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OAEN 2045 - ENERGY ECONOMICS

Type d'enseignement : Seminar

Semester : Autumn 2017-2018

Number of hours : 24

Language of tuition : English

Voir les plans de cours et bibliographies

Pre-requisite

Principle of microeconomics

Course Description

This course provides students with an overview of the fundamental concepts of economic issues and theories related to energy. More precisely, this course examines the economics of markets for various energy sources, and their interactions with each other and with the rest of the economy. It will cover a variety of theoretical and empirical topics related to energy demand, supply, costs, prices, and consequences of energy activities...

OBJECTIVES:
• Understand basic economic concepts that underlie energy production and end use.
• Understand how energy markets and prices are affected.
• Become familiar with public policy issues related to energy.
• Explain concepts fundamental to the economics of natural energy resources
• Be able to apply this knowledge to analysis of specific energy industries and policy questions.

Teachers

MERITET, Sophie (Associate professor in Economics Université Paris dauphine)

Pedagogical format

Documents will be available during the semester:
• Detailed syllabus
• Slides for each lecture
• Economic concepts presentation
• Optional Readings

Course validation

50% common final exam (exercises and open questions)
10 % assignment (solution presented in Excel)
20% oral presentation (Pecha Kucha form)
20% Midterm

Required reading

Bhattacharyya, Subhes C.(2011), “Energy Economics: Concepts, Issues, Markets and Governance”, 1st Edition., 2011, XXVI, 721 p. 267 illus., 83 in color.

Plans de cours et bibliographies

Session 1: Introduction of the seminar
Presentation of the seminar, review on math and economics, introduction on energy economics)

Required readings: Textbook : sections 2, 3, 4, 8

Session 2: Nature of the "good energy" (energy data, energy balance, energy intensity, units, generation, capacity, etc.)

Required readings: Textbook : sections 2, 3, 4, 8

Session 3: Demand (elasticity, substitutability, efficiency, externalities, etc.)

Required readings: Textbook : sections 2, 3, 4, 8

Session 4: Supply (costs, surplus, economies of scale, externalities, merit order, etc.)

Required readings: Textbook : sections 2, 3, 4, 8

Session 5: Energy market structures and prices/ quantities consequences (monopoly, oligopoly, cartel, etc.)

Required readings: Textbook section 12,

MIDTERM

Session 6: Exhaustible and non-exhaustible resources (hoteling rent, energy investments, etc.)

Required readings: Textbook sections 9&11

Session 7: Economics of fossil fuel markets (oil and gas characteristics, resource curse, project finance, etc.) + Oral presentations

Required readings: Textbook sections 7, 8, 14, 15, 16,

Session 8: Economics of electricity markets (1) (units, demand, supply, merit order, etc.) + Oral presentations

Required readings: Textbook section 10, 21

Session 9: Economics of electricity markets (2) + Regulation (1) + Oral presentations

Required readings: Textbook section 28,

Session 10: Regulation (2) + Oral presentations

Required readings: Textbook section 28,

ASSIGNMENT

Session 11: Policy for renewable energy (feed in tariffs, taxes, incentives, subsidies, etc.) + Oral presentations

Required readings: Textbook section 13

Session 12: Oral presentations + Conclusion + Final review

FINAL EXAM

Short biography

After her Ph D in Economics in 2000, Sophie Méritet worked 2 years in Houston Texas, as energy economist. Since 2002, she is Associate Professor in Economics with HDR at Université Paris-Dauphine and researcher at Centre de Géopolitique de l’Energie et des Matières Premières (CGEMP). She teaches microeconomics, industrial organization, antitrust, European economics and energy economics. She is also Affiliate professor at Sce Po Paris. She manages continuing education seminars in different institutions and firms.Her teaching experience abroad includes for example as invited professor at University of Chicago and University of Michigan in the USA, as invited researcher at CIDE in Mexico City… Invited to seminars (FGV in Rio de Janeiro, CEEM in Sydney…) and author of several books and articles, her researches are linked to the reorganization of energy markets, firms behaviors and the geopolitics of energy. Alongside her teaching activities and researches, Sophie Méritet is also working as a consultant - www.meritet.net