Team

Stuart Ffoulkes

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  • Education: BA - Mathematics, University of Oxford (1987)
  • Employment History:
  • Associate Director, ESP Consulting (2015 - Present)
  • Principal Consultant, Advisors, Ventyx (2001 - 2015)
  • Director, Enron (1992 - 2000)
  • Power Systems Analyst, National Grid Company (1990 - 1992)

Stuart has 25 years’ experience in the power utilities industry.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 design and implementation of the new capacity arrangements in the Irish power market.

Prior to working for ESP Consulting, Stuart worked as an advisor where he performed detailed, fundamental modelling of electricity markets across Europe to produce short and long-term views of both prices and asset operation.

Wholesale Market Design

Stuart has played a leading role in ESP Consulting’s assignments supporting the Regulatory Authorities (RAs) of Ireland and Northern Ireland's redesign of the Irish power market and implement the I-SEM. This includes:

  • Over a three-year period, analysis to support the design and implementation of the new capacity arrangements (the I-SEM CRM), including the capacity auction. Stuart continues to provide support to the RAs in reviewing applications for Unit Specific Price Caps prior to each auction;
  • Leading the drafting of heads of terms for the legal document that establishes the capacity arrangements, the Capacity Market Code (CMC), and providing support to the RAs in developing the signature version of the CMC. Stuart continues to advise the RAs on modifications to the CMC
  • Leading the project to ensure that the capacity settlement arrangements are properly implemented in the Trading and Settlement Code and helped develop IT specification ready rules for the settlement arrangements; and
  • Advising the Irish Regulatory Authorities on the review of tariffs for reserve services (the DS3 programme).

Early in his career spent a two-year spell at National Grid where he was involved in development and amendment of England and Wales Pool Rules and in monitoring the functioning of the Pool.

Modelling and Market Fundamentals

Stuart has extensive experience in analysing and modelling energy markets. For nearly 15 years prior to joining ESP Consulting, Stuart was key part of the Ventyx team (an ABB company) which is a leading provider of electricity market modelling software, and Stuart was responsible for providing electricity market modelling services to clients. Examples include:

  • Leading work to produce Ventyx’ Reference Case products, including a 25-year fundamental forecast of electricity prices covering most of Western Europe, Greece and Turkey;
  • Leading numerous market modelling assignments to support transactions (acquisitions, disposals, new build), including asset valuations; and
  • Acting as a technical modelling expert of last resort to the EU DG Comp in an enquiry into competition in EU electricity markets.

Since joining ESP Consulting, Stuart has continued to utilise his modelling expertise, including:

  • Assisting the Irish regulatory Authorities to model energy and ancillary service income in the Irish market (using PLEXOS models) to help set Unit Specific Price Caps in the capacity auctions; and
  • Modelling the de-rating factors to be used for interconnectors bidding into the capacity arrangements in the Irish I-SEM arrangements.
Energy Trading, and Generation Asset Development and Management

Stuart worked for Enron between 1992 and 2001, where he rose to Director grade. During nearly ten years at Enron he:

  • Was Director of Iberian power trading;
  • Was Director for e-business;
  • Worked in asset management and asset development, including:
    • Helped develop bidding strategies for a large CCGT-CHP plant bidding into the England and Wales Pool; and
    • Gained detailed understanding of issues arising in development of both conventional and renewable assets in UK and other European markets.
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