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OAEN 2610 - 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... Objectivs: 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

MORRISON, Eleanor (Managing Director, Commodity Reach Ltd, London, UK)

Course validation

50% common final exam (exercises and open questions) 20 % assignments 20% oral presentation 10% midterm exam

Required reading

Bhattacharyya, Subhes C.(2011), “Energy Economics: Concepts, Issues, Markets and Governance”, 1st

Plans de cours et bibliographies

Session 1: Introduction of the seminar

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

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

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

  • Textbook : for the 4 first classes :sections 2, 3 ,4, 8

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

  • Textbook section 12
  • Assignment 1

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

  • Textbook sections 9, 11

Session 7: Economics of fossil fuel markets (oil and gas characteristics, resource curse, etc)

  • Textbook section 8, 14, 15, 16

Session 8: Economics of electricity markets, etc)

  • Textbook section 10

Session 9: Regulation

  • Textbook section 28
  • Assignment 2

Session 10: Energy investments and project finance

  • Textbook section 7, 21

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

  • Textbook section 13

Session 12: Conclusion- Final review

Short biography

Eleanor Morrison has 20 years of engineering and finance experience in international energy markets. After five year of engineering field work, Eleanor began her finance career in energy trading as a portfolio manager for Powerex Corp (BC Hydro) in Vancouver where she focused on quantitative model development for trading and asset investment decisions.  Eleanor relocated to New York and worked as a commodity trader for Goldman Sachs and Lehman Brothers.   Work experiences included trading the global spectrum of energy products, interest rates, and foreign exchange plus modelling asset valuations for investment decisions. Prior to moving into the consulting and teaching arena, Eleanor was developing global commodity trading, risk and regulatory platforms based in London.