Senior Settlements Accountant

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Senior Settlements Accountant

Department: Finance & Procurement

Employment Type: Permanent

Location: London

Reporting To: Lead Settlements Accountant

Description

Contract type: Permanent
Hours: 37.5 hours per week

Salary: circa GBP 47,000 depending on experience

Location: Canary Wharf

WFH policy: Employees are required to attend the office 2 days/week

Flexible working: Variety of flexible work patterns subject to line manager discretion e.g. Compressed 9-day fortnight.

Reports to: Lead Settlements Accountant
Deadline Note: We reserve the right to close the advert before the advertised deadline if there are a high volume of applications.

Role Summary:The Low Carbon Contracts Company (LCCC) and the Electricity Settlements Company (ESC) sit at the heart of the delivery of the UK's goals for secure, affordable, and sustainable electricity. These two private limited companies, wholly owned by the Secretary of State for Energy and Climate Change, were created to deliver key elements of the government's Electricity Market Reform Programme. EMR facilitated this vital investment through the introduction of two schemes: the "Contract for Difference" (or "CfD") and the "Capacity Market".

LCCC is the counterparty to CfDs, a role which involves management of the contracts as well as the Supplier Obligation Levy that funds CfD payments. In all of its operations, LCCC is led by its guiding principle to "maintain investor confidence in the CfD scheme and minimise costs to consumers". LCCC also runs Capacity Market settlement operations on behalf of the ESC.

ESC's role is to oversee the settlement of the Capacity Market to ensure that regular payments are made to capacity providers who have agreed to provide capacity at times of system stress. These capacity arrangements help to keep the lights on across Great Britain. Across both schemes around GBP 3.5b flows through LCCC each year between generators and electricity supply companies.

Furthermore, LCCC will have similar roles in the emerging Hydrogen (H2) and Carbon Capture and Storage (CCUS) industries, alongside the settlement of the Regulated Asset Base (RAB) model for new nuclear, including significant new development of systems, processes and controls to support settlements in these new areas.

The Low Carbon Contracts Company is seeking a Senior Settlements Accountant to join our dynamic team. This role is pivotal in ensuring the smooth operation of financial settlements while contributing to the transformation of our reconciliation processes from manual to automated where appropriate.

The Senior Settlements Accountant plays a pivotal role in ensuring the efficient and accurate execution of financial settlements for CfD, CM, and all upcoming new schemes. This position demands strict compliance with regulatory requirements and a focus on automating manual processes. The ideal candidate is a proactive, adaptable, and detail-oriented professional who excels in a fast-paced environment, embraces change, and seeks opportunities for innovation and process enhancement. In a role expected to drive the accounting for these established (CfD & CM) and emerging schemes settlement operations, the Senior Settlements Accountant will carry out month-end accounting for settlements, monitor the financial performance of the outsourced settlements provider, and maintain a robust control environment.

Key Responsibilities

The key responsibilities of the role are outlined below, covering both LCCC and ESC. However, this is an overview of the role and is not exhaustive. As the size and number of different schemes continue to grow, the dynamic nature of the role may lead to further enhancements, and the expectations for the role will increase. LCCC recognises the evolving nature of the responsibilities and reserves the right to assign other duties commensurate with the role as required. This presents an exciting opportunity for the successful candidate to contribute to a growing and dynamic environment, making a meaningful impact as the role evolves.

Settlement Operations:

• Manage daily settlement activities, including payments and reconciliations, ensuring strict adherence to deadlines.
• Approve and oversee high-value transactions, such as credit cover drawdowns and returns, in line with organisational procedures.
• Respond promptly and effectively to settlement-related inquiries from internal and external stakeholders.
• Maintain strong controls over payment processes and notices to ensure accuracy and compliance with LCCC/ESC policies.
• Be familiar with and understand the policies and regulations surrounding the CfD, CM, and upcoming new schemes operations of LCCC. Stay informed about forthcoming changes and provide input on necessary adjustments for settlement sources.

