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WaterRock Energy Economics is a market and economic consultancy.  We focus on robustly understanding and analyzing the interaction between renewables, gas and energy storage solutions in the power markets in Asia.    

Since 2018, our team have led or involved in many important projects that help to shape the regulatory and investment landscape in the power and gas markets in Singapore, the Philippines, mainland China, Taiwan and Malaysia, including detailed design of the forward capacity market , long-term technology mix and power import studies in Singapore, design of Renewable energy exchange in Malaysia, assessment of  economic value and policies related to LNG terminal, CCGT plants, renewable and energy storage capacity in the Philippines, detailed and actionable market entry strategy studies for expansion of wind, solar and BESS portfolio across different provinces in mainland China, detailed quantitative studies on merchant revenue streams for investing in large scale BESS capacity in Taiwan, and many studies for market price and dispatch projection of renewable and gas capacity for investors and large end-users across different Asian countries.  

Welcome to
WaterRock Energy


The team have a strong track record for providing valuable advisory services on:

  • Regulatory/policy analysis on competitive electricity markets such as Singapore, the Philippines and South China.  For example, in Feb 2019 - April 2021, we were involved in the design of forward capacity market in Singapore; in 2021-22, we were engaged by the EMA to study the long term technology mix to achieve Singapore's long term carbon emission targets (including imports, hydrogen and CCS);  Since early 2022, we have been in a panel to help EMA evaluate the commercial aspects of power import proposals. 

  • Role of flexible capacity and the economics of flexible power capacity and associated energy infrastructure in Asia.  For example, in early 2020, we were invited by JBIC to present to the Philippines' Energy Committee of the Senate and Philippines' House of Representatives on the role of natural gas and economics of building new LNG terminals in the Philippines.  In 2022-2023, we supported foreign investors on regulatory analysis and forecast of different revenue streams for large scale battery energy storage capacity to provide E-dReg services in Taiwan. 

  • Challenges and opportunities for a greener future in AsiaSince Jan 2024, we have been involved in the detailed design of renewable energy exchange in Malaysia, which aims to help facilitate renewable investment for local green consumption and green energy export in Malaysia.  In 2021, we worked with the Asia Investor Group on Climate Change (AIGCC) on a topic of Accelerating Clean Energy in Southeast Asia.   Since 2018, Liutong has been invited by UBS as a China renewable expert to present to its clients on China decarbonization and renewable investment trend.  For example, he presented the topic "China's Power Sector - Power shortage, Renewable and Grid Infrastructure Policies and Outlook" in the UBS Asia Energy, Utilities, and Materials Conference.  

  • Core reasons on power shortage and energy security in various Asian markets.  For example, in 2023, we led a study to analyze the core reasons of power shortage and ways to ensure long-term power supply adequacy, sustainability and cost effectiveness in the power market in China.   

  • Detailed market studies and economics of building/investing in renewable and gas infrastructure assets in the Philippines, Singapore, mainland China, Taiwan, Malaysia, Vietnam and other Asian countries

    • Detailed market/due-diligence studies and pool price forecast on power markets in Singapore, the Philippines, Malaysia and other ASEAN markets

    • Detailed market/due-diligence studies for investing in power and gas sector in mainland China at provincial level.  

    • Detailed market/due-diligence studies on the gas and power market in Taiwan. 

  • Market advisor for fund raising  In 2023, we are the market advisor for the successful completion of 4 billion RMB fund raising for a fund house's first commingled clean energy strategy in China

  • Power dispatch and capacity expansion optimization modelling;

  • Power and gas tariff projection;

  • Hydrogen market and economic analysis; and

  • Tariff benchmarking.

Due-diligence Study


Power and Gas Optimization Modelling Support


Regulation and Strategy Support


Price and Tariff Trend Analysis and Forecast


Curtailment Analysis and Forecast


Commercial and Strategy Support


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