Skip links

Prof Woo Chi-keung

Prof Woo Chi-keung

OFFICE B2-1/F-51
PHONE 2948 7495

Professor Woo Chi-keung is an Adjunct Professor with the Department of Asian and Policy Studies (APS) at The Education University of Hong Kong (EdUHK).

As one of the world’s top 2% of scientists in the field of energy (1,479 out of over 229,150 based on Stanford University’s August 2021 updated list,, Dr Woo specializes in energy economics and applied microeconomics. He has won a General Research Fund project (HK$254K), a Teaching Development Grant (HK$381K), a Public Policy Research project (HK$586K), five faculty research prizes (HK$250K), and gold medals for Online Assessment System for Individual Scores (OASIS) in the International Innovation and Invention Competition (IIIC) Taiwan 2020 and the 2021 Special Edition – Inventions Geneva Evaluation Days. He teaches applied microeconomics and regulation.

With 30+ years of industry experience, Dr Woo has 180+ publications in such journals as Quarterly Journal of Economics, Journal of Public Economics, Economics Letters, Journal of Regulatory Economics, Energy Law Journal, Transportation Research Part A: Policy and Practice, OMEGA, Applied Energy, Energy, Energy Economics, The Energy Journal, Energy Policy, Resource and Energy Economics, IEEE Transactions on Power Systems, and IEEE Transactions on Smart Grid. Most of his publications are based on research projects funded by electricity companies and government agencies in North America, Israel, and Hong Kong.

Recognized by Who’s Who in America, Dr Woo is: (a) a senior fellow elected in 2012 by the United States Association for Energy Economics; (b) an editorial board member of Energy (5-year impact factor: 7.147) and a guest editor of a 2006 special issue on electricity market reform and deregulation and a 2010 special issue on demand response resources; (c) an editorial board member of Energy Policy (5-year impact factor: 6.142) and a guest editor of a 2011 special issue on renewable energy; and (d) an editorial board member of The Energy Journal (5-year impact factor: 2.414) and a guest editor of a 1988 special issue on electricity reliability.

  • PhD in Economics (University of California‚ Davis‚ California, USA)
  • MA in Economics (Queen’s University‚ Kingston, Ontario‚ Canada)
  • BComm in Economics (Concordia University‚ Montreal‚ Quebec, Canada)
  • Energy Economics
  • Applied Microeconomics
  • Regulation and Regulatory Governance
  • Economic Thinking and Decision

Scholarly Books, Monographs and Chapters:

Cheung, Y.L., Cheng, Y.S. and Woo, C.K. (2017). Hong Kong’s global financial centre and China’s development. Routledge.

Journal Articles:

Li, R. and C.K. Woo (2021). How price responsive is commercial electricity demand in the US? The Electricity Journal, forthcoming.

Woo, C.K., K.H. Cao, J. Zarnikau, T.L. Yip and A. Chow (2021). What moves Hong Kong’s train ridership? Research in Transportation Economics, forthcoming.

Li, R., C.K. Woo, J. Zarnikau and A. Tishler (2022). How price responsive is industrial demand for natural gas in the United States? Utilities Policy, 74, article 101318.

Cao, K.H., P. Damien, C.K. Woo and J. Zarnikau (2021). A Bayes decision rule to assist policymakers during a pandemic. Healthcare, 9, article 1023.

Cao, K.H., H.S. Qi, C.H. Tsai, C.K. Woo and J. Zarnikau (2021). Energy trading efficiency in the US Midcontinent electricity markets. Applied Energy, 302, article 117505.

Woo, C.K., K.H. Cao, T.L. Yip, S.Y. Chow, C.L. Chu, J. Zarnikau and C. Mow (2021). Performance-based regulation of train service delays: Hong Kong. Applied Economics Letters, DOI: 10.1080/13504851.2021.1963407.

Li, R., C.K. Woo and K. Cox (2021). How price-responsive is residential retail electricity demand in the US? Energy, 232, article 120921.

Woo, C.K., A. Tishler, J. Zarnikau, and Y. Chen (2021). Average residential outage cost estimates for the lower 48 states in the US. Energy Economics, 98, article 105270.

Woo, C.K., A. Tishler, J. Zarnikau, and Y. Chen (2021).  A back of the envelope estimate of the average non-residential outage cost in the US. The Electricity Journal, 34, article 106930.

