Sr. Specialist Market Risk

Capital Power; Calgary; Hybrid; CAD 110,000 - 170,000; Full time

Benefits offered by this job

Hybrid work 3 days in office

Job summary

Capital Power in Calgary, AB seeks a Senior Specialist, Market Risk to provide independent analysis of market risk across power, natural gas, and environmental portfolios within the middle office. The role evaluates trading and hedging strategies, governs price curves and valuation methodologies, and develops risk analytics including VaR and stress testing.

The successful candidate will work on new product approvals and complex structured transactions, ensuring governance, model validation, and

Qualifications

• Post-secondary degree in finance, economics, mathematics or engineering.
• Advanced degree or professional designation (CFA/FRM/PRM) is an asset.
• 5+ years in market risk, quantitative analysis, or related middle office roles.

Responsibilities

• Strategy analysis to validate trading and hedging strategies against risk objectives.
• Valuation and curve oversight for new deals and structured transactions; validate valuations and exposures.

Skills

Risk management

VaR

Python

Excel

R

Education

Post-secondary degree in Finance/Economics/Math/Engineering

Advanced degree or CFA/FRM/PRM asset

Tools

ETRM

MATLAB

Job description

A little about Capital Power

Capital Power (TSX: CPX) is dedicated to Powering Change by Changing Power. This north star guides our ambitions, focus, and actions as we transform our energy system. We're a growth-oriented North American energy company headquartered in Edmonton, Alberta. Our team safely delivers, builds, and creates balanced energy solutions for customers across North America.

Our people are at the core of our journey to deliver reliable, affordable, and lower-carbon power solutions. We provide purpose-driven work in a safe and inclusive environment, and we live by our North Star. With us, your contributions matter – we want you to be empowered to innovate, collaborate, and ultimately drive results. We're here to partner with you so you can learn, grow, and forge a career that's meaningful to you. Join us in powering North America!

Your Opportunity

One Permanent Full Time Position

The Senior Specialist, Market Risk role, within Capital Power’s middle office, provides independent analysis and oversight of market risk exposures across power, natural gas, and environmental portfolios. The role evaluates trading and hedging strategies, governs price curves and valuation methodologies, and develops and executes market risk analytics including VaR, stress testing, scenario analysis, and assessment of non‑linear exposures.

The position supports new product approvals and complex structured transactions through development and validation of valuation methods, risk models, and exposures, and monitors risk limits and escalation processes. Through strong model validation, analytical insight, and risk reporting, the role delivers clear, defensible risk insights to support effective decision‑making and the continued development of the Market Risk function.

As part of a rapidly growing team, the successful candidate will demonstrate flexibility and a desire to contribute to wider team growth and development.

You will contribute to our team by

• Strategy analysis: Prospectively analyze and validate trading and hedging strategies proposed by Front Office to ensure consistency with approved risk management objectives and the firm’s risk profile.
• Valuation and curve oversight: Ensure appropriate price curves and valuation methodologies are in place for all new deals, strategies, and structured transactions; validate valuation and exposures of proposed structured transactions and prepare supporting risk analysis as required.
• Hedge effectiveness analysis: Perform periodic retrospective analysis to assess the effectiveness of authorized hedging strategies and evaluate whether intended risk management outcomes are being achieved.
• Risk quantification and analytics: Develop, maintain, and execute market risk analytics, including Value‑at‑Risk, stress testing, back‑testing, scenario analysis, sensitivities, and assessment of non‑linear portfolio exposures.
• Risk limit monitoring: Execute an ongoing process to review portfolio exposures against approved market risk limits, investigate and elevate breaches, and produce exception reporting.
• Model development and validation: Develop and validate pricing and risk methodologies for new, complex, or illiquid instruments (including mark‑to‑model approaches), and generation and storage assets; provide ongoing governance and independent validation of valuation and risk models, inputs, and assumptions.

What you will bring to the role:

Education

• Post-secondary degree in Finance, Economics, Mathematics, Engineering, or a related field.
• Advanced degree (e.g., Master’s, PhD) or professional designation (e.g., CFA, FRM, PRM) is an asset.

Experience

• 5+ years in market risk, quantitative analysis, or related middle office roles within trading, commodities, or financial services.
• Hands‑on experience with risk quantification models (e.g., VaR), stress testing, and back testing.
• Exposure to valuation of complex and structured transactions, options modeling, and risk limit monitoring.
• Experience developing and validating pricing and risk models.
• Experience analyzing market risk, valuation, and trading strategies in power, natural gas, and/or environmental markets (e.g., WECC, PJM, ERCOT, AESO).
• Familiarity with risk management of generation and storage assets.

Technical Skills

• Proficiency with risk management systems and analytical tools (e.g., ETRM, Excel, Python, R, MATLAB).
• Advanced knowledge of market risk metrics (VaR, stress testing, back testing).
• Strong quantitative modeling skills, including options valuation, price curve modeling, and mark‑to‑model techniques.
• Ability to develop, maintain, and validate risk and valuation models.
• Data analysis and risk reporting (preparing risk reports, exception reports).
• Familiarity with power market data, price curves, and valuation models specific to regional markets (e.g., WECC).
• Ability to interpret and model market-specific risk metrics and exposures.
• Skilled in simulating dispatch, operational constraints, and market exposures for generation and storage assets, and asset‑related contracts.

Working Conditions

• Office environment
• Hybrid work with 3 days in office
• Location: Calgary, AB
• Minimal Travel