Australia and Texas: Analysis and comparison of energy crises
Australia’s recent energy crisis exposed an unexpectedly fragile power system. Yet according to world-renowned Stanford University economist Professor Frank Wolak, it was not a freak incident and could have been avoided. In this event, Prof Wolak will draw parallels with the February 2021 Texas energy crisis and share what can be learned from both situations.
Professor Frank A. Wolak, Stanford University
Frank A. Wolak is the Holbrook Working Professor of Commodity Price Studies in the Department of Economics at Stanford University, and a part-time faculty member at Monash University.
Prof Wolak specialises in energy and environmental economics, regulatory economics and econometric theory. His recent work focuses on the design of market and regulatory mechanisms to support the transition to a low-carbon energy sector. He is a research associate at the National Bureau of Economic Research (NBER). He currently directs the Program on Energy and Sustainable Development (PESD) in the Freeman-Spogli Institute for International Studies and co-directs the Natural Gas Initiative at Stanford University. Prof Wolak was the Chair of the Market Surveillance Committee of the California Independent System Operator for electricity supply industry in California from 1998 to 2011. He was a member of the Emissions Market Advisory Committee (EMAC) for California’s Market for Greenhouse Gas Emissions allowances from 2012 to 2013.
Professor Simon Wilkie, Dean, Faculty of Business and Economics, Head of Monash Business School
Simon Wilkie’s career spans a remarkable array of roles that extend beyond the higher education sector and include appointments as Chief Economic Policy Strategist at Microsoft Corporation and Chief Economist with the US Federal Communications Commission.
Head of Monash Business School since 2019, Prof Wilkie was previously a Professor of Economics and the head of the Department of Economics, at the University of Southern California (USC). During his time at USC, he was also a Professor of Economics, Communication and Law, and the head of the USC Gould School of Law.
Associate Professor Guillaume Roger, Centre for Global Business, Monash Business School
A/Professor Roger is the founder and coordinator of the Australian Energy Markets Initiative (AEMI), which was introduced by CGB to spur academic research, policy formulation and industry engagement in the electricity sector in Australia.
Guillaume also holds appointments as an Associate Director of the Monash Energy Institute and a Co-Director of the Grid Innovation Hub. His research focuses on incentive design and dynamic contracts under moral hazard and has been published in top field journals in economic theory.