Power to the people
Research from CMCRC-SIRCA’s Energy Research Centre can deliver affordable electricity and gas by improving the quality of global energy markets
Anyone who has ever been on the receiving end of a gas or electricity bill knows the feeling – OUCH!
From business to families, rising energy costs are a pressing issue.
Associate Professor Dr Jeff Wong and his team at CMCRC-SIRCA’s Energy Research Centre are on a mission to ensure that energy markets are fair, efficient and transparent so that power is affordable for everyone.
They use data, programming and analytical expertise to help regulators, suppliers, businesses, consumers and other stakeholders better understand energy markets. This in turn enables decision-making grounded in empirical evidence rather than perception or guesswork.
“We are experts in big data analysis and our role is to empower evidence-based decision-making for all stakeholders in energy,” says Jeff.
“Whatever we do, whatever opinion or statement we make, we support with data and with evidence based on hard data.”
“Our research ultimately means electricity and gas at an affordable price.”
– Dr Jeff Wong
As well as consumers, stakeholders in the energy market include regulators, suppliers, gentailers, retailers, infrastructure companies and businesses.
“All of these stakeholders can benefit from our research because we are trying to improve the market so that it is more fair and efficient – which ultimately means electricity and gas at an affordable price,” says Jeff.
Utilising CMCRC-SIRCS’s bespoke MQD Energy infrastructure, the team analyses and evaluates price movements and complex behaviours in energy markets.
The Centre applies advanced econometric techniques to evaluate events and areas of interest, and to control for relevant factors such as demand, supply, price volatility and fuel costs. The end result is meaningful analysis that delivers you the most complete picture available.
Jeff explains that the overarching aim of the Centre is to “add value” for all stakeholders.
Benefits to business
“Adding value can come in many different forms,” he says. “On top of helping you to understand the impact of – and reasons for – movements in energy prices, the Centre can help to improve the efficiency of your organisation through more informed decision-making, streamlining R&D processes, improving your logistics chain, and helping staff focus on the most pressing issues,” he says.
“Importantly, our experts also help you to identify new business opportunities.”
Typically, the Centre does this first by analysing an organisation’s needs and then embedding one of its top-class Industrial PhD researchers within the operation.
“Our role is to enable the best solutions possible.”
The researcher comes complete with a deep knowledge of energy markets, financial markets, with ongoing access to the CMCRC-SIRCA’s data-analytics infrastructure and suite of expertise.
“Our role is to better understand your organisation, your needs and problems, to enable the best solutions possible,” says Jeff.
Taking all of this information on board, Jeff’s team helps to develop clear and concise energy policies, explores investment opportunities, and evaluates new and improved ways of adding value to the organisation.
“We apply our expertise in large-scale data processing, market microstructure and econometrics, and work closely with regulators, market operators, industry participants – both wholesalers and retailers – academics and other key stakeholders,” says Jeff.
“We provide curated data and relevant research to support informed choices.”
Find out more about the Energy Research Centre