36 days annual leave
• Holiday Purchase – perfect your work/life balance with extra annual leave
• Share Schemes
• Payroll Giving and Charity Matched Funding
• Technology Vouchers – save more and spread the cost of your technology purchases
• Electric Vehicle Schemes – to help you transition to green/clean driving
• Cycle to Work scheme and Public Transport Season Ticket Loans
• Healthcare benefit options including: Dental Insurance, Private Medical Insurance, Health Cash Plan and annual Health Assessments
• Life Assurance (4x salary)
• Access to Savesmart financial wellbeing support
• Plus shopping, leisure, restaurant and gym discounts, and unique employee deals on travel insurance and more

Why ScottishPower

ScottishPower is part of the Iberdrola Group, one of the world’s largest integrated utility companies and a world leader in wind energy. With a commitment to generate all of our energy from renewable resources and a drive to create the energy infrastructure of the future, we’re at the forefront of the journey to Net Zero and investing over £6m every working day to make this happen. With diverse opportunities across our businesses and a commitment to invest in our own internal talent, ScottishPower can offer people real career opportunities that meet personal and professional goals, in a global organisation.

Inclusion, diversity, and a social purpose are at the heart of everything we do. Together with our values, they bring us together into a stronger, more sustainable business with direct links to the communities we serve. It takes all kinds of people to build a large-scale business like ours, so whatever your background, you’ll fit right in.

ScottishPower is committed to providing reasonable support or adjustments in our recruiting processes for candidates with disabilities, long term conditions, mental health conditions, or who are neurodivergent or require pregnancy-related support. If you need support, please reach out to

Due to the level of this position, successful candidates will be required to complete additional background checks and any offer is subject to passing such checks.

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