Associate Market Risk Analyst

Date: May 31, 2023

Location: Newark, NJ, US

Company: PSEG

Requisition: 74636

PSEG Company: PSEG Services Corp.    

Salary Range: $ 69,200 - $ 131,500 

Incentive: PIP 10%   

Work Location Category: Remote Local  

PSEG operates under a Flexible Work Model where flexible work is offered when job requirements allow. In support of this model, roles have been categorized into one of four work location categories: onsite roles, hybrid roles that are a blend of onsite and remote work, remote local roles that are primarily home-based but require some level of purpose-driven in-person interaction and living within a commutable distance, and remote non-local roles that can be effectively performed remotely with the ability to work in approved states.

PSEG offers a unique experience to our more than 12,000 employees – we provide the resources and opportunities for career development that come with being a Fortune 500 company, as well as the attention, camaraderie and care for one another you might typically associate with a small business. Our focus on combatting climate change through clean energy technology, our new net zero climate vision for 2030 and enhanced commitment to diversity, equity and inclusion; and supporting the communities we serve make this a particularly exciting time to join PSEG.

Job Summary

The Associate Market Risk Analyst is responsible for, monitoring the risk associated with PSEG Power's Nuclear generation assets and portfolio of energy derivative hedges, and drafting risk reports for management (including C-level executives) summarizing portfolio positions and risk levels. Modeling the risk associated with PSEG's exposure to energy prices, commodities, and interest rates, FX.  Build out and maintenance of energy price simulation models, hedging models, cash-flow-at-risk models, and credit exposure models.  Calibration of market risk models to market data (historical data & option implied data).
Day-to-day maintenance of Market Risk department's energy & commodity risk simulation application.

Job Responsibilities

  • Monitor portfolio risk associated with PSEG Power’s fleet of nuclear electricity generation assets as well as physical & financial derivative hedges, monitor compliance with Hedging Practice, risk limits, and option limits, etc.
  • Utilize energy risk software or internally developed models to assess cash-flow-at-risk, GMaR (Gross-Margin-at-Risk, VaR (Value-at-Risk), and credit exposure metrics such as PFE (Potential Future Exposure), and potential margin or collateral posting.
  • Maintenance of energy risk software models and records including calibration of volatility and correlation models, price simulation models, derivative hedge transactions, ratable hedging models, and hypothetical stress tests
  • Design, build, automate, and maintain risk reports, generation forecast reports, hedging reports, leveraging energy risk software system (Lacima) as well as Aligne ETRM (Energy Trading and Risk Management) software system report building functionality
  • Support middle office services functions performed by PSEG for its external client LIPA (Long Island Power Authority) including:
    •  Maintenance of credit risk modules of energy risk application utilized to model LIPA credit risk
    •  Creation of month end P&L (profit and loss) reports for LIPA as well as hedge effectiveness analysis
    •  Creation of annual energy hedge requirement forecast updates for LIPA
  • Valuation model validation:  responsible for benchmarking of ETRM (Energy Trading and Risk Management) software energy and commodity transaction valuation models including forwards, futures, swaps, swaptions, and single and mutli-asset options, etc.

Job Specific Qualifications

  • Master's Degree (in a quantitative field such as Quant Finance, Computational Finance, Financial Mathematics, Statistical Finance, or similar).  In lieu of degree - 5 years experience (in lieu of a degree, experience would need to be specific to Energy Risk Management, or Financial Risk Management)

Other Qualifications:

  • Ability to develop financial models using R, Matlab, or Python (or similar) programming language 
  • Knowledge of financial derivative pricing models, including financial option pricing theory 
  • Knowledge of various types of commodity hedging transaction types such as forwards, futures, swaps, and options
  • Knowledge time-series analysis, and numerical regression analysis
  • Ability to work with large sets of financial data
  • (academic experience ok for all of the above)


  • Direct experience in energy risk management or commodity risk management 
  • Experience building risk models in a professional setting using R, Matlab, Python, or similar statistical programming language
  • Knowledge of northeast power markets (e.g. PJM ISO), and northeast natural gas markets and pipelines
  • Experience working with ETRM (Energy Trading Risk Management) software, or CTRM (Commodity Trading Risk Management) software

Minimum Years of Experience

0 years of experience
5 years of experience




None Noted


Certain positions at the Company may require you to have access to Part 810-Controlled Information. Under the law, the Company is limited in who it can share this information with and in certain circumstances it is necessary to obtain specific authorization before the Company can share this information. Accordingly, if the position does require access to this information, you must complete a 10 CFR Part 810 Export Control Compliance Nationality Request Form, a copy of which will be provided to you by Talent Acquisition if an offer is made.  If there is a need for specific authorization, due to the time it takes to obtain authorization from the government, we will likely not be able to further proceed with an offer.

Candidates must foster an inclusive work environment and respect all aspects of diversity. Successful candidates must demonstrate and value differences in others' strengths, perspectives, approaches, and personal choices.

As an employee of PSE&G or PSEG LI, you should be aware that during storm restoration efforts, you may be required to perform functions outside of your routine duties and on a schedule that may be different from normal operations.

Certain positions at the Company may require you to have access to 10 CFR Part 810 controlled information.  If the position does require access to this information, the Talent Acquisition representative will provide further details upon making an offer.

PSEG is an equal opportunity employer, dedicated to a policy of non-discrimination in employment, including the hiring process, based on any legally protected characteristic. Legally protected characteristics include race, color, religion, national origin, sex, age, marital status, sexual orientation, disability or veteran status or any other characteristic protected by federal, state, or local law in locations where PSEG employs individuals.

Business needs may cause PSEG to cancel or delay filling position at any time during the selection process.

This site ( is strictly for candidates who are not currently PSEG employees. PSEG employees must apply for jobs internally through emPower which can be accessed through by clicking on the emPower icon, then selecting careers.



PSEG is committed to providing reasonable accommodations to individuals with disabilities.  If you have a disability and need assistance applying for a position, please call 973-430-3845 or email  If you need to request a reasonable accommodation to perform the essential functions of the job, email Any information provided regarding a disability will be kept strictly confidential and will not be shared with anyone involved in making a hiring decision.



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Nearest Secondary Market: New York City

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