2019-2020 / ELEC0018-1

Energy market


39h Th, 13h Pr

Number of credits

 Master of Science (MSc) in Electrical Engineering5 crédits 
 Master of Science (MSc) in Electromechanical Engineering5 crédits 


Damien Ernst

Language(s) of instruction

English language

Organisation and examination

Teaching in the first semester, review in January


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 four five lessons of this class are based on the book "Fundamentals of economics". They have as objective to allow students to learn the basic concepts of electricity markets. The seven 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 market. He will also learn how to analyze specific problems that may arise in this field and answer them in a very autonomous way. He will also improve his presentation skills.

Prerequisite knowledge and skills

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

Planned learning activities and teaching methods

The first classes will be articulated around plenary lectures, presentations of the students and supervised group sessions during which the student will work on a project. Afterwards, classes will be given by invited speakers working in the industry, the government or the academia.
Students are obliged to attend the diffent classes as well as to prepare oral presentations on subjects that will be defined during the class.
Classes are given in English

Mode of delivery (face-to-face ; distance-learning)


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

The presentations made during the year by the students will account for 12 points out of 20 (6 for the regular presentations during the class and six for the presentation of the project.  The oral exam will account for 8 points.

Work placement(s)

Organizational remarks

Every Friday of the second quadrimester, during 2pm and 6pm, at the Montefiore Institute of ULiège.


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