Earth and Mineral Sciences

Energy, economics, investment expert earns GEMS alumni award

Peter Rigby, a 1979 Penn State graduate in petroleum and natural gas engineering, was awarded the 2021 Graduates of the College of Earth and Mineral Sciences (GEMS) Alumni Achievement Award and accepted the award in September at the college’s Obelisk Society dinner.

The GEMS Alumni Achievement Award is given annually by GEMS, the college’s alumni society, to recognize outstanding achievement by EMS alumni. All alumni of EMS are eligible to receive this award.

Rigby was selected for innovatively applying his engineering background to financial aspects of the energy sector. Rigby is an author and works with various philanthropic, educational and humanitarian causes. Before that, he was global head of risk analytics and research at Standard & Poor’s. There, he analyzed financial and securities data and worked on more than $200 billion in power, energy and infrastructure projects.

“Peter Rigby exemplifies the interdisciplinary expertise that we promote in the college’s John and Willie Leone Family Department of Energy and Mineral Engineering (EME),” said Sanjay Srinivasan, head of EME. “Years before we began actively encouraging our students to combine business analysis, sustainability, and engineering in their studies, Peter utilized his degree in petroleum and natural gas engineering and subsequent MBA that he obtained from University of Michigan to develop the insight and understanding it gave him in the financial, policy and market aspects of the energy industry.”

Rigby was also recognized for service and mentorship to EME students.

On this front, Rigby designed and launched a unique course on energy crisis leadership, which he co-taught with EME faculty. This course gives undergraduate students the opportunity to learn and practice crisis management through case study discussions of actual disasters, ending with a fictitious crisis that plays out in real-time over 24 hours. In this capstone experience, students assume the role of c-suite executives of an energy company as they formulate a response strategy to a major incident. Their board presentations and press conferences are then judged by members of the media and a board of directors.

Rigby wrote and organized the complex crisis simulation. He even helped recruit people to assume the roles of board members and media for the course, which were played by Penn State alumni, many of whom are executives at energy companies. Some of the inaugural 2020 course board members were University leaders including President Eric Barron.

“The course is one of the most innovative educational opportunities developed for the college in recent years,” said Seth Blumsack, professor of energy policy and economics. “Peter’s gifts of funds to support the program, as well as the time he invested in structuring and participating in the first course offering, has provided a truly unique opportunity for engaged scholarship to students from many different degree programs.”

Rigby is a frequent guest speaker at EME classes, including those taught by Blumsack. One guest lecture included a “Shark Tank” approach where students were asked to develop and give elevator pitches to promote fictitious energy companies. Rigby is a long-time financial investor who is specifically focused on investing in and supporting start-up companies led by women.

“Peter’s career achievements in the petroleum industry and in finance have been exceptional, and we are very lucky that he has been so willing and interested to share his knowledge with students in EMS,” Blumsack said.

Rigby said he’s honored to receive this award and to give back to the Penn State community that helped him launch his career, first as a petroleum engineer.

“It has been exceptionally gratifying to deliver a course to EMS students which builds on their Penn State educations to prepare them with a unique experience which they may have to draw on one day in their professional careers.” Rigby said.

Peter Rigby, a 1979 graduate in petroleum and natural gas engineering, left, accepts the Graduates of the College of Earth and Mineral Sciences (GEMS) Alumni Achievement Award from Lee Kump, John Leone Dean in the College of Earth and Mineral Sciences. The award is given annually by GEMS, the college’s alumni society, to recognize outstanding achievement by EMS alumni. Credit: David Kubarek / Penn StateCreative Commons

Last Updated February 3, 2022

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