Physical Risk Analyst (Gas

Paris

Context

The Expertise Center Market Analysis (EC MA) brings together more than 110 experts specialized in energy markets and quantitative economics. Our team includes market analysts, meteorologists, data scientists, as well as regulation & market design advisors, providing comprehensive support to ENGIE entities (Corporate, GBUs, GEMS Business Platforms and geographies).

The mission of EC MA is to deliver high-quality energy market intelligence, produce independent economic analyses, and provide regulatory insights to support ENGIE’s strategic positioning, investment decisions, operational excellence, and energy management.

Within this framework, the Business Platform Short-Term Gas (STG) is responsible for optimizing the delivery of ENGIE’s physical gas portfolio. The Physical Risk Team (PRT) ensures that ENGIE can meet its customers’ gas demand under a variety of scenarios, reflecting uncertainties such as weather impacts or supplier shortfalls. From day-ahead up to three years, PRT plays a key role in ensuring compliance with ENGIE’s public service obligations while maintaining supply security.

The team also consolidates ENGIE’s supply and demand portfolio to provide strategic visibility to S&EM Executive Management, supporting proactive decision-making and the sourcing of potentially missing volumes.

Role

The Physical Risk Analyst will join the PRT to strengthen and develop analytics activities in close collaboration with trading desks, portfolio managers, and other key stakeholders.
The role is based in Paris, on the trading floor, offering a dynamic environment at the heart of market operations.

Main responsibilities include:

• Operational support & strategy

  • Ensure compatibility of ENGIE’s gas asset management strategies with customer sourcing under defined risk factors (e.g., peak demand, supplier shortfall).

  • Propose optimized asset management strategies to maximize value while securing supply continuity at minimal cost.

  • Define operational limits for asset usage (storages, supply contracts) to balance short-term optimization with long-term supply security.

• Portfolio & risk management

  • Assess and size required assets for physical risk management (storage, transport, contracts, flexibility).

  • Maintain and continuously improve the physical risk framework, including assumptions on market liquidity, demand-temperature relationships, and regulatory evolutions.

  • Analyze ENGIE’s gas portfolio balance to address specific needs (e.g., intraday flexibility requirements).

• Strategic contributions

  • Participate in regulatory inquiries and contribute to discussions on gas security of supply.

  • Support S&EM teams with expert insights on physical risk.

  • Collaborate with quantitative analysts and IT teams to enhance tools, models, and assumptions.

  • Contribute to European gas supply-demand equilibrium modeling.

Profile

Hard skills

• Strong analytical mindset with a high degree of rigor and numerical agility.

• Interest in applying optimization, data science, and machine learning to operational challenges.

• Solid programming skills in Python; knowledge of BI tools (Power BI) and data platforms (Dataiku) is a plus.

• Knowledge of (or strong motivation to learn) energy markets and portfolio management.

Soft skills

• Excellent written and verbal communication, able to explain complex topics clearly.

• Team player with strong interpersonal skills, open to feedback and collaboration.

• Curiosity and willingness to learn new tools, methods, and technologies.

• Results-oriented with strong attention to detail and accuracy.

• Ability to multitask and perform under tight deadlines in a fast-paced trading environment.

• Creativity, initiative, autonomy, and adaptability.

Education & Experience

• Master’s degree or PhD in engineering, mathematics, physics, economics, or a related field.

• First professional experience in the gas or energy sector (internship, apprenticeship, or job) is a strong plus.

Languages

• Fluent in French and English (spoken and written).

Travel

• No regular travel required.

What we offer

• A highly intellectually stimulating role in a dynamic market environment.

• Integration within a supportive and experienced team.

• Significant autonomy and responsibility from the start.

• Exposure to a broad network of internal and external stakeholders.

• A strong culture of growth, learning, and professional development.