Economist
ISO New England Inc., One Sullivan Road, Holyoke, Massachusetts, United States of America Req #996
Monday, September 9, 2024
ISO New England is the not-for-profit, independent system operator responsible for ensuring the safe and reliable flow of electricity in our region and planning for the future of the electric grid. We are at the forefront of New England’s ongoing transition to clean energy.
ISO economists play a key role in the organization’s mission, as they are responsible for the design of the ISO’s $10 billion suite of auction-based electricity markets. In these markets, participants buy and sell a variety of products and services including very short-run (every five-minute) transactions for energy delivery, and multi-year forward contracts that facilitate the entry and exit of new technologies and generation facilities. The ISO’s team of economists work collaboratively to identify and propose market design innovations and solutions that improve the efficiency of these markets and enable them to work harmoniously with regulatory, environmental, and public policy goals.
ISO’s team of PhD-trained economists use tools that draw from a range of microeconomic fields such as industrial organization, auction theory, mechanism design, environmental economics, and finance. In this role, the ISO’s economists oversee quantitative assessments of the markets’ performance; plan new market design improvements; write technical reports and papers to explain market outcomes and recommendations to improve market efficiency; and present findings to internal and external audiences. A key component of this role involves teaching market participants and regulators how and why specific economic proposals would improve auction designs and market performance.
To facilitate their work, the economists at the ISO have access to an exceptional level of computational resources and support. This includes a team of market/research analysts able to support research on market design ideas; and an array of professional programmers, data analysts, engineers, and optimization experts that provide programming support, conduct data work, and help with technical implementation of market design recommendations.
We seek candidates with a strong background in empirical, applied, or theoretical microeconomics who are interested in joining a team that conducts timely economic analysis with significant real-world impact. New economists are not expected to have a background in energy economics or deep familiarity with how competitive electricity markets work, as we expect this expertise to be developed while working at the ISO.
What we offer you:
- Hybrid work schedule with 2 days/week remote
- Relocation Assistance
- Base salary plus performance bonus program, professional development and tuition reimbursement, enhanced 401k and financial planning, wellness programs with onsite gym, onsite café with free coffee, flexible work hours, access to business networks & more, all in a stable and supportive work environment!
How you will make an impact:
The economist position at the ISO offers a unique opportunity to have a direct, significant, and lasting impact on real-world outcomes while working in a rapidly-evolving industry that is at the forefront of public and environmental policy discussions. In this role, you would work closely with the other ISO economists and with multi-disciplinary teams to develop recommendations to improve the economic performance of the ISO’s electricity markets. This involves economic modeling, writing, and presenting clear explanations of economic ideas.
Given the diversity of markets and products, and the rapid rate of technological innovation presently, there is no shortage of interesting and challenging market design questions for the economist team to assess. Our analysis and recommendations draw from a wide range of microeconomic fields, and often contemplate novel economic questions, including but not limited to the following topics:
- Designing auctions for lumpy and complementary goods;
- Structuring contracts and products to incent efficient behavior;
- Developing markets that balance competing public policy objectives;
- Analyzing the susceptibility of market designs and structures to the exercise of market power by buyers and sellers;
- Considering how to efficiently allocate risk among market participants;
- Determining the role information has in achieving more efficient market outcomes.
What we are looking for:
- A Ph.D. in Economics (or closely related discipline), with a background in a microeconomic field such as industrial organization, microeconomic theory, mechanism design, environmental economics, auction theory, finance, regulatory economics, and/or information economics.
- An interest in conducting research that will inform public policy and have significant real-world impacts on the electricity sector.
- Ability to formulate and explain economic models and use them to develop sound, practical solutions to market design challenges.
- Excellent written and oral communication skills, including ability to work collaboratively and present to a diverse set of audiences.
- Some programming skills/knowledge of optimization (e.g. Matlab, GAMS) or statistical software (e.g. SAS, R) is desirable, but not required.
- Candidates are not required to have knowledge of how competitive electricity markets work or to have previously conducted research in energy economics – though any such background is a plus.
Equal Opportunity: We are proud to be an EEO/AA employer. Applicants for employment are considered without regard to race, color, religion, creed, sex (including pregnancy, childbirth, and related medical conditions), gender identity or expression, sexual orientation, citizenship, national origin, age, ancestry, marital status, disability (including learning, mental, intellectual, and physical), service in the uniformed services, genetic information, or any other status protected by applicable law.
Drug Free Environment: We maintain a drug-free workplace and perform pre-employment substance abuse testing.
- Pay Type Salary
- Telecommute % 40
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