2022-2023 / 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.

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.

This course contributes to the learning outcomes III.1, III.2, IV.1, IV.6, VI.1, VI.2, VII.2, VII.3, VII.4, VII.5 of the MSc in electrical engineering.

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 course will be organised into three parts: theory, exercises, and an assignment.


Ex-cathedra sessions will allow students to learn new theoretical concepts related to energy markets, with a focus on electricity markets:

  • Liberalisation, structure and actors;
  • Market types and mechanisms;
  • Network security and adequacy;
  • Impact of the penetration of new renewable energies;
  • Link with other markets (gas, CO2).
Some sessions will be given by academic or industrial guests.


Exercises will allow students to understand better the mechanisms for price fixation.


Students will be required to complete an assignment. To help students in the completion of the assignment, questions and answers sessions will be organized on a regular basis. Following the submissions of the assignment, each group will sit down with the