ENODA is pleased to announce the appointment of Professor Ryan Williams as Chief Economist. Ryan brings a wealth of experience to the team, most recently as Director of Economic Consulting at Grant Thornton UK LLP. Ryan’s role will sit at the intersection between technical and policy workstreams, looking at the technoeconomic difficulties associated with connecting renewables to the grid and what the plausible solutions are.

We took 5 minutes with Ryan to discuss his thoughts on current economic landscapes and what he’s looking forward to bringing to the table at ENODA.

Tell us about the role of economics in energy and why you’re passionate about this

The fundamental purpose of economics is to allocate scarce resources in the most efficient way. As a general rule, the benefits from an efficient resource allocation ultimately filter down to consumers. One of the most important resources is energy, which today is controlled by a monopolistic process. ENODA’s desire to generate a marketplace should improve both efficiency and prices for consumers. Ultimately, markets work, and this aligns with my values to offer people free choice and the cheapest renewable energy.

Tell us about your career to date

I’ve been improbably lucky (or unlucky?) to have been front and centre for many of the important economic upheavals of the 21st century. I was a C++ programmer during the dot.com boom/bust, started my PhD in Finance at the beginning of the global financial crisis, and started working in European energy economics in 2019 just before COVID and the energy crisis. This has given me exposure to rapidly-changing economic environments in industries undergoing structural shifts, although nothing quite like the energy trilemma that we face today. 

What drew you to ENODA?

A large part of my academic and industrial career has been spent analysing inputs and outputs of the macroeconomy. A critical input for everything we do, make, or use is energy. Even water, which most people would say is the most important resource, requires energy to treat and distribute in modern societies. As was unfortunately highlighted by the current energy crisis, the existence of and the cost of energy have implications for all of us. ENODA’s mission to improve both energy supply and costs, ‘sustainable prosperity for everyone’, is very appealing.

Which global trends will shape the world economy in the next 10 years?

Many western governments have committed, to some degree, to a Net Zero policy. The pressures against this policy are technological, both in terms of costs and the development of new technologies; and geopolitical, both in the short-term with the conflict in Ukraine and the long-term with important resources located in regions with high instability. The ‘Great-Game-like’ race for these resources will have dramatic effects on the macroeconomy and global stability.

How do you stay informed about industry trends and developments?

I read a lot. My go-to publications include The Financial Times; Wall Street Journal; The Economist; Foreign Affairs; Climate Tech VC.

What does your day-to-day look like?

I sit at the intersection between various technical and policy workstreams. Sometimes I’m helping with the econometrics layer of Enoda Ensemble TM and other times I’m trying to respond to a regulator or policymaker’s question on how our products affect economic growth. I’ve been in debates over 100-year-old economic theories on property rights, and debates on modern monetary policy and how our offerings relate to this first principle. In short, no two days are the same and I find myself using nearly every tool I’ve acquired over my career on a regular basis.

What does success in your role look like for you?

Understanding the energy system is confusing and scary to many people. I’ve often had conversations with people who prefer to flip on the lights at home and consciously shut down any questions about where it comes from and why it works. However, this system affects all aspects of our lives: from the water we drink, to the ability to communicate with our families electronically, to the food we eat. Policymakers and the public often express a desire for renewable energy without understanding the economic and technical difficulties associated with connecting renewables to the legacy grid.

If policy makers, regulators, and the general public can understand the basics of the energy system, the challenges renewables create for this legacy energy system, and the ways in which ENODA makes the grid ‘renewables ready’, I will have made a good start.

Photo of Professor Ryan Williams used with permission from OneAZ Credit Union