Harry van der Weijde
Dr. Harry van der Weijde is an interdisciplinary energy economist and modeller who works at the intersection between economics, engineering and operational research. He is Chancellor’s Fellow at the University of Edinburgh and Fellow at the Alan Turing Institute for Data Science, having previously worked at the University of Cambridge and the Vrije Universiteit Amsterdam. He holds a PhD in spatial economics from the Vrije Universiteit Amsterdam and an MSc in economics from the University of Edinburgh. He is principal or co-investigator on more than £30M in research funding, including as co-investigator in the UK National Centre for Energy Systems Integration and work package leader in the EU-funded Energy Systems in Transition innovative training network (ENSYSTRA).
Modelling risk and uncertainty in electricity markets: methods and implications
European electricity systems are going through a period of enormous change. As a result, a large amount of investment in network and generation capacity is needed. Models have been developed to help deliver this at the lowest cost, but these are oversimplified, as they do not take into account that investors in electricity markets are risk averse. They also focus on US markets.
This project will develop methods to include uncertainty and risk aversion in optimization and equilibrium models of European electricity markets. We will then use these to analyse the effects of uncertainty and risk on spatial distributions of generation capacity investment, optimal transmission expansion strategies and energy market design.