Last modified: 22 May 2019 17:07
This course is focusing on the understanding of the evolving energy market. Applying economic theories, the energy demand and supply, as fromed by nonrenewable and renewable resources, are analysed. Special attention is given to the structure of electricity markets. The main features of the evolving petroleum market are examined with the use of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and their effect on the energy market is discussed.
|Session||Full Year||Credit Points||0 credits (0 ECTS credits)|
The aim of this module is to equip students with little or no economics with sufficient knowledge and understanding of microeconomics to allow them to use economic theory to examine key issues in the energy industries. It will provide an introduction to microeconomics and show practical application of economic theories to issues in petroleum and energy. In so doing, the course will provide a comprehensive and up-to-date assessment of energy supply and demand, upstream petroleum economics, and an introduction to economic analysis of global warming, the potential roles of government and implications for energy markets.
Students will cover the following topics: Energy Supply and Demand Curves. The Economics of Natural Resource Depletion and the Petroleum Industry. Structural Characteristics of the electricity market and the Oil industry. Models of OPEC. Economics of Pollution and Global warming and the role of government.
Information on contact teaching time is available from the course guide.
There are no assessments for this course.
Self assessed digital workbook