Global Energy Markets
Code
2141
Academic unit
null
Department
null
Credits
3,5
Teacher in charge
Maria Antonieta Ejarque Cunha e Sá
Teaching language
English
Objectives
This course (half course) covers a few topics related to energy demand and supply, environmental consequences of energy consumption and production, and the impact of policy intervention on energy demand, supply, prices and environmental effects. A special emphasis is given to the issues that are currently debated in the context of the international agenda of climate change challenges. Therefore, the economics of depletable resources (fossil fuels) is examined in detail. The role played by renewable sources of energy is investigated in that context. In particular, the consequences of promoting the development of non-carbon energy sources and its impact on the transition path to a less fossil fuel dependent economy are addressed. The objectives of the course are to introduce:
(i) some basic concepts of Natural Resource and Energy Economics
(ii) to contribute to a better understanding of the most relevant topics in the field from an economic perspective, in particular, those that are currently discussed in the context of the energy debate
(iii) to develop the ability of students to apply the tools of economic analysis to policy issues involving an intertemporal perspective.
Prerequisites
N/A
Subject matter
1. Introduction: Course Overview
2. Energy Markets
2.1. Fundamentals on Natural Resource and Energy Economics
2.1.1. Concepts
2.1.2. Learning about renewable energy sources
2.1.3. Major Trends
3. The Economics of Depletable Resources and the Transition toward a Less Fossil Fuel Dependent Economy
3.1. Supply Fundamentals
3.2.Suppliers Behavior: Green Paradox
4. Internalizing Environmental Externalities: Carbon Pricing the Role of Renewable Energy
4.1 Arguments and policies to promote renewable sources
4.2. Assessing the costs of fossil fuels and renewables
4.3. The social costs of intermittency
4.4 Energy fuel mix impact on energy prices
5. Energy Policy Assessment on Supply and Demand Sides: Case Studies
Bibliography
Teaching method
The in-class teaching in this course is restricted to the lectures, as in Master courses there are no practical sessions. There are two classes per week (3 hours per week), for six weeks.
The students are supposed to read the slides in advance as well as the proposed readings that are uploaded in the moodle page of the course. For the classes the students are supposed to read the slides in advance as well as the proposed readings that are uploaded in the moodle page of the course. The students should also bring the slides to the classes. However, the slides do not substitute in any circumstance the recommended readings. Besides the presentation by the instructor, students are also expected to participate in-class discussion.
Besides the in-class contact with the instructor, the students can also benefit from additional contact during the office hours set on a weekly basis. In case they are not able to make it, they can schedule directly with the instructor a day and time that is convenient for both.
The communication with the students is undertaken through the moodle page of the course. All the course materials are uploaded in the platform, as well as grades, announcements, exchange of emails, among others. So, it is very important that the students visit the platform on a daily basis.
Evaluation method
I - two problem sets (15%)
II - three quizzes (15%)
III - one written report and in class presentations (20%)
IV - final exam (50%)