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Energy economics

01TVFND

A.A. 2020/21

Course Language

Inglese

Course degree

Master of science-level of the Bologna process in Energy And Nuclear Engineering - Torino

Course structure
Teaching Hours
Lezioni 30
Esercitazioni in aula 30
Teachers
Teacher Status SSD h.Les h.Ex h.Lab h.Tut Years teaching
Chiaramonti David Professore Ordinario ING-IND/09 30 0 0 0 2
Teaching assistant
Espandi

Context
SSD CFU Activities Area context
SECS-P/06 6 C - Affini o integrative Attività formative affini o integrative
2020/21
The course explores the energy sector, the main micro- and macroeconomic challenges regarding energy markets and their relationship with our society. The first part of the course examines the main global and European scenarios, the key trends in energy use around the world, the most relevant energy policies (including the recently issued EU Green Deal), the production of energy, the behaviour of consumers, and different market structures and regulations of the energy industry (including its possible environmental spillovers). The second part discusses some of the topics most relevant today in energy economics: energy and economic development, climate change/carbon economics, water-food energy nexus, transport fuels, sustainability and life-cycle assessment, and some further case studies.
The energy economic course aims at driving the student through the main economic issues relevant for energy projects, so to frame and design these investments into the overall policy and market scenarios, and secure long-term sustainable business. Given the current global decarbonisation trend, the course particularly focuses on oil as well as renewable and low carbon technologies and processes. The overall concept of the course is thus to move from high-level global considerations on energy to actual use of financial measures in energy business, addressing the most up-to-date elements of sustainable development, resource use, and decarbonisation. The course explores the energy sector, the main micro- and macroeconomic challenges regarding energy markets and their relationship with our society. The first part of the course examines the main global and European scenarios, the key trends in energy use around the world, the most relevant energy policies (including the recently issued EU Green Deal), the production of energy, the behaviour of consumers, and different market structures and regulations of the energy industry (including its possible environmental spillovers). The second part discusses some of the topics most relevant today in energy economics: energy and economic development, climate change/carbon economics, water-food energy nexus, transport fuels, sustainability and life-cycle assessment, and some further case studies.
By the end of the course, students are expected to understand the policy measures, as incentives and obligations/mandates, that drive the behaviour of the main actors in current and future energy markets. They must be able to compare different policy tools depending on the policy objectives and type of challenges and market failures adressed. They should know where to retrieve aggregate data on economic trends in energy markets and be able to discuss the main methods and models used to estimate energy market relations.
By the end of the course, students are expected to understand the main policy measures and instruments supporting energy production and particularly the green energy transition, as incentives or obligations/mandates, that drive the behaviour of the main actors in current and future energy markets. The student will be informed about energy policy instrument as main EU Directives/Green Deal and National Energy and Climate plans, as well as the major trends in energy markets as estimated by International Institutions like IEA. They will have to be able to compare different policy tools depending on the policy objectives and type of challenges and market failures addressed. They should know where to retrieve aggregate data on economic trends in energy markets and be able to discuss the main methods and models used to estimate energy market relations. They will have acquired a good understanding on energy demand, markets dynamics, and regulation. Students will also achieve a good understanding of SDG and sustainability assessment, and the relevance for green energy production. Finally, they will get familiar with the main interconnections among energy, food and water, and the expected fluctuations in future scenarios.
A basic knowledge on energy generation systems is requested, both fossil and renewable. Basic knowledge of applied economics and statistics constitutes an advantage, but is not required.
A basic knowledge on energy generation systems is requested, both fossil and renewable. Basic knowledge of applied economics and statistics constitutes an advantage, but is not required.
Part 1 – Energy markets and regulation 1. Introduction to the course and to the global energy scenario. Source of world data on: primary sources, regional aggregations, energy flows, etc. 2. EU energy policies and decarbonisation. The EU Green Deal. 3. Supply of fossil and renewable energy. Storage and balancing the energy system. 4. Energy demand. Short run and long run price and income elasticities. Behavioural aspects: nudges, rebound effects, energy efficiency gap/energy savings, social norms. 5. Energy markets. Price formation, market concentration (OPEC), international vs. local markets. 6. Regulation. Price-based mechanisms (rate of return, price caps) and non-price based-mechanisms (yardstick competition/benchmarking), hybrid regulations. Independent regulatory agencies Part 2 – Topics in Energy Economics 1. Energy and economic development. Energy use and income growth. Non-renewable resources: curse or blessing? (Case studies: Norway vs Libya). Energy poverty and opportunities for renewables. 2. Climate change economics. Co2 accounting and carbon budgets. Global and intergenerational market failures, social discount rates. Estimating empirically the socio-economic impacts of climate change on GDP, health, migration. Climate policies and energy transitions. 3. Energy and transport (maritime, aviation and road). 4. Water-food-energy nexus. 5. Corporate sustainability management: does it ‘pay to be green’? New Energy Finance and innovation. Stranded assets and the management of exposure to fossil fuels. 6. LCA modelling, ISO-1400 7. Case studies with invited speakers, TBC
Part 1 – Energy markets and regulation 1. Introduction to the course and to the global energy scenario. Sources of world data on: primary sources, regional aggregations, energy flows, etc. 2. EU energy policies and decarbonisation. Millenium and Sustainable Development Goals. The EU Green Deal. 3. Supply of fossil and renewable energy. Storage and balancing the energy system. 4. Energy demand. Short run and long run price and income elasticities. Behavioural aspects: nudges, rebound effects, energy efficiency gap/energy savings, social norms. 5. Energy markets. Price formation, market concentration (OPEC), international vs. local markets. 6. Regulation. Price-based mechanisms (rate of return, price caps) and non-price based-mechanisms (yardstick competition/benchmarking), hybrid regulations. Independent regulatory agencies Part 2 – Topics in Energy Economics 1. Energy and economic development. Energy use and income growth. Non-renewable resources: curse or blessing? Energy poverty and opportunities for renewables. 2. Climate change economics. Co2 accounting and carbon budgets. Global and intergenerational market failures, social discount rates. Estimating empirically the socio-economic impacts of climate change on GDP, health, migration. Climate policies and energy transitions. 3. Energy and transport (maritime, aviation and road). 4. Water-food-energy nexus. 5. Corporate sustainability management: does it ‘pay to be green’? Stranded assets and the management of exposure to fossil fuels. 6. LCA and sustainability assessment 7. Case studies with invited speakers, TBC
Applied lectures and practice tutorials with problem-sets and exercises.
Applied lectures and practice tutorials with problem-sets and exercises.
Teaching material provided by the instructor. As an optional reference textbook, Evans, and Lester C. Hunt (Eds). 2011 “International Handbook on the Economics of Energy”, Edward Elgar
Teaching material provided by the instructor. As an optional reference textbook, Evans, and Lester C. Hunt (Eds). 2011 “International Handbook on the Economics of Energy”, Edward Elgar
Modalità di esame: Prova scritta a risposta aperta o chiusa tramite PC con l'utilizzo della piattaforma di ateneo Exam integrata con strumenti di proctoring (Respondus);
Remote examination The content of the remote exam is the same as the classroom examination. The written exam will be implemented through the Exam platform using the Lockdown Browser. The students can check the instructions for the platform use that are made available in the “Materiale” section of the course page. It is responsibility of the student to carry out the Quiz Simulation “Simulazione Demo” (testing the correct functioning of the Lockdown Browser) available on the Portal. The use of mobile/smart phones, tablet etc is not allowed. The use of slides as well as other materials, such as books, is not allowed during the exam.
Exam: Computer-based written test with open-ended questions or multiple-choice questions using the Exam platform and proctoring tools (Respondus);
Classroom examination The written final exam, closed-book, is composed by 16 multiple choice questions covering the entire course and aims at checking the attainment of the expected learning outcomes. 1 hour 30 min are available to complete the exam. A minimum of 9 questions must be correctly answered to pass the exam. Each correct answer will correspond to 2 points, no answer 0 points, while wrong answers will cause -0.5 points. Remote examination The content of the remote exam is the same as the previous case. The written exam will be implemented through the Exam platform using the Lockdown Browser. The students can check the instructions for the platform use that are made available in the “Materiale” section of the course page. It is responsibility of the student to carry out the Quiz Simulation “Simulazione Demo” (testing the correct functioning of the Lockdown Browser) available on the Portal. The use of mobile/smart phones, tablet etc is not allowed. The use of slides as well as other materials, such as books, is not allowed during the exam. Students are allowed to withdraw from the exam at any stage: in that case, the exam will not be considered. Once the exam is completed, the outcome will be formally registered regardless of a positive (pass) or negative (failure) mark. The use of mobile/smart phones, tablet etc is not allowed. The use of slides as well as other materials, such as books, is not allowed during the exam.
Modalità di esame: Prova scritta a risposta aperta o chiusa tramite PC con l'utilizzo della piattaforma di ateneo Exam integrata con strumenti di proctoring (Respondus);
Classroom examination The written final exam, closed-book, is composed by 16 multiple choice questions covering the entire course: 1 hour 30 min are available to complete the exam. A minimum of 9 questions must be correctly answered to pass the exam.
Exam: Computer-based written test with open-ended questions or multiple-choice questions using the Exam platform and proctoring tools (Respondus);
Classroom examination The written final exam, closed-book, is composed by 16 multiple choice questions covering the entire course and aims at checking the attainment of the expected learning outcomes.1 hour 30 min are available to complete the exam. A minimum of 9 questions must be correctly answered to pass the exam. Each correct answer will correspond to 2 points, no answer 0 points, while wrong answers will cause -0.5 points. Remote examination The content of the remote exam is the same as the classroom examination. The written exam will be implemented through the Exam platform using the Lockdown Browser. The students can check the instructions for the platform use that are made available in the “Materiale” section of the course page. It is responsibility of the student to carry out the Quiz Simulation “Simulazione Demo” (testing the correct functioning of the Lockdown Browser) available on the Portal. The use of mobile/smart phones, tablet etc is not allowed. The use of slides as well as other materials, such as books, is not allowed during the exam.


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