Dr. Alex Radchik is a highly experienced Quantitative and Risk Management Consultant, specializing in areas of forecasting, market monitoring, bid-stack simulation, and credit risk. Alex has consulted for and worked with a number of NEM-affiliated bodies, financial institutions and software vendors. He consulted to NEMMCO on a redesign of the MCL methodology, and while at TTA helped design and build the d-cyphaTrade Mark-to-Futures Forward Price Curve and a new credit risk model for the Energy Market. Alex has also developed new tools for optimal spot bidding into the NEM and a novel Hedge Accounting module. His academic career included the position of Lecturer at UTS Sydney and an ARC Research Fellowship. He has more than 50 publications in international Financial and Physics journals and a number of patents. Alex holds a Ph.D. in Theoretical Physics from the Academy of Sciences, USSR where he was designing new types of semiconductor materials for solar panels for the space program. Currently Alex is working as a Senior Consultant - Risk Management & Analytics for Energy One Pty Ltd and also a Visiting Fellow at the Faculty of Sciences, UTS.
Before starting the discussion on the advantages or disadvantages of various modelling approaches in the Australian electricity market, let’s make a philosophical intermission. What should be the purpose of mathematical modelling? There is another, rather unrelated question to ask: why is there no Nobel Prize in Mathematics when even lifetime enemies may win a Noble Peace Prize?
It is the Year 2020. Just one week ago Bob Carr Junior abolished the Electricity Tariff Equalisation Fund (ETEF). All technically developed nations (including Zimbabwe and Ukraine) have signed the Basel V International Accord establishing regulatory capital rules for energy producers and traders. Those who do not comply are not allowed to deliver energy to their customers or trade on the spot market and NEMMCO is forced to wipe them out of their dispatch software. (more…)
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