Financial Reporting and Analysis:

• Prepare and review journal entries, monthly reconciliations, and settlement-related reports from the outsourced provider. Reflect settlements activity internally for new upcoming schemes from our newly developed in-house systems.
• Monitor settlement costs and provide forecasts, budgets, and variance analyses.
• Assist with the preparation of annual financial statements, audit queries and regulatory filings.
• Review, reconcile, and transfer termination/drawdown funds to Treasury.

Credit Cover and Reconciliation Management:

• Oversee credit cover processes, including approvals, rejections, drawdowns, and returns for CfD, CM, and emerging schemes.
• Conduct monthly and quarterly reconciliations for CfD Generator/Supplier, CM settlements, and upcoming new schemes.
• Prepare monthly Treasury forecasts and liaise with the Analytics team.
• Collaborate with Treasury to manage daily and monthly cash flows, as well as credit cover fluctuations during high-volume periods.

Process Improvement and Automation:

• Assist in testing and transitioning manual reconciliations to automated ones.
• Work with Data Engineering, Analytics, and Treasury on automation initiatives.
• Take ownership of identifying and implementing process improvements, leveraging assistance from the team, process improvement specialists, and/or other business units as needed.
• Train team members on new systems and integrate changes into BAU operations.

Collaboration and Stakeholder Management:

• Ensure effective collaboration with the settlements team on finance-related settlement issues to provide a seamless experience to all stakeholders.
• Serve as the primary point of contact for finance-related settlement issues, queries, and escalations.
• Build strong relationships with Contract Management, Scheme Operations, Legal, Treasury, and outsourced service providers to ensure seamless operations.
• Liaise with appropriate departments to address compliance and reporting requirements.

Adaptability and Problem-Solving:

• Manage a diverse workload, adapting to changing priorities and urgent tasks.
• Proactively address operational challenges and resolve settlement discrepancies.
• Contribute to a culture of curiosity and innovation by identifying and implementing best practices.

Administrative Responsibilities:

• Ensure proper documentation and tracking of payments, settlements, and financial records, maintaining a comprehensive audit trail for all transactions.
• Provide operational finance team support and cover roles as needed to ensure seamless execution of tasks.
• Assist in bank account management, including setup, approvals, and limits, in collaboration with Treasury & Banks.
• Maintain a tracker for companies in any type of insolvency event, managing the proof of debt submission process and follow-ups.

Skills Knowledge and Expertise

Essential:

• Education: Bachelor's degree in related field.
• Experience: Minimum 2 years in treasury, banking or finance function
• Certifications: Part or full qualification in CIMA, ACCA, ACA, ICAS, CIPFA, or equivalent.
• Accounting Skills: Proficient in payments to suppliers, month-end journal preparation, cashflow forecasts, and reconciliations. Ability to work with large figures.
• Technical Skills: Intermediate to advanced proficiency in Microsoft Excel and ERP systems.
• Data Handling: Strong capability in handling and analysing large data sets, simplifying financial calculations, and excellent attention to detail.
• Coaching: Ability to supervise and coach junior staff if required.

Desirable:

• Regulatory Knowledge: Strong grasp of financial regulations and compliance requirements.
• Renewable Energy: Knowledge of CfD, CM, or similar renewable energy support mechanisms.
• Financial Markets: Understanding of financial markets and instruments.
• Internal Controls: Experience in developing and operating internal controls.
• Advanced IT: Power query, Advanced Excel (including DAX measures)
• Stakeholder Management: Confident presentation and stakeholder management skills.

Employee Benefits

As if contributing to and supporting work that makes life better for millions wasn't rewarding enough, we offer a full range of benefits too. Key benefits that may be available depending on the role include:

• 25 days' annual leave and bank holidays
• Recognition schemes allowing colleagues to say thanks
• Company contribution to your pension scheme
• Family friendly policies, including enhanced company maternity/paternity and shared parental benefits
• Employee assistance programme for free, confidential support for your professional or personal life, including financial management and family care
• Special leave such as study leave, sabbatical or public duties
• Three days paid leave a year for volunteering to support your local community
• Season ticket loan scheme to support your commute
• Access to "Work Perks" offering deals, discounts and cash back on your purchases
• Family savings on days out and English Heritage or gym discounts through our partners.