Course code ECN380

ECN380 Energy Markets and Regulation

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Showing course contents for the educational year 2020 - 2021 .

Course responsible: Olvar Bergland
ECTS credits: 10
Faculty: School of Economics and Business
Teaching language: EN
(NO=norsk, EN=Engelsk)
Teaching exam periods:
This course starts in Autumn parallel. This course has teaching/evaluation in Autumn parallel.
Course frequency: Annually
First time: Study year 2009-2010
Preferential right:
Course contents:
The course covers central issues concerning energy markets and economic regulation in the energy sector. Specific topics include: 1) organization of energy markets; 2) regulatory, operational and commercial aspects of electricity markets; 3) regulation of network providers through dynamic yardstick competition; 4) measuring efficiency with DEA (data envelopment analysis) and SFA (stochastic frontier analysis); and 5) modeling of energy markets. Challenges to energy markets from new renewable resources, new technologies and new business models.
Learning outcome:

After completing this course, students  

  • understand how the efficiency of the electricity market depends upon the design and interaction of mechanisms for energy trade, ancillary services, congestion management, risk management, environmental measures, and regulatory policies,
  • can compare and discuss differences in chosen structure and electricity market design in different countries,
  • can identify and explain the specific market mechanisms necessary in an electricity market, i.e. mechanisms for energy trade, ancillary services, congestion management, risk management, environmental measures, and regulatory policies,
  • have acquired knowledge of electricity market structures that is necessary to understand and to assess different proposed policies and measures aiming at e.g. further efficiency, the integration of new technologies, and environmental protection, and
  • are able to professionally communicate results and opinions about electricity market design.
Learning activities:
Lectures on selected topics. Self study. Practical exercises in acquisition and presentation of data for energy markets, and in efficiency analysis of local distribution companies. Presentation and discussion of a self-selected current energy policy research paper.
Teaching support:
Open office 2 hours/week.

Creti and Fontini (2019): "Economics of Electricity: Markets, Competition and Rules", Cambridge University Press.

The reading list will be handed out at the first lecture.

ECN280 Energy Economics, ECN210 Intermediate Microeconomics- Consumers, Producers, Market and Welfare,
Recommended prerequisites:
ECN311 Microeconomics III, and coursework in econometrics or regression analysis.
Mandatory activity:
Approved exercises and paper presentation. Valid for two years. No re-examination. 
Oral examination (100%) over the project work and relevant course material.
Nominal workload:
300 hours
Entrance requirements:
Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).
Reduction of credits:
Type of course:
About 40 hours of lectures, and 16 hours of organized project work.
The course is in English. Incoming students can contact student advisors at the School of Economics and Business ( for admission to the course. 
The external examiner is used to evaluate course content and to assess the final examination.
Examination details: Oral exam: A - E / F