ECN280 Energy Economics

The course consists of three main parts: 1) Fossil fuels; 2) Power market; and 3) Energy, environment & technology.

1) Fossil fuels: Special focus on the oil market (incl. OPEC's behaviour), the European gas market, and theory about non-renewable resources.

2) Power market: Special focus on hydro power and use of water in reservoirs, and interactions with intermittent power and thermal power (e.g. gas power), plus electricity trade.

3) Energy, environment & technology: Special focus on energy and climate policies and their effects in the energy markets, and the importance of new energy technologies.

Knowledge:

• Insight in international energy markets, incl. important driving forces for the development of these markets as well as crucial issues
• Insight in the Norwegian power market, incl. important driving forces for the development of this market as well as crucial issues
• Knowledge about important energy and climate policies, as well as new energy technologies, and how these may affect the energy markets

Skills:

• Able to analyze and understand how different driving forces may affect the energy markets.
• Able to analyze and understand how market power can affect energy markets, and what characterizes markets for non-renewable resources.
• Able to analyze the market equilibrium in a hydro-based power market by using economic models, and understand what affects the power producers' choice of production.
• Able to analyze and understand the effects of different energy and climate policies in the energy markets.