high honor

Houston professor receives prestigious energy economics award

Peter Hartley has accepted one of the highest honors of his career. Photo via Rice.edu

A Rice economist, Peter Hartley, received the most prestigious honor awarded by the United States Association for Energy Economics earlier this month.

Known as the Adelman-Frankel Award, the honor is granted to "an individual or organization for a unique and innovative contribution to the field of energy economics," according to a statement from Rice. It was presented to Hartley for his wide-ranging work in the energy economics field on November 7 at USAEE/International Association for Energy Economics North American Conference in Chicago.

The Rice Baker Institute’s Center of Energy Studies was granted the award as an organization in 2013. Last year, two professors from the University of California, Berkeley received the award.

“I’m honored to be included among the distinguished group of economists,” Hartley says in a statement.

Hartley has worked as an energy economist for 40 years. He is the George A. Peterkin Professor of Economics at Rice and is a Rice Scholar of Energy Economics at the Baker Institute. His work focused originally on electricity but has shifted to focus on natural gas, oil, coal, nuclear and renewable energy in recent years. He's also published work on more theoretical topics, including money, banking and business cycles.

Prior to coming to Rice, Hartley served as an assistant professor of economics at Princeton University. He is originally from Australia and holds a bachelors in mathematics and masters in economics from Australian National University. He received his PhD in economics from University of Chicago.

Also at the conference, Connor Colombe, a PhD graduate student at the University of Texas at Austin, received the Best Student Paper award, according to the USAEE's LinkedIn page. The winner was granted $1,000 and received feedback from energy economists at the conference.

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A View From HETI

Shell's Woodcreek campus is home to about 67,000 workers. Photo courtesy HOK

Energy giant Shell has put its U.S. headquarters in Houston’s Energy Corridor on the market and is exploring the sale of its U.S. chemical business.

Green Street News reported Shell just listed its longtime Energy Corridor campus at 150 N. Dairy Ashford Road. The asking price is $325 million, The Real Deal reported. Shell plans to lease back half of the nearly 1.5 million-square-foot Woodcreek campus for 15 years.

A sale-leaseback deal could transform the 43.6-acre campus into a multitenant hub, CoStar News reported.

“Houston is a critical hub for Shell globally and the headquarters of our U.S. businesses,” a Shell spokesperson told the Houston Business Journal. “We remain committed to Houston and are evaluating opportunities to optimize our Woodcreek campus as part of our ongoing review of workplace needs while maintaining a strong presence in the city.”

Shell occupied its first building at the West Houston campus in 1980. The company employs more than 6,000 people in Texas.

Shell is one of the highest-profile businesses occupying space in the Energy Corridor. It’s home to 67,000 workers, more than 27 million square feet of office and mixed-use space, and 3.8 million square feet of retail and restaurant space.

Shell considers $8B sale of chemical business

As the company seeks to unload its Woodcreek campus, The Financial Times reported Shell is looking into selling its U.S. chemical business. The price tag: $8 billion.

Potential buyers include Spring-based ExxonMobil and Houston-based LyondellBasell.

Shell operates four chemical plants in Texas, Louisiana and Pennsylvania, producing an array of chemicals for use in plastics, detergents and pharmaceuticals.

Shell CEO Wael Sawan said last year that the company had spent $45 billion in capital “that is underperforming for us,” split between its chemical business and renewable energy arm.

Shell also agreed to sell its solar and wind power business in India this summer. Read more here.

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