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


  • 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


  • 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.
  • Teaching at campus without streaming

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

  • Exercise sessions. Guidance and feedback related to writing term paper.
  • Basic microeconomics (e.g. ECN110 ), and introductory course in mathematics (e.g. ECN102/MATH100).
  • Written examination 3,5 hours (100 % of the grade).

  • External examiner will control the quality of syllabus, questions for the final examination, and principles for the assessment of the examination answers.
  • 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.
  • 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 ( for admission to the course.
  • Lectures 2-4 hours per week. Exercise sessions 2-4 hours per week.
  • Minimum requirements for entrance to higher education in Norway (generell studiekompetanse).