Incomplete Markets for Risk and Storage Duration in Future Electricity Markets

Andreas Makrides

This project will explore the relationship between markets in risk and investment in storage. Previous research has shown that risk aversion among investors and incomplete risk trading can explain underinvestment in resilience within decentralized markets. This result has been demonstrated by comparing investments in weatherized versus non-weatherized natural gas-fired plants. Inspired by this, the working hypothesis of this project is that the same factors could explain underinvestment in long-duration storage or sources of long-term flexibility in future decarbonized systems.

Supervisor(s)

  • Dr Elina Spyrou (Electrical and Electronic Engineering)
  • Adam Suski (Electrical and Electronic Engineering) 

Hybrid Market Design in Energy Transitions: A Case Study of REMA’s Reform Proposals in Great Britain

Angelica Pedraza

This research assesses the GB’s Review of Electricity Market Arrangements (REMA) using hybrid market theory. As renewables reshape power systems, traditional liberalised markets face challenges in balancing, capacity adquacy, and investment rates. Many regions respond with mixed approaches, long-term planning by public entities alongside short-term market coordination. The project applies a structured framework to analyse REMA’s proposals across key design dimensions, complemented by expert interviews. It explores how hybrid configurations could support secure, low-carbon, and investment-ready electricity systems.

Supervisor(s)

  • Professor Robert Gross (Centre for Environmental Policy)
  • Dr Alex O'Cinneide (Gore Street Capital)

Strategically Leveraging Carbon Offset Solutions for Carbon Neutrality Targets

Atiyah Suleman

This project, part of the Imperial-Sainsbury's Partnership, addresses the "Carbon Offset Conundrum" by analysing challenges in using carbon offsets for net-zero targets. It examines market evolution, regulation, and frameworks like SBTi. Key themes include reviewing verifiable schemes, assessing credibility, outlining costs and effectiveness, and investigating governance for market confidence. The aim is to help Sainsbury's strategically leverage offsets for their 2035 carbon neutrality goal.

Supervisor(s)

  • Dr Salvador Acha (Chemical Engineering) 

Achieving Growth and Net-Zero: Soft-Link Modelling of Indonesia’s Electricity System

Audrey Seravina Setiadi

This project explores the alignment of Indonesia’s long-term economic growth goals under RPJPN 2025–2045 with its net-zero emissions target by 2060. It assesses whether current power sector decarbonization strategies can simultaneously meet development and climate objectives. The study identifies potential mismatches between electricity demand and supply, evaluates emissions decoupling pathways, and examines the trade-offs between economic ambition, energy security, and environmental sustainability to inform more integrated and realistic policy planning.

Supervisor(s)

  • Dr Gbemi Oluleye (The Grantham Institute)
  • Dr Yousef M. Alshammari (Civil and Environmental Engineering)

Phasing Out Coal in Indonesia: Least-Cost Options and Lessons from UK, Germany, China, Japan, Poland

Daud Bonatua Tyson Pangaribuan

Indonesia, a major coal producer, must phase out coal to meet its 2060 net-zero target. This project explores least-cost transition pathways by comparing four scenarios: business-as-usual (RUKN 2024), continued coal use with CCS, and early retirement of coal power plants by 2040 and 2050. A techno-economic analysis using discounted cash flow modelling will assess the financial viability of each pathway. The study also examines coal phase-out policies from the UK, Germany, China, Japan, and Poland. Stakeholder interviews, literature review, and a PESTEL-SWOT analysis will evaluate the applicability, challenges, and opportunities of adopting international strategies in Indonesia.

Supervisor(s)

  • Dr Salvador Acha (Chemical Engineering)

Navigating The Transition to 24/7 Hourly Electricity Procurement For UK Corporates

Nikhil Dawda

UK corporates with large electricity consumption are facing mounting pressure to decarbonise and cut down their scope 2 emissions. One market-based method has been to procure REGO certificates from renewable generators to volume match their annual electricity consumption. This method however lacks traceability as temporal and spatial granularity is not recorded, preventing real time demand and consumption matching. This research focusses on how some of the new 24/7 hourly matching market offerings can help corporates transition to a more transparent and granular scope 2 emission accounting practice and how they can manage their transition risk moving away from volume matching with REGOs.

Supervisor(s)

  • Dr Salvador Acha (Chemical Engineering)