Course code ECN280

ECN280 Energy Economics

There may be changes to the course due to to corona restrictions. See Canvas and StudentWeb for info.

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Showing course contents for the educational year 2021 - 2022 .

Course responsible: Knut Einar Rosendahl
Teachers: Anders Dugstad
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: EN
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.
Course frequency: Annually
First time: 2004V
Course contents:

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).

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.

Learning outcome:

Knowledge goals:

  • 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

Skill goals:

  • 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.
Learning activities:
Lectures (incl. several guest lectures), exercise sessions, independent study, term paper.
Teaching support:
Exercise sessions. Guidance and feedback related to writing term paper. Web support.
Syllabus:

Selected articles and book chapters, incl. parts of the following books:

Førsund, F. R. (2007): Hydropower Economics. International Series in Operations Research and Management Science, ISOR 112, Springer 2007. ISBN 978-0-387-73026-4

Battacharya, S.C. (2011): Energy Economics. Concepts, Issues, Markets and Governance, Springer. 

All reading material (incl book chapters) will be available on Canvas. The syllabus will be handed out at the first lecture (see also web-site for the course)

Prerequisites:
Intermediate Microeconomics (e.g. ECN210 or ECN211), and introductory course in mathematics (e.g. ECN102/MATH100).
Recommended prerequisites:
Mandatory activity:
Term paper and two out of three compulsory exercises must be approved. The term paper is written in group of 2-3 students. Mandatory activity is valid until next time the course is offered.
Assessment:
Written examination 3,5 hours (100 % of the grade).
Nominal workload:
250 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Type of course:
Lectures 4 hours per week. Exercise sessions 2 hours per week.
Note:
The course is in English. The term paper must be written in English, while compulsory exercises and exam can be written in Norwegian or English. Incoming students can contact student advisors at the School of Economics and Business (studieveileder-hh@nmbu.no) for admission to the course. 
Examiner:
External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
Allowed examination aids: B1 Calculator handed out, no other aids
Examination details: Written exam: A - E / F