Cheng, Y.S., R. Li and Woo, C.K. (2021). Regional energy-growth nexus and energy conservation policy in China. Energy, 107, article 119414.

Cao, K.H., C.K. Woo, Y. Li and Y. Liu (2020). Covid-19’s effect on the alpha and beta of a US stock exchange traded fund. Applied Economics Letters, DOI: 10.1080/13504851.2020.1859447

Brown, D.P., C.H. Tsai, C.K. Woo, J. Zarnikau and S. Zhu (2020). Residential electricity pricing in Texas’s competitive retail market. Energy Economics, 92(104953), 1 -17.

Brown, D.P., J. Zarnikau, P. Adib, C.H. Tsai and C.K. Woo (2020). Rising market concentration in Texas’s retail electricity market. The Electricity Journal, 33, article 106848.

Woo, C.K., Y. Liu, K.H. Cao and J. Zarnikau (2020). Can Hong Kong price-manage its public transportation’s ridership? Case Studies on Transport Policy, 8, 1191-1200.

Cao, K.H., Y. Liu, Q. Li and C.K. Woo (2020). Covid-19’s adverse effects on a stock market index.  Applied Economics Letters,

Woo, C.K., K.H. Cao, Y. Liu and Q. Li (2020). Estimated benefits of incremental suppression of Covid-19 spread. Open Access Library Journal, 7, e6645.

Brown, D.P., J. Zarnikau and C.K. Woo (2020). Does locational marginal pricing impact generation investment location decisions? An analysis of Texas’s wholesale electricity market. Journal of Regulatory Economics, 58, 99-140.

Woo, C.K., J. Zarnikau and K.H. Cao (2020). Unintended biases of an electricity demand forecast based on a double-log regression. The Electricity Journal, 33, article 106866.

Cao, K.H., C.K. Woo, L. Zhang and Y.X. Zhang (2020). Willingness to pay for a message: Personalized license plate auctions in Hong Kong, Applied Economics Letters, DOI: 10.1080/13504851.2020.1749757

Zarnikau, J., S. Zhu, C.K. Woo and C.H. Tsai (2020). Texas’s operating reserve demand curve’s generation investment incentive. Energy Policy, 137, article 111143

Zarnikau, J., C.H. Tsai and C.K. Woo (2020). Determinants of the wholesale prices of energy and ancillary services in the U.S. Midcontinent electricity market. Energy, 195(117051), 1-12.

Chiu, M.M., C.K. Woo, A. Shiu and B. Luo (2020). Reducing costly free-rider effects via OASIS. International Journal of Comparative Education and Development, 22 (1), 30-48, available at

Woo, C.K., J. Zarnikau, C.H. Tsai and S. Zhu (2020). Cost-effectiveness of a modest expansion of renewable capacity in Texas. The Electricity Journal, 33, Article 106696.

Woo, C.K., I. Milstein, A. Tishler and J. Zarnikau (2019). A wholesale electricity market design sans missing money and price manipulation. Energy Policy, 134, Article 110988.

Zarnikau, J., C.K. Woo, S.S. Zhu and C.H. Tsai (2019). Duct-taping the U.S.’s last energy-only market: ERCOT. IAEE Energy Forum / Montreal Special Issue, 11-12.

Woo, C.K. and J. Zarnikau (2019). A nice electricity market design, The Electricity Journal32(9), available at

Woo, C.K. and J. Zarnikau (2019). Renewable energy’s vanishing premium in Texas’s retail electricity pricing plans, Energy Policy, 132, 764-770.

Chait, M., B. Horii, R. Orans and C.K. Woo (2019). What should a small load serving entity use to hedge its procurement cost risk? The Electricity Journal, 32, 11-14.

Zarnikau, J., C.K. Woo, S. Zhu and C.H. Tsai (2019). Market price behavior of wholesale electricity products: Texas, Energy Policy, 125, 418-428.

Gal, N., I. Milstein, A. Tishler and C.K.  Woo (2019). Investment in electricity capacity under fuel cost uncertainty: Dual-fuel and a mix of single-fuel technologies, Energy Policy, 126, 518-532.

Zarnikau, J., C.K. Woo, S. Zhu, R. Baldick, C.H. Tsai and J. Meng (2019). Electricity market prices for day-ahead ancillary services and energy: Texas, Journal of Energy Markets, 12(1), 43-74.

Woo, C.K., A. Shiu, M.M. Chiu and Y. Liu (2018). Empirics of an Online Assessment System for Individual Scores (OASIS), Asian Journal of Educational Research, 6(2), 16-42.

