Personal profile


I teach two graduate modules, CP52002 Energy Economics The Issues and CP52071 Economics of Electric Power. I also teach most of the economics sessions of CP50001 Natural Resources Sectors: A Multidisciplinary Introduction. Moreover, in both semesters I deliver a specialist lecture “Research Methods and Methodology in Energy Economics” as part of the graduate research seminar and a specialist lecture “Energy risk management” as part of a graduate module on risk and crisis management.
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.
CP52071 Economics of Electric Power. The aim of the module is to provide a critical understanding of the microeconomics principles relevant to the electric power sector, a selection of analytical tools applied in electric power economics, and the key issues affecting decision-making in the electric power sector. Upon the completion of the module, the student should be able to articulate a critical understanding of specialised theories, principles, or concepts in electric power economics; demonstrate a nuanced knowledge of the microeconomics issues in the electric power sector; use specialised techniques or methods supporting decisions in the electric power sector; and undertake critical evaluations of a wide range of numerical or textual data.
CP50001 Natural Resources Sectors: A Multidisciplinary Introduction. The aim of the economics sessions is to provide a foundational overview of selected topics in microeconomics, macroeconomics, and statistics. The selection of the topics is motivated by their expected relevance to energy studies in the Centre for Energy, Petroleum and Mineral Law and Policy in the School of Social Sciences.
Over several academic years, I had taught the graduate module CP51003 Energy Economics The Tools.


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 am Lecturer in Energy Economics at the Centre for Energy, Petroleum and Mineral Law and Policy (“CEPMLP”), School of Social Sciencies, 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. I recently performed an advisory project on energy commodity markets for a large investment management firm. The firm has a few hundred employees and tens of billions of dollars of assets under management. I spent several weeks in one of its UK offices. The project draws on my research on the energy industry, professional experience in the energy sector in North America, Western Europe, and the Asia Pacific, and multidisciplinary ethos. The opportunity for me to engage with the firm not only strengthens the research, teaching, and knowledge exchange activities of CEPMLP, but also supports the University of Dundee’s vision of societal transformation.

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.


I have several papers in the pipeline. The paper “The role of valuation and bargaining in optimising transboundary watercourse treaty regimes” (co-authored with Prof A Rieu-Clarke) has recently been accepted for publication in International Environmental Agreements: Politics, Law and Economics. The paper “Generation plant divestiture in electricity market restructuring” (co-authored with CEPMLP PhD candidate D F Hakam) is under review. The paper “The local authority dynamics of shale gas projects in the UK” (co-authored with Dr I Robson and Prof J Paterson) is also under review. The paper “Skew preference in energy commodity option design” (co-authored with NV Energy, Inc. engineer Dr A Yimer) is likewise under review.
I am currently a Co-Investigator in an ESRC-funded research project “Chinese national oil companies and the economic development of African oil producers.” The project team consists of economists, political scientists, lawyers, and development strategists from CEPMLP, Open University, and partners in China and Africa. I was Co-Investigator of a research project, funded by the Energy Technology Partnership (“ETP), to analyse methodologies for estimating the levelised cost of energy (“LCOE”) of off-shore wind energy. The project team consists of economists from CEPMLP and Aberdeen University. LCOE is one of the analytical tools discussed in the module CP51003 Energy Economics: the Tools, a module that I used to direct and teach. 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: “Skew preference in energy commodity option design” at the 35th USAEE/IAEE Conference, Houston, Texas, November 2017; “Skew preference in energy commodity option design” at the CEPMLP Staff Seminar Series, November 2017; “Competition and regulation in the energy sector” at Universiti Teknologi PETRONAS (“UTP”), Malaysia, September 2017; “Skew preference in energy commodity option design” at Universiti Teknologi PETRONAS (“UTP”), Malaysia, September 2017; “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 2014; “Hedging the cost of natural gas in regulated electric utilities,” Scottish Institute for Research in Economics, Energy Economics Workshop, June 2014; “Combining law & economics to analyse treaty effectiveness: an introduction to TOM” (with Prof A Rieu-Clarke) to GSNRLPM Staff Research Seminar Series, March 2014; “Value capture of mineral, oil, & gas activities in Africa” to representatives of the Malawi government, University of Dundee, Scotland UK, November 2013; “Numerical Methods for Energy Studies” to the Division of Mathematics, University of Dundee, July 2013; “Gas hedge strategy and utility regulation” at an energy hedging and portfolio optimisation conference in Vienna, Austria, April 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.

Education/Academic qualification

Master in Science, University of Asia and the Pacific

Master of Economics, University of Manchester

Doctor of Social Science, University of Manchester

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 Fingerprint is based on mining the text of the person's scientific documents to create an index of weighted terms, which defines the key subjects of each individual researcher.

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Research Output 1998 2018

  • 40 Citations
  • 3 h-Index
  • 7 Article
Open Access
right of ownership

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
1 Citations

An analysis of generation market power in the midwest interconnect

Deb, R. K., Macatangay, R. E. A. & Deb, S. 2002 In : Electricity Journal. 15, 3, p. 29-40 12 p.

Research output: Contribution to journalArticle

Market power
Price discovery
Power system
21 Citations
3 Citations
electricity industry
competition policy

Activities 2012 2017

"Competition and Regulation in the Energy Sector"

Macatangay, R. (Speaker)
28 Sep 2017

Activity: Invited talk

CEPMLP Staff Seminar

Macatangay, R. (Participant)
8 Nov 2017

Activity: Participation in workshop, seminar, course

Analysis of Supply and Demand Data on Energy Commodities

Macatangay, R. (Consultant)
24 Jul 20179 Sep 2017

Activity: Consultancy

35th USAEE/IAEE North American Conference

Macatangay, R. (Participant)
12 Nov 201715 Nov 2017

Activity: Participation in conference

Imperial College Press (Publisher)

Macatangay, R. (Peer reviewer)

Activity: Editorial activity


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

Author: Babajide, N. A., 2017

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

Student thesis: Doctoral ThesisDoctor of Philosophy