Dr. Alex Radchik is Chief Quantitative Analyst at TTA. Alex leads TTA's research efforts, including significant collaboration with academics from a range of universities. Alex's background in finance, mathematics and physics allows him to bring an objective approach to energy (and especially electricity) problems. Alex joined TTA in 2005 after three years with SIRCA, where he worked in areas of the National Electricity Market including surveillance, bid-stack simulation, risk and credit modelling. Prior to this, Alex worked with other organisations in the financial markets, including Algorithmics. His academic career included the position of Lecturer at University of Technology, Sydney. Alex holds a Ph.D. in Theoretical Physics from the Academy of Sciences, USSR. Alex has had over 30 publications in leading scientific journals, in the areas of electricity markets, financial option pricing and theoretical physics.
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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