FACILITATING STORAGE INVESTMENT IN
ENERGY-ONLY POWER MARKETS THROUGH CONTRACT DESIGN

Raheel Raniga

PhD Candidate, Faculty of Business and Economics, Monash University (Zema Scholar)

Supervisors: A/Prof Guillaume Roger, Prof Russell Smyth

Research interests: energy market design, contract and derivative markets, storage and firming, system planning, dispatch and optimisation, investment signals

Raheel Raniga is currently undertaking a PhD in the Faculty of Business and Economics, supported by the Zema Energy Studies Scholarship. His research focuses on improving market signals and contract structures to better facilitate investment in energy storage within energy-only power markets. His work seeks to understand how storage can be more effectively dispatched and valued through enhancements to market design and derivative mechanisms.

Raheel’s academic background in Econometrics and Actuarial Science has equipped him with a strong quantitative foundation to approach complex problems in energy markets. Prior to beginning his PhD, Raheel worked for several years in the energy sector, where he specialised in long-term equilibrium power system modelling, battery dispatch, and market design. He contributed to various industry research reports, energy market models, and consulting projects across renewable energy, storage, and ancillary services. In these roles, he collaborated closely with stakeholders from across industry and government, gaining practical insight into the technical and economic challenges of the energy transition.

I was quickly drawn into the energy sector by the complexity and real-world significance of the challenges it presents. The field is inherently multidisciplinary and I’ve been fortunate to benefit from exposure to a wide swath of expertise. Yet problems are niche and solutions are often novel.

After several years in industry, I was looking for the opportunity to step back and explore important questions that had emerged from our work. The Zema scholarship offered the ideal environment to pursue those ideas in depth, through independent and applied research.

His research interest is shaped by experience observing gaps in market signals and the challenges faced by industry proponents in meeting system needs. A brainstorming session with a former colleague resulted in a list of potential research questions, several of which aligned closely with ongoing work at the Monash Energy Institute. This led him to connect with Associate Professor Guillaume Roger, who now supervises his research.

Raheel hopes that his research will help inform market reform and contribute to the development of practical tools for policymakers and industry as Australia navigates the energy transition.