Senior Economist (Price Cap)


Apply before 11:55 pm on Monday 30th May 2022



Reference number



」30,950 - 」59,999
」33,400 - 」59,999 London / 」30,950 - 」55,999 Glasgow. Civil Service and Internal colleagues please ensure you read the pay and rewards information in the candidate pack.


Grade 7
Level 2

Contract type


Business area

OFGEM - Retail

Type of role


Working pattern

Flexible working, Full-time, Job share, Part-time

Number of posts



Glasgow, London


Help people across Great Britian get value for money when it comes to energy.

Ofgem exists to ensure a safe, sustainable and affordable energy supply to the households and businesses of Great Britain. As the industry regulator we promote the highest standards of customer care and work with industry partners to ensure that our energy system and supporting infrastructure is safe, resilient and sustainable.

In this role, you値l join our dynamic Ofgem Price Cap team, working to protect default tariff customers and make sure they can receive affordable energy. You値l take the lead on developing and delivering crucial policy changes and price cap updates, making an impact on millions of people across GB while aiding the Government痴 ambitious decarbonisation strategy.

Naturally, you値l frequently analyse complex models and present information to a wide range of stakeholders. This includes senior leaders at Ofgem as well as Government contacts, energy suppliers and consumer groups. You値l also have the opportunity to oversee the calculation and publication of the Market Stabilisation Charge.

To join us, you値l need strong analytical skills and solid experience in the energy industry and/or regulation. A good knowledge of the sector is important, along with deep modelling skills and the ability to use modelling analysis with complex Excel models. Skills in applying economics and competition analysis to relevant markets is important.

We池e also looking for great communication, collaboration, organisational and relationship building skills. You should have a relevant degree or the equivalent experience.

We are serious about offering you professional development, training and support. You can also expect an excellent benefits package, a great working environment with scope for hybrid working, and a shared sense of purpose.

We welcome candidates from all backgrounds, and especially welcome individuals from underrepresented groups. While this is a full-time role, flexible working patterns and job shares are welcome.

Job description

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.


Team Responsibilities
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稚)
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痴 decisions.


We'll assess you against these behaviours during the selection process:

  • Changing and Improving
  • Making Effective Decisions
  • Communicating and Influencing
  • Delivering at Pace

Technical skills

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.


Successful candidates must pass a disclosure and barring security check.
People working with government assets must complete basic personnel security standard checks.

Selection process details

This vacancy is using Success Profiles, and will assess your Behaviours, Experience and Technical skills.
When you press the 羨pply now button, you will be asked to complete personal details (not seen by the sift panel), your career history and qualifications.

You will then be asked to provide a 1,250 word 壮upporting statement evidencing how you meet the essential and desirable skills and capabilities listed in the role profile. Please ensure you demonstrate clearly, within your supporting statement, how you meet each of the essential and desirable skills and capabilities.

Feedback will only be provided if you attend an interview or assessment.

Nationality requirements

This job is broadly open to the following groups:

  • UK nationals
  • nationals of Commonwealth countries who have the right to work in the UK
  • nationals of the Republic of Ireland
  • nationals from the EU, EEA or Switzerland with settled or pre-settled status or who apply for either status by the deadline of the European Union Settlement Scheme (EUSS)
  • relevant EU, EEA, Swiss or Turkish nationals working in the Civil Service
  • relevant EU, EEA, Swiss or Turkish nationals who have built up the right to work in the Civil Service
  • certain family members of the relevant EU, EEA, Swiss or Turkish nationals
Further information on nationality requirements

Working for the Civil Service

The Civil Service Code sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles.
The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria.
The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.
This vacancy is part of the Great Place to Work for Veterans initiative.
Once this job has closed, the job advert will no longer be available. You may want to save a copy for your records.

Contact point for applicants

Job contact :

  • Name : Cheryl Stobo
  • Email :

Recruitment team :

  • Email :

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