The key responsibilities will include as a minimum the following:
- Fundamentals analysis (existing and proposed investments) –
- Collect or create information about market conditions including key drivers and inflexion points that will drive results, and provide this information to assist in investment assumptions, appropriate risk/returns and risk management strategies.
- Provide similar information for existing investments to aid in the decision to sell or retain an asset, adjust our risk management strategy or to make further investments related to an asset. Example analysis would-be long-term spot market pricing and transmission grid constraints in core markets such as ERCOT.
- Evaluate third-party consultant market reports and understand their models, the biases of the models and the points of inflexion which could change their results, and own our strategy for development and use of this information. Evaluate the merits of developing in house modeling capability.
- New markets (identifying new opportunities) –
- Identify and analyze new investment opportunities based on market fundamentals, in cooperation with our finance and development organizations. Lead or participate in transaction teams pursuing such opportunities.
- Find seams in the market that the company and our competitors are not seeing, which will allow us to improve our investment risk/return for both existing markets and new markets, with a focus on new industries and corporate acquisitions (development will focus more on individual project development or acquisitions).
- Lead our thinking on i) markets expansion of our existing activities, and ii) whole new renewable markets (and related industries) we are not currently active in. Expansion of our current business activities (utility scale wind, solar, storage, transmission in NA and Japan) include for example new jurisdictions, extended technology markets (e.g. small scale solar), and related technologies (floating offshore).
- Review new markets for expansion including new technologies (hydrogen production powered by renewables, pumped hydro, community solar, VC type opportunities, etc.), jurisdictions (EU including e.g. Poland, and Asia beyond Japan), and businesses (regulated utilities, distressed assets, etc.).
- Work with the external affairs group to analyze critical policy and regulatory initiatives that would best support or harm the company’s business.
- Develop a small organization to pursue the objectives above, initially consisting of a senior finance leader and an analyst/investment specialist.
- Cross company coordination/cooperation – Much of this work will support and expand current activities of the company and therefore will require close cooperation throughout the company and the forming of teams made of members from various other areas of the company. A few examples include:
- External affairs (EA) –provides market intelligence (MI) reports which can be used as important input into the fundamentals analysis and this role can help EA focus on the most important MI needed by the company. Working with the EA group, the FNM would develop the most important information access points including subscriptions, reports, experts and portals.
- Development –does a lot of analysis of markets when considering new projects such as merchant forecasts and transmission constraints. Additionally, development has certain in-house modeling capability that evaluates market fundamentals e.g. transmission modeling (using ProMod). This work will continue and the FNM will be responsible for supporting the approach and analysis of these issues. In some situations, the development team will rely primarily on the FNM for their input into the project assumptions.
- Finance – The finance group, especial the analysts, reviews market risks and returns as well as manage (with development) outside advisers including those consultants that provide third party merchant price forecasts (e.g. Ventyx) and transmission congestion analysis (e.g. nFront) for our project financing. The analysts and outside consultants will be an important resource for the FNM manager to call on to help do their job. Additionally, the finance group reviews the company’s risk/return standards which the FNM would be part of the analysis in the future.
- Operations - has an energy management group that trades merchant power from our projects in the short term markets, and owns our short term assessment of these markets. This activity is expanding and will be an important resource to understand Pattern’s exposure to these markets, primarily ERCOT and CalISO, and potentially to help evaluate new markets where we are considering entering the merchant market.
Education and Experience
- Ten-plus years’ experience in high level roles in the power industry
- Bachelor's degree in Finance, Economics or related; MBA preferred
- Deep understanding and analytical capability of how various markets work including understanding what the key drivers are and the inflexion points which result in material changes to the key drivers or results.
- Willingness to travel as much as needed
- Excellent oral and written communication skills.
- Ability to prioritize and resolve multiple issues on multiple projects under demanding schedule constraints.
- Ability to effectively work cross-functionally at senior levels of the company.