Job Expired
Sorry, This job advert has now expired. Show similar jobs.

Economist

ISO New England
Holyoke - United States
S: Competitive

SO New England is considered to be Guardian of the Grid, helping to protect the health of New England's economy and the well-being of its people by ensuring the constant availability of electricity, today and for future generations. ISO New England meets this obligation in three ways: by ensuring the day-to-day reliable operation of New England's bulk power generation and transmission system, by overseeing and ensuring the fair administration of the region's wholesale electricity markets, and by managing comprehensive, regional planning processes.

Economist
This position is responsible for evaluating, explaining, and improving the performance of ISO New England's suite of auction-based electricity markets and conducting investigations into potential price manipulation or exercise of market power in those markets. A person in this position is expected to:
Exercise initiative to identify market inefficiencies, problems, and their consequences in the ISO's wholesale electricity markets from both a qualitative design perspective and an empirical perspective relating current market performance to design efficiency objectives;
Work with multi-disciplinary teams to develop sound analysis and solutions to challenging market issues;
Design and execute sound empirical analysis of existing market issues and impacts of potential market design changes leveraging visual and statistical analysis and simulation techniques;
Work with large and disjoint data sets that require considerable complex manipulation in order to be used in empirical analysis;
Develop and articulate recommendations having substantial financial impacts on New England's electricity industry.
Serve as author or co-author for white papers, reports, and FERC Expert Witness Testimony on analysis of market performance and proposed market design changes;
Interpret and explain recommendations to Senior Management and key external constituencies as well as serve as the Market Monitor lead representative and subject matter expert at NEPOOL Committee sessions on ISO market design projects related to market manipulation and market power mitigation.
Over time, a person in this position is expected to apply her/his advanced training in applied micro-economics, finance, auction theory, and optimization to produce sound empirical analysis of market issues, recommendations for market design changes, and investigations into uncompetitive market participation. This includes successfully communicating to both internal and external constituencies the issue, methodology, and results of empirical analysis as well as the rationale, impact, and merits of proposed market design changes.

Responsibilities:
Develop theoretical economic models of market design problems and work with large, complex, data sets in performing analysis of market issues to convey conclusions to peers and management;
Describe complex economic problems and their consequences to both technical and general audiences;
Develop accurate quantitative and qualitative assessments of market performance and issues, both as long-term projects and short-term "first impression" assignments;
Prepare and deliver clear presentations and reports connecting relevant economic concepts, observed market problems, empirical analysis, and market design solutions.
Design, perform, and interpret empirical analysis of market performance issues:
Apply solid understanding of underlying market structure and micro-economic and finance theory to formulate expectations of market performance and participant behavior.
Develop insightful questions about market performance and participant behavior that can be addresses using quantitative methods and ISO data and design empirical studies to answer these questions.
Acquire and manipulate large, disjoint, and complex data sets to apply in empirical studies.
Contribute to group projects requiring empirical insight into market performance both within Market Monitoring and across departments within the ISO.
Provide analysis to and discussion with FERC regarding observed market performance issues and market participant behavior.
Provide well written white papers and report sections describing market performance, empirical observations on potential market inefficiencies, methodology supporting analysis, and conclusions and recommendations.
Present findings to management, senior management, and external parties including regulatory and stakeholder organizations.
Lead development of market design changes for uncompetitive market participation and contribute to solutions for other market design considerations
Explain ISO market design objectives, both in general and for specific major initiatives with emphasis on market power mitigation and other uncompetitive participation;
Use analytic skills, training, and knowledge to identify and explain root causes of potential economic inefficiencies in the ISO's electricity markets;
Develop theoretical economic models of identified market problems, to provide intellectually-solid foundations for market design solutions;
Propose specific market design solution options to achieve market objectives and resolve identified problems and develop quantitative methods to assess, on a prospective basis, potential market impacts of market design solution options;
Lead stakeholder process at NEPOOL Committees on major market design initiatives including preparation and presentation of materials at committee meetings; respond and address stakeholder requests and queries (during presentation and afterword); coordinate responses among affected ISO departments.
Effectively communicate recommendations to Senior Management, the ISO Board Markets Committee, and key business owners, as appropriate, in written form and via presentations;
Prepare and sponsor Expert Witness Testimony before the FERC and/or Courts on the wholesale electricity markets in New England, to ensure timely approval of proposed designs.
Contribute qualitative and quantitative analysis to Market Monitoring quarterly and annual reports.
Performing regularly-occurring and one-off empirical analysis of market performance issues.
Requires ability to design and perform robust empirical analysis.
Requires ability to provide well written description of the market, issue, observations, and conclusions targeted at both technical and non-technical audiences.
Providing consultation to other Market Monitoring staff on topics for which they are lead.
Identify, develop, and implement enhancements to Market Monitoring infrastructure
Design, build, and implement monitoring metrics targeted at general market performance, performance of specific market design elements, or identifying uncompetitive participant behavior.
Identify data deficiencies with respect to Market Monitoring needs, alternatives for remedy, and contribute to developing and implementing the remedy.
Visualize data structures that are rich in content and lend to ease of use for analysis.

Job Requirements :
Ph.D. in Economics, Finance, or closely-connected discipline required. Applicants with ABD distinction will be considered if they are near completion of the degree.
Academic training and expertise in micro-economic related areas such as industrial organization, auction theory, mechanism design, and information economics is required
Minimum 2-4 years of experience conducting empirical economic research on market design / market microstructure, preferably applied to electric power and/or related network markets, auctions, and/or financial markets is required
Additional 2-5 years of experience in professional economic consulting on market design, including consulting on electric power markets, commodity trading/analysis, and/or energy finance is preferred
The successful applicant should have:
A strong interest in energy markets, pricing, and auctions.
A highly-developed capability to produce and interpret micro-economic models of markets;
Demonstrated ability to design, perform, and interpret complex analyses of data (including statistical, econometric, and simulation techniques);
The ability to formulate and explain economically sound, logical practical solutions to market design challenges.
Excellent written and oral communication skills
Ability to present complex economic material to a diverse audience.
Strong interpersonal skills, including the ability to work collaboratively;
Understanding of the electricity markets and the role of the various market products in the wholesale marketplace.

Job summary

Employer:

ISO New England

Location:

Holyoke, United States

Education:

PhD/Doctorate

Sector:

Economist

Salary:

Competitive

Job Type:

Permanent

Hours:

Full-Time

Posted:

28th April 2015

Apply By:

27th May 2015

Featured Jobs

Stay up to date

Be first for the best economics jobs