https://www.kovacictalent.com/Commercial-and-Market-Risk-Power-Manager
Location:
Madrid, Spain (On-site)
Functional Area: Energy Trading Risk
Position Type: Full Time
Reports to:
Group Treasurer
JOB DESCRIPTION
Our client, a leading European independent power producer (IPP) backed by a major global infrastructure investor, is seeking an experienced Energy Trading Risk Senior Analyst. With approximately 8 GW of solar and renewable energy assets across Europe, the Americas, and Asia Pacific, our client is at the forefront of the renewable energy transition. The Madrid office serves as the operational hub for Iberia and Italy, two of the organization's most active European markets.
This is a newly created, pivotal role within the Spanish entity, representing the first dedicated energy trading risk hire in Madrid. The Senior Analyst will work directly with the Group Treasurer in Amsterdam to design and implement the commercial risk framework for the Iberian and Italian generation portfolios from the ground up. This role offers an unparalleled opportunity to manage real exposure, including dispatch risk, PPA positions, OTC hedges, and short-term market dynamics across day-ahead and intraday markets.
This position is ideal for professionals with a background in trading desks or short-term markets who are looking to transition into a more strategic risk role with full ownership and significant impact.
KEY RESPONSIBILITIES
DISPATCH & MARKET RISK
- Monitor and analyze dispatch risk across the Iberian and Italian renewable generation portfolio.
- Track and report real-time and forward power price exposure.
- Develop and maintain quantitative models for generation and price uncertainty.
- Identify and escalate material risk positions to the Group Treasurer.
PPA RISK MANAGEMENT
- Assess and monitor risk embedded in corporate and utility PPA contracts.
- Analyze volume, price, and counterparty risk across the PPA portfolio.
- Support structuring and pricing of new PPA agreements from a risk perspective.
- Maintain up-to-date PPA risk dashboards and exposure reports.
HEDGING & DERIVATIVES
- Execute and monitor OTC hedging strategies (power, gas) in line with approved risk appetite.
- Manage mark-to-market positions on financial and physical hedging instruments.
- Coordinate hedge settlements, confirmations, and collateral requirements with counterparties.
- Ensure full EMIR and REMIT compliance across all derivative transactions.
REPORTING & ANALYTICS
- Produce daily, weekly, and monthly risk reporting for management and Group Treasurer.
- Build and maintain Python-based tools for risk quantification, scenario analysis, and reporting automation.
- Contribute to the continuous improvement of the commercial risk framework as the function scales.
- 3 to 7 years of experience in energy trading risk, short-term markets, trading middle office, or commercial risk within the power or renewables sector.
- Strong understanding of Iberian power markets, including OMIE, MIBEL, day-ahead, intraday, and balancing mechanisms.
- Direct experience managing dispatch risk, PPA exposure, or OTC power hedging is essential, not just theoretical knowledge.
- Proficiency in Python for risk modeling, data analysis, or automation is a mandatory requirement.
- Working knowledge of EMIR and REMIT regulatory frameworks.
- Strong quantitative and analytical skills coupled with commercial awareness.
- Fluent in both Spanish and English (Italian is a plus).
- Currently based in Madrid or willing to relocate.
VALUED QUALIFICATIONS
- Experience in renewable energy IPPs, utilities, or energy trading firms.
- Exposure to Italian power markets (GME, balancing).
- FRM, CFA, or equivalent financial risk certification.
- Experience with risk platforms (e.g., Openlink, Endur, Brady, or similar).
- Proficiency in SQL or additional data visualization tools (e.g., Power BI, Tableau).
WHAT WE OFFE
- The opportunity to be the first risk hire in Spain, allowing you to build and shape the function, tools, and framework from inception.
- Daily interaction with the Group Treasurer, offering high visibility and direct involvement in critical decision-making.
- Engagement with Iberia and Italy, two of the most dynamic and liquid power markets in Europe.
- Institutional backing from a top-tier global infrastructure investor, ensuring a long-term orientation and reduced short-term pressure.
- A high-caliber, international team fostering a collaborative working culture.