International energy markets (ECON852_SOLEM )
Présentation
- Semester 8
- Duration : Within one semester
- Type: Mandatory
-
Student workload: Lecture (CM): 21h hours, Tutorials (TD): Y hours , Lab (TP): Z hours, W hours of self-study
-
Applicability: ESBC course only
- Module examination: A written report (40%), Homework and exercises during class (40%), Readings and discussion (20%)
-
Teaching and learning method : seminar, case studies, discussion,
Responsible person for the module : Fransesco RICCI
Objectifs
Major intended learning outcomes
Upon completion of the module students will:
- have developed skills to identify the major players on specific energy markets, as well as the links between markets
- understand and be able to analyse the links between energy markets involving trade across space and time
- be aware of the rationales and main features of regulation of natural monopolies typical in specific energy markets (networks)
- have experienced with applying back of envelop models to analyse case studies
- be trained to apply the economic approach to analyse the role of specific instruments used to promote investment in renewable energy generation and strage capacity.
Heures d'enseignement
| Cours Magistral | 21h |
Pré-requis obligatoires
Admission to 2nd semester
Plan du cours
Introduction
1: Oil market:
-
- the value chain approach;
- emergence and function of commodity markets;
- rationale for industrial participants: competitive markets and cartels;
- the role of traders in linking marketplaces;
- linking markets across time: varying inventories, futures contracts.
2: Gas market:
-
- transportation capacity constraints;
- rationale and features of long-term contracts;
- network access regulation and major concession contracts.
3: Electricity:
-
- vertical integration versus unbundling and competition;
- system operator, day-ahead and balancing;
- markets for capacity.
4: Supporting renewables:
-
- main public policy instruments;
- labels and voluntary approaches;
- regulating storage capacity.
Bibliographie
Additional material will be presented in class.
- Pindyck (2001), The dynamics of commodity spot and future markets, The Energy Journal, 22:1-28.
- Mason (2014), The Organization of the Oil Industry, Past and Present, Foundations and Trends in Microeconomics, 10: 1-83