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Course

ECN280 Energy Economics

Credits (ECTS):10

Course responsible:Knut Einar Rosendahl

Campus / Online:Taught campus Ås

Teaching language:Engelsk

Course frequency:Annually

Nominal workload:250 hours

Teaching and exam period:This course starts in Spring parallel. This course has teaching/evaluation in Spring parallel.

About this course

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), plus electricity trade.

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:

  • 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

Skills:

  • 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

    Teaching at campus without streaming

    Lectures (incl. several guest lectures), exercise sessions, independent study, term paper (in groups).

  • Teaching support
    Exercise sessions. Guidance and feedback related to writing term paper.
  • 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

    Pepermans, G. J. Morbee, M. Ovaere and S. Proost (2023): Energy Economics (3rd edition), Acco.

    Much of the reading material will be available on Canvas (exception: the book by Pepermans et al.). The syllabus will be published on Canvas in good time before the first lecture.

  • Prerequisites
    Basic microeconomics (e.g. ECN210 or ECN101), and introductory course in mathematics (e.g. ECN102/MATH100).
  • Assessment method
    Written examination 3,5 hours (100 % of the grade).

    Written exam Karakterregel: Letter grades Hjelpemiddel: B1 Calculator handed out, no other aids
  • About use of AI
    • Exam: K1 - The use of AI is not permitted.
    • Term paper: K2 - Specified use of AI in accordance with the guidelines for use of artificial intelligence (AI) at NMBU.

      AI may be used in the following way for the term paper in this course:

      • Improve language, grammar, and clarity, but not complete content (sentences, paragraphs, or sections).
      • Not be used as a source for factual information. The student must critically evaluate the AI-generated results and ensure that they are based on research or other relevant literature.
      • If AI is used, it needs to be specified in the term paper (for example at the end), including how AI was used.
      • In any case, AI must be in accordance with the guidelines for use of artificial intelligence (AI) at NMBU

    Descriptions of AI-category codes.

  • Examiner scheme
    External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • 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.

    Participation in at least half the lectures, and at least half the guest lectures.

    Mandatory activity is valid until next time the course is offered.

  • Notes
    The course is in English. The term paper and compulsory exercises must be written in English, while the exam can be written in Norwegian or English. Incoming exchange students can contact student advisors at the School of Economics and Business (studieveileder-hh@nmbu.no) for admission to the course.
  • Teaching hours
    Lectures 2x2 hours per week. Exercise sessions 1x2 hours per week.
  • Admission requirements
    Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).