Energy market

Duration

39h Th, 13h Pr

Number of credits

Lecturer

Damien Ernst

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January

Schedule

Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

Short description


Energy markets are complex models where many actors (e.g., producers, regulators, consumers, transmission system operators) interact together. They raise many technical, economical and societal problems. This class focuses mainly on electricity markets. Its goal is to give a clear and synthetic vision of electricity markets, and the many issues that they raise, due to the very specific nature of the electrical commodity. The first five lessons of this class are based on the book "Fundamentals of economics". The objective is to allow students to learn the basic concepts of electricity markets. The next lessons will tackle more advanced problems and will mainly be given by invited speakers.


 

Learning outcomes of the learning unit

At the end of the class, the student will have an excellent knowledge of electricity markets. He will also learn how to analyze specific problems that may arise in this field and answer them in a very autonomous way.

Prerequisite knowledge and skills

The student is supposed to have very basic knowledge about power system dynamics and control, and optimisation. He must also have a good knowledge of the English language.

Planned learning activities and teaching methods

The class will be divided into parts: first, a series of plenary lectures introducing the theoretical concepts and then, classes will be given by invited speakers working in the industry, the government or the academia.
Concurrently, workshops will be organised around a practical assignment that can be done by groups. The first workshops will be used to further the understanding of the core concepts needed for the assignment. Each following week, questions and answers sessions will be organized to help students. Following the submissions of the assignment, each group will sit down with the teaching assistants to discuss the results they obtained and a general feedback will be given to the students.
Classes are given in English

Mode of delivery (face to face, distance learning, hybrid learning)

All classes will be given face-to-face. However, given the current exceptional circumstances, all the classes will be recorded and made accessible to students when possible.

Organisational adjustments related to the current health context

Recommended or required readings

Course material available : http://www.damien-ernst.be Reference book (non mandatory) : "Fundamentals of Power System Economics". Daniel S. Kirschen and Goran Strbac, Wiley, 2004.
At the final oral exam, the students must have a good knowledge of all the material seen during the class.

Assessment methods and criteria

Below you will find information on the evaluation methods planned for in-person and remote exams as well as those planned for hybrid sessions. Depending on how the health crisis evolves, the chosen method will be communicated to you no later than one month before the start of the exam session.

The assignment made during the year by the students will account for 10 points out of 20. The oral exam will account for 10 points.

Work placement(s)

Organizational remarks

Every Wednesday of the first quadrimester, during 8:30pm and 12:30pm, at the Montefiore Institute of ULiège.

Contacts

Prof. Damien Ernst University of Liège Institut Montefiore, B28 B-4000 Liège BELGIUM Tel: +32 4 366 9518
Email: dernst@uliege.be
Recommanded contact mode : by email.