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International energy markets (ECON852_SOLEM )

  • ECTS

    2 crédits

  • Composante

    Polytech Annecy-Chambéry

Description

  • 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

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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.  
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Heures d'enseignement

  • International energy markets - CMCours Magistral21h

Pré-requis obligatoires

Admission to 2nd semester

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Plan du cours

Introduction 

1: Oil market:  

    1. the value chain approach;  
    2. emergence and function of commodity markets;  
    3. rationale for industrial participants: competitive markets and cartels;  
    4. the role of traders in linking marketplaces;  
    5. linking markets across time: varying inventories, futures contracts. 

2: Gas market:  

    1. transportation capacity constraints;  
    2. rationale and features of long-term contracts;  
    3. network access regulation and major concession contracts. 

3: Electricity:  

    1. vertical integration versus unbundling and competition;  
    2. system operator, day-ahead and balancing;  
    3. markets for capacity. 

4: Supporting renewables:  

    1. main public policy instruments;  
    2. labels and voluntary approaches;  
    3. regulating storage capacity. 
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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 
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