Madrid | Hybrid

About the Company

An international energy group with operations across Europe is strengthening its commercial and market risk monitoring capabilities across power and gas markets. As part of this evolution, a role is being created in Madrid to support risk control, exposure monitoring and structured reporting within the Middle Office function.

The Opportunity

We are looking for a Risk Management Analyst – Power & Gas with experience in energy markets and commercial risk monitoring.

This is a Middle Office position focused on monitoring market exposure, validating risk metrics and supporting commercial and trading teams through structured risk analysis and reporting.

The role works closely with Commercial, Trading, Treasury and Group Risk teams, ensuring transparency of exposure and adherence to approved risk limits and policies.

Key Responsibilities

- Monitor commercial and market risk exposure across power and gas portfolios.
- Review dispatch and trading activity for RES and BESS portfolios, ensuring alignment with approved limits.
- Support second-line control activities by challenging exposures and deviations when required.
- Produce and validate commercial risk metrics including VaR, CFaR and exposure analysis.
- Prepare regular risk reports for local and group stakeholders.
- Analyse sensitivities, limit usage and PnL drivers, translating outputs into clear insights.

Energy Markets Support

- Support review of PPAs and structured commercial agreements from a market risk perspective.




- Assist in modelling assumptions and scenario analysis for pricing and contracting decisions.
- Provide structured analytical support to Commercial and Trading teams.

Counterparty Credit Monitoring

- Support credit risk assessments of offtakers and commercial counterparties in coordination with Group Risk.

Compliance & Coordination

- Ensure alignment with EMIR and REMIT reporting requirements.
- Coordinate with central Group Risk and Treasury teams to ensure consistency in risk standards.

What Success Looks Like

Reliable and accurate risk reporting in place.

Clear visibility of exposure across power and gas portfolios.

Strong collaboration with Commercial and Trading teams.

Consistent monitoring of risk limits and escalations when required.

Experience & Skills

3–7 years of experience in market risk, middle office or energy markets.

Experience in power and/or gas markets.

Understanding of risk metrics such as VaR, CFaR and exposure limits.

Strong analytical skills and comfort working with data and reporting tools.

Fluent English required; Spanish highly valued.

Work Model

Madrid-based role with hybrid working model.

Close interaction with international teams across Europe.

Why Join

- This position offers strong exposure to European power and gas markets within a structured and international energy platform. It combines technical depth in risk analytics with direct proximity to commercial decision-making.

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📌 Commercial & Market Risk – Power Manager (Madrid)
🏢 Kovacic Talent
📍 Madrid