Discovery - University of Dundee - Online Publications

Library & Learning Centre

Rafael Emmanuel Macatangay

Rafael Emmanuel Macatangay

Rafael Emmanuel Macatangay

View graph of relations

Biography

I have a PhD in economics from the University of Manchester, UK and I completed a Post-doctoral Fellowship at the University of California Energy Institute, Berkeley, CA. I currently have a tenure-track position of Lecturer in Energy Economics at the Centre for Energy, Petroleum and Mineral Law and Policy (“CEPMLP”) at the University of Dundee, Scotland UK since June 2012. CEPMLP conducts multi-disciplinary research on the global energy complex and provides educational programmes for graduate students and energy professionals from different countries. I am a Member of the Technical Advisory Group on Energy and Climate Change Analysis, Scottish Government, UK. I am also a Member of the Offshore Renewables Institute, a research partnership between the University of Dundee, the University of Aberdeen, and Robert Gordon University.

I am an energy specialist in risk management, analytical methods, and corporate and public policy analysis in North America, Western Europe, and the Asia Pacific. I have two decades of experience across academia, policy, consulting, and industry, in matters involving risk analytics, competition and regulation, antitrust law and economics, industrial organisation, price theory, and technology. I have provided expert testimony for litigation in the US not only as a consultant offering professional advice but also as a corporate manager executing to strategy. My articles have appeared in peer-reviewed journals and trade publications (e.g. European Journal of Law and Economics, Journal of the Asia Pacific Economy, Energy Policy, Utilities Policy, Electricity Journal, Energy Antitrust News of the American Bar Association, Private Antitrust Litigation News of the American Bar Association, and The Environmental Monitor) and I have prepared proprietary technical documents on energy market modelling in the context of regulatory review.

Prior to joining CEPMLP, I was Manager, Transaction and Market Analysis, in the Resource Optimization department of NV Energy, the electric utility serving most of the State of Nevada in the US. The Resource Optimization department has the trading floor where despatch decisions are made as regards the short- and medium-term scheduling and balancing of electric power and natural gas. I had analysed, implemented, and testified to physical and financial energy portfolios valued at about $1B/year. I had performed rapid and continuous R&D on quantitative methods for physical and financial energy products (e.g. heat rate call options, power call options hedging renewables, gas price collars, gas storage and transport, daily gas scheduling and balancing, gas transport optimization, spread and other option premium valuations, price distributions, volatilities and correlations, bidding, etc.). I had given regular presentations to C-level executives and senior decision-makers on energy risk management and, in coordination with in-house or external counsel, I had provided analytical support for various regulatory filings on energy portfolio optimization and the market power implications of changes in the generation mix.

In addition, I had close coordination, among others, with NV Energy’s planning and analysis department as regards the long-term mix and structure of generation, transmission, and fuel resources and the associated regulatory filings; with the contracts department as regards the optimization of the gas transportation contracts; and with the renewable energy department as regards the evaluation of alternative engineering-economy models for monitoring the performance of renewable energy contracts. This has allowed me to have a deep appreciation for the economic and regulatory consequences of various incentive mechanisms, such as carbon pricing, renewable portfolio standards, and contract design. Moreover, as a corporate manager, I was keen on building and nurturing teamwork both within my department and beyond. Throughout my tenure at NV Energy, I was responsible for the leadership of a group consisting, in various configurations, of a PhD in engineering with specialism in numerical methods; a PhD in financial mathematics with specialism on volatility estimation; an MA in economics from Stanford; and interns doing a financial mathematics-oriented MBA or PhD. This has allowed me to have a sensitive understanding of the personal and professional challenges not only in leading and inspiring colleagues or students but also in providing vision and collegial management for a knowledge-based organisation.

Prior to joining NV Energy, I was a Vice President at the California office of Economists Incorporated, a consulting firm of PhD economists offering professional advice on the application of economics to matters that arise in law, business, and public policy. I had provided expert testimony for the defendant at the US Court of Federal Claims in Washington DC for a nuclear power case that resulted in the denial of plaintiff’s claim of more than $100M in damages. I had developed revenues for the energy practice in the US West Coast through the acquisition of new projects and participation in existing ones. I had delivered high-stakes consulting to major players in the US energy sector, including law firms. I had designed electric utility ratemaking structures encouraging investments in renewable energy, and had given workshops on energy market simulation to public utilities commission staff and senior management of industry. And I had developed algorithms for energy market analysis and mathematical models.

Prior to joining Economists Incorporated, I was Economist at the California office of LCG Consulting, a software company specializing in energy system optimization. I had investigated the conduct of round-trip trades in the California power market and had designed and implemented methodologies for analysing market power, tacit collusion, and optimal bidding strategies in energy and ancillary services markets in restructured US electricity markets. I had prepared consulting reports on risk analysis, asset valuation, coal generation back-out strategies, optimal procurement of generation, restructuring of the electric power sector, and US electricity market prices. I had organized detailed databases on electric power plants, transmission lines, and substations in North America. And I had prepared responses to RFPs and initiated proposals for consulting projects.

