Risk Analyst

Calpine Corporation; San Diego (CA); Hybrid; USD 70,000 - 88,000; Full time

Job summary

Calpine Corporation seeks a Risk Analyst to join Calpine Energy Solutions. The role provides independent oversight of commodity exposures, valuation, and P&L while partnering with front, middle, and back office teams.

You will ensure accurate deal capture and reporting to enable informed commercial and risk decisions. The position supports power and gas retail and wholesale activities, with daily reporting, risk analysis, and development of new risk reports.

Qualifications

• Bachelor's degree in a related quantitative field or Finance/Economics/Business/Risk Management.
• Proficiency with Microsoft Dynamics CRM is preferred.
• 2+ years of experience in energy or a related field is desirable.
• Experience with commodity or financial valuation and forward reporting is a plus.
• Strong communication, detail orientation, and problem-solving skills.
• Experience with data analysis and reporting tools (Power BI, VBA, SQL, Python, Power Automate) is highly desirable.
• Knowledge of gas/storage and renewable energy concepts is useful.

Responsibilities

• Provide independent oversight of commodity exposures, valuation, and P&L.
• Ensure accurate deal capture, valuation, and reporting for retail and wholesale activities.
• Perform daily reporting and reconcilations across trading and operations.
• Escalate market, reporting, and operational risks with analysis and actions.
• Serve as subject-matter expert for trading and risk systems (e.g., Allegro).
• Coordinate monthly reporting and ensure reporting integrity across stakeholders.
• Develop and automate new risk/MTM reporting to improve transparency.

Skills

Risk management

Excel

Data analysis

Power BI

SQL

Python

Power Automate

Allegro/ETRM

Communication

Teamwork

Education

Bachelor's degree

Tools

Microsoft Dynamics CRM

Power BI

SQL

Python

Power Automate

Allegro

Endur

Job description

Calpine, a business unit of Constellation Energy Corporation (Nasdaq: CEG), is America's largest generator of electricity from natural gas and geothermal resources with operations in competitive power markets. With 79 energy facilities in operation, Calpine’s fleet has the capacity to generate approximately 27,000 MW of electricity – enough to power approximately 27 million homes. Through wholesale power operations and its retail businesses, Calpine serves customers in 22 states and Canada. Its clean, efficient, modern and flexible fleet uses advanced technologies to generate power in a low-carbon and environmentally responsible manner.

The company was established on the premise that a strong commitment to the environment is inextricably linked to excellence in power generation and corporate responsibility. Since its founding in 1984, Calpine has led the power industry in its unwavering commitment to environmental stewardship. In addition, its renewable geothermal plants use steam generated deep below the earth's surface to produce clean, renewable electricity.

Job Summary (includes but is not limited to the following, other duties may be assigned)

The Risk Analyst plays a critical role within Calpine Energy Solutions’ risk management functions. This position provides independent oversight of commodity exposures, valuation, and P&L while partnering closely with front, middle, and back office teams. The role emphasizes strong analytic discipline, system expertise, and continuous improvement through process automation and enhancing business transparency.

This position supports power and gas retail and wholesale activities by ensuring accurate deal capture, valuation, exposure reporting, and management information to enable informed commercial and risk decisions.

Job Responsibilities

• Perform daily reporting to portfolio managers and management summarizing positions and MtM P&L.
• Provide independent analysis and reporting of commodity positions and market price exposures to ensure compliance with company policy/guidelines and alignment with management risk appetite.
• Identify market/reporting/operational risks and proactively escalates issues with clear analysis and recommended actions.
• Perform daily reconciliation, verification and validation of all trading and pricing activities, as represented in the Energy Trading Risk Management Systems (ETRM).
• Research and understand the portfolio’s risks.
• Evaluate structured deals to ensure accurate deal capture and compare valuations from ETRM systems with front office expectations (risk summaries).
• Serve as a key risk partner on structured and non standard transactions, ensuring all economic components are properly captured, valued, and reported.
• Prepare structured deal reconciliations between initial deal evaluations, and accounting outcomes to confirm reporting accuracy.
• Involvement in development of new reports.
• Coordinate P&L actualization with settlement and operations groups.
• Ensure integrity of P&L by coordinating with trading, settlements, scheduling, and operations teams across the transaction lifecycle.
• Prepare detailed monthly reporting to facilitate accounting processes.
• Act as a subject matter expert (superuser) for Calpine’s trading and risk management systems (e.g., Allegro), supporting accurate deal capture, valuation, and reporting.

Job Requirements

• Bachelor’s degree is required; preferably in Finance, Economics, Business, Risk Management, or a related quantitative field.
• Ability to learn and become proficient with Microsoft Dynamics CRM
• Minimum of 2 years’ experience; preferably in energy industry.
• Highly desirable to have some experience with commodity or financial transaction valuation and forward reporting
• Ability to communicate effectively in both written and verbal communications
• Strong attention to detail, analytical rigor, and problem solving skills
• Strong desktop computer skills with the most important being Excel then Word and to a lesser extent PowerPoint and Visio
• Understanding of mark to market concepts
• Some experience with data analysis and reporting tools such as Power BI, VBA, SQL, Python, Power Automate, or similar is highly desirable
• Basic knowledge of Gas Storage and Transportation
• Basic knowledge of renewable energy
• Basic understanding of commodity trading and economic modeling along with power and gas physical deal valuations
• Some experience with Energy Trading and Risk Management Systems such as Allegro, Endur, etc.
• Ability to work both independently and in a team environment

Salary Range

$70,304 - $88,400

Additional Calpine Information:

• Equal Opportunity Employer of Minorities, Females, Protected Veterans, and Individuals with Disabilities.
• Calpine is committed to Equal Employment Opportunity and providing reasonable accommodations to applicants with physical and/or mental disabilities. Determination on requests for reasonable accommodation are made on case-by-case basis.
• Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
  This employer is required to notify all applicants of their rights pursuant to federal employment laws.For further information, please review the Know Your Rights notice from the Department of Labor.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws.For further information, please review the Know Your Rights notice from the Department of Labor.