Max Dupuy leads and manages RAP’s initiatives in China to assist and advise decision-makers on power sector policies and the transition to a low-carbon energy future.
Dupuy has served as an author, public speaker and expert for the press on international developments in power sector regulation, energy efficiency, emissions trading and other topics. He specializes in comparative analysis of energy policy and has particular experience with China’s energy institutions and challenges.
Before joining RAP, Max Dupuy served at the New Zealand Treasury in Wellington, leading economic research projects and developing policy advice on electricity markets, transmission regulation and capital efficiency.
Dupuy’s work in energy policy is complemented by a background in financial sector regulation and macroeconomic policy. He worked as an economist at the U.S. Treasury in Washington, D.C., for six years, advising the secretary of the Treasury and other senior officials. His time at the U.S. Treasury included successive periods as the economist responsible for developing policy advice on issues concerning India, Indonesia and China. He also worked in economic research in the Federal Reserve System.
Max Dupuy earned an undergraduate degree in economics from Queen’s University in Canada and a master’s degree in economics and policy from Princeton University’s Woodrow Wilson School. In addition, Max completed a two-year Mandarin Chinese language program at the National Taiwan University.
How Max Dupuy is Energizing Change
从限制到机遇：市场监管与价格释放的平衡之道
电力现货市场的价格波动有利于提高市场效率和体现新能源的环境效益，但同时也会引发公众和政策制定者对价格波动的担忧。因此，当前中国电力现货市场设置了价格上限和下限，旨在稳定价格，避免剧烈的价格波动。但在实际操作中，过紧的价格管控也可能抑制市场价格调节机制的发挥，不利于清洁能源发展。比如，价格上限过低限制了灵活资源（如储能、需求响应）投资和参与，导致峰时电力供应不足，以致煤电资源冗余，反而增加系统成本；价格下限则阻碍了低价可再生能源的竞争优势体现，模糊了资源调度的优先顺序，并影响需求侧响应的积极性。 文章通过分析部分省级电力现货市场的实践（如山东市场允许负电价、蒙西市场设置较高的价格上限），结合一些海外电力市场实行的灵活管控经验，指出中国电力市场应适当放宽价格限制，允许价格更充分地反映供需关系，以进一步提高市场效率、促进清洁能源消纳、优化资源配置。 然而，放宽价格限制应以完善市场监管为前提。本文建议借鉴国际经验（例如美国FERC的市场力监管机制），结合中国实际情况，加强市场力监测和抑制机制，构建透明、公平、高效的电力市场。在完善监管的前提下，充分释放市场活力，实现价格机制的优化和电力市场的健康、可持续发展。 本文首刊于电联新煤，2025年1月17日… Read More +
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How did you catch the “energy” bug?
Like many of my colleagues, I have always loved the great outdoors. From that starting point, is only a short hop to a career in environmental and energy policy, which means spending lots of time indoors discussing energy economics and reading regulatory documents. So it goes!
What is something that makes you feel hopeful about the future?
The technology to decarbonize (most) of the global economy already exists and works well — and the cost of that technology has been falling. Now we need the right policies to continue to scale up.
My favorite dish/snack is anything from an induction cooktop of course!