Sebastián Arias earned his B.S. in Industrial Engineering and his M.S. in Operational Research and Statistics from the Technological University of Pereira, Colombia, in 2014 and 2018, respectively. He is currently pursuing his doctoral degree at the same institution. His professional background includes experience as a data analyst in the financial sector. His research interests focus on the intersection of finance and electricity markets, specifically the mechanisms designed to enhance efficiency in electricity markets through energy derivatives.

Adriana M. Santa-Alvarado obtained her B.S. in Industrial Engineering and M.S. in Operational Research and Statistics from the Technological University of Pereira, Colombia, in 2008 and 2018, respectively. She is currently pursuing her doctoral degree and serving as a Professor at the Technological University of Pereira. With extensive experience as a trader and market analyst in the financial sector, her research interests focus on financial markets, risk management, and the financial sustainability of higher education institutions.

Harold Salazar received his B.S. and M.S. degrees in Electrical Engineering from the Technological University of Pereira, Colombia, in 1998 and 2002, respectively. He earned his Ph.D. in Electrical Engineering with honors and an M.S. in Economics from Iowa State University, IA, in 2008. Currently, he is a Professor at the Technological University of Pereira and serves as a Consultant for the National Energy Regulatory Commission of Colombia (CREG), focusing on regulatory issues related to retail competition, advanced metering infrastructure deployment, and regulatory incentives for distribution-level efficiency. He has also worked extensively as a Researcher with Colombia’s System and Market Operator, developing mechanisms to improve real-time operations and intraday market design. His research interests are centered on regulatory and market design mechanisms that foster efficient electricity market designs in developing economies. Dr. Salazar was awarded a Fulbright Scholarship in 2004 to pursue his doctoral studies and received the Research Excellence Award from Iowa State University in 2008. In 2022, he was honored with the title of Senior Researcher, the highest distinction bestowed by the Ministry of Science and Technology of Colombia.