About the job
We are looking to recruit two Senior Economists in the Ofgem Price Cap team to play a strategically important role across one or more of the following areas:
• Developing and delivering policy changes to the Price Cap
• Delivering the Price Cap itself and / or overseeing the Market Stabilisation Charge calculation and publication; and
• Delivering Price Cap updates.
We work flexibly, providing ample opportunities to work collaboratively on a range of high profile analytical and policy work related to the price cap.
This is a fantastic opportunity to be involved with policy related to the default tariff cap and affecting millions of consumers. You will also be helping shape policy at a time when the retail energy market is undergoing significant change and will play a vital role in supporting the decarbonisation of the GB economy.
Your work will directly impact the level of protection of default tariff customers across GB. To be successful at the role, a candidate will apply good judgement to sometimes ambiguous or incomplete information in order to deliver the regulatory changes needed. They will be able to navigate and understand complex models quickly, will have a strong track record of delivering analytical outputs in a fast-paced environment, and will have strong interpersonal skills, able to communicate complex information effectively to a range of internal and external stakeholders. A successful candidate understands and is comfortable in delivering projects in line with fixed regulatory deadlines.
Changes To The Design of The Price Cap
In light of the recent unprecedented rise in wholesale market prices and volatility, Ofgem is currently consulting on changes to the design of the price cap to ensure it can continue to protect consumers on default tariffs. This may result in changes to how Ofgem calculates and sets the price cap, including when and how frequently the cap is updated.
The changes being consulted on will bring an exciting and impactful opportunity to be at the forefront of implementing these important packages of work.
Our team carries out an exciting mix of policy design, analysis, drafting and external stakeholder engagement, while working together with colleagues across Ofgem.
• We develop price cap insights and forecasting, and implement policy changes in line with consumers’ interests, putting consumer protection at the heart of our work, aiming to ensure default tariff customers are charged a fair price.
• We work collaboratively updating the cap methodology to ensure changes in the market are reflected in the cap design.
• We are responsible for setting the level of the price cap and ensuring suppliers comply with the cap (taking firm compliance action when they don’t)
• We own the models for the price cap, and are responsible for implementing any changes to the cap design.
• We calculate and publish the Market Stabilisation Charge (MSC), a temporary measure to address risks to consumers from market volatility in the short term.
Note: the default tariff cap was introduced in January 2019 and protects over 150 million customers on default tariffs.
Key Outputs and Deliverables
• Responsible for updating the models used to update the level of the price cap and / or the Market Stabilisation Charge;
• Provide analytical support to Price Cap Policy colleagues to support appropriate delivery of policy changes, including stakeholder consultation;
• Plan for and complete expert quality bespoke analysis in line with wider team objectives;
• Provide a robust evidence base for Ofgem policy and business decisions in relation to consumers and competition in retail markets;
• Identify interdependencies and work collaboratively with other experts across Ofgem. Engaging with other policy teams and legal advisors;
• Produce internal working papers to support senior management and the Authority’s decisions.
We'll assess you against these behaviours during the selection process:
Changing and Improving
Making Effective Decisions
Communicating and Influencing
Delivering at Pace
We'll assess you against these technical skills during the selection process:
Please refer to candidate pack for details.
Ofgem can offer you a comprehensive and competitive benefits package which includes; up to 30 days annual leave. Excellent training and development opportunities. The opportunity to join the Civil Service pension arrangements which include a valuable range of benefits. Flexible working hours and family friendly policies. Restaurant and subsidise gym (London only). Interest free season ticket loan.
Things you need to know
Successful candidates must pass a disclosure and barring security check.People working with government assets must complete basic personnel security standard checks.