Admission
Valuing Strategic Energy Investments under ASEAN Power Grid Integration: A Real Options Approach to Regional Infrastructure Uncertainty

    Eligibility: Indonesian nationals
    Duration: Full-Time – between three and four years fixed term
    Application deadline: 29 April 2026
    Interview date: 4 – 8 May 2026
    Start date: August 2026

    For further details contact: Ir. Dzikri Firmansyah Hakam, Pg. Dip, M.Sc., Ph.D (Institut Teknologi Bandung) and Prof. Yilmaz Guney (Coventry University)

    Introduction

    The transition toward an integrated ASEAN Power Grid (APG) represents a strategic regional initiative requiring large-scale and long-term investment under significant uncertainty. These uncertainties span cross-border electricity demand, regulatory harmonisation, transmission pricing, geopolitical coordination, and evolving energy transition pathways.

    While conventional valuation approaches such as discounted cash flow (DCF) may underestimate the value of flexibility, there is also a growing need to better understand the research landscape, policy challenges, and institutional constraints surrounding ASEAN energy integration.

    This PhD project adopts a mixed-method approach, combining:

    • Quantitative modelling using a Real Options framework to evaluate strategic investment decisions under uncertainty
    • Bibliometric analysis to map the evolution, gaps, and research trends in ASEAN energy integration and infrastructure investment
    • Qualitative analysis (e.g., NVivo or Atlas.ti) to examine policy, regulatory, and institutional challenges and opportunities in ASEAN Power Grid development

    The integration of these approaches aims to provide a comprehensive, multi-dimensional understanding of energy infrastructure investment under uncertainty, bridging methodological rigour with policy relevance.

    Project details

    The successful candidate will undertake interdisciplinary research at the intersection of energy economics, finance, and policy, structured around three complementary components:

    1. Bibliometric Analysis
    • Mapping the evolution of academic literature on ASEAN Power Grid, regional electricity integration, and energy infrastructure investment
    • Identifying key research clusters, gaps, and emerging themes
    • Positioning the contribution of the PhD within the global research landscape
    1. Qualitative Analysis of Challenges and Opportunities
    • Systematic analysis of policy documents, regulatory frameworks, and institutional reports
    • Identification of key challenges including regulatory misalignment, pricing mechanisms, financing constraints, and geopolitical risks
    • Use of qualitative data analysis software (e.g., NVivo, Atlas.ti) to structure thematic insights
    1. Quantitative Modelling using Real Options
    • Development of Real Options models to evaluate flexible investment strategies in cross-border energy infrastructure
    • Assessment of investment decisions under uncertainty, including deferral, staging, expansion, and scaling options
    • Comparative evaluation against conventional valuation methods (DCF/NPV)

    The project is expected to generate both academic outputs (journal publications) and policy-relevant insights for ASEAN energy integration.

    Funding

    Tuition fees and bursary from LPDP, PDDI or potentially ITB/CU

    Benefits

    • Full doctoral supervision from ITB and Coventry University
    • Access to structured research training programmes
    • Opportunities for international collaboration and publication
    • Membership in Coventry University’s Doctoral and Researcher College, providing professional development and career supportEntry requirements
    • The potential to engage in innovative research and to complete the PhD within 3.5 years.

    Entry requirements

    Applicants should hold a strong undergraduate or master’s degree in a relevant discipline, such as:

    • Economics, Energy Economics, Finance, Engineering, or related fields

    Essential Criteria

    • A minimum of English language proficiency (IELTS academic overall minimum score of 6.5 with a minimum of 6.0 in each component).
    • Strong quantitative and analytical skills

    Desirable Skills

    • Familiarity with investment appraisal methods (e.g., NPV, DCF)
    • Interest in decision-making under uncertainty, including real options approaches
    • Exposure to quantitative modelling or programming (e.g., Python, R, MATLAB)
    • Interest in mixed-method research, combining quantitative and qualitative approaches
    • Familiarity with bibliometric analysis tools (e.g., VOSviewer, Biblioshiny)
    • Experience with qualitative data analysis software (e.g., NVivo, Atlas.ti)

    For more information on the application requirements for ITB, click here and for Coventry University, click here.

    Please contact  for informal enquiries: Ir. Dzikri Firmansyah Hakam, Pg. Dip, M.Sc., Ph.D (Institut Teknologi Bandung) and Prof. Yilmaz Guney (Coventry University)