Max Dupuy provides targeted expertise as Principal of the Energy Systems Innovation program for RAP and advises decision-makers on power sector policies and the transition to a low-carbon energy future. Max also chairs the RAP China program management board.
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
如何按照“统一原则和供需关系”完善容量电价机制
国家发展改革委、国家能源局发布的114号文，为我国发电侧容量机制改革明确了“分类完善—可靠容量补偿—容量市场”的三步演进路径。其中，第二阶段建立发电侧可靠容量补偿机制，是衔接现行容量电价与未来容量市场的关键环节。本文结合114号文要求及甘肃、青海等地方实践，分析当前容量机制在资源统一比较、供需匹配和动态调整等方面存在的问题，并借鉴欧美成熟电力市场经验，提出以下建议：一是建立技术中立、统一透明的可靠容量评估体系，实现各类资源公平竞争；二是以资源充裕度评估为基础，将容量补偿与系统供需关系动态挂钩。三是建立动态调整机制，促进容量价格反映真实供需。只有夯实第二阶段改革基础，用统一的标准衡量各种资源的贡献，用前瞻性的供需评估决定补偿水平，基于用户承受能力与动态调整机制防止补贴固化，同时配合扩大容量资源的考量范围降低用户电价成本，才能顺利过渡到竞争性的容量市场，更有效支撑新型电力系统建设。 本文首刊于《能源决策与参考》，2026年6月 China’s recently issued Document No. 114, jointly released by the National Development… Read More +
Reforming South Korea’s Power Sector: Setting the Stage For the Renewable Energy Transition
As South Korea embarks on its decarbonization path, maintaining competitiveness, affordability and reliability will require critical… Read More +
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!