Assistant Vice President, Settlements

Job Title

A key member of the Controller's organization, providing executive leadership to the Back Office settlements and revenue functions and ensuring accurate and timely settlement of highly complex renewable energy work streams across multiple Independent System Operators (ISOs), with particular emphasis on CAISO.

This role leads the end-to-end market settlements-to-billing lifecycle, including a high-level understanding of intricate contractual structures and how market settlement results flow through to final billings under Power Purchase Agreements (PPAs) and related commercial agreements. The candidate will collaborate extensively with the front & middle office, origination, fundamentals and asset management teams to help drive the understanding of the market interaction strategy and the structure of revenue arrangements.

The candidate will serve as a senior point of interface with ISOs. The role is responsible for leading a growing back-office energy and transmission settlements organization and a revenue team of approximately 10-12 people, including setting priorities, strengthening controls, and driving process and system enhancements (including Allegro and Power Optix/Bid-to-Bill capabilities as applicable).

• Oversees a team responsible for:
  Leading the analysis and settlement of highly complex transactions across multiple power markets and futures exchanges in the U.S. and Canada, interfacing with multiple ISOs and market participants, with particular depth in CAISO (and other ISO/RTO markets including ERCOT, PJM, SPP, AESO, MISO and IESO)
• Managing transmission settlement work streams under short- and long-term transmission service agreements, including charges/credits from Energy Imbalance Markets (EIM) and transmission sharing with affiliates; shadow-settling ISO/TO and vendor invoices to validate billing determinants and ensure accuracy of charges; and administering a variety of intercompany transmission transactions, including reconciliations and true-ups
• Analyzing, reconciling and invoicing counter parties under the terms of:
  1) long-term commercial power arrangements (Power Purchase Agreements (PPAs) and related contracts) with varying degrees of complexity, including settlement-to-billing tie-outs to ensure market settlement results are correctly reflected in final contract billings,
  2) sales of renewable energy credits,
  3) capacity/resource adequacy and other contractual
• Collaborate and drive the market, shaping Pattern's revenue arrangements and market participation, including the evaluation of commercial power and other contractual revenue arrangements with existing or potential counter parties to identify risks and potential value leaks as they relate to the settlement structures
• Lead the back-office function to use best practices to manage energy settlements, including transmission; contract invoicing of power purchase agreements, REC (or similar) contracts, RA contracts and other energy-related agreements.
• Collaborate with revenue team for accounting and reconciliation of all revenue and trade receivable accounts. Evaluation of commercial power and other contractual revenue arrangements to ensure appropriate US GAAP treatment and disclosure requirements.
• Lead in the design and implementation of our Allegro and Power Optix system for use in the settlement of contractual revenue, including complex PPAs and transmission agreements.
• Develop & lead a transmission settlements team to support transmission operations, including the settlement of transmission contracts and those associated with owning and operating a transmission line. Knowledge of FERC regulatory requirements is essential.
• Supports execution of management initiatives and may include other activities as needed.

This role requires an experienced people leader and strategic thinker with a minimum of 6-8 years in leadership roles and 15+ years of progressive experience in power market and transmission settlements within the electric utility and/or renewable energy industry.

• Demonstrated success managing teams that execute highly complex settlement work streams across multiple…