Asset Management interview prep.

Behavioural questions to expect

1. Walk me through your background + IPP asset management experience.
2. Tell me about an IPP AM event or commercial decision you've owned.
3. Why IPP asset management vs project finance, trading, or plant operations?
4. Why this kind of fleet + commercial structure - thermal CCGT, mixed renewable + storage, capacity-heavy vs merchant, PPA + tolling vs hedge-supported?
5. Why the firm?
6. What's your read on our fleet + commercial structure?
7. Tell me what you understand about our capital structure + reporting cadence.
8. Walk me through an asset P&L variance or budget reforecast you owned.

Technical concepts to master

• PPA + tolling + capacity offtake mechanics

  PPA pricing - fixed, indexed, TOD, heat-rate-call · Tolling agreement mechanics · Capacity contracts + UCAP · VPPA + financial CfD (renewable sleeve) · Curtailment + dispatch compensation

• Capacity markets + ancillary services economics

  UCAP + ELCC accreditation · Capacity auction mechanics · Capacity-performance penalties · Ancillary services - regulation + spin + non-spin · Energy + ancillary services co-optimisation

• Project debt + DSCR + refinancing

  Project-level vs holdco vs corporate debt · DSCR + sweep + lockup · Hedge requirements · Reserves + DSRA · Refinancing windows

• OEM LTSA + factored hours + major inspection commercial

  LTSA structure + tenor · Factored hours + factored starts · Major-inspection scope + economics · Availability + performance guarantee accounting · Parts pool + lead time

Practical drills

• At month 7, your 600 MW merchant CCGT is tracking 15% below EBITDA budget. Decomposition shows: EFOR 4.5% vs 2.5% budget (gearbox-driven outage), spark spread compression of $2/MWh in your zone, capacity-performance non-performance event flagged for a January cold snap (~25% expected penalty). DSCR is projected to slip from 1.35x to 1.16x against a 1.20x lockup. Walk through your next 60 days.
• Your 400 MW CCGT in a capacity-paying ISO faces next year's capacity auction in 3 months. UCAP = ~380 MW (EFORd 5%). Expected clearing price: $4.50/kW-month base, $6/kW-month upside, $3/kW-month downside. Concurrently, year-2 spark spread for your zone trades at $7/MWh vs your variable cost $4/MWh, with capacity to layer a 12-month spark swap on up to 70% of expected output. Walk through your capacity-offer + hedge-layering recommendation.
• Your 500 MW CCGT hits a Major Inspection (MI) in 18 months. Existing project debt matures in 24 months. PPA has 5 years left + a 10-year merchant tail. OEM scope freeze in 6 months; expected MI capex $18M ($36/kW). Refi window opens 3 months post-MI (better terms on post-inspection performance certificate). Walk through your sequencing + financing recommendation.

Smart-question anchors

• Fleet portfolio - technology mix, MW, ISO / RTO footprint, vintages + remaining life
• Commercial structure - merchant vs PPA vs tolling share, hedge book, capacity + RA + AS revenue mix
• Capacity + fuel posture - capacity-auction strategy, gas supply + transport, emissions allowances
• Debt structure + refinancing - project vs holdco vs corporate, recent refis, hedge requirements
• OEM + LTSA structure - LTSA tenors, ISP vs OEM, recent LD claims + major inspections

Sourced from

FERC + ISO / RTO market manuals (PJM RPM, ISO-NE FCM, NYISO ICAP, MISO PRA, ERCOT, CAISO, SPP) + capacity-performance rules · NERC GADS + IEEE 762 reliability metric definitions · Norton Rose Fulbright + Latham & Watkins + Vinson & Elkins project finance + power M&A client alerts · EPRI generation operating + LTSA economic guidelines + GT / ST OEM technical bulletins · EIA-923 + S&P Global / Platts / Argus power market commentary + RTO Insider + IPP 10-K filings