Department carrying out activities: E3 Modelling Ike

E3M is a private capital company, established in Greece, based on know how created throughre search activities performed since 1988, within the Institute of Communication and Computer Systems (ICCS) of the National Technical University of Athens. E3M specialises in the development and use of large-scale applied models and carries out impact assessment studies focusing in the fields of economy, energy and the environment. The company provides consultancy services based on the use of complex large-scale applied mathematical models and inherits the curriculum of E3MLab, the modelling experience and the personnel.

The company has specialized expertise and knowledge in the fields of energy and environmental economics. It has extensive experience on the impact assessment of GHG mitigation policies, the evaluation of energy efficiency measures and on the assessment of alternative measure for climate change adaptation.

E3M develops several sector and region specific models that represent in great detail the generation of GHG emissions and the different abatement technologies. The suite of models developed and maintained by E3M include global and EU specific multi-sectoral macroeconomic models, detailed partial equilibrium models for the transport and power generation sectors as well as sector specific models on agriculture, biomass and biofuels.

The energy model developed and maintained for all the European Union member-states and all the European countries non-members of the EU is PRIMES (energy market equilibrium engineering-economic model used for the long term and the study of structural changes in energy markets). For the transport sector the PRIMES-TREMOVE transport model has been developed and is maintained for all 28 EU Member States; the model has been recently fully integrated into the main PRIMES model. The PRIMES biomass supply model provides detailed sectorial information about the bio-energy supply sector for the EU 28 countries and life-cycle analysis for biofuels.

E3M also developed and maintains the PROMETHEUS world energy model (a stochastic world energy/technology model rich in representation of world oil and gas markets).

E3M has also developed and operates GEM-E3 a multi-country and multiple-sectors detailed computable general equilibrium model with global coverage; the model covers the interactions between the economy, energy and the environment. The GEM-E3 model operates in the European Commission and is a widely used CGE model in Europe. Our modelling includes detailed bottom-up models for power sector, transport, renewables, energy efficiency, gas markets, etc. which are linked with GEM-E3.

All models have been recently updated to include the latest statistical data available. Using this suite of models, E3M closes the loop between economy, energy and environment and supports complex and comprehensive assessments of policies in all areas. The E3M projections are used by a large number of consultants, academic researchers and policy makers.

Τhe previous and ongoing research activities of E3M are in line with SOCLIMPACT project’s tasks that are related to the state-of-the-art energy modelling taking into account consumer behaviour and heterogeneity, market imperfections, infrastructure and detailed modelling in the fields of energy efficiency, transport decarbonisation and decentralised intermittent RES which are crucial ingredients for energy system restructuring towards a low-carbon economy.

Moreover, the soft-link and coupling of PRIMES and GEM-E3 enables the detailed assessment of macro-economic implications of clean energy transition and GHG mitigation policies and in particular with regard to employment, sectoral economic production, green growth, international trade patterns and productivity growth through R&D.

E3M maintains a large set of data including social accounting matrices, energy balances, bilateral trade matrices, engineering data on technology costs, two factor learning curves and sector specific marginal abatement cost curves. The company prepares qualitative and quantitative scenario analysis for the economic and energy systems for a large number of countries including all 28 EU member states, and most of the large economies globally.




Prof. Pantelis Capros is a Professor of Energy Economics and Operation Research at the Department of Electrical and Computer Engineering of National Technical University of Athens. He was the Chairman of the Regulatory Authority for Energy in Greece from 2000 to September 2004. He was a member of the Board of Directors of the Greek Public Corporation for 5 years. Prof. Capros holds an engineering degree from NTUA, 3 DEAs in Economics, Informatics and Operations Research from ENSAE, University of Dauphine, Paris and a Doctorat d’Etat in Mathematical Economics from University Pierre et Marie Curie, Paris. He has over 30 years’ professional experience in the domain of energy, transport, environment and economic policy. Consultant to the European Commission, several European Governments and energy companies. He is specialised in Energy and transport modelling, economic modelling, energy forecasting and planning, econometrics, integrated assessment modelling, software engineering and databases. He has built and used a variety of large-scale mathematical models.

• PhD Doctorat d’ Etat es Sciences Mathematiques, University Pierre et Marie Curie VI, Paris, France
• DEA Economics, ENSAE and INSTN, Paris, France
• DEA Operations Research, University Dauphine, Paris, France
• DEA Informatics, University Dauphine, Paris, France
• Engineering degree, National Technical University of Athens
Fields of Interest:
• Energy Economics and Modelling
• Operations Research and Mathematical Programming
• Micro-Economics and Economic Analysis



Dr. Leonidas Paroussos holds a degree in Economics from the National and Kapodistrian University of Athens. He has an MSc in Finance from the University of ESSEX, UK and a PhD in “Energy and Climate Change: An Economic Analysis in the Context of Computable General Equilibrium”. He is a researcher in the general equilibrium modelling team of E3-Modelling and he has 15 years of experience in modelling particularly in the development of the GEM-E3 model. He is experienced in transport economics, climate change policy assessment, environmental economics, energy analysis, macroeconomic and regional modelling. He is an expert in collecting and reconciling large datasets following the regular database updates and modelling extensions of the GEM-E3 model.

• Ph.D. “Energy and Climate Change: An Economic Analysis in the Context of Computable General Equilibrium”, Department of Electrical and Computer Engineering of National Technical University of Athens (NTUA)
• MSc in Finance, University of ESSEX (Distinction), UK
• BSc in Economics, National Kapodistrian University of Athens, Department of Economics, Greece
Fields of Interest:
• CGE model development
• Climate change policy assessment
• Environmental economics
• Macroeconomic and regional modelling
• Environmental Economics
• Energy Analysis