Dr Giorgio Castagneto Gissey
Senior Research Associate
Bartlett School Env, Energy & Resources
Faculty of the Built Environment
- Joined UCL
- 26th Jul 2018
Dr Castagneto Gissey has held positions at UCL, Imperial College, the Italian Ministry of the Economy and Finance, and was a Honorary Research Associate at UCL. He founded the UCL Energy & Resource Economics Group, which he chairs.
He developed the first concept of 'storage tariff', a tariff rewarding the benefits of storage to the electricity system. This is a tariff designed to provide incentives to use in-house storage devices and is now being trialled in homes by an independent supplier. He also coined the concept of 'exogenous policy barriers', which is a process useful to eliminate policy barriers. He also showed how payments to consumers for renting their energy technologies would improve the electricity system's flexibility. He is Research Co-I on the EPSRC-funded RESTLESS project (~£1.75m), leading on the economics of energy storage.
His research into the barriers to energy storage was followed by multiple changes in regulatory policy. He recently led the development of COMPASS, a model used for the analysis of electricity market competition that has been licensed and then purchased by Ofgem. He devised a new method to calculate an ad-hoc dynamic pass-through rate of carbon prices into electricity prices by considering carbon intensity and thermal efficiency for the first time, which was used by Ofgem to derive insights about market power in electricity markets. He is also lead developer of GCDCN, a complex network model used to understand the synchronicity of electricity prices and market integration, which has been provided to the US Federal Energy Regulatory Commission on their request for the analysis of nodal electricity prices and market integration.
In addition, he is a keen macro- and financial economist. Aside from energy economics, he is very interested in the study of financial markets, especially international contagion during financial crises. Additional research interests are monetary economics, international macroeconomics, and high-frequency finance. He is also an experienced entrepreneur and has advised multiple companies.
Dr Castagneto Gissey currently supervises 1 researcher, 2 M.Sc. students and 2 Ph.D. students. He has taught the following Masters and Bachelors courses at UCL, as lecturer, course leader and computer class leader:
Advanced Quantitative Methods
Economic Growth & Convergence
Finance & Financial Management
He worked at UCL as a Teaching Fellow in Economics and Business, teaching many courses in advanced econometrics at all academic levels. He also held different teaching duties at Imperial College Business School between 2010-14, including Macroeconomics, Finance, Financial Management, and Managerial Economics at both Bachelor's and Master's levels.
- Imperial College of Science, Technology and Medicine
- PhD, Economic Policy | 2014
- University of Warwick
- MSc, Economics | 2010
Dr Giorgio Castagneto Gissey is a Senior Research Associate at UCL, having joined in 2015. He has published on market power in European electricity markets, electricity market integration, and on the impacts of policy incentives in EU electricity markets, on some of the most recognised energy economics and policy journals. His work has been widely cited by UK and international governments and private entities and his models have been used, licensed or purchased by multiple major governments. He has received several high-profile grants from ESRC, EPSRC, InnovateUK and Ofgem. He has research experience from Imperial College, the Italian Ministry of the Economy and Finance, and Ofgem, among other institutions.
He has recently been Principal Consultant to Ofgem for the analysis of electricity wholesale markets in a report which had wide policy impact. It was widely mentioned in Ofgem’s State of the Energy Market report, including insights on: the cost reflectivity of wholesale electricity prices; market power in wholesale markets; importance of carbon-intensive power plants in setting European electricity prices; evidence on the impact of Brexit on electricity prices; and evidence of pass-through of imbalance costs into prices.
His work was featured in the media by outlets such as The Independent, S&P Global, The i, Business Standard, Utility Week, Energy World, The Big Issue, Energy Live News, The Times of India, Future Power Technology, and Outlook, among many others. He is Research Co-I on the ‘Value of Interconnection in a Changing Electricity System’ (ICE) project, a major project recently funded by RCUK and InnovateUK (~£1m), concerning the impacts of Brexit and increasing interconnection capacity on the GB and European wholesale electricity systems. His work for this project was officially endorsed by Ofgem, BEIS, National Grid, ENTSO-E, National Infrastructure Commission, House of Commons, the Scottish and Welsh Governments, as well as numerous private institutions, such as Transmission Investment, Scottish Power, and many more. His work for Ofgem and this project have invigorated two new research areas at UCL, concerning interconnection and Brexit.
He has provided expert advice to Ofgem and BEIS on many occasions about potential policies to internalise storage in electricity markets, and to the consultancy Arup, on request of the Mexican Government. He was called to advise the U.S. Federal Energy Regulatory Commission for electricity price modelling. He was in BEIS's UK Industrial Strategy Roundtable and earlier in the Energy Saving Trust's Community Energy Storage Roundtable. He has been interviewed by the UK Parliamentary Office for Science and Technology (POST) for a note to MPs regarding interconnectors, for which he was also a reviewer. He has also been a reviewer for a POST note for MPs about energy storage. He is a regular reviewer for the journals: Energy Policy; Energy Economics; Applied Energy; The Energy Journal; and International Journal of Electrical Power and Energy Systems; among others. He acted as speaker, session chair, member of the Research or Organising Committee at the International Association of Energy Economics (IAEE) European and International Conferences and Royal Economic Society, on numerous occasions.