Woo, C.K., Y. Chen, J. Zarnikau, A. Olson, J. Moore and T. Ho (2018). Carbon trading’s impact on California’s real-time electricity market prices, Energy, 159, 579-587.

Woo, C.K., Y. Liu, J. Zarnikau, A. Shiu, X. Luo and F. Kahrl (2018). Price elasticities of retail energy demands in the United States: New evidence from a panel of monthly data for 2001 – 2016, Applied Energy, 222, 460-474.

Woo, C.K., K.H. Cao, Y.S. Cheng, A. Shiu and R. Li (2018). An econometric analysis of monthly peak-hour and total usage patterns of Hong Kong’s cross-harbor tunnels. Transportation Research Record, 2672(5), 1-11.

Woo, C.K., J. Zarnikau, Y. Chen, A. Olson, J. Moore. T. Ho, Y. Liu and X. Luo (2018). An empirical analysis of California’s hybrid capacity options. Electricity Journal, 31(2), 7-12.

Woo, C.K., A. Shiu, Y. Liu, X. Luo and J. Zarnikau (2018). Consumption effects of an electricity decarbonization policy: Hong Kong. Energy, 144, 887-902.

Woo, C.K., Y. Liu, X. Luo, A. Shiu, J. Zarnikau (2017). Consumption effects of electricity decarbonization: Evidence from California and the Pacific Northwest. The Electricity Journal, 30(10), 44-49.

Cao, K.H., Cheng, Y.S. and Woo, C.K. (2017). Price-management of traffic congestion: Hong Kong’s Lion Rock Tunnel. Case Studies on Transport Policy, 5(4), 699-706.

Woo, C.K., Olson, A., Chen, Y., Moore, J., Schlag, N., Ong, A. and Ho, T. (2017). Does California’s CO2 price affect wholesale electricity prices in the Western U.S.A.? Energy Policy, 110, 9-19.

Woo, C.K., Chen, Y., Olson, A., Moore, J., Schlag, N., Ong, A. and Ho, T. (2017) Electricity price behavior and carbon trading: New evidence from California. Applied Energy, 204, 531-543.

Cheng, Y.S., Cao, K.H., Woo, C.K. and Yatchew, A. (2017). Residential willingness to pay for deep decarbonization of electricity supply: Contingent valuation evidence from Hong Kong. Energy Policy, 109, 218-227.

Liu, Y. and Woo, C.K. (2017). California’s renewable generation and pumped hydro storage’s profitability. Electricity Journal, 30(3), 15-22.

Woo, C.K. and Zarnikau, J. (2017). A solar rate option for the development of behind-the-meter photovoltaic systems. Electricity Journal, 30(3), 1-3.

Shiu, A. and Woo, C.K. (2017). Game-based learning of microeconomics by undergraduate engineering students: Evidence from Hong Kong. Asian Journal of Educational Research, 5(1), 21-42.

Gal, N., Milstein, I., Tishler, A. and Woo, C.K. (2017). Fuel cost uncertainty, capacity investment and price in a competitive electricity market. Energy Economics, 61, 233-240. DOI:

Liu, Y., Woo, C.K. and Zarnikau, J. (2017). Wind generation’s effect on the ex-post variable profit of compressed air energy storage: Evidence from Texas. Journal of Energy Storage, 9, 25-39. DOI:

Woo, C.K., Zarnikau, J., Shiu, A. and Li, R. (2017). Winter residential optional dynamic pricing: British Columbia, Canada. The Energy Journal, 38(5), 99-111.

Zarnikau, J., Woo, C.K. and Zhu, S.S. (2016). Zonal merit-order effects of wind generation development on day-ahead and real-time electricity market prices in Texas. Journal of Energy Markets, 9(4), 17-47. DOI:

Woo, C.K., Zarnikau, J., Li, R. and Shiu, A. (2016). kWh effects of residential optional dynamic pricing: Winter evidence from British Columbia, Canada. Electricity Journal, 29(9), 44-47. DOI:

Olson, A., Woo, C.K., Schlag, N. and Ong, A. (2016). What happens in California does not always stay in California: The effect of California’s cap-and-trade program on wholesale electricity prices in the Western interconnection. The Electricity Journal, 29, 18-22.

