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Regular version of the site
Bachelor 2020/2021

International Energy Markets

Type: Elective course (World Economy)
Area of studies: Economics
When: 3 year, 3, 4 module
Mode of studies: offline
Language: English
ECTS credits: 4

Course Syllabus

Abstract

The course provides a general overview of the current state and the most recent trends in global andregional energy markets. It consists of two major parts. In the first part we will analyze the geography of energy resources to understand how the production, distribution and consumption of energy are determined and experienced in different regions and countries. We will look into the factors that affect demand and supply of energy sources at different levels of aggregation and across different sectors and examine how environmental policies, new technologies and government regulations are shaping the future of energy markets. For the remainder of the course, students will use what they learned from the global case order to conduct similar analyses of various nations, with each student working on a different country. Course projects direct students through a series of exercises to develop a national energy policy for their assigned country. Throughout this long-range exercise, the topics covered in lecture and in readings will direct and inform the analyses that students will be expected to carry out on their assigned nations. By way of discussions and short peer-led in-class presentations, students will have an opportunity to learn not only about “their” assigned countries but also those that their peers will take on. In the second part of the course we will take a closer look on the way oil, gas, coal and power markets are operating. For each of the market we will identify the main market players, trade flows between them, factors that are shaping these flows, explain how prices on these markets are determined and, more specifically, will determine the position of Russia on each of these markets. One of the aims of this class is to provide students with experience working on real-world issues faced by business firms and policy makers. Thus some of the lectures might be given by guest speakers – well-known Russian and international experts (Russian Academy of Scienc)
Learning Objectives

Learning Objectives

  • Getting to know the key trends in global energy markets and studying factors that affect demand and supply of energy sources at different levels of aggregation and across different sectors
  • Getting a general idea of the way oil, gas, coal and power markets are operating
  • Getting the basic knowledge of the geography of energy resources to understand how the production, distribution and consumption of energy and energy pricing are determined and experienced in different regions and countries
  • Determining the role of Russia on the global energy markets and getting an insight into the way different energy sectors of Russia are operating
  • Addressing energy issues from the lens of an energy company and getting a taste of working for an energy firm via solving a practical business case-studies
  • Learning to do literature and information search, work through long reading assignments, prepare posters and presentations, improve public speaking and time management skills and skills for effective team-working
Expected Learning Outcomes

Expected Learning Outcomes

  • Able to study, obtain new knowledge and get new skills, including those different from the professional field
  • Able to get scientific essence of the problems in professional field
  • Able to solve problems in professional field using analysis and synthesis
  • Able to evaluate resource needs and plan them
  • Able to work with the information: use different sources for solving scientific and professional problems (including those needed for system approach)
  • Able to do research, including analysis of the problems, setting tasks, finding subject and object of the research, choosing methods of the research and evaluating its quality
  • Able to communicate taking into account aims and situation of the discussion
  • Able to discuss and present ones thought orally and in written form both in Russian and English
  • Able to set scientific and research tasks
  • Able to gather, analyze and work with statistical data, information, scientific and research reports, needed for solving economic tasks
  • Able to create analytical report based on Russian and foreign sources of information
  • Able to present results of analytical and research activity
  • Able for self-organization for solving professional tasks
  • Able to organize the work of a small teammates created for realizing a concrete economic project
Course Contents

Course Contents

  • Introduction to the course
    Key trends in world energy markets. Energy balance: energy sources, end-users and factors, affecting energy demand. Energy of the future. How technology could change the way energy is produced and consumed. The Rise of Global Agreements: Paris Accord. Russia in the new global energy landscape
  • Coal markets
    Coal and environment: the case of China. Russian coal industry.
  • History of world oil industry
    World oil markets. The role of IOCs & NOCs. Putting price on oil
  • Russian oil industry
    History of the development, current state and challenges.
  • Practicum
    Developing a strategy for a Russian oil and gas company
  • World gas markets
    Major producers and consumers, the role of gas transportation
  • Gas markets
    Gas markets of Europe and Asia. Regional gas pricing models and their evolution, contract terms.
  • Shale gas
    Opportunities, challenges and its role on global energy markets.
  • Practicum
    Russian gas: between Europe and Asia.
  • Electric industry operations and markets
    Electric industry operations and markets. Electricity markets and reforms in Russia
  • Renewables
    Opportunities and constraints.
  • Energy of the future
    The Rise of Global Agreements.
  • Individual country posters
    In class consulting and rehearsal.
Assessment Elements

Assessment Elements

  • non-blocking Class attendance
  • non-blocking Participation in discussions
  • non-blocking Individual presentations
  • non-blocking Midterm oil company strategy project
  • non-blocking Midterm Gas game project
  • non-blocking Group application project
  • non-blocking Final country poster assignment
Interim Assessment

Interim Assessment

  • Interim assessment (4 module)
    0.05 * Class attendance + 0.15 * Final country poster assignment + 0.2 * Group application project + 0.1 * Individual presentations + 0.15 * Midterm Gas game project + 0.15 * Midterm oil company strategy project + 0.2 * Participation in discussions
Bibliography

Bibliography

Recommended Core Bibliography

  • 21st century energy markets : how the changing dynamics of world energy markets impact our economy and energy security : hearing before the Subcommittee on Energy and Power of the Committee on Energy and Commerce, House of Representatives, One Hundred Fourteenth Congress, first session, March 3, 2015. (2015). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsgpr&AN=edsgpr.000959577
  • Nyangon, J. (2015). The U.S. Shale Gas Revolution and its Implications for International Energy Policy. MPRA Paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.pra.mprapa.91487

Recommended Additional Bibliography

  • A Global Perspective on Energy Markets Climate Change & Economic Integration: Problems and Prospects. (2008). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsstc&AN=edsstc.1146287