About the job

Job summary

As the UK’s regulator for the energy industry, Ofgem works on behalf of energy consumers to ensure that every household and business in the UK can rely on a safe, affordable and environmentally sustainable energy supply. Record increases and volatility in global prices have put the energy market under severe strain, and pricing is the subject of intense interest from retail consumers, stakeholders and government alike. Your analytical skills will be critical in informing the many important decisions ahead. 

Our Financial Modelling team develops core models for price control, based around the RIIO model (Revenue= Incentives + Innovation + Outputs).  You will support the development and maintenance of key models and help to answer analytical questions by contributing to presentations and briefing notes.  It’s a great opportunity to learn about best practice in model design and data management. 

This an ideal opening for somebody in the early stages of their career, or a high-performing recent school or college leaver with an analytical mind, who is keen to work with data. You’ll have a proven interest in economics, finance or another quantitative subject and technical proficiency in Excel. Familiarity with R, Python, VBA or SQL would be a bonus, and an understanding of price controls or regulation would be helpful. Above all you’ll be ready to learn and work at pace. 

Ofgem relies on having a workforce that reflects the society we serve, so we welcome candidates from all backgrounds, and especially those from underrepresented groups. While this is a full-time role, flexible working patterns and job shares are welcome.  We will also support you with excellent training and development opportunities, plus a competitive benefits package. 

For more information on this role and to hear from the team please join our Recruitment Open Event on Wednesday 14th February at 12.30pm free on the link below.

https://buytickets.at/ofgem/1132046

Job description

Ofgem works on behalf of energy consumers to ensure that every household and business in the UK can rely on a safe, affordable and environmentally sustainable energy supply.  We are playing a vital part in accelerating the transition to Net Zero and a carbon neutral energy system – a goal that everyone wants to achieve.  Whatever your role, you’ll be playing your part in creating new energy solutions that are great for customers, and great for the environment. 

Ofgem has a culture of inclusion that encourages, supports and celebrates the diverse voices and experiences of our colleagues. It fuels our innovation and helps ensure we can best represent the consumers and the communities we serve. Everyone is welcome - as an inclusive workplace, our employees are comfortable bringing their authentic selves to work.  

The financial modelling team develops core models for the RIIO price control including the Price Control Financial Model and models which support the setting and analysis of financial policies, eg cost of capital, depreciation and finance ability.  It also supports decision making across the organisation (eg retail, cost assessment) by building or supporting models or data analysis as required. 

Purpose 

• To support the financial modelling team in delivering high quality analysis, and to enhance and maintain enduring models that support Ofgem’s decision making. 

Key Responsibilities  

• Using and maintaining Ofgem models to help answer analytical questions. 
• Performing model quality assurance. 
• Working with data repositories and automatic reports to provide data and basic analysis to a wide variety of stakeholders. 
• Developing new models to support policy development across Ofgem. 

Key Stakeholder Relationships 

Several teams across Ofgem including: 

• Regulatory finance 
• RIIO cost and policy 
• Office of Research and Economics (model quality assurance) 
• Interconnectors and OFTOs 
• Retail policy 

External 

• Consultants supporting model development 
• Model auditors,  
• Other Regulators and UKRN 
• Energy network licensees 

Person specification

Essential Criteria

• Experience with modelling tools, particularly excel, or programming languages and databases. (Lead criteria) 
• Knowledge or experience in economics, finance, or another quantitative field. 
• Ability to process, display, and communicate data and analysis to others. 

Desirable Criteria

• Experience or understanding of economic regulation. 
• Experience in one or more of: R, Python, VBA or SQL. 

Benefits

Alongside your salary of £23,450, OFGEM contributes £6,331 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides.

Things you need to know

Selection process details

This vacancy is using Success Profiles (opens in a new window), and will assess your Behaviours, Experience and Technical skills.

When you press the ‘Apply now’ button, you will be asked to complete personal details (not seen by the sift panel), your career history and qualifications.  

You will then be asked to provide a 1250 word ‘personal statement’ evidencing how you meet the essential and desirable skills and capabilities listed in the role profile. Please ensure you demonstrate clearly, within your supporting statement, how you meet each of the essential and desirable skills and capabilities. 

Feedback will only be provided if you attend an interview or assessment.

Security

Successful candidates must undergo a criminal record check. People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window). The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria. The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.