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Regular version of the site
Bachelor 2021/2022

International Energy Markets

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type: Elective course (World Economy)
Area of studies: Economics
When: 3 year, 3, 4 module
Mode of studies: distance learning
Open to: students of all HSE University campuses
Language: English
ECTS credits: 4
Contact hours: 48

Course Syllabus


The course provides a general overview of the current state and the most recent trends in global and regional energy markets. It consists of two major parts. During the first part, we analyze fossil fuel markets - coal, oil and natural gas. The analysis encompasses key trends, opportunities and constraints, upstream and midstream segments, major players (both countries and companies), prices and factors that determine them, existing institutions, contracts and price mechanisms, regulations and agreements. The second part of the course focuses on renewable energy sources, nuclear energy and energy of the future (for example, low-carbon gases). We analyze Paris Agreement and its implications for energy markets, the process of energy transition and its consequences. Students will receive both individual and team tasks, including writing strategies, preparing posters and presentations, discussing the literature and participating in a game.
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 for self-organization for solving professional tasks
  • Able to communicate taking into account aims and situation of the discussion
  • Able to create analytical report based on Russian and foreign sources of information
  • Able to discuss and present ones thought orally and in written form both in Russian and English
  • 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 evaluate resource needs and plan them
  • Able to gather, analyze and work with statistical data, information, scientific and research reports, needed for solving economic tasks
  • Able to get scientific essence of the problems in professional field
  • Able to organize the work of a small teammates created for realizing a concrete economic project
  • Able to present results of analytical and research activity
  • Able to set scientific and research tasks
  • Able to solve problems in professional field using analysis and synthesis
  • Able to study, obtain new knowledge and get new skills, including those different from the professional field
  • Able to work with the information: use different sources for solving scientific and professional problems (including those needed for system approach)
Course Contents

Course Contents

  • Introduction to the course
  • Coal market
  • Oil market
  • Russian oil industry
  • Practicum
  • World gas markets
  • Gas markets
  • Shale gas
  • Electric industry operations and markets
  • Renewables: solar and wind energy
  • Other sources of energy
  • Individual country posters
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

  • 2021/2022 4th module
    0.05 * Class attendance + 0.15 * Final country poster assignment + 0.15 * Midterm oil company strategy project + 0.15 * Midterm Gas game project + 0.2 * Group application project + 0.2 * Participation in discussions + 0.1 * Individual presentations


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