Blackwater & Steel

Senior Settlement Analyst

Energy

About Fervo Energy

Fervo Energy (NASDAQ: FRVO) is a modern power company developing next-generation geothermal resources to meet the growing demand for affordable, reliable, 24/7 carbon-free energy. Our mission is to transform geothermal into America’s most dependable and affordable source of clean, around-the-clock power. By combining innovations in horizontal drilling, fiber-optic sensing, and advanced reservoir engineering, Fervo has developed a repeatable approach to building utility-scale enhanced geothermal systems. Our flagship Cape Station development in Utah is planned to deliver 500 MW of firm, carbon-free power, and we are advancing a development pipeline of more than 50 GW. Join us and work alongside world-class engineers, geoscientists, operators, project builders, and business leaders working to make geothermal a cornerstone of a more reliable, affordable, and sustainable energy future.

Position Description

We are hiring a Senior Settlement Analyst to own the end-to-end settlement cycle for Fervo’s generation assets — from ISO market settlement statements through PPA invoicing and revenue recognition. You will be the authoritative source on what we are owed, what we owe, and why, reconciling ISO charge codes and meter data against contract terms, resolving discrepancies with counterparties and the ISO, and supporting month-end close and external audit.

This is a high-visibility, high-trust role on a small team. You will work daily with Commercial, Operations, Accounting, and Legal, and your analysis will directly inform revenue reported to our leadership, lenders, and investors. The right person is equally comfortable in the details of a ISO settlement statement and in a conversation explaining a variance to a counterparty or auditor. There is meaningful room to improve how this work gets done — we expect this person to automate and strengthen the process, not just execute it.

Responsibilities

  • Own the monthly ISO settlement cycle for Fervo’s generating assets — validate initial, recalculation, and final settlement statements; reconcile charge codes, meter and telemetry data, and scheduling coordinator invoices; and confirm energy, ancillary services, congestion, and uplift charges are correct.

  • Calculate and validate settlements under long-term power purchase agreements and related commercial contracts. Interpret contract terms — pricing, availability and performance guarantees, curtailment provisions, environmental attributes and RECs, and true-up mechanics — and translate them into accurate monthly invoices and accruals.

  • Prepare and issue customer invoices, review counterparty invoices and statements, and track receivables and payables through to cash. Investigate variances between expected and settled amounts and drive them to resolution.

  • Identify, document, and pursue settlement disputes with the ISO, scheduling coordinators, and counterparties within applicable timelines. Maintain a clear record of dispute status, exposure, and outcomes.

  • Deliver settlement-based revenue accruals, journal entries, and reconciliations on the close calendar. Explain month-over-month variances and support revenue recognition conclusions with clear, reviewable workpapers.

Qualifications

Required

  • Bachelor's degree in accounting (or a closely related field with a substantive accounting concentration).

  • Five or more years of progressive experience in energy settlements, including hands-on responsibility for ISO market settlements — settlement statements, charge codes, meter data, and scheduling coordinator interactions.

  • Demonstrated experience settling long-term power purchase agreements, including reading contract language and independently building the calculation it requires.

  • Working knowledge of ISO market design, tariff structure, and settlement timelines, including the dispute and recalculation process.

  • Strong revenue accounting foundation — accruals, journal entries, reconciliations, and month-end close discipline in a control-conscious environment.

  • Advanced Excel skills, including large-dataset work, complex formulas, and pivot-based analysis.

  • SQL proficiency sufficient to query, join, and validate settlement and market data independently.

  • Exceptional attention to detail paired with the judgment to know which variances matter, and the ability to explain a complex settlement result clearly in writing and in conversation.

Preferred

  • Active CPA license (or CPA candidate with exams substantially complete).

  • Experience operating within a SOX control environment and supporting external audit, including walkthroughs and control testing of settlement processes.

  • Power BI (or comparable BI tooling) experience building recurring settlement and revenue reporting.

  • Exposure to ISO/RTO markets — CAISO, ERCOT, WECC bilateral markets, or others — and to geothermal, renewable, or storage asset settlement.

  • Experience with Bid-to-Bill System (e.g., PCI, Adapt2), ETRM, or energy accounting platforms, and with ERP integration (e.g., NetSuite, SAP, or similar).

  • Familiarity with renewable energy credits, resource adequacy, and environmental attribute tracking and settlement.

  • Python or comparable scripting experience for data automation.

  • Experience using and/or building with AI tools (e.g., Claude, ChatGPT, or similar) 

Location

Fervo Energy has offices in Houston, TX, Golden, CO, Reno, NV, Oakland, CA, and Salt Lake City, UT. This position will be eligible for some hybrid work flexibility, but regular in-office presence at any of the above locations will be required.

Benefits & Perks

  • Fervo offers a comprehensive benefits package designed to support your health, financial well-being, and life outside of work. Benefits for eligible employees include:
  • Medical, dental, and vision plan options
  • Employer-paid basic life insurance and short-term and long-term disability coverage
  • A 401(k) plan with a dollar-for-dollar company match
  • Flexible paid time off and paid parental leave
  • Family-building, fertility, hormonal health, pregnancy, postpartum, and parenting support through Carrot
  • A dependent care FSA for eligible child and elder care expenses
  • An annual Lifestyle Spending Account for eligible wellness expenses, including fitness, financial planning, pet insurance, and pet care
  • Employee ownership opportunities through Fervo’s Employee Stock Purchase Program, as well as stock option grants and bonus opportunities for eligible roles

Benefits and programs are subject to eligibility requirements and may change.

Our Workplace

Fervo Energy highly values having employees work in the office to foster collaboration and strengthen our company culture. This role follows a hybrid schedule, with team members expected to work in the office three days per week. Fervo considers this in-office schedule an essential function of the role. Your recruiter can share more information about the schedule.

Equal Opportunity Employer

Fervo Energy is an Equal Opportunity Employer and does not discriminate on the basis of race, color, creed, gender, religion, marital status, registered domestic partner status, age, national origin, ancestry, physical or mental disability, medical condition, sex, genetic information, sexual orientation, military or veteran status, or any other consideration made unlawful by federal, state, or local law. Fervo also prohibits discrimination based on the perception that an individual has any of these characteristics or is associated with a person who has or is perceived as having any of these characteristics.

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