Location
About the job
Job summary
The REMIT Case Work and Policy team promotes and protects the integrity and transparency of wholesale gas and electricity markets so that they work for GB consumers.
The team’s major functions include:
- Monitoring the markets for potential breaches of REMIT (Regulation on Wholesale Energy Market Integrity and Transparency), which includes prohibitions on market manipulation and insider trading, and certain generation licence conditions such as Transmission Constraint Licence Condition (TCLC).
- Taking action, including enforcement where necessary, to address breaches. This requires understanding market fundamentals and complex trading strategies and using qualitative and quantitative analysis to support investigations.
This is a really exciting opportunity to work in energy markets at a time of huge system change as we transition to Net Zero. This role covers a variety of issues across wholesale markets, with the opportunity to use unique datasets relating to trading and producers’ physical characteristics, in order to make the market work better for consumers.
You will liaise with colleagues in other parts of Ofgem, including policy and legal teams. You will also be engaging with Ofgem’s stakeholders such as National Grid ESO, the Financial Conduct Authority, Council of European Energy Regulators (CEER) and other national regulatory agencies (NRAs) in Europe, as well as gas and electricity stakeholders.
Job description
Key Outputs and Deliverables
- Leading on compliance or enforcement activity in relation to REMIT, TCLC and other wholesale market conduct issues by producing high quality, timely, and robust analysis and reports.
- Monitor the market for potential breaches of REMIT and TCLC and other market conduct issues.
- Making evidence-based recommendations: identifying & escalating key issues as well as assisting in the management of risk.
- Build capability in the team by improving of the team’s monitoring activities, through improving internal processes and data analysis tools.
- Contribute to the delivery of wider projects in the Enforcement and Emerging issues division and Ofgem.
Key Stakeholder Relationships
Internal
- Build relationships with other teams and divisions within Ofgem.
- Communicate key findings to senior decisions makers in Ofgem.
External
- Communicate and co-ordinate effectively with UK and EU institutional stakeholders such as DESNZ, the FCA, and other National Regulatory Authorities (NRAs).
- Build effective relationships with industry, ensuring Ofgem policy is clearly set out at all times.
Person specification
Essential Criteria
- Excellent analytical and quantitative skills. Experience in analysing complex quantitative and qualitative data and evidence to arrive at conclusions and recommendations. (lead criteria)
- Experience using Python or other tools to manage large datasets and produce compelling analytical outputs. (lead criteria)
- Experience of interpreting and applying complex legislation, regulation, rules and processes to deliver effective compliance or enforcement investigations.
- Excellent written and verbal communication skills that effectively communicate complex issues to non-expert audiences.
Desirable Criteria
- Sector knowledge: An understanding of the operation of wholesale energy markets and/or experience of trading (energy, commodities or equities etc.).
Behaviours
We’ll assess you against these behaviours during the selection process:
- Changing and Improving
- Making Effective Decisions
- Working Together
- Communicating and Influencing
Technical skills
We’ll assess you against these technical skills during the selection process:
- Please refer to the Candidate Pack attached for full details.