Macatangay, Rafael


  • Lecturer (Teaching and Research), CEPMLP
  • United Kingdom

  • 49 Citations
  • 3 h-Index
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Personal profile


Dr Macatangay is an energy sector specialist with professional experience in North America, Western Europe, and the Asia Pacific. Previous to CEPMLP, he was Manager, Transaction and Market Analysis at NV Energy Inc. (“NVE”), the utility holding company serving the State of Nevada in the US. At NVE he led a team of quantitative specialists structuring physical and financial instruments for electric power and natural gas, and provided oral and written expert testimony in Nevada regulatory proceedings. Previous to NVE, he was a Vice President at Economists Incorporated (“EI”), a specialist consulting firm with offices in California and Washington DC. At EI he provided oral and written expert testimony in Federal court proceedings, and delivered both expert reports and technical workshops in Hawaii regulatory proceedings.

Earlier in his career, he worked on nodal price simulation and asset valuation at California software firm LCG Consulting, the creator of the UPLAN optimisation model for electric power markets, and held senior positions at the Center for Research and Communication (“CRC”), a think-tank now known as University of Asia and the Pacific in Manila, the Philippines. At LCG he delivered analytical work products to the Electric Power Research Institute, the Balancing Pool of Alberta in Canada, San Diego Gas & Electric, Alliant Energy Resources Inc., Taiwan Power, BC Hydro in Canada, US law firm Hennigan, Bennet & Doreman, and EPCOR in Canada. At CRC he prepared energy sector reports for the World Bank, the Japan External Trade Organization, international energy companies, and Philippine government agencies.

Dr Macatangay has a PhD from the University of Manchester, UK and was a Visiting Research Associate at the University of California Energy Institute in Berkeley for his post-doctoral work. He is a US citizen and has indefinite leave to remain status in the UK.


Dr Macatangay is a specialist in electric power, natural gas, and related energy commodities, with emphasis on the law and economics of the energy transition. His interdisciplinary research is on the cognate areas of risk management, competition and regulation, and natural resource policy. He is keen on numerical methods implemented in specialist software, and on qualitative approaches auditing the alignment between theory and decision-making. His work has received funding from the UK Economic and Social Research Council, the UK Department for International Development, the Energy Technology Partnership in Scotland, and the African Center for Economic Transformation in Accra. He has conducted research in collaboration with academics from the UK, China, and Africa.

Dr Macatangay is a member of the International Association for Energy Economics (“IAEE”). He has had academic visits with the MIT Energy Laboratory, the Harvard University Kennedy School of Government, the Stanford University Economics Department, Resources for the Future, the World Bank, the IMF, and the Environmental Defense Fund in New York. He has provided advisory for governments, development agencies, energy companies, investment houses, and professional services firms. He recently engaged in knowledge exchange on US natural gas markets for nearly two person-months at the Oxford office of a London investment firm (with about $30B under management and hundreds of employees in offices worldwide).

Dr Macatangay has supervised PhD students working on the optimisation of electricity market structures in Indonesia, supply risk and strategic behaviour in global natural gas markets, the economic benefits of electricity market integration in East Africa, capacity markets in the UK, and social accounting and conflict resolution in the mining industry. He has also supervised MSc students working on a wide range of topics, including the energy transition, energy security, hedging instruments for energy commodities, liquidity and price discovery in energy markets, economic signals for investments in electricity generation or transmission, the optimisation of natural gas pipeline capacity, competition in electricity markets, privatisation and liberalisation of energy markets, regulatory capture, road pricing, and local content requirement policies for extractive industries.

Dr Macatangay would be delighted to provide supervision for PhD students whose interests are related to his research activities.


Dr Macatangay teaches three contextualised postgraduate modules using the lens of law and economics to examine the energy transition. Each of them features hands-on exercises using statistical, optimisation, or simulation models.

CP52071 Economics of Electric Power covers scheduling, balancing, despatching renewable energy, transmission congestion and nodal pricing, fuel markets (especially natural gas), risk management (in particular, hedge design), economic regulation (with emphasis on integrated resource planning), and optimal expansion decisions.

CP51003 Analytical Tools for Energy Economics covers accounting and intensity indicators, price statistics, market model parameter calibration, optimal procurement, nodal price modelling, power plant-gas pipeline linkages, levelised cost analysis, and computable general equilibrium modelling.

CP52002 Contemporary Issues in Energy Economics covers "the grand energy transitions," strategic behaviour in energy markets, price formation processes (especially for oil, natural gas, and electric power), competition and regulation (including electricity market design), environmental issues (in particular, emissions trading), energy security, renewables, and investments and access.

