Throughout Women’s History Month, we’re featuring women in the competitive power industry. You’ll hear from investment analysts, environmental compliance officers, senior executives and more. Our series kicks off with Competitive Power Ventures’ Virginia Fuller and Energy Capital Partners’ Alexandra Witteveen.
As March marks Women’s History Month, we’re sharing stories and advice from women working throughout the competitive power industry.
Spanning our member companies, women at every level help bring the benefits of competition to millions of Americans – more affordable, reliable, cleaner and innovative electricity.
What does a typical day look like for someone working in competitive power? What types of jobs are available? How can women be encouraged to enter the industry? And what issues and trends are emerging in this fast-paced field? You’ll hear from investment analysts, environmental compliance officers, senior executives and more.
To kick off our series, EPSA sat down with Competitive Power Ventures’ Virginia Fuller and Energy Capital Partners’ Alexandra Witteveen.
Virginia Fuller, Chief Compliance Officer, Competitive Power Ventures
Q: What does a Chief Compliance Officer do at a competitive power company?
A: As Chief Compliance Officer of Competitive Power Ventures (CPV), Inc., I run the company’s compliance program, which covers risk assessment, policies, training, regulatory compliance, and process improvement. A “typical day” might involve preparing regulatory filings that are coming due, discussing regulatory matters with outside counsel, reviewing vendors to be onboarded, editing our internal policies and discussing internal controls and procedures with CPV employees.
Q: How did you first enter into competitive power?
A: I have always appreciated the natural environment and felt that responsible stewardship of the environment was a top priority. In graduate school I studied environment and natural resources policy, which included energy policy. I soon recognized that the compliance function was a perfect fit for someone used to delving into policies, regulations and legal documents. It was there that I found my niche.
Q: What do you find most rewarding about your work?
A: The most rewarding aspect of my work is being able to demonstrate all the ways in which the compliance function helps people work more efficiently and safely. Over the course of my career, attitudes towards compliance have changed; I’ve seen people go from viewing compliance as a gatekeeper to seeing it as an ally and a resource center, and they feel good when they are getting clear guidance on how to execute business processes correctly and safely. It has been rewarding to watch people’s attitudes towards compliance change, and to see them recognize the value compliance can bring to any business – especially those in the energy sector.
Q: How can we encourage more women to consider the energy industry?
A: There are a number of women-specific industry groups, such as the Women’s Energy Network (WEN) and New England Women in Energy and Environment (NEWIEE), whose mission it is to empower women in the energy field and foster career development. I would encourage any woman considering the field to engage with an industry group like one of those to access resources and support. It is inspiring to see just how many women are making an impact in the energy industry.
Q: What’s something you wish everyone knew about competitive power suppliers and competitive electricity markets?
A: Competitive power is important for the country because companies are incentivized to invest in making power as economically as possible, ultimately bringing a net benefit to the environment at large through cleaner and more efficient forms of generation.
Q: Are there any current issues or trends you see emerging in competitive power?
A: Federal and state governments are becoming increasingly engaged in addressing the generation mix. It will be important for all of us to remain vigilant in our compliance programs to adapt to evolving rules around competing for government business. At the same time, those who set and enforce reliability standards will also have to adapt.
Q: What’s one piece of advice you would give to young women entering the industry?
A: I like the saying “Luck is when preparation meets opportunity,” and I’ve taken this to heart as career advice many times over. You may never know when an opportunity will arise, but you want to be ready when it does. This can be anything from a major career move to taking on more responsibility in your current role – point being: avoid complacency and continue to find areas of growth and skill development that will improve your ability to do your job and potentially prepare you for more.
The energy sector is an exciting and dynamic industry with significant opportunities for women at all stages of their careers. However, it’s important to understand that the industry is very broad and consists of a wide spectrum of companies and cultures, from entrepreneurial to very traditional. Make sure you search for an opportunity that matches your goals and don’t let anything hold you back!
Alexandra Witteveen, Senior Associate, Energy Capital Partners
Q: Could you share what your job role is? What does a typical day look like? How does it impact the electricity we use every day?
A: I am an investment professional at Energy Capital Partners (ECP), one of the U.S.’s largest private equity owners of power generation as well as renewable power generation. ECP has been investing in the power generation industry since the early 2000’s and currently owns a number of companies including Calpine Corp., Terra-Gen, Sunnova, Heartland Generation and others. My job as an investment professional at the firm is to manage our existing investments and to evaluate and pursue new investment opportunities. As a long-time investor in electricity markets, and a member of EPSA, we at ECP believe that the presence of investors like ourselves in the evolving competitive energy landscape means lower power prices and greater reliability, innovation, and environmental progress for everyday consumers.
Q: How did you first find your way to working in competitive power?
A: My career in competitive power began in investment banking where I spent time advising market participants in various mergers and acquisitions in the infrastructure space. Having participated, over the course of a few years, in a number of transactions as a representative and advisor to private equity buyers, I made the transition from investment banking (traditionally the “sell side”) to private equity (traditionally the “buyside”); acting as principal instead of an advisor allowed me to think more critically about the longer-term value and impact of the businesses I interact with and therefore the work I do.
Q: What do you find most rewarding about your work?
A: While electricity markets are very complex, the average consumer expectations are incredibly simple: when they flick a light switch, they want the lights to come on. Electricity in their home acts and looks the same regardless of its journey to their lightbulb. If you’re standing in the living room, you can’t tell if the power is regulated, deregulated, green, brown, affordable, expensive, behind the meter, etc.
Further, as recent events have demonstrated, this product – electricity – is an essential societal service. Interruption of this service can lead to humanitarian disasters. As electric market participants, it is important we understand the crucial role we play in society. At ECP, we take this role very seriously, which lends meaning to the work I do.
Q: Are there any current issues or trends you see emerging in competitive power?
A: The most discussed trend in my current business interactions is the renewed focus on the value of reliable power. Traditionally, this has meant dispatchability and fuel diversity, but as we have seen in recent reliability events – in California and Texas, to name a few – this definition and conversation is evolving. The acceleration of extreme weather events and the rapidly evolving societal needs of the electric sector – such as electrification of the home – will continue to shape the competitive power landscape for years to come. I strongly believe, and history has shown, that competition is the most effective way to respond to these trends in a way that saves customers money, maintains reliability, spurs innovation, and accelerates environmental progress.
These interviews have been edited and condensed for clarity.
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