Jorge Blazquez

Research Associate

Jorge is a senior economist specialized in energy transitions. Currently, he works as lead economist for power, renewable energy, and carbon markets at BP. Previously, his professional career developed in both the private and public sectors. He worked as senior researcher at King Abdullah Petroleum Studies and Research Centre in Saudi Arabia. He also worked as economic advisor to the Cabinet of the Minister of Energy and at the Prime Minister’s Economic Bureau in Spain and at the Spanish Strategic Petroleum Reserve. Jorge worked as a senior economist in a construction company and in an international bank.  Jorge holds a doctoral degree in Economics from the Universidad Complutense de Madrid and has published in top journals in the field of energy and economics.

Areas of Expertise

Power markets and renewable energy

WP_Query Object
(
    [query] => Array
        (
            [post_type] => publications
            [posts_per_page] => -1
            [meta_query] => Array
                (
                    [0] => Array
                        (
                            [key] => author
                            [value] => 31355
                            [compare] => LIKE
                        )

                )

        )

    [query_vars] => Array
        (
            [post_type] => publications
            [posts_per_page] => -1
            [meta_query] => Array
                (
                    [0] => Array
                        (
                            [key] => author
                            [value] => 31355
                            [compare] => LIKE
                        )

                )

            [error] => 
            [m] => 
            [p] => 0
            [post_parent] => 
            [subpost] => 
            [subpost_id] => 
            [attachment] => 
            [attachment_id] => 0
            [name] => 
            [pagename] => 
            [page_id] => 0
            [second] => 
            [minute] => 
            [hour] => 
            [day] => 0
            [monthnum] => 0
            [year] => 0
            [w] => 0
            [category_name] => 
            [tag] => 
            [cat] => 
            [tag_id] => 
            [author] => 
            [author_name] => 
            [feed] => 
            [tb] => 
            [paged] => 0
            [meta_key] => 
            [meta_value] => 
            [preview] => 
            [s] => 
            [sentence] => 
            [title] => 
            [fields] => 
            [menu_order] => 
            [embed] => 
            [category__in] => Array
                (
                )

            [category__not_in] => Array
                (
                )

            [category__and] => Array
                (
                )

            [post__in] => Array
                (
                )

            [post__not_in] => Array
                (
                )

            [post_name__in] => Array
                (
                )

            [tag__in] => Array
                (
                )

            [tag__not_in] => Array
                (
                )

            [tag__and] => Array
                (
                )

            [tag_slug__in] => Array
                (
                )

            [tag_slug__and] => Array
                (
                )

            [post_parent__in] => Array
                (
                )

            [post_parent__not_in] => Array
                (
                )

            [author__in] => Array
                (
                )

            [author__not_in] => Array
                (
                )

            [ignore_sticky_posts] => 
            [suppress_filters] => 
            [cache_results] => 1
            [update_post_term_cache] => 1
            [lazy_load_term_meta] => 1
            [update_post_meta_cache] => 1
            [nopaging] => 1
            [comments_per_page] => 50
            [no_found_rows] => 
            [order] => DESC
        )

    [tax_query] => WP_Tax_Query Object
        (
            [queries] => Array
                (
                )

            [relation] => AND
            [table_aliases:protected] => Array
                (
                )

            [queried_terms] => Array
                (
                )

            [primary_table] => wp_posts
            [primary_id_column] => ID
        )

    [meta_query] => WP_Meta_Query Object
        (
            [queries] => Array
                (
                    [0] => Array
                        (
                            [key] => author
                            [value] => 31355
                            [compare] => LIKE
                        )

                    [relation] => OR
                )

            [relation] => AND
            [meta_table] => wp_postmeta
            [meta_id_column] => post_id
            [primary_table] => wp_posts
            [primary_id_column] => ID
            [table_aliases:protected] => Array
                (
                    [0] => wp_postmeta
                )

            [clauses:protected] => Array
                (
                    [wp_postmeta] => Array
                        (
                            [key] => author
                            [value] => 31355
                            [compare] => LIKE
                            [compare_key] => =
                            [alias] => wp_postmeta
                            [cast] => CHAR
                        )

                )

            [has_or_relation:protected] => 
        )

    [date_query] => 
    [request] => SELECT   wp_posts.* FROM wp_posts  INNER JOIN wp_postmeta ON ( wp_posts.ID = wp_postmeta.post_id ) WHERE 1=1  AND ( 
  ( wp_postmeta.meta_key = 'author' AND wp_postmeta.meta_value LIKE '{17233aedebeb477d87bac0365f15c8b270c8abb7dbc7c6aaf35872257d9cc6c6}31355{17233aedebeb477d87bac0365f15c8b270c8abb7dbc7c6aaf35872257d9cc6c6}' )
) AND wp_posts.post_type = 'publications' AND (wp_posts.post_status = 'publish' OR wp_posts.post_status = 'acf-disabled' OR wp_posts.post_status = 'wc-fraud-screen' OR wp_posts.post_status = 'wc-authorised') GROUP BY wp_posts.ID ORDER BY wp_posts.post_date DESC 
    [posts] => Array
        (
            [0] => WP_Post Object
                (
                    [ID] => 37463
                    [post_author] => 111
                    [post_date] => 2020-05-04 10:58:20
                    [post_date_gmt] => 2020-05-04 09:58:20
                    [post_content] => For renewable energy projects, financing is a major bottleneck to accelerate the transition towards a decarbonized energy mix. Multilateral international institutions are developing new financing instruments to address the barriers and risks that hold back private investment in renewable energy technologies, while minimizing the possibility of crowding out the private sector. Within this context, our study explores the drivers of external financing for Spanish wind farms using a dataset of 318 projects commissioned in the period 2006–13. Thanks to the granularity of this dataset, our analysis provides some results that help explain why some projects are more attractive than others from a financial perspective. This study has three main takeaways. First, the costs of a renewable project are the main drivers that determine the access to external financing, whereas the capacity factor, which determines the revenues, has a minor relevance. Second, the behavior of banks changed after the financial crisis of 2008. Before the crisis, expensive projects tended to have higher debt leverage ratio while after the financial crisis, these projects were penalized in terms of access to external financing. Third, the standard metric to assess the competitiveness of renewable projects, the levelized cost of electricity (LCOE), does not help understand the access to external financing and leverage.
                    [post_title] => An empirical study on the drivers of financial leverage of Spanish wind farms
                    [post_excerpt] => 
                    [post_status] => publish
                    [comment_status] => closed
                    [ping_status] => closed
                    [post_password] => 
                    [post_name] => an-empirical-study-on-the-drivers-of-financial-leverage-of-spanish-wind-farms
                    [to_ping] => 
                    [pinged] => 
                    [post_modified] => 2020-05-04 10:58:20
                    [post_modified_gmt] => 2020-05-04 09:58:20
                    [post_content_filtered] => 
                    [post_parent] => 0
                    [guid] => https://www.oxfordenergy.org/?post_type=publications&p=37463
                    [menu_order] => 0
                    [post_type] => publications
                    [post_mime_type] => 
                    [comment_count] => 0
                    [filter] => raw
                )

            [1] => WP_Post Object
                (
                    [ID] => 32475
                    [post_author] => 111
                    [post_date] => 2019-10-28 11:31:37
                    [post_date_gmt] => 2019-10-28 11:31:37
                    [post_content] => Energy transitions are complex processes that are difficult to characterize using a small number of features. Despite this, this study tries to provide a framework for the energy transition, pointing out that some long-run scenarios have a higher probability than others. The document is organized around four key propositions:
  • The energy transition is driven by policies rather than by technology improvements.
  • The energy transition disrupts liberalized electricity markets and undermines their economic foundation.
  • Given the current technologies and technological perspectives, the energy transition to renewable sources is going to be incomplete.
  • There is a change in consumer preferences for cleaner energy and this change demands new business models.
These four propositions lead to the following consequences:
  1. The outcome in terms of electricity prices and energy production will depend on the policies applied. There are multiple possible polices and potentially multiple paths of energy transition.
  2. A complete transition based on renewable energy may be technically possible, but politically difficult to manage in liberalized markets. These markets need a totally new design.
  3. There is a change in consumers preferences towards decarbonized energy, creating new business opportunities and jeopardizing traditional business models.
Energy transitions are complex processes and it is not possible to make accurate predictions on this phenomenon, but, in our opinion, this study adds value to the current debate since it provides general guidelines for policymakers, energy companies and investors. [post_title] => A road map to navigate the energy transition [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => a-road-map-to-navigate-the-energy-transition [to_ping] => [pinged] => [post_modified] => 2019-10-28 11:31:37 [post_modified_gmt] => 2019-10-28 11:31:37 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.oxfordenergy.org/?post_type=publications&p=32475 [menu_order] => 0 [post_type] => publications [post_mime_type] => [comment_count] => 0 [filter] => raw ) ) [post_count] => 2 [current_post] => -1 [in_the_loop] => [post] => WP_Post Object ( [ID] => 37463 [post_author] => 111 [post_date] => 2020-05-04 10:58:20 [post_date_gmt] => 2020-05-04 09:58:20 [post_content] => For renewable energy projects, financing is a major bottleneck to accelerate the transition towards a decarbonized energy mix. Multilateral international institutions are developing new financing instruments to address the barriers and risks that hold back private investment in renewable energy technologies, while minimizing the possibility of crowding out the private sector. Within this context, our study explores the drivers of external financing for Spanish wind farms using a dataset of 318 projects commissioned in the period 2006–13. Thanks to the granularity of this dataset, our analysis provides some results that help explain why some projects are more attractive than others from a financial perspective. This study has three main takeaways. First, the costs of a renewable project are the main drivers that determine the access to external financing, whereas the capacity factor, which determines the revenues, has a minor relevance. Second, the behavior of banks changed after the financial crisis of 2008. Before the crisis, expensive projects tended to have higher debt leverage ratio while after the financial crisis, these projects were penalized in terms of access to external financing. Third, the standard metric to assess the competitiveness of renewable projects, the levelized cost of electricity (LCOE), does not help understand the access to external financing and leverage. [post_title] => An empirical study on the drivers of financial leverage of Spanish wind farms [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => closed [post_password] => [post_name] => an-empirical-study-on-the-drivers-of-financial-leverage-of-spanish-wind-farms [to_ping] => [pinged] => [post_modified] => 2020-05-04 10:58:20 [post_modified_gmt] => 2020-05-04 09:58:20 [post_content_filtered] => [post_parent] => 0 [guid] => https://www.oxfordenergy.org/?post_type=publications&p=37463 [menu_order] => 0 [post_type] => publications [post_mime_type] => [comment_count] => 0 [filter] => raw ) [comment_count] => 0 [current_comment] => -1 [found_posts] => 2 [max_num_pages] => 0 [max_num_comment_pages] => 0 [is_single] => [is_preview] => [is_page] => [is_archive] => 1 [is_date] => [is_year] => [is_month] => [is_day] => [is_time] => [is_author] => [is_category] => [is_tag] => [is_tax] => [is_search] => [is_feed] => [is_comment_feed] => [is_trackback] => [is_home] => [is_privacy_policy] => [is_404] => [is_embed] => [is_paged] => [is_admin] => [is_attachment] => [is_singular] => [is_robots] => [is_favicon] => [is_posts_page] => [is_post_type_archive] => 1 [query_vars_hash:WP_Query:private] => 8e2c08500c6cc470c625e427ced07704 [query_vars_changed:WP_Query:private] => [thumbnails_cached] => [stopwords:WP_Query:private] => [compat_fields:WP_Query:private] => Array ( [0] => query_vars_hash [1] => query_vars_changed ) [compat_methods:WP_Query:private] => Array ( [0] => init_query_flags [1] => parse_tax_query ) )

Latest Publications by Jorge Blazquez