Senior Economist - Price Control

Title: Senior Economist - Price Control

Section: Price Control

Department: Economics Affairs Division

Sector: Economic Affairs

Entity: Department of Energy

Role Purpose:

• The Senior Economist - Price Control is responsible for assisting the section head in developing and implementing a robust and modern price control for the energy sector, which includes electricity, water, recycled water, and wastewater.

• In addition, the Senior Economist - Price Control is responsible for managing the development of an incentive framework for the distribution, transmission, and business of energy licenses, as well as a competitive regulatory framework for procurement and energy generation operations.

• Furthermore, the Senior Economist - Price Control is in charge of managing the price control review process, as well as the development of appropriate incentives and information requirements over time for any energy-related activities within the energy sector.

Key Responsibilities:

• Provide economic advice to the energy pricing team, assisting in the development and implementation of a robust and modern price control model.

• Lead the price control process, which includes reviewing operating expenses/estimated and actual capital expenditures and calculating the weighted average cost of capital; identifying and developing new incentives; and developing regulatory directives.

• Manage the review Price Control Returns (PCRs); issue RIGs / TA information guidance package and derogations; calculate and notify the annual bonus / penalty (Q factors) to the price-controlled companies.

• Lead development of strategies and plans for the price control reviews and implementation.

• Manage and ensure the quality of various streams of analysis supporting the price control review including opex, capex, incentives, and financial modelling.

• Lead the analysis of operating, capital, and financial costs to support the price control reviews.

• Develop processes and checks on analysis to ensure that the calculations underlying price controls are robust and transparent.

• Lead the development of timetables for price control reviews.

• Work in collaboration with the relevant directorates/ sections/ teams across DoE in ensuring all the relevant technical teams are involved in the development of price control initiatives and incentive arrangements.

• Collaborate with the sector's head of price control and head of economic affairs to gain support for price control plans and their proposals in this regard.

• Keep abreast with developments in the field of economics and regulation, in particular those related to price controls and incentives.

• Research best practices and consider how the price control framework can best evolve and develop in the future.

• Manage work on development and implementation of economic regulatory and competition framework for the energy sector.

• Ensure that the consultants' support is efficient, effective, and timely, and that any work for them is integrated into the price control processes.

• Manage the drafting of consultation papers and other documents so that the final products are clear, transparent, and accurate.

• Develop processes and checks on analysis to ensure that the calculations underlying price controls are robust and transparent.

• Ensure that each team member has a high-quality Personal Development Plan (PDP) that is implemented and reviewed on a regular basis.

• Carry out any additional responsibilities assigned by the Head of the Price Control Section and the Head of Economic Affairs Section.

Requirements:

• Bachelor's Degree in Economics or relevant discipline

• Master’s Degree in Economics is preferred

Core Capabilities:

• Comprehensive knowledge of pricing and tariffs in the energy sector, including the price control and tariffs structures and models, pricing models, data analytics and tools used for setting pricing

• Adequate knowledge of regional and global laws and regulations governing electricity, water, wastewater, and recycled water activities.

• Adequate knowledge of the energy sector, in Abu Dhabi, regionally and globally

• Deep understanding of the strategic direction of the Abu Dhabi energy sector, the objectives for the sector and requirements of key stakeholders

• Ability to interpret engineering data and reports

• Ability to establish and maintain effective working relationships

• Ability to drive and adapt to change in a dynamic environment.

• Ability to work with key stakeholders, the DoE management, external parties, and advisors

• Ability to scan the external environment to understand the impact on the sector and regulatory operations

Experience & Exposure

• 6 to 8 years of experience, in a relevant field e.g., setting price control and tariff structure for the energy sector

• Experience in energy sector regulation, including preparation of regulatory submissions, regulatory consultations, and regulatory responses

• Analytical, problem solving and critical reasoning skills

• Active listening and negotiation skills

• Effective oral and written communication

Responsibilities

• Provide economic guidance to the energy pricing team, contributing to the creation and implementation of an advanced price control model.
• Lead the price control process, encompassing the review of operating expenses, capital expenditures, and the calculation of the weighted average cost of capital.
• Manage the price control review process, including the issuance of information guidance and the calculation of annual bonuses or penalties.
• Lead the development of strategies and plans for price control reviews and their successful implementation.
• Ensure the quality of analytical support for price control reviews, covering operating expenses, capital investments, incentives, and financial modeling.
• Conduct research on best practices and explore future developments for the price control framework.
• Collaborate with key stakeholders, including the head of price control and economic affairs, to gain support for price control initiatives.
• Stay updated with economic and regulatory advancements, particularly those related to price controls and incentives.
• Manage the work on developing and implementing an economic regulatory and competition framework for the energy sector.
• Ensure the efficient and timely integration of consultant support into the price control processes.

Qualifications

• Bachelor's Degree in Economics or a closely related field is required.
• A Master's Degree in Economics is preferred but not mandatory.
• 6 to 8 years of experience in a relevant field, such as setting price control and tariff structures for the energy sector.
• Proven experience in energy sector regulation, including regulatory submissions, consultations, and responses.
• Strong analytical and problem-solving skills, with the ability to interpret complex data.
• Excellent communication and interpersonal skills, with the capacity to collaborate effectively with diverse teams.
• Proficiency in economic analysis software and tools is highly advantageous.
• A proactive and innovative approach to work, with a willingness to stay updated on industry trends.
• Ability to manage multiple projects simultaneously and meet tight deadlines.
• A commitment to maintaining the highest standards of professionalism and confidentiality.