Stuart Ffoulkes

Stuart Ffoulkes

07841 123275


Stuart has 25 years’ experience in the power utilities industry.

Having worked in market development, market surveillance, asset development, asset management and trading he brings extensive expertise across a broad range of utility activities. Most recently he has worked on the detailed, fundamental modelling of electricity markets across Europe to produce short and long-term views of both prices and asset operation. His consulting engagements have supported trading clients, asset owners and investors

Sector expertise

Energy Trading & Risk Management
Stuart has significant experience in Energy Trading and Risk Management built up whilst working with Enron and subsequently through fundamental modelling of energy prices. Notably this includes:

  • Managed the process whereby Enron entered the Spanish power market, including establishing the trading desk and supporting middle-office systems development and the power marketing group.
  • Prepared and implemented bidding strategies for a large, complex UK CCGT power station taking full account of the impact of its suite of off-take contracts.
  • Provided detailed modelling support to utility clients for short-term forecasting to support their trading operations.

Regulation and Market Reform
Stuart’s involvement in regulation and market reform dates back to UK power sector restructuring in the early 1990s, with more recent experience relating to the implementation of successive EU directives on energy markets. Notably, this experience includes:

  • Acted as technical expert to a range of working groups for the UK Pool and was responsible for drafting changes and additions to the Pool Rules and monitoring and investigation of market issues.
  • Provided the technical modelling and market support of last resort to the EU DG Comp enquiry into competition in major European wholesale electricity markets.
  • Modelled more than a dozen electricity markets across Europe for the last decade has required Stuart to maintain knowledge of regulation and its expected direction.

Asset Development and Management
Stuart managed the development process for new assets, including CHP, CCGT and renewable. This included production and use of financial models and (re-)negotiation of the full suite of contracts surrounding the assets.

Stuart has spent the past decade carrying out detailed, fundamental modelling of markets across Europe (including Israel; and Turkey) covering short-term trading, transaction support and long term price and volume forecasting. He led the creation, maintenance and quality assurance of detailed fundamental databases for European electricity markets which underpinned this modelling
He led the production of regular long-term forecasts of European electricity prices using a detailed, hourly fundamental dispatch model: where relevant, these forecasts also covered renewable and capacity prices.

Strategy/Transaction Support
Stuart has advised clients purchasing existing power station assets, valuing new assets (including conventional generation, renewable and pumped storage plant and new interconnection capacity) and determining the impairment to the value of existing assets.

IT Programmes and Transformation
Stuart has worked across the full width of utility software development, implementation and support. His experience includes the preparation of functional specifications, client oversight of design and drafting of acceptance test criteria, software implementation, training and support. He has acted as a VAX System Manager and an Oracle DBA.