Fuel Variance Analyst/Specialist

Job Number: 748

External Description: Requisition ID: 65117

Job Function/Category: Operations

Employment Type: Non-Exempt Full Time

This is an exciting time to be joining PSEG. Our commitments, which include safety, integrity, customer focus, and diversity & inclusion, are the fabric of our culture and help drive the success of our business. We are fortunate to have an outstanding workforce of diverse and highly skilled talent who move us forward in our operational excellence journey. PSEG has more than 12,000 employees who are dedicated to the communities we serve and embody our vision: People providing Safe, Reliable, Economic and Greener Energy.

Job Summary

The Fuel Variance position ensures that the Company consistently, appropriately, and accurately develops and maintains annual resource related operating budget, Fuel and Purchase Power (F&PP), and 8-year and 20-year projections, implements supporting plans, and monitors ongoing performance. This position prepares and monitors that portion of Long Island Power Authority's (LIPA's) operating budget associated with all power supply related costs, which, in aggregate, represent over 50% of LIPA's annual revenue.
In addition to preparing the operating budget, the Fuel Variance postion coordinates, collects and evaluates the data from forecasts and back casts of the fuel and purchase power costs, prepares variance and forecasts reports, and researches any significant variance from the approved budget for the current month and year-to-date results. In addition, prepares the summary level variance report for reporting to LIPA.
The Fuel Variance position is responsible for developing and accurately calculating the monthly Power Supply Charge (PSC) that underpins the collection of approximately $2 billion in annual revenue as well as the 6 and 12 month rolling average PSC values used in the balanced billing program. Accurate calculation is critical in order to ensure the timely recovery of costs while minimizing month to month fluctuations in customer bills due to changes in the monthly PSC, which is a direct driver of customer satisfaction metrics. In addition, prepares month-end accruals for various F&PP costs and any re-class entries that may be required.
The Analysts ensures that all F&PP invoices, accruals and deferrals are correctly recorded in PSEG Long Island's general ledger. Works with various group (Power Portfolios, Accounting, etc.) to ensure all vendor invoices as well as accounting entries that impact F&PP are properly coded.
As part of Power Markets Department Budget, the Fuel Variance position prepares monthly update of forecasted expenditures for the department as well as an explanation of expense variances for reporting to the Budgeting and Planning Group. Ensures that all departmental costs are charged to the correct order number, reviews the month-end accruals prepared by the Executive Assistant for accuracy and assists in preparing any re-class journal entries, assists in researching any invoice payment issues.  Duties and responsibilities may vary depending upon assignment.

Job Responsibilities

•Ensures that the Company consistently, appropriately, and accurately develops and maintains annual resource related operating budget and 8-year and 20-year projections, implements supporting plans, and monitors ongoing performance. This position prepares and monitors that portion of LIPA's operating budget associated with all power supply related costs, which, in aggregate, represent over 50% of LIPA's annual revenue. •Develops and accurately calculating the monthly Power Supply Charge (PSC) that underpins the collection of approximately $2 billion in annual revenue as well as the 6 and l2 month rolling average PSC values used in the balanced billing program. Accurate calculation is critical in order to ensure the timely recovery of costs while minimizing month to month fluctuations in customer bills due to changes in the monthly PSC, which is a direct driver of customer satisfaction metrics. •Prepares the Fuel and Purchased Power Variance analysis report that details the causes of any variances between actual results and the approved LIP A Fuel and Purchased Power budget. Ensures all costs are reported in the correct general ledger account and Fuel and Purchased Power budget category. The completed report is then provided to LIPA's senior staff which is used in their preparation of the Finance and Audit Committee presentation and preparation of LIPA's financial statements. •Coordinates, collects and evaluates the data from forecasts and back casts of the fuel and purchase power costs, prepares variance and forecasts reports, and assists with analysis of variances and forecasts to identify potential cost savings from operational improvements. Ensures that all Fuel and Purchased Power invoices, accruals and deferrals are correctly recorded in PSEG Long Island's general ledger. Will work with the Power Portfolios group to ensure all vendor invoices are properly coded and with the Accounting Department to ensure all accounting entries impact Fuel and Purchased Power are properlv recorded. •Update and maintain the Financial Model. Using the model, perform various financial impact analyses of various scenarios on the customer rates. •Work independently with internal and external stake holders, support preparation of power supply related testimony in various proceedings (ex: rate case, audit, etc.).

Job Specific Qualifications

Required
•Bachelor's degree required with a major in Engineering, Finance, Accounting, Economics or Business Administration. •0 -3 years' experience in finance, quantitative analysis, budget management. •Basic knowledge of MS Office Tools. •Must have excellent interpersonal, verbal and written communication skills.
 

Desired
•Master's Degree preferred •Experience with accounting systems, such as SAP, Epicor and/or Cognos preferred as is experience with business intelligence tools (Spotfire) and Document Management Systems (SharePoint). •Capacity to meet demanding deadlines and manage multiple projects. Ability to translate data into meaningful information to manage the business. Strong business acumen, experience bringing insightful commentary to numbers, recognition of trends •Excellent analytical skills, conceptual thinking - breaking complex issues into components, capturing all relevant information, utilizing specialists for support, draw conclusions •Convincing oral and written communication skills and the ability to manage complex processes are highly desirable

Minimum Years of Experience

0 years of experience

Education

Bachelor in Engineering or Finance

Bachelors in Business Administration or Accounting

Certifications

None Noted

Disclaimer

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.

As an employee of PSE&G or PSEG Long Island, 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.

This site ( http://www.pseg.com ) is strictly for candidates who are not currently PSEG employees. PSEG employees must apply for jobs internally through empower which can be accessed through the mypseg homepage by clicking on the employee center tab, then under the empower header, choose careers.

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

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.

Public Service Enterprise Group (PSEG) is an equal opportunity employer, dedicated to a policy of non-discrimination in employment, including the hiring process, based on any legal protected characteristic. Legally protected characteristics included, 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.

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Nearest Major Market: Long Island
Nearest Secondary Market: New York City
Job Segment: Engineer, ERP, Developer, Supply, Accounting, Engineering, Technology, Operations, Finance

Job Number: 65117

Community / Marketing Title: Fuel Variance Analyst/Specialist

Location_formattedLocationLong: Uniondale, New York US