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E N E RGY POL I C Y A N D M A R K E T M O
D E L L I N G
multi-objective heating optimization
investment dynamics and market equilibrium
consumers reactions to price dynamics multicriter
ia optimization
real options and game theory investment are
partially or completely irreversible
uncertainties in fuel and resource values the
timing of the investment contains leeway strict
restrictions for licenses to invest strategic
interactions
computational analysis

• co-operative purchase coalitions
• agent based simulation
• hierarchical coordination
• Stackelberg games

decision support
political decision support, structuring,
learning, communication policy decisions in the
parliament multiple criteria environment, costs,
risks
tariff design

• consumer level analysis
• consumption pattern analysis
• consumer self-selection

production planning and hedging
uncertainty in the production process modelling
of the forward curve dynamics electricity
porfolio selection
selected publications
Näsäkkälä E., Keppo J. Electricity load pattern
hedging with static forward strategies, MF
special issue on Energy Pricing and Risk
Management, 2005. Näsäkkälä E., Fleten S. E.
Flexibility and technology choice in gas fired
power plant investments, Manuscript, 2004. Murto,
P. Exit in duopoly under uncertainty, RAND J. of
Economics, 2004. Murto, P., Näsäkkälä, E., and
Keppo, J. Timing of investments in oligopoly
under uncertainty a framework for numerical
analysis, EJOR, 2004. R.P. Hämäläinen and J.
Mäntysaari Dynamic multi-objective heating
optimization, EJOR, 2002. P-O. Pineau and R.P.
Hämäläinen A perspective on the restructuring of
the Finnish electricity market, Energy Policy,
2000. Räsänen M., Ruusunen J. and Hämäläinen
R.P. Optimal tariff design under consumer
self-selection, Energy Economics, 1997. J.
Mäntysaari and R.P. Hämäläinen Prototyping
customized DSS with a spreadsheet program - the
power agents system, J. of Decision Systems,
1997 R.P. Hämäläinen Facts or values - how do
parliamentarians and experts see nuclear power?,
Energy Policy, 1991. R.P. Hämäläinen Computer
assisted energy policy analysis in the Parliament
of Finland, Interfaces, 1988.
emission trading
change to the production capacity with fewer
emissions in European Union the trading started
in October 2003 the trading affects the decision
of all electricity producers