Early in my career, I was Senior Consultant at the San Francisco, California office of Deloitte and Touche LLP and Visiting Research Associate (i.e. post-doctoral research fellowship) at the University of California Energy Institute, Berkeley, California. In addition, I was appointed to multiple leadership positions held simultaneously and with increasing responsibility at the Center for Research and Communication (now the University of Asia and the Pacific) in Manila, the Philippines. Financial support for my PhD at Manchester was obtained partly from what was then called the Northwest Electricity Board (“NORWEB”), the electric power company in the Manchester area. The idea to seek funding from NORWEB was an entrepreneurial effort to bridge academic work and industry needs. In general, my experience in both academic research and high-pressure commercial consulting has allowed me to have insight on the creativity and detailed preparation associated with competing for, winning, and leading research grants or projects.

Research

Since joining CEPMLP about a year ago, I have played an active role in its inter-disciplinary academic, research, and intellectual life, and have contributed to its local and international reputation through participation in various activities. As a co-Principal Investigator, I have attracted external research funding from the African Centre for Economic Transformation to conduct research, in collaboration with an attorney and an economist, on the pursuit of economic diversification in Africa through the strengthening of forward and backward linkages of mineral, oil, or gas projects. I have given several talks: “Fuel cost hedging in electric utilities” to Scottish Government staff from Energy and Climate Change Analysis and Electricity and Fossil Fuels groups, Atlantic Quay, Glasgow, July 25, 2014; “Hedging the cost of natural gas in regulated electric utilities,” Scottish Institute for Research in Economics, Energy Economics Workshop, June 4, 2014; “Combining law & economics to analyse treaty effectiveness: an introduction to TOM” (with A. Rieu-Clarke) to GSNRLPM Staff Research Seminar Series, March 26, 2014; “Value capture of mineral, oil, & gas activities in Africa” to representatives of the Malawi government, University of Dundee, Scotland UK, November 26, 2013; “Research Methods & Methodology in Energy Economics” to the Graduate School student body, University of Dundee, Scotland UK, November 20, 2013; “Energy risk management” to the CEPMLP MBA class, University of Dundee, Scotland UK, November 6, 2013; “Numerical Methods for Energy Studies” to the Division of Mathematics, University of Dundee, July 15, 2013; “Gas hedge strategy and utility regulation” at an energy hedging and portfolio optimisation conference in Vienna, Austria, April 17 to 19, 2013; a panel discussion “Developing highly granular physical and financial instruments for hedging renewable intermittency” at the same conference in Vienna; and “Analytical tools for gas hedge strategy design” in the quantitative analysis and modelling stream of the October 2012 Energy Risk Europe conference in London. Moreover, I had co-authored a presentation “Water risk and the need for a global water infrastructure” with Navitas Resources, a company specialising in the global energy, water, and commodity markets, for the September 2012 Asia Pacific Petroleum Conference in Singapore.

I have also prepared a number of research works-in-progress: “Optimising international treaties for transboundary watercourse management,” “Hedging the cost of natural gas in regulated electronic utilities,” “Value capture of mineral, oil and gas activities in Africa,” and “Canada Feed-In Tariff Programme: could the shadow value have served as an alternative benchmark for ‘adequate remuneration’ in a benefit analysis under Article 14(d) of the Agreement on Subsidies and Countervailing Measures?”

Teaching

For the last two academic years, I have been teaching two graduate modules, CP51003 Energy Economics The Tools in the first semester and CP52002 Energy Economics The Issues in the second semester. For academic year 2014-2015, I plan to teach both of them again.

CP51003 Energy Economics The Tools. The aim of the module is to develop a critical understanding of the microeconomics principles relevant to the energy sector; a selection of analytical tools applied in energy economics; and the business or regulatory concepts that assist decision making in the energy sector. Upon the completion of the module, the student should be able to articulate a critical understanding of specialised theories, principles, or concepts in energy economics; demonstrate a critical analysis, evaluation, or synthesis to energy sector issues informed by frontier developments in the microeconomics literature; critically review, consolidate, or extend the knowledge, practices, or thinking in energy economics; use specialised skills, techniques, or practices informed by frontier developments in the microeconomics literature; undertake critical evaluations of a wide range of numerical or textual data; and make informed judgements in an unpredictable variety of professional situations given incomplete or inconsistent information.

CP52002 Energy Economics The Issues. The aim of the module is to provide students with a critical understanding of the microeconomics principles relevant to the energy sector; a selection of analytical tools applied in energy economics; and some of the most challenging microeconomics issues facing the global energy complex. Upon the completion of the module, the student should be able to article a critical understanding of specialised theories, principles, or concepts in energy economics; demonstrate critical analysis, evaluation, or synthesis to energy sector issues informed by frontier developments in the microeconomics literature; critically review, consolidate, or extend the knowledge, practices, or thinking in energy economics; use specialised skills, techniques, or practices informed by frontier developments in the microeconomics literature; undertake critical evaluations of a wide range of numerical or textual data; and make informed judgements in an unpredictable variety of professional situations, given incomplete or inconsistent information.

Activities

(13)

View all »

Find Researchers in Discovery

Recently Published

Library & Learning Centre

Contact | Accessibility | Policy