AddressAbout the role
Great Britain's electricity system is undergoing an ambitious, exciting and vital transformation. Together with industry, we are creating a cleaner, greener system, one that protects the planet and serves generations to come.
The Office of the Chief Economist (OCE) is an important and new capability for the NESO, critical in helping NESO to navigate the complexities of the energy transition and towards Net Zero. It does so by bringing together a whole systems view of the UK's energy landscape and combining this with expert economic analytical capability and insight that inform the decisions, positions, advice, and recommendations that NESO makes.
By working closely with government, the regulator and industry, NESO will play a vital and central role in advising on energy policy and strategy to ensure that it is not only optimal and deliverable but that it drives effective action and delivery plans across all energy vectors and sectors of the economy.
As a Senior Economic Analyst, you will be an integral part of the Office of the Chief Economist, which sits within the multidisciplinary Strategy and Policy directorate. Your role will involve contributing to economic analysis across various areas of NESO, considering various economic welfare aspects, macroeconomic factors, economic trends, regulatory and market economics, and consumer behaviour influences. You will also contribute to articulating complex insights and analysis in a compelling, credible way and at a level of detail that is appropriate for the audience. This comprehensive approach facilitates a holistic view of the energy system and informed decision-making, providing valuable insights and analysis for an economically sound energy market transition.
This role can be based from Wokingham, Warwick or Glasgow and we continue to offer hybrid working from office and home. We are open to full time and part time applicants, as well as flexible working arrangements.
About us
Our mission is to facilitate the decarbonisation of Great Britain’s energy network and ensure the delivery of reliable, affordable, and green electricity for consumers. We work with stakeholders across the whole energy industry to plan for future network needs, using insight to make sure we can balance the system today and find opportunities to transform the way it operates tomorrow.
Becoming the National Energy System Operator
In Summer of 2024, the ESO will transition to becoming the National Energy System Operator, or NESO for short. Previously denoted as the Future System Operator (or FSO), the new National Energy System Operator will be the independent body responsible for planning Great Britain’s electricity and gas networks and operating the electricity system.
The ESO, including all of its existing roles, will be at the heart of the new National Energy System Operator. As NESO, we will build on our existing roles, capabilities, and ways of working significantly to create an organisation the energy system and its users’ need. Our new capabilities will enable us to look across vectors, including electricity, natural gas and hydrogen, and crucially consider the trade-offs between them.
The organisation will be set up as a public corporation with its own Board of independent directors, with complete operational independence from government, the regulator and any and all commercial interest. As the ESO are today, NESO will be licenced and regulated by Ofgem through price control agreements and obligated to identify optimal solutions to system operations and planning in the most sustainable, affordable and secure way for all.
The time to deliver is now. As part of our team, you won’t just be touching the lives of almost everyone in Great Britain – you’ll be shaping the way we use and consume energy for generations to come.
About you
What we do isn’t just important – it’s essential. That’s why we look to recruit experts in their field. In this case, we’re looking for someone who has:
• Curious and forward thinking: You have an interest in the broader energy landscape and always seeking to understand the bigger picture. You stay informed about developments in various sectors and fuels, ensuring you can provide valuable insights.
• Research and Analytical skills: ability to gather, synthesize and analyse data from a broad range of sources (macroeconomics, industry trends, energy supply / demand data, economic trends, etc.), and translate this into value-adding insights and recommendations that inform decision making for a diverse range of stakeholders. This involve analysing both quantitative and qualitative data, identifying trends and patterns and developing economic models.
• Effective communication: You are a great communicator, both in writing and articulation, capable of conveying complex ideas in a simple way to a range of internal and external audience.
• Structured problem solving: You excel in structured problem solving, with a focus on data-related challenges and solutions.
• Expert computer literacy: You are proficient in using MS Excel. Understanding of analytical software packages or visualisation tools e.g. R, SQL, Python, MatLab, Power BI is desirable.
What you'll get
A competitive salary between £44000 – 63000 – dependent on experience and capability.
As well as your base salary, you will receive a bonus based on company performance, 26 days annual leave as standard and a competitive contributory pension scheme where we will double match your contribution to a maximum company contribution of 12%.
You will also have access to a comprehensive benefits package tailored to support your well-being and professional success. From a competitive salary to flexible work arrangements, we promote your work-life balance. Enjoy fit for purpose wellbeing and lifestyle offerings, ongoing skill development aligned to our Purpose and Values, and be part of a supportive community that values your individuality and where you can belong.
Key Accountabilities
• Collaborate within the Office of the Chief Economist (OCE), guided by the Economics Analytics and Insights Manager, to establish the OCE as the centre of expertise in economics for NESO.
• Provide strategic economic analysis, insights, advice, information that tackle industry's complex challenges and opportunities, including responding to government and regulator requests, ensuring comprehensive support.
• Conduct economic modelling and economic analysis for projects across the Strategy and Policy directorate. This will involve working with cross-functional teams to develop the overall scope, assumptions, and parameters, and then developing the scenarios and conducting the studies required to inform the project.
• Apply whole system thinking to draw conclusions from your economic analyses and insights, communicating economics clearly and succinctly either internally or externally. Prepare briefing notes and submissions to ministers or economic reports for executives as needed.
• Investigate the economic drivers and economic outcomes of decarbonisation, considering among others various economic welfare aspects, macroeconomic factors, economic trends, regulatory and market economics, and consumer behaviour influences.
• Build relationships with other NESO teams, share best modelling practice, and provide support in economic analysis and insights.
• Conduct industry research to stay abreast of new modelling techniques and assumptions. Work with the horizon scanning functions in the advisory team and across the business to understand their findings and update assumptions accordingly.
• Work across different sectors in energy industry such as heating, transport, generation, identifying and quantifying economic factors behind the net zero targets and policies.
What you'll need
• Degree in Economics, Finance or other relevant professional qualification or industry experience.
• In-depth understanding of the energy industry - knowledge of the structure, regulatory environment and the short- and long-term issues affecting the industry.
• Knowledge of macroeconomics, microeconomics, market economics, regulatory economics, econometrics, and/ or behavioural economics. Experience in behavioural economics is advantageous.
• Experience in conducting research e.g. literature review on generation cost, costs on heating systems, industry trends, emerging technologies including prototypes, trials.
• Experience in drawing economic insights from data and conducting Cost Benefit Analysis (CBA) as well as developing various economic models.
• Experience developing and using optimization models such as PLEXOS is advantageous.
More information
This role closes on 29th May 2024 at 23:59, however we encourage candidates to submit their application as early as possible and not wait until the published closing date as this can vary. Interviews will be held in the w.c. 10th June 2024.
We work towards the highest standards in everything we do, including how we support, value and develop our people. Our aim is to encourage and support employees to thrive and be the best they can be. We celebrate the difference people can bring into our organisation, and welcome and encourage applicants with diverse experiences and backgrounds, and offer flexible and tailored support, at home and in the office.
We're committed to building a workforce that represents the communities we serve, and a working environment in which each individual feels valued, respected, fairly treated, and able to reach their full potential.