Woo, C.K., Moore, J., Schneiderman, B., Ho, T., Olson, A., Alagappan, L., Chawla, K., Toyama, N. and  Zarnikau, J. (2016). Merit-order effects of renewable energy and price divergence in California’s day-ahead and real-time electricity markets. Energy Policy, 92, 299-312. DOI:

Shiu, A., Li, R. and Woo, C.K. (2016). Economic growth and infrastructure investments in energy and transportation: A causality interpretation of China’s Western development strategy. The Energy Journal, 37(SI1), 211-222. DOI:

Liu, Y., Woo, C.K. and Zarnikau, J. (2016). Ex post payoffs of a tolling agreement for natural-gas-fired generation in Texas. Journal of Energy Markets, 9(1), 21-45.

Sreedharan, P., Farbes, J., Cutter, E., Woo, C.K. and Wang, J. (2016). Microgrid and renewable generation integration: University of California, San Diego. Applied Energy, 169, 709-720.

Woo, C.K., Horowitz, I., Zarnikau, J., Moore, J., Schneiderman, B., Ho, T. and E. Leung, E. (2016). What moves the ex post variable profit of natural-gas-fired generation in California? The Energy Journal, 37(3), 29-57. DOI:

Weng, W., Woo, C.K., Cheng, Y.S., Ho, S.T. and Horowitz, I. (2015). Public trust and corruption perception: Disaster relief. Applied Economics, 47(46), 4967-4981. DOI: 10.1080/00036846.2015.1039703.

Woo, C.K., Moore, J., Scheiderman, B., Olson, A., Jones, R., Ho, T., Toyama, N., Wang, J. and Zarnikau, J. (2015). Merit-order effects of day-ahead wind generation forecast in the hydro-rich Pacific Northwest. Electricity Journal, 28(9), 52-62.

Woo, C.K., Cheng, Y.S., Law, A., Zarnikau, J., Ho, S.T. and Leung, H.Y. (2015). Consumer support for a public utilities commission in Hong Kong. Energy Policy, 76, 87-97.

Woo, C.K., Cheng, Y.S., Li, R., Shiu, A., Ho, S.T. and Horowitz, I. (2015). Can Hong Kong price-manage its cross-harbor tunnel congestion? Transportation Research Part A: Policy and Practice, 82, 94-109.

Woo, C.K., Ho, S.T., Leung, H.Y., Zarnikau, J. and Cutter, E. (2015). Virtual bidding, wind generation and California’s day-ahead electricity forward premium. Electricity Journal, 28(1), 29-48.

Zarnikau, J., Woo, C.K., Gillett, C., Ho, T., Zhu, S. and Leung, E. (2015). Day-ahead forward premium in the Texas electricity market. Journal of Energy Markets, 8(2), 1-20.

Cutter, E., Haley, B., Williams, J. and Woo, C.K. (2014). Cost-effective water-energy nexus: A California case study. Electricity Journal, 27(6), 61-68.

Li, M., Orans, R., Kahn-Lang, J. and Woo, C.K. (2014). Are residential customer price-responsive to an inclining block rate? Evidence from British Columbia, Canada. Electricity Journal, 27(1), 85-92.

Woo, C.K., Ho, T., Shiu, A., Cheng, Y.S., Horowitz, I. and Wang, J. (2014). Residential outage cost estimation: Hong Kong. Energy Policy, 72, 204-210.

Woo, C.K., Ho, T., Zarnikau, J., Olson, A., Jones, R., Chait, M., Horowitz, I. and Wang, J. (2014). Electricity-market price and nuclear power plant shutdown: Evidence from California. Energy Policy, 73, 234-244.

Woo, C.K., Shiu, A., Cheng, Y.S., Li, R., Ho, T., Horowitz, I. and Wang, J. (2014). Residential willingness-to-pay for reducing coal-fired generation’s emissions in Hong Kong. Electricity Journal, 27(3), 50-66.

Woo, C.K., Sreedharan, P., Hargreaves, J., Kahrl, F., Wang, J. and Horowitz, I. (2014). A review of electricity product differentiation. Applied Energy, 114, 262-272.

Woo, C.K., Zarnikau, J., Horowitz, I. and Shiu, A. (2014). Transparency of retail energy pricing: Evidence from the U.S. natural gas industry. Managerial and Decision Economics, 35(4), 300-308.

Zarnikau, J., Woo, C.K. and Baldick, R. (2014). Did the introduction of a nodal market structure impact wholesale electricity prices in the Texas (ERCOT) market? Journal of Regulatory Economics, 45, 194-208.

