Association Webinars: Wholesale Energy Markets: Gas & Electricity Shaken by the Virus


The Covid-19 crisis has become a major economic crisis, in which the gas & electricity industries are facing unprecedented challenges with a deep fall in consumption and wholesale prices. We look at the facts and the foreseeable consequences for the major stakeholders; be they consumers, producers or intermediaries, as seen from the wholesale markets, in the US and in the EU. Our panellists were: Jeff Makholm, Managing Director at NERA; Walter Bolz, former 'Gas' Vice President of European energy regulators; Emmanuel Clair, former Managing Director at Goldman Sachs; and Max Luke, Consultant at NERA.


Jean-Michel Glachant is Director of the Florence School of Regulation at EUI since 2008, and VP IAEE. Formerly Professor in economics in France universities (Paris-Sud; La Sorbonne) for decades. He specialized in market-based electricity and gas systems from the 1990', and thereafter in the corresponding European policy and regulation. His last book (2018; with L. Meeus) "Electricity Network Regulation in the EU". His forthcoming book (with P. Joskow & M. Pollitt) "Handbook of Electricity Markets". Jean-Michel is the founding chief-editor of the IAEE Journal "Economics of Energy & Environmental Policy" (2012-2016).


Jeff Makholm , at NERA since 1984, has worked with firms, governments, regulatory agencies or interest groups on many economic issues related to gas and electricity regulation and markets in North America, Europe and around the world. He has appeared as an expert witness in gas and electric cases before regulatory commissions, civil law courts and international arbitral panels on more than 200 occasions. He publishes widely on energy and regulatory matters, including his latest book, The Political Economy of Pipelines: A Century of Comparative Institutional Development (University of Chicago Press, 2012).

Walter Bolz is a Senior Advisor on European Energy. He has extensive experience in all aspects of the Gas and Electricity Market and in Regulation of the European energy sector. He is the Chairman of the Supervisory Board of PSJC MGU, the Ukrainian Gas Transmission Operator, as well as a member of the Agency for the Cooperation of Energy Regulators (ACER) Board of Appeal, Walter is former Vice-Chair of the ACER Board of Regulators and Vice-President of CEER (Council of European Energy Regulators). Walter headed the Austrian Regulatory Authority E-Control Austria for 15 years .

Emmanuel Clair is a Trader at Hartree Partners (commodity trading house). After 6 years as an engineer and researcher in construction and then electricity demand side management in France, Emmanuel joined in 2000 the energy trading industry in London. For 6 years at EDF Trading developed valuation models for electricity and became head of power option trading. Emmanuel then spent 12 years at Goldman Sachs, where he was eventually responsible in London for the trading of Gas, Electricity, Emissions, Oil and also Global Oil Derivative Book. Joined Hartree Partners in 2018 to develop the trading of Continental Europe Gas and Power.

Luke Max is a Consultant with deep experience in the economic, regulatory, and financial aspects of emerging trends in the electric power and natural gas sectors. Max has supported dozens of regulated and unregulated electricity and gas companies in such capacities, frequently in the context of regulatory proceedings and litigated disputes. Max publishes and delivers presentations frequently on these and other topics. Max was a principal researcher in the MIT Energy Initiative's Utility of the Future study and a graduate of MIT, where he completed a Master of Science in Technology and Policy, specializing in in economics, engineering, and regulation of electric power systems.


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