Career Development

What Does an Energy Analyst Do?

Find out what an energy analyst does, how to get this job, and what it takes to succeed as an energy analyst.

Energy analysts are responsible for analyzing and interpreting data related to the energy industry. They may work with a variety of different companies, including power plants, oil refineries, natural gas distributors, etc. Their job is to make sense of this data so that their company can make better decisions about how to proceed in the future.

Energy analysts commonly use computer software to analyze large amounts of data quickly and efficiently. This might include programs like Excel or SQL to organize and interpret data sets, or specialized software designed specifically for energy analysis.

Energy Analyst Job Duties

Energy analysts typically have a wide range of responsibilities, including:

  • Monitoring supply and demand factors that could impact prices, including geopolitical events that could disrupt supply chains or increase demand for certain types of energy
  • Preparing reports on energy consumption trends, forecasts, and other statistical analyses of energy usage in various sectors of the economy
  • Conducting research on emerging technologies in the energy field to determine how they might impact existing infrastructure such as power plants, transmission lines, and pipelines
  • Recommending policies aimed at reducing energy consumption in order to mitigate price fluctuations and supply issues
  • Identifying opportunities for cost savings in energy efficiency projects or capital expenditures based on historical data analysis or modeling tools
  • Providing recommendations to clients on how to improve energy efficiency and reduce energy costs through improved technology or operational changes
  • Preparing forecasts of future energy demands based on economic growth forecasts and other relevant factors
  • Developing plans for increasing energy production capacity by identifying new sources of supply or recommending changes in existing supply methods
  • Conducting surveys to determine consumer preferences and behaviors related to energy use

Energy Analyst Salary & Outlook

Energy analysts’ salaries vary depending on their level of education, years of experience, and the company size and location. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $76,500 ($36.78/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of energy analysts is expected to grow slower than average over the next decade.

Employment growth will be limited because many organizations already have energy analysts. However, demand for these workers may increase as companies seek to reduce their energy costs and comply with environmental regulations.

Related: In-Depth Energy Analyst Salary Guide

Energy Analyst Job Requirements

Energy analysts typically need to have the following background:

Education: Most employers require energy analysts to have a bachelor’s degree in a related field, such as engineering, business or finance. Some of the coursework these programs offer includes statistics, economics, business law, accounting, finance, marketing, management and engineering.

Training & Experience: Many employers will provide on-the-job training for newly hired energy analysts. This training will help the analyst learn the specific software and systems used by the company. It will also help the analyst learn the company’s specific processes and procedures.

Energy analysts can also receive training through internships. During an internship, the analyst will learn the basics of the industry and the role. They will also receive on-the-job training to prepare them for a career as an energy analyst.

Certifications & Licenses: Energy analysts do not require any certifications to earn their position. However, some certifications can give energy analysts a competitive edge over other candidates vying for the same positions.

Energy Analyst Skills

Energy analysts need the following skills in order to be successful:

Technical skills: Technical skills are the abilities to use software, equipment and other tools to complete a task. Energy analysts often need technical skills to use energy software and equipment to measure and track energy usage.

Communication skills: Energy analysts often communicate with a variety of people, including other analysts, engineers, managers and clients. They must be able to communicate effectively in both written and verbal forms. They must also be able to communicate complex technical information in a way that is easy to understand.

Problem-solving skills: Problem-solving skills are necessary for energy analysts to identify and resolve issues that affect energy production. For example, if a company’s energy consumption is higher than expected, an energy analyst may need to find the cause of the discrepancy and propose a solution to reduce the company’s energy use.

Financial knowledge: Financial knowledge is the ability to understand the financial aspects of a project. This includes knowing how to read a budget, how to create a budget and how to interpret financial data. Energy analysts use their financial knowledge to determine the viability of a project, the cost of implementing a project and the potential return on investment.

Business acumen: Business acumen is the ability to understand the financial aspects of a business. This includes knowing how to read financial statements, how to interpret profit and loss statements and how to make financial projections. Energy analysts use their business acumen to determine the most cost-effective energy sources for their clients.

Energy Analyst Work Environment

Energy analysts work in a variety of settings, including government agencies, private companies, and nonprofit organizations. They typically work in office settings, although they may travel to various locations for meetings or to conduct field research. Energy analysts typically work full time, and they may work additional hours to meet deadlines or to complete projects. Some energy analysts may be required to work on weekends or holidays. Energy analysts typically work in teams, and they may collaborate with other professionals, such as engineers, economists, and policy analysts.

Energy Analyst Trends

Here are three trends influencing how energy analysts work. Energy analysts will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Technical Skills

The energy industry is becoming increasingly technical, which is creating a need for more analysts with strong technical skills.

As the industry becomes more complex, energy analysts will need to be able to understand and analyze data from a variety of sources. This includes both traditional sources, such as spreadsheets and reports, as well as newer sources, such as social media and IoT devices.

In order to stay ahead of the competition, energy analysts will need to develop these skills and become familiar with new technologies that are being used in the industry.

More Collaboration Between Energy Companies and Academia

There is an increasing trend towards collaboration between energy companies and academia. This is due to the fact that both parties have much to gain from working together.

Energy companies can benefit from having access to the latest research and ideas from academia, while academics can benefit from the funding and resources provided by energy companies. As this trend continues to grow, energy analysts will need to be able to work effectively with both sides in order to get the best results.

Greater Focus on Renewable Energy Sources

The focus on renewable energy sources is growing rapidly as people become more concerned about the impact that fossil fuels have on the environment. This is leading to an increased demand for energy analysts who specialize in renewable energy sources.

As the focus on renewable energy sources grows, energy analysts will need to learn how to assess the viability of different projects and determine whether or not they are worth investing in. They will also need to be able to communicate the benefits of renewable energy to potential investors.

How to Become an Energy Analyst

A career in energy analysis can be rewarding and fulfilling. It offers the opportunity to work with a variety of technologies, industries, and people, and to make a positive impact on society.

To get started, you should have a strong math and science background, as well as experience working with data. You should also be comfortable with using software tools such as Excel and SQL. Additionally, it’s important to have an understanding of the energy industry and its policies.

If you want to become an energy analyst, start by building your skills and knowledge in these areas. Then, look for opportunities to apply what you’ve learned in real-world settings.

Related: How to Write an Energy Analyst Resume

Advancement Prospects

Energy analysts typically start their careers in entry-level positions, such as research assistants or analysts. With experience, they may move up to senior positions, such as lead energy analyst or energy manager. In some cases, energy analysts may also move into related fields, such as environmental science or sustainability.

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