Cheng, Y.S., Wong, W.K. and Woo, C.K. (2013). How much have electricity shortages hampered China’s GDP growth? Energy Policy, 55, 369-373.

DeBenedictis, A., Haley, B., Woo, C.K. and Cutter, E. (2013). Operational energy-efficiency improvement of municipal water pumping in California. Energy, 53, 237-243.

Lam, J.C.K., Woo, C.K., Kahrl, F. and Yu, W.K. (2013). What moves wind energy development in China? Show me the money! Applied Energy, 105, 423-429.

Orans, R., Olson, A., Moore, J., Hargreaves, J., Jones, R., Kwok, G., Kahrl, F. and Woo, C.K. (2013). Energy imbalance market benefits in the West: A case study of PacifiCorp and CAISO. Electricity Journal, 26(5), 26-36.

Wan, S.K., Wang, S.H. and Woo, C.K. (2013). Aggregate vs. disaggregate forecast: Case of Hong Kong. Annals of Tourism Research, 42, 434-438.

Woo, C.K., Horowitz, I., Kwok, G., Wan, S.K. and Weng, W.W. (2013). A win-win mechanism for electricity procurement by a local distribution company. Electricity Journal, 26(1), 27-35.

Woo, C.K., Horowitz, I. and Sulyma, I. (2013). Relative kW response to residential time-varying pricing in Bristish Columbia. IEEE Transactions on Smart Grid, 4(4), 1852-1860.

Woo, C.K., Li, R., Shiu, A. and Horowitz, I. (2013). Residential winter kWh responsiveness under optional time-varying pricing in British Columbia. Applied Energy, 108, 288-297.

Woo, C.K., Zarnikau, J., Kadish, J., Horowitz, I., Wang, J. and Olson, A. (2013). The impact of wind generation on wholesale electricity prices in the hydro-rich Pacific Northwest. IEEE Transactions on Power Systems, 28(4), 4245-4253.

Cutter, E., Woo, C.K., Kahrl, F. and Taylor, A. (2012). Maximizing the value of responsive load. Electricity Journal, 25(7), 6-16.

Sreedharan, P., Miller, D., Price, S. and Woo, C.K. (2012). Avoided cost estimation and cost-effectiveness of permanent load shifting in California. Applied Energy, 96, 115-121.

Woo, C.K., Horowitz, I., Horii, B., Orans, R. and Zarnikau, J. (2012). Blowing in the wind: Vanishing payoffs of a tolling agreement for natural-gas-fired generation of electricity in Texas. The Energy Journal, 33(1), 207-229.

Woo, C.K., Liu, H., Kahrl, F., Schlag, N., Moore, J. and Olson, A. (2012). Assessing the economic value of transmission in Alberta’s restructured electricity market. Electricity Journal, 25(3), 68-80.

Woo, C.K., Wong, W.K., Horowitz, I. and Chan, H.L. (2012). Managing a scarce resource in a growing Asian economy: Water usage in Hong Kong. Journal of Asian Economics, 23, 374-382.

Woo, C.K., Zarnikau, J. and Kollman, E. (2012). Exact welfare measurement for double-log demand with partial adjustment. Empirical Economics, 42, 171-180.

Alagappan, L., Orans, R. and Woo, C.K. (2011). What drives renewable energy development? Energy Policy, 39, 5099-5104.

DeBenedictis, A., Miller, D., Moore, J., Olson, A. and Woo, C.K. (2011). How big is the risk premium in an electricity forward price? Evidence from the Pacific Northwest. Electricity Journal, 24(3), 72-76.

Woo, C.K., Horowitz, I., Moore, J. and Pacheco, A. (2011). The impact of wind generation on the electricity spot-market price-level and variance: The Texas experience. Energy Policy, 39(7), 3939-3944.

Woo, C.K., Horowitz, I., Olson, A., DeBenedictis, A., Miller, D. and Moore, J. (2011). Cross-hedging and forward-contract pricing of electricity in the Pacific Northwest. Managerial and Decision Economics, 32, 265-279.

Woo, C.K., Zarnikau, J., Moore, J. and Horowitz, I. (2011). Wind generation and zonal-market price divergence: Evidence from Texas. Energy Policy, 39(7), 3928-3938.

Woo, C.K., Chow, L.C.H. and Owen, T., Editors (2011). Special issue on renewable energy. Energy Policy, 39(7).