• The CITIC researcher at the Universidade da Coruña, Carlos Vázquez Cendón, leads APMANA-EAREC, a project aimed at designing new valuation models for CO2 emission allowances and renewable energy certificates.
• This applied mathematics collaboration between the Universidade da Coruña and the University of Wuppertal (Germany) is funded by the research agencies of both countries.

A Coruña, April 3, 2025 .-Last March marked the official launch of the APMANA-EAREC project (Advanced Pricing Models and Numerical Approaches for Emission Allowances and Renewable Energy Certificates), an innovative initiative funded by the Spanish State Research Agency (AEI) and its German counterpart, the Deutsche Forschungsgemeinschaft (DFG).

Carlos Vázquez Cendón, CITIC researcher and professor of applied mathematics at the Universidade da Coruña, participated in the project’s kickoff meeting in Wuppertal, Germany.

An innovative project to model energy markets

This initiative focuses on designing and numerically solving new valuation models for CO2 emission allowances and renewable energy certificates—an issue of particular relevance in the current context of energy transition and the fight against climate change.

During this first meeting, both teams outlined their work plans. The CITIC team at UDC will focus on designing valuation models for renewable energy certificates (RECs), which companies receive for generating electricity from renewable sources and later trade in markets or through derivative products. These products are highly complex, so the research will apply advanced differential equations and develop new numerical methods to improve analysis and forecasting in energy markets.

According to CITIC researcher Carlos Vázquez, “collaboration with the German university represents an opportunity to leverage synergies between teams, advance knowledge, and train PhD students in a topic of great relevance and interest to both administrations and businesses”.

International collaboration and scientific progress

The Universidade da Coruña team includes Íñigo Arregui, Carmen Calvo, María de los Ángeles Baamonde, José Germán López, and Pablo Pérez. On behalf of the University of Wuppertal, participating researchers include Matthias Ehrhardt, Thomas Kruse, and Long Teng, among others.

APMANA-EAREC aims to provide innovative solutions for the efficient management of emission and renewable energy markets, contributing to a better understanding of their dynamics and facilitating decision-making on the path toward a sustainable energy future.

Photo: Professors Long Teng, Thomas Kruse, Carlos Vázquez, and Matthias Ehrhardt at the University of Wuppertal.