Education/Academic qualification

Doctor of Social Science, University of Manchester

Master of Economics, University of Manchester

Master in Science, University of Asia and the Pacific

Bachelor of Economics, University of the Philippines


  • H Social Sciences (General)
  • natural gas, electric utility, economic regulation, prudent procurement, risk management, hedging, fixed-for-floating swap, collar, volatility term structure, two-factor mean-reverting model, stochastic optimisation, Monte Carlo simulation, international treaty, contract law and economics, watercourse management, agriculture, hydroelectric generation, asset management, continuous portfolio optimisation, calibration, economic welfare functions, hydrological conditions

Fingerprint Dive into the research topics where Rafael Macatangay is active. These topic labels come from the works of this person. Together they form a unique fingerprint.

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electricity Social Sciences
electricity industry Earth & Environmental Sciences
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economic approach Social Sciences
industry Social Sciences
auction Social Sciences
market Earth & Environmental Sciences
Philippines Social Sciences

Network Recent external collaboration on country level. Dive into details by clicking on the dots.

Projects 2012 2018

Research Output 1998 2019

  • 49 Citations
  • 3 h-Index
  • 9 Article
  • 1 Conference contribution
  • 1 Entry for encyclopedia/dictionary
  • 1 Chapter (peer-reviewed)

Conciliation for marine transboundary energy resources: A law and economics approach

Röben, V. & Macatangay, R., 2019, The 21st Century Maritime Silk Road: Challenges and Opportunities for Asia and Europe. Zou, K., Wu, S. & Ye, Q. (eds.). 1 ed. London: Routledge, 14 p.

Research output: Chapter in Book/Report/Conference proceedingChapter (peer-reviewed)

economic approach
coastal state
128 Downloads (Pure)

Optimising Indonesia’s Electricity Market Structure: Evidence of Sumatra and Java-Bali Power System

Hakam, D. & Macatangay, R., 30 Apr 2018, Proceedings - 2018 IEEE International Conference on Industrial Technology, ICIT 2018. IEEE, Vol. 2018-February. p. 1266-1271 6 p.

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Open Access
System stability
Power generation
Power markets
1 Citation (Scopus)
78 Downloads (Pure)
Open Access
right of ownership
3 Citations (Scopus)
103 Downloads (Pure)

Optimal local content requirement policies for extractive industries

Macatangay, R., Dec 2016, In : Resources Policy. 50, p. 244-252 9 p.

Research output: Contribution to journalArticle

Open Access
foreign investment

Static Market Power

Macatangay, R., 2015, Encyclopedia of Law and Economics. Marciano, A. & Ramello, G. B. (eds.). New York: Springer

Research output: Chapter in Book/Report/Conference proceedingEntry for encyclopedia/dictionary

Market power
Antitrust law
Efficient allocation

Activities 2012 2017

35th USAEE/IAEE North American Conference

Rafael Macatangay (Participant)
12 Nov 201715 Nov 2017

Activity: Participating in or organising an event typesParticipation in conference

Analysis of Supply and Demand Data on Energy Commodities

Rafael Macatangay (Consultant)
24 Jul 20179 Sep 2017

Activity: Consultancy typesConsultancy

CEPMLP Staff Seminar

Rafael Macatangay (Participant)
8 Nov 2017

Activity: Participating in or organising an event typesParticipation in workshop, seminar, course

"Competition and Regulation in the Energy Sector"

Rafael Macatangay (Speaker)
28 Sep 2017

Activity: Talk or presentation typesInvited talk

Imperial College Press (Publisher)

Rafael Emmanuel Macatangay (Peer reviewer)

Activity: Publication peer-review and editorial work typesEditorial activity


Optimising the mix and structure of successor companies in electricity market restructuring: the theory and evidence of Indonesia

Author: Hakam, D., 2018

Supervisor: Macatangay, R. (Supervisor) & Mu, X. (Supervisor)

Student thesis: Doctoral ThesisDoctor of Philosophy

Should Oil-Producing Countries Go Downstream?

Author: Khayyat, S. H., 2015

Supervisor: Mu, X. (Supervisor) & Macatangay, R. (Supervisor)

Student thesis: Doctoral ThesisDoctor of Philosophy

The economic benefits of market integration in the East Africa Power Markets

Author: Mabea, G., 2019

Supervisor: Bergmann, A. (Supervisor) & Macatangay, R. (Supervisor)

Student thesis: Doctoral ThesisDoctor of Philosophy

The Electricity Crisis in Nigeria : Building a New Future to Accommodate 20% Renewable Electricity Generation by 2030

Author: Babajide, N. A., 2017

Supervisor: Bergmann, E. (Supervisor) & Macatangay, R. (Supervisor)

Student thesis: Doctoral ThesisDoctor of Philosophy