Specific Minimum Qualifications and Expertise
Essential:
- Experience in successfully managing teams to deliver a large range of complex projects against demanding timeframes. Ability to manage priorities and resources in a dynamic environment.
- Track record in providing leadership to teams and in motivating and addressing the development needs of professionals.
- Experience of policy development and/or influencing senior management decision making.
- Understanding of energy industry and network regulation in particular.
- Expert knowledge of financial issues in a regulatory or commercial environment, including several of: cost of capital/capital markets, financial modelling, tax matters, defined benefit pensions schemes, corporate governance, corporate recovery and treasury management
- Excellent analytical skills
- Ability to build effective working relationships and communicate clearly both in written and spoken form is essential.
- Undergraduate degree in finance, economics, related subject or equivalent professional experience
Purpose
The post will lead a team of over 10 finance and policy professionals. It is a centre of expertise on regulatory finance to the Smarter Grids and Governance Divisions as well as providing support to other Divisions in Ofgem as required.
The post will also be responsible for keeping under review and co-ordinating the Divisions’ approach to ensuring compliance with regulatory obligations and outputs from price control settlements for the network companies.
Key Outputs and Deliverables
The Regulatory Finance and Compliance team is responsible for:
- providing the policy development and analysis related to network company financeability (cost of capital, depreciation and capitalisation policies) and addressing finance issues such as the treatment of tax, pensions and the roll forward of the Regulatory Asset Values of the network companies
- establishing the reporting arrangements related to, and checking compliance with, regulated revenue allowances
- ongoing monitoring of financial stability of energy licensees and providing internal reports on key developments
- monitoring compliance with the regulatory ring fence arrangements, and reviewing these arrangements as appropriate
- maintaining the manual for financial distress and applying the procedures if needed
- managing the relationship with network licensees and other external stakeholders.
- providing support to other Divisions on regulatory finance and financeability issues as required.
The responsibilities related to compliance are:
- co-managing the current review of the network regulation compliance and reporting arrangements
- taking overall responsibility for internal reporting (to the exec and Audit committee) on network company performance
- rolling out the new arrangements across the Divisions
- co-ordinating compliance activities as required
- keeping arrangements under review
Key Stakeholder Relationships
The post will report to the Senior Partner, Transmission. The AP Regulatory Finance and Compliance will also seek to meet the needs of the Distribution team and will interact closely with the Senior Partner, Distribution.
The post will be expected to liaise with other Partners/Associate Partners, Policy Heads and any Heads responsible for delivering specific price control reviews.
The post will be responsible for briefing and gaining guidance from the Ofgem Executive, Special Advisors and the Ofgem Authority. The post will be expected to work with the Divisional Senior Management Team in the overall management of the Division.
The post will receive support from the Division’s Legal Team as needed.
Key Accountabilities
The Associate Partner is accountable for:
- ensuring that the Regulatory Finance and Compliance team is properly resourced and those resources are managed to meet the needs of the Division as a whole
- directing and supporting members of the team in delivering the analysis and advice required during price control reviews and within price control periods (see key outputs and deliverables above)
- providing strategic direction to the team considering medium and longer term development of Ofgem’s regulatory work
- ensuring ongoing staff development and other interventions necessary for sustaining the team’s wellbeing and effectiveness
- managing key external and internal relationships (see key relationships above)
- securing Executive and Authority approval for the proposals related to key deliverables
- ensuring appropriate written and oral communication with the Ofgem executive team and Authority and with external stakeholders
- presenting the work of Ofgem in regulatory finance and/or compliance to other regulators and other parties
- ensuring we have appropriate arrangements in place to monitor and enforce compliance with regulatory obligations and outputs from price control settlements for the network companies
- contributing to the management of the Division.
