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Energy Markets & Economics - syllabus - stc.pdf | Course Syllabus | Mgr. Petra Valíčková, Ph.D. |
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This course covers a variety of theoretical and empirical topics related to the economics of the power sector. This includes concepts such as supply and demand for power, the structure of the industry (generation, transmission and distribution, retail supply), economic regulation of the power sector, wholesale power markets and their design (including competition issues), energy efficiency and retail supply, among other topics.
The core objective of this course is to gain a good understanding of the power sector with a focus not only on theoretical concepts but also on a more practical application of economic concepts related to power markets. Course outline: 1. Introduction to the economics of the power sector (supply and demand for power, structure of the industry – generation, transmission and distribution, retail supply); 2. Possible models for organising the power sector, technical characteristics that affect that choice and sector liberalisation; 3. Need for economic regulation and current approaches to regulation and related concepts (cost plus or rate of return, price cap vs revenue cap, RIIO, RAB, etc.); 4. Wholesale electricity trade, including energy only markets and capacity markets, and competition issues; 5. Investment decision making in generation and transmission; 6. CO2 emissions, overview of decarbonisation policy instruments, EU ETS; 7. Renewables and energy efficiency measures; and 8. Retail supply, retail competition and retail pricing (including concepts of long run and short run marginal costs, average costs and market failures related to information). Poslední úprava: Hollmannová Monika, Ing. (29.10.2019)
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Lecture 1: Introduction to the economics of energy and power markets The aim is to provide an overview of the power sector and how it is organised, as well as an understanding of basic technical and economic concepts related to energy supply and demand. We will cover the following topics:
Lecture 2: Organisation of the power sector The typical structure of the power market has evolved over time. The aim is to give an overview of the different ways in which the power sector is organised and the economics driving the choice of organisation. We will cover:
Lecture 3: Need for regulation and current approaches to regulation and related concepts (cost plus or rate of return, price cap, RIIO, concept of RAB, etc.)
Lecture 4: Wholesale electricity trade, including energy only markets and capacity markets
Lecture 5: Investment decision making
Lecture 6: Climate change, decarbonisation and EU ETS
Lecture 7: Other policy instruments for decarbonisation
Lecture 8: Retail supply, retail competition and pricing
Course schedule: This course is taught in block lectures with the following schedule:
Poslední úprava: Valíčková Petra, Mgr., Ph.D. (13.09.2020)
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The course is designed for both undergraduate and graduate students. Nevertheless, it is necessary to have good background knowledge in microeconomics as well as quantitative skills to successfully pass this course. The final grade is based on a written empirical paper (term paper) and performance during the final exam, with the following weights:
Moreover, you are required to get at least 50% in your final exam in order to successfully pass the course. We follow the Dean’s measure No. 17/2018 and the stipulated rules for the A-F grading using rounding up to the nearest whole percentage:
For example, a total result of 90.5% (combining the results for the empirical paper and final exam) corresponds to grade A and a total result of 50.5% corresponds to grade E. This also means that you’ll have to get at least 50.5% to successfully pass the course.
In this course you are required to write a term paper, which counts for 40% of your total mark for the course. The term paper consists of two tasks:
For this term paper we ask that you form teams of between two and four people. We encourage you to find team members yourself but if anyone has difficulty, we are here to assist you to find suitable teammates. Poslední úprava: Valíčková Petra, Mgr., Ph.D. (08.09.2019)
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There is no single textbook for this course and for this reason we try to include a lot of information in the course material discussed during the lectures. Nevertheless, there are several good books from which you can read selected chapters that link well to the topics covered in this course:
Poslední úprava: Bednařík Petr, PhDr., Ph.D. (06.06.2020)
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The course is designed for both undergraduate and graduate students. Nevertheless, it is necessary to have good background knowledge in microeconomics as well as quantitative skills to successfully pass this course. The final grade is based on a written empirical paper (term paper) and performance during the final exam, with the following weights:
Moreover, you are required to get at least 50% in your final exam in order to successfully pass the course. We follow the Dean’s measure No. 17/2018 and the stipulated rules for the A-F grading using rounding up to the nearest whole percentage:
For example, a total result of 90.5% (combining the results for the empirical paper and final exam) corresponds to grade A and a total result of 50.5% corresponds to grade E. This also means that you’ll have to get at least 50.5% to successfully pass the course.
In this course you are required to write a term paper, which counts for 40% of your total mark for the course. The term paper consists of two tasks:
For this term paper we ask that you form teams of between two and four people. We encourage you to find team members yourself but if anyone has difficulty, we are here to assist you to find suitable teammates. Poslední úprava: Hollmannová Monika, Ing. (29.10.2019)
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