NRG is the leading integrated power company in the U.S., built on the strength of our diverse competitive electric generation portfolio and leading retail electricity platform. A Fortune 500 company, NRG creates value through best-in-class operations, reliable and efficient electric generation, and a retail platform serving residential and commercial businesses. Working with electricity customers large and small, we implement sustainable solutions for producing and managing energy, developing smarter energy choices and delivering exceptional service as our retail electricity providers serve almost three million residential and commercial customers throughout the country.
Support and enhance the existing corporate trade compliance program, focusing on gas and power trading activities in the organized energy markets and on designated contract markets (such as ICE, NYMEX, etc.). Identify, investigate, and resolve potential compliance risks, escalating as appropriate.
The Director, Trade Compliance, leading a team of two compliance professionals, will build upon NRG’s existing trade compliance program continuing the development and implementation of a first-class program commensurate with NRG’s standing as a Fortune 500 company and the expansion of trading volume due to the recent acquisition of the Direct Energy businesses. NRG’s trading operation is regulated by a number of Federal authorities such as the Federal Energy Regulatory Commission (FERC), the U.S. Commodity Futures Trading Commission (CFTC), the Canada Energy Regulator (CER); and state or provincial regulators (e.g., the Public Utility Commission of Texas (PUCTX), Ontario Energy Board (OEB), and the Alberta Utilities Commission (AUC)). These agencies require a proactive program which, i) ensures compliance with their regulations and ii) detects and deters market manipulation. In response to these ever-evolving regulations and expansion of its trading activity from a volumetric and geographic perspective, NRG is seeking to enhance its preventative and active monitoring of trading patterns and trader behavior to minimize the potential for abusive market activity (intended or unintended).
- Reviewing and analyzing trader transactions to identify potential areas of risk of non-compliance and proactively advise on improvements to trading behavior.
- Reviewing NRG’s existing trade compliance program, identifying potential areas for improvement, particularly with respect to natural gas transactions.
- Working with the Risk and IT functions to evaluate, select, and implement trade compliance software and/or other IT solutions designed to enhance the trade compliance program.
- Reviewing the existing trader communication surveillance program (e.g. voice recordings, email and IM) to identify areas where best surveillance practices may be implemented.
- Working with the Risk and Legal functions to ensure compliance with reporting and record keeping requirements implemented by the applicable regulatory bodies (e.g., CFTC, FERC, CER, PUCTX, etc.).
- Working with support functions including Risk personnel to ensure compliance with the rules set forth by the applicable external regulatory agencies and Exchanges.
- Working with the Technical Training, Legal, and Risk teams to plan, develop, and implement training programs for personnel engaged in energy transactions to ensure compliance with rules established by the various regulatory agencies and Exchanges.
- Assisting in the development, tracking, calculating and reporting of trade compliance metrics to NRG Senior Management.
- Working with the Legal function (and others as appropriate) to conduct internal investigations, including through the review/collection/analysis of trade data, as necessary.
- Monitoring enforcement arms of applicable regulatory bodies, particularly FERC and CFTC to evaluate penalties assessed related to energy trading activity and sharing lessons learned with the appropriate personnel.
- Maintaining a comprehensive understanding of all compliance requirements relating to the Company’s energy trading activities.
- Traveling periodically to participate in industry forums related to energy trading, or to collaborate with NRG personnel located outside of primary office location as necessary.
- Position location open to Princeton, NJ or Houston, TX.
- Position expected to be performed 100% remote through the end of March 2021, with a potential for an extension.
- Open office environment.
- Some overtime required as special projects arise.
- Travel TBD post COVID-19 pandemic.
- Bachelor’s degree from an accredited college or university in a related field of study.
- Minimum of eight (8) years of directly related experience in energy trading, or in a compliance role at an exchange, ISO/RTO, or governmental regulatory oversight body is required (substantial experience with trading of natural gas required).
- Knowledge of trading operations, trade practices, and/or rules and regulations related to trading on a Designated Contract Market (DCM) is required.
- Advanced degree is a plus, but is not required.
- Understanding of swaps and derivatives as used in the energy industry and how such trading activities may interact to create the appearance of market manipulation.
- Knowledge of natural gas trading strategies and protocols, SMHT, and capacity release pipeline regulations.
- Knowledge of ISO/RTO power products (including FTRs and virtual transactions), trading strategies and protocols.
- Detailed knowledge of major external regulations applicable to energy trading, including the Commodity Exchange Act, FERC Order 670, Prohibition of Energy Market Manipulation, and FERC’s gas pipeline capacity release rules.
- Demonstrated experience with FERC’s Office of Enforcement and its views on market manipulation.
- Proficiency with Nasdaq’s SMARTS or BroadPeak Partners’ K3 is a plus.
- Experience with Aligne, Endur or trade capture systems in general is a plus.
Additional Knowledge, Skills and Abilities:
- Aggressive, analytical self-manager with critical thinking skills and keen judgment.
- Demonstrated ability to effectively communicate (verbal and written) with all levels of internal or external groups.
- Strong interpersonal skills and ability to work in both team environments and independently.
- Proficiency with Microsoft Office and Microsoft Teams.