Beyond the project: how NZX and the Business School create lasting value

Predicting electricity prices requires understanding a constantly changing mix of market conditions, demand patterns, generation capacity and weather-related factors. Even for industry experts, it remains a difficult challenge.

For Tim Chadwick, Head of Energy Services at Te Paehoko O Aotearoa New Zealand's Stock Exchange, which provides the critical infrastructure and services that support New Zealand’s wholesale electricity market, that complexity was one reason a new collaborative approach appealed.

A key part of Tim’s role is identifying opportunities to improve NZX’s operations and support the efficient functioning of the wholesale electricity market. Equally important to him is developing people and nurturing talent.

“We wanted to understand whether a fresh set of eyes, combined with modern analytical techniques, could identify patterns or relationships that might otherwise be overlooked,” he says.

That opportunity emerged in 2023, when NZX partnered with the Business School’s Master of Business Analytics (MBusAn) programme on an industry project exploring electricity price forecasting. A member of Tim’s team who was enrolled in the programme recognised the potential for collaboration and helped bring the two organisations together.

“It was a great opportunity to support the programme by providing raw data and a suitable business problem for the students to solve,” recalls Tim.

By giving MBusAn students access to real market data and a genuine business challenge, NZX enabled them to apply advanced analytical techniques to a complex problem while contributing fresh perspectives of their own.

"From the first conversation, it was clear NZX wanted something practical, not just a classroom exercise, which made it an exciting project to take on," says Dr Leo Xiao, Lecturer in the Department of Accounting and Finance and academic supervisor for the project.

"The challenge for the students was to see whether hydro lake level data could be used to forecast electricity prices more accurately and, in turn, help market participants manage and reduce their hedging costs."

What began with an industry project in 2023 has since developed into an ongoing partnership between NZX and the Business School, creating mutual value for both organisations.

Anastasia Timoshkina, Career Development and Employer Engagement Manager at the Business School, reflects on the beginnings of the collaboration:

“After the first project, we didn’t immediately undertake another one with NZX. However, I remembered the positive feedback from the academic team and the value that NZX brought to our students, particularly those interested in Fintech. In 2025, I reconnected with Tim Chadwick, and we were able to collaborate on a second industry project, which helped strengthen our relationship,” she says.

For Anastasia, the NZX project embodied everything the Business School looks for in an industry partnership: a genuine business challenge, meaningful student engagement and clear value for the organisation involved.

“Our students worked with a real client, a genuine business challenge and actual organisational data. They developed not only their technical capabilities, but also the project management, communication, teamwork and stakeholder engagement skills that employers value so highly,” she explains.

While technical capability is important, projects of this nature also require students to navigate ambiguity, manage expectations and communicate findings to industry stakeholders – lessons that extend well beyond the classroom.

"The students had to deal with the same uncertainty and messiness that analysts face in industry, and they knew their work would be looked at by people who actually work in the market. That's exactly what makes this learning valuable," says Leo.

From NZX’s perspective, the collaboration provided an opportunity to explore a familiar challenge from a different angle.

The students impressed the team with both the quality of their analysis and the professionalism of their approach.

“One of the key learnings for us was gaining a much greater appreciation of the effort required to prepare data for analysis. Before the project, we had not fully appreciated the extent of the data cleansing, validation and preparation needed before meaningful analysis could begin,” Tim reflects.

Leo agrees, "Cleaning and lining up the lake level and price data took a lot more effort than anyone expected, and it was a great lesson for the students in how much of analytics is about getting the data right."

“Their work was highly structured, disciplined and transparent. Through their final presentation, they took us through the entire process from data preparation through to modelling and outcomes without missing a step,” notes Tim.

For organisations, collaborations like these offer access to new ideas and different approaches to solving business problems. For students, they offer a rare opportunity to work with authentic industry data and to experience how analytics is applied in practice.

Anastasia’s extensive experience in building industry partnerships has taught her that one of the most valuable outcomes of long-term industry engagement is the opportunity for universities and organisations to build meaningful relationships over time.

“Perhaps most importantly, long-term engagement allows organisations to get to know our students and see their capabilities firsthand. Over time, that creates a strong talent pipeline and makes it easier to identify graduates who may be a good fit for future opportunities,” she says.

The electricity industry depends on large volumes of complex data, where accuracy and attention to detail are critical. How well do the students’ skills align with industry needs?

Tim notes, “What stood out about the MBusAn graduates was how well prepared they were to work in that environment, bringing strong analytical skills, professionalism, teamwork and a willingness to ask questions.”

The greatest value often comes after the project itself. Successful collaborations create ongoing conversations, new opportunities and stronger connections between industry, students and the University.

The impact of those connections is evident in graduates like Salix Yan, who completed the Master of Business Analytics (FinTech) programme in 2024 and now works as an Energy Analyst at NZX.

Originally trained in psychology research, Salix was drawn to business analytics by the opportunity to combine technical capability with practical problem-solving.

“FinTech was particularly appealing to me because it introduced me to a much broader range of topics and technical skills. It combined data analytics with finance, technology and real-world business applications, which felt both challenging and exciting,” she says.

Today, Salix’s work involves investigating electricity market data, analysing anomalies and helping ensure the accuracy of information that supports the operation of the market. It is a role that draws on many of the analytical and problem-solving skills she developed during her studies.

Salix says one of the aspects she enjoys most is the way technical analysis connects to a broader understanding of how the electricity market functions.

“It’s not just about looking at numbers in isolation. I need to understand the context behind the data, identify patterns or inconsistencies and work through what might be driving them.”

The transition from University to industry has reinforced the value of skills such as data exploration, quantitative analysis and evidence-based decision-making, all of which she uses regularly in her current role.

The NZX-Business School partnership demonstrates what can be achieved when industry and academia work together toward a shared goal.

“I see this as a genuine win-win partnership,” Anastasia says. “Students graduate with both academic knowledge and practical experience, while organisations gain access to emerging talent and new ideas.”

Tim shares this advice with other organisations. “Give students a genuine business problem and access to real data wherever possible. The best outcomes come when both sides are invested in the project. While you need to invest some time to provide context, answer questions, and share industry knowledge, the return on that investment is worth it.”

Years after the first collaboration, the partnership continues to demonstrate that the greatest value often lies beyond the project itself.