The University of Texas at Austin

Oklahoma State University

Associate Professor of Finance at FSU

Tallahassee, Florida, United States

- Teach derivatives, investments and portfolio management courses in the MBA, MSF, PhD and undergraduate programs of the Florida State University College of Business.- Direct the operations of the FSU Student Investment Fund (SIF) as faculty advisor. The SIF enriches student education through security selection and active management of a real investment portfolio.

Florida State University

Associate Professor of Finance

- Responsible for the management and staffing of three groups within NextEra Energy Resources: Option Trading, Quantitative Analysis and Risk Analytics.- Managed the Option Trading group consisting of energy derivatives traders and trading analysts. Responsible for all participation in option markets including pricing, modeling and trading. Developed models for valuation of derivatives and other complex transactions, provided measures of VaR and other measures and supported other business units in any derivative related analysis required. - Managed the Quantitative Analysis group and coordinated the group's response to modeling requests. The quant group is responsible for the development of advanced algorithms and models that support and advance the trading, asset optimization and full requirements segments of the business. Responsibilities included training and mentoring of junior analysts, providing expert opinion and consultation, performing ad hoc analysis, presenting findings and performing supervisory tasks such as hiring and budget planning.- Managed the Risk Analytics group and assured the accuracy and integrity of the group's responses to pricing requests. The Risk Analytics group is responsible for pricing the structured transactions and full requirements transactions that cross the trade floor. Worked closely with Origination Group to coordinate the group's responses to intra-day requests to quickly price and evaluate structured transactions.

NextEra Energy Resources

Senior Director, Option Trading & Quantitative Analysis

- Managed a group consisting of six financial energy traders. Responsible for the group's participation in FTR trading, basis spread trading and virtual nodal trading. Portfolios included both asset-backed trades and speculative trades.- Developed models to estimate real-time versus day-ahead spread differentials for the selection of profitable node portfolios. Trade strategies included portfolio selection approaches using CVaR minimization, quadratic programming, neural networks and genetic algorithms.- Developed methodologies for the estimation of electricity forward curves at illiquid basis points and programmed a quote decay methodology to incorporate stale quotes in basis estimation.- Worked with load-following group to hedge retail positions, manage short retail basis positions, and estimate basis costs for long-term load serving and wholesale RFP's.- Coordinated with trade groups and asset groups to achieve cost effective hedging of monthly asset basis positions through FTR markets, ARRs and basis spread trading.

Senior Director, Transmission Trading

- Managed the Risk Analytics group at FPL Energy Power Marketing, Inc.- The Analytics group was responsible for the development of quantitative models and risk exposure tools to facilitate energy marketing, energy trading, and risk management.- Lead the development of valuation models and translated the approved models into code.  Responsible for monitoring each model’s performance and directing improvement and/or replacement as necessary.- Worked closely with deal structuring group and trading group to provide valuations and coordinate the analytic group's responses to intra-day trading requests to quickly price and evaluate structured transactions.- Supported origination by providing quantitative evaluation of the benefits and risks of entering structured transactions.- Routinely provided consulting to senior executives regarding appropriate risk tolerance, risk strategy, and risk analytic techniques for FPL Group.

Director, Quantitative Analysis

- Established and staffed a group consisting of several quantitative analysts and senior quantitative analysts.- Developed several of PMI’s core models for valuation of all standard products offered by origination group including power and gas swaps, power and gas options, heat rate products, and shaped load products.- Developed models for estimating the VaR of numerous trading strategies. Built models to estimate earnings-at-risk (EaR) for individual assets as well as large portfolios with several technologies and contract types.

Manager, Risk Analytics

- Developed and maintained models for forwards, swaps and hedging strategies for natural gas, crude oil and electricity. Interacted with auditors in reviewing and justifying models.- Applied mathematical and statistical tools to quantify and hedge of Sonat’s energy risk exposures.- Lead development of natural gas derivative pricing in support of trading, hedging and structuring.- Provided ad hoc deal-structuring support with a particular focus on the valuation and exploitation of embedded optionality. Projects included storage arb, flexible transportation, fuel switching, etc.- Assisted in Sonat Marketing’s assessment and implementation of several risk management policies including VaR, EaR, RAROC, MtM, option book sensitivity, etc.

Sonat Marketing

Senior Quantitative Analyst

- Associate Professor in the Department of Finance with teaching and research duties. Tenured in 1996.- Performed original research and published reviewed articles in academic and practitioner journals.- Taught courses at the undergraduate and doctoral level in corporate finance and valuation theory.- Presented research papers at several national and regional academic conferences.- Guided graduate students in original research and dissertation research.

- Assistant Professor in the Department of Finance with teaching and research duties.- Performed original research and published reviewed articles in academic and practitioner journals.- Taught courses at the undergraduate and doctoral level in corporate finance and valuation theory.- Presented research papers at several national and regional academic conferences.

Steve Perfect