CICERO - Center for International Climate Research

Phone: +47 22 00 47 38 /


Research on the energy sector: Decisions under uncertainty and Sustainable development.

I am an economist and senior research fellow at CICERO. I have a master degree (1990) in finance from London School of Economics. In 2008, I received a doctoral degree in economics at Norwegian School of Economics.

For 12 years I held a position as a board member in a vertically integrated power company, and I have also been a board member in an energy-intensive aluminium company. I have worked in the natural gas, finance and educational sector before I became a researcher.

I have done research on issues related to energy, climate policy and sustainable development since 2008. My work reflects a theoretical/methodological competence in microeconomics, behavioral economics, econonometrics and real options theory.

I have led an interdisplinary research project on the impacts of climate change on the power sector involving 9 national and international research institutions (CELECT). I have been the driving force behind the development of two real options projects on policy uncertainty and investment risk in the power sector (PURELEC, RISKY-RES). These projects are led by NTNU, institute of industrial economics and technological management. I also contributed to the successful funding of the large strategic research program on renewable energy at the Sogn og Fjordane University College (RELEASE). All these projects are funded by the Research Council of Norway and the energy sector.

My main publications (level II journals) are: “Market and policy risk under different renewable electricity support schemes” (Energy), “Investment barriers under a renewable electricity support scheme: Differences across investor types” (Energy), “Uncertain Climate Policy Decisions and Investment Timing: Evidence from Hydropower Plants” (Energy), “Sustainable development: Our common future revisited” (Global Environmental Change) , “Sustainable Passenger Transport: Back to Brundtland” (Transportation Research Part A: Policy and Practise), “Troublesome Leisure Travel: The Contradictions of Three Sustainable Transport Policies” (Urban Studies), “The impact of climate change on nuclear power supply” (Energy Journal).

I have for 12 years been a Board member in a vertically Integrated Power Company  (representing BKK in SFE) and I have also been a Board member in the energy intensive industry (Fundo Wheels).


  • Revising the National Renewables Policy Mix: The role of state aid and other key EU policies (REMIX) The REMIX project studies how EU and national decisions shape the renewable energy policy mix in six European countries.
  • Investment under uncertainty : EU renewable energy and climate policies beyond 2020 (RISKY-RES) The prospects for EU renewable energy and climate policies beyond 2020 are uncertain. Investors and policy makers in Norway and abroad need knowledge on how to make decisions under this uncertainty. Firms' decisions under uncertainty can be formulated as a real option problem in which the option to delay an irreversible decision has a value. Policy as well as market uncertainty will affect this value. We derive decision rules. These rules can be used to form better forecasts of the power sector’s decisions, and to assess the social welfare cost of different policy designs and uncertain political processes.
  • Renewable Energy Projects: Local Impacts and Sustainability Meeting the EU’s and Norway’s ambitious renewable energy targets will have significant local consequences. Policymakers must make decisions that balance the consequences for the economy, the society, and the environment. The project develops knowledge that assists them in such decision-making, while simultaneously providing new theoretical and empirical contributions to real options theory, social theory, restoration ecology, and local sustainable development.

Publications and outreach at CICERO

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