Integrated Supply & Trading (IST) is BP’s face to the traded markets for BP in oil, gas, power, chemicals and finance. IST’s North America Gas and Power (NAGP) business unit handles the supply and trading of natural gas and power in the North American energy market. The Structurer role working in the New York office of BP Energy’s North America Gas & Power Business Unit is primarily responsible for providing analytical and structuring support to the Power trading and origination teams. In particular, the individual is responsible for some or all of the following:
- Working in a proactive role with marketers, originators and traders developing power and other cross commodity products
- Building trusted relationships with marketers, originators and traders to better understand current issues/hurdles and providing investment recommendations
- Developing and improving valuation and hedging models of energy assets and exotic structured transactions
- Structuring and valuing deals by understanding and quantifying the embedded optionality, risks, and relevant value drivers
- Challenging and validating modelling approaches via back-testing and conducting research studies of price dynamics in the real vs. modelled world
- Providing deal expertise to the IST Trading Analytics and middle office staff to ensure system accurately reflects valuation and exposure while understanding both commercial objectives and risk objectives
- Acting as a subject matter expert for valuation and partnering with a commercial development director, commercial staff and other relevant stakeholders to guide deals through the assurance and approval process
- Collaborating and staying connected with the wider Integrated Supply & Trading Analytics team responsible for developing and implementing modelling tools for the front office
1. Derivative valuation:
- Design and improve valuation models and techniques
- Maintain knowledge of industry standard models and methods
- Stay up to date on in-house model development and valuation approaches
- Understand model’s strengths and limitations
- Communicate valuation results to front office teams to get buy-in
- Ability to build summary financial data that clearly communicates the results of the modelled analysis to the various assurance functions
- Work closely with the wider IST Trading Analytics Center of Excellence, specifically the Global Quantitative Analysis Teams, understanding and contributing to latest tool development and ensuring the appropriate models are used in valuations
2. Structured power and cross commodity product valuations:
- Propose products to originators that change with opportunities in the energy marketplace
- Break down structured transactions into basic components
- Calibrate models and value deals
- Develop approaches to value/assess non-standard or non-market risks imbedded in transactions on the go
- Communicate the results to traders and originators, have the ability to both defend the results and incorporate relevant feedback
- Assist mid and back office personnel in understanding of proposed deals and develop a collaborative relationship around the booking/modelling of live deals within the risk systems
- Work closely with treasury to ensure deal structures are EEM compliant
3. Position risk analysis and measurement:
- Quantify market risk and propose hedging strategies
- Work with relevant parties on a consulting basis to identify non-market risks, assist in quantifying them and propose remedies if available
- Work closely with credit risk and market risk to ensure risks are modelled and communicated appropriately
4. Design and conduct research studies:
- Analyse data to support/advance the trade floor capabilities in the above tasks
- Report information as needed to various teams
Bachelor’s degree in Economics, Statistics, Engineering, Applied Mathematics or related fields.
Essential experience and job requirements
- In-depth understanding of quantitative modelling, structuring, risk management techniques and discounted cash flow analysis in the North American Power business
- Experience in applying quantitative techniques to the valuation and management of power physical assets and derivatives such as tolls, heat rate options, shaped products, PPA from wind, hydro and solar generating assets and full requirements load products
- Experience in other commodity structured transactions, such as gas transport and storage and exotic options a plus
- Highly skilled in statistical analysis, including univariate and multivariate modelling, optimization, forecasting, market and portfolio risk modelling, and option theory
- Ability to work in a high-pressure, competitive environment with minimal supervision
- Commercial focus
- Strong communication skills
- Demonstrated ability to help a team on a large deal project
Other Requirements (e.g. Travel, Location)
There are no additional requirements. Please respond with N/A below.
Desirable criteria & qualifications
- Advanced degree in a quantitative area or Business is preferred (MS/PhD/MBA a plus)
- In depth understanding of option pricing theory and risk management techniques
- Good communicator, able to succinctly explain/communicate impact on deal value of price changes (level, spreads and dynamics) as well as valuation assumptions and hedge strategies to technical and non-technical audience
- Practical experience in valuation of oil, natural gas and power physical assets, and structured transactions, such as pipelines, storage, power plants, and exotic options
Is this a part time position?
Our business is the exploration, production, refining, trading and distribution of energy. This is what we do, and we do it on a truly global scale. BP operates with business activities and customers in more than 80 countries across six continents. Every day, we serve millions of customers around the world. We are continually looking for talented, committed and ambitious people to help us shape the face of energy for the future.
Integrated Supply & Trading (IST) is BP’s face to the traded markets for BP in oil, gas, power, chemicals and finance. IST’s role is to enhance Group value through distinctive supply, commodity trading, risk management and information technology skills underpinned by a world class finance, control and compliance infrastructure. IST has a dynamic and highly skilled workforce, which creates value by combining analysis and commercial innovation with the material asset base of BP.
IST’s North America Gas and Power (NAGP) business unit handles the supply and trading of natural gas and power in the North American energy market. Its business model is based on the growth of customer-facing businesses, underpinned by BP’s supply position, web of interconnected assets, and world-class trading capabilities. The growth agenda is delivered through marketing and origination activities, as well as optimization and acquisition of strategic regional aggregator businesses.
IST fosters a diverse and inclusive workplace for all employees. We are proud of our stance on fairness, equal opportunity and meritocracy, which focuses on all of our employees reaching their full potential.
Integrated Supply & Trading
How to ApplyClick here to apply directly to British Petroleum https://jobs.bp.com/job/stamford/structurer/198/5809193
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