University Receives $2 million to Study Energy Markets

CESP NEWS

For Immediate Release January 14, 2004

The BP Foundation has awarded a three-year, $1.95 million grant to Stanford University for a broad research program on modern energy markets. The foundation is funded by BP, formerly British Petroleum, one of the world's largest energy companies. The gift will support the Program on Energy and Sustainable Development at the Stanford Institute for International Studies(SIIS).

Stanford University Program on Energy and Sustainable Development receives grant from BP.

The BP Foundation has awarded a three-year, $1.95 million grant to Stanford University for a broad research program on modern energy markets. The foundation is funded by BP, formerly British Petroleum, one of the world's largest energy companies. The gift will support the Program on Energy and Sustainable Development at the Stanford Institute for International Studies (SIIS). With the gift, BP joins the Electric Power Research Institute in Palo Alto, CA, as one of the program's core sponsors.

"This new partnership with BP will allow the program to accelerate research in several areas, including the design and operation of market-based policies to address the threats of global warming," said program director David G. Victor. "In addition to BP Foundation support, we look forward to learning more from BP's own experience as an energy company, which touches on every aspect of our program's research."

The agreement reflects a commitment by BP and Stanford to complement technical research with similar work on the legal, political and institutional dimensions of how societies derive value from energy, he added.

"Stanford University is undertaking ground-breaking research with the potential to have a profound impact on the organization of modern energy markets and the conduct of environmental policy," said Greg Coleman, BP's group vice president for environment, health, safety and security. "We hope that this is just the first step in a relationship which will become broader and deeper."

The agreement with Stanford is the latest in a series of BP partnerships with universities in the United Kingdom, the United States and China representing a total commitment of more than $100 million, according to BP officials. The Stanford agreement is expected to complement work under way at Princeton University, the Chinese Academy of Sciences and Tsinghua University, company officials added.

Founded in 2001, the SIIS Program on Energy and Sustainable Development focuses on the political, legal and institutional aspects of modern energy services, in collaboration with faculty from the Stanford School of Law and several university departments, including political science and economics. About half of the program's resources are devoted to research partnerships in key developing countries, including Brazil, China, India, Mexico and South Africa. Program researchers have examined the emergence of a global business in natural gas, reforms of electric power markets and the supply of modern energy services to low-income rural households in developing countries.

The program is housed in the Center for Environmental Science and Policy - one of five major research centers at SIIS, the university's primary forum for interdisciplinary research on international issues and challenges.