EFC23 Photo: Damien Douxchamps

Energy Finance Christmas Workshop (EFC23) aka Energy Finance Chanoyu

4-5.12.2023, Kyoto, Japan (*)

EFC23 is the 10th event in the highly successful series of Energy Finance Christmas workshops. Set in the heart of Kyoto - the former capital of Japan - with countless places that both inspire and enchant visitors with their fairy-tale magic and out-of-this world experiences. Nature can be found everywhere in Kyoto, from the spectacular mountain scenery of Arashiyama and swaying bamboo grove of Sagano to the endless tunnel of torii gates of the Fushimi Inari Shrine, to the breathtaking bay views and crystal clear waters of Ine-cho, known as The Venice of Japan.

The workshop is organized by Takashi Kanamura and held at the historic sites of Tachibana Dormitory and Seifuso-Villa.

Chanoyu (茶の湯) is the Japanese tea ceremony also known as sadō/chadō (茶道, 'The Way of Tea'). It is a cultural activity involving the ceremonial preparation and presentation of matcha (抹茶) - powdered green tea. Tea gatherings are classified as either an informal tea gathering - chakai (茶会, 'tea gathering') or a formal tea gathering - chaji (茶事, 'tea event'). A chakai is a relatively simple course of hospitality that includes confections, thin tea (薄茶, usucha), and perhaps a light meal. A chaji is a much more formal gathering, usually including a full-course kaiseki meal followed by confections, thick tea (濃茶, koicha), and thin tea. Read more about Chanoyu.

(*) The event was originally planned for 2020, but had to be canceled due to the COVID-19 pandemic and lockdown restrictions imposed in countries all over the world.


Participation is by invitation only. Confirmed participants:


Program and venue

Monday, December 4th

09:30-09:50 Registration (Tachibana Dormitory, Yoshidatachibanacho, Sakyo Ward, Kyoto)

09:50-10:00 Welcome

10:00-11:00 Session 1: Risk management, chair: Katarzyna Maciejowska (2x30min talks)

  • Arkadiusz Lipiecki, Probabilistic forecasting of electricity prices with isotonic distributional regression (with B. Uniejewski and R. Weron)
  • Stein-Erik Fleten, Electricity forward curves: Smoothing and arbitrage (with M. Dietze, I. Chávarry, A.C. Freire, D. Valladão and A. Street)

11.00-11.30 ☕/🍵 Break

11:30-13:00 Session 2: Markets and strategies, chair: Derek Bunn (3x30min talks)

  • Santosh Sapkota, An analysis of price-setting generation technologies in the Australian National Electricity Market (with L. Han and S. Trück)
  • Weronika Nitka, Combining predictive distributions of electricity prices: Does minimizing the CRPS lead to optimal decisions in day-ahead bidding? (with R. Weron)
  • Arvind Rangarajan, Revisiting the crisis: An empirical analysis of the NEM suspension (with S. Foley, J. Svec and S. Trück)

13.00-14.00 🍣/🍜 Break

14:00-15:30 Session 3: Investments, chair: Stein-Erik Fleten (3x30min talks)

  • Keiji Sakakibara, Risk valuations and investment strategies of wave power generation in Japanese waters (with T. Kanamura)
  • Motoh Tsujimura, The effect of both sides operational flexibility in capacity investment under uncertainty (with J. Imai)
  • Xiaoxian Zhao, Risk mitigation effects of ESG scores on Chinese A-shares and sustainability Kuznets curves around COVID-19 periods (with S. Chmil and T. Kanamura)

15.30-16.00 ☕/🍵 Break

16:00-17:30 Session 4: Clean energy, chair: Nikos Nomikos (3x30min talks)

  • Rassi Samin, Electricity price spike formation and LNG prices effect under gross bidding scheme in JEPX (with T. Kanamura)
  • Shunsuke Ohtani, How does Japanese utility LNG storage strategy influence JEPX prices? (with S. Noda)
  • Stefan Trück, Countdown on the Net Zero Energy Transition

18.30-20.30 Conference dinner: Shiran Café


Tuesday, December 5th

09:30-10:00 Guided Tour: History of Seifuso-Villa (2-1 Tanaka Sekidencho, Sakyo Ward, Kyoto)

  • Akihiko Okuda (Seifuso Villa) and Ryotaro Kusumoto (Kyoto University)

10:00-11:30 Tea Ceremony Demonstration

  • Michael Hardy (Urasenke)

11:30-13:00 Session 5: Carbon, capacity and tankers, chair: Marie-Hélène Gagnon (3x30min talks)

  • Stefan Trück, Modeling price dynamics of Australian carbon credit units
  • Derek Bunn, Parameters for capacity markets and the devils in their details
  • Nikos Nomikos, A quantitative model of the oil tanker market in the Arabian Gulf

13.00-14.00 🍣/🍜 Break

14:00-15:30 Session 6: Financial perspective, chair: Stefan Trück (3x30min talks)

  • Marie-Hélène Gagnon, Has financialization changed the impact of macroeconomic announcements? (with S.-P. Boucher and G. Power)
  • Katarzyna Maciejowska, Toward better understanding of forecast evaluation methods: Linking forecast accuracy and economic outcomes (with T. Serafin and B. Uniejewski)
  • Takashi Kanamura, A quantitative model of sustainability risk in finance

15:30-16:00 EFC23 wrap-up by Rafał Weron


Getting there

By air
The nearest international airport is Kansai International Airport. From the airport take a train for JR Kyoto Station (ca. 75 min). Then follow the directions to the West Campus (next to the Main Campus) provided here.


Hotels nearby

Please keep in mind that November/December is high season so we recommend booking your room well in advance. For suggestions, visit http://www.booking.com