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BU5053: INTRODUCTION TO ENERGY ECONOMICS (2017-2018)

Last modified: 07 Sep 2017 09:21


Course Overview

This course introduces key techniques from economics and finance to allowing understanding of the basics of business decision making within the energy industries and the economic implications of key energy policies. We consider basic financial concepts such as: present value, the opportunity cost of capital and their role in business decision making in energy industries. We also consider key economic elements of markets and how the economic environment structures the way in which businesses make decisions and energy market outcomes.

 

Course Details

Study Type Postgraduate Level 5
Session First Sub Session Credit Points 15 credits (7.5 ECTS credits)
Campus Old Aberdeen Sustained Study No
Co-ordinators
  • Dr Sola Kasim

What courses & programmes must have been taken before this course?

  • Any Postgraduate Programme (Studied)
  • One of Master Of Science In Strategic Studies & Energy Security (Sept Start) (Studied) or MSc Energy Politics and Law (Studied) or MSc Oil and Gas Enterprise Management (Studied) or MSc Reservoir Engineering (Studied)

What other courses must be taken with this course?

None.

Are there a limited number of places available?

No

Course Description

Introduction to energy markets

Oil: History of the world oil market, Natural resource depletion, Hubert Curve and Peak Oil. OPEC.  Electricity:  Industry Structure, Ownership, Regulation and Reform in the UK. 

 

Understanding Markets   Introduction to the Economics of Consumer and Producer Behaviour Oil Supply and Demand Curves Price Determination: Recent oil market behaviour.

Wholesale Electricity Markets:   Peaking Load Prices and Market Efficiency.  “Missing Money” Problem.    Understanding UK Electricity Market Reform.   

 

Investment Appraisal Techniques and Project Evaluation.  The Economics of Renewable Energy Projects: Project Economics in Petroleum Economics and the role of the Government :   

 

Energy and the Environment:  Market Failure and Global warming.  

Degree Programmes for which this Course is Prescribed

  • MSc Energy Politics and Law
  • MSc Oil and Gas Enterprise Management
  • MSc Reservoir Engineering
  • Master Of Science In Strategic Studies & Energy Security (Sept Start)

Contact Teaching Time

42 hours

This is the total time spent in lectures, tutorials and other class teaching.

Teaching Breakdown


Assessment

First attempt: 

In class test (20%)

2-hour examination (80%)

Resit: 100% two hour written examination.

Formative Assessment

None.

Feedback

None.

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