Job vacancy: Power trading quants for Europe and US

Times have not been easy for anyone involved with power trading.

In the US the collapse of the energy company Enron two years ago led to a big drop in volume, with some players pulling out of the market altogether and others reducing their exposure.

Europe has had problems of its own, as electricity deregulation has proceeded more slowly than hoped in countries such as France and Germany.

Though there are signs of an upturn in the sector, for the moment there are still few job openings. Among those that do exist are two advertised by the headhunter Millar Associates, which is looking for power trading quantitative analysts for a large investment bank. One will work on the desk in London and one in New York.

The package could be about 200,000 ($340,000), about half of which would be bonus, says Craig Millar, Millar's chief executive. For the right candidate, the bonus might be guaranteed.

Three to five years of related work experience are required and the position involves working directly for the trading desk, with close links with IT specialists.

The advert calls for a background in financial engineering product development, including PhD level academics.

'You will need an intimate knowledge of energy products, in particular gas and electricity, and deep theoretical knowledge of derivative and hybrid products,' it says.

Millar says: 'A lot of financial product techniques are moving into this market and

the successful applicants will have to be aware of the latest ones.'

Among the applicants are quants who lost their jobs in investment banks in the downturn and now work for power companies, says Millar. Other power company quants are hoping to move to a bank for the first time, seeking both higher pay and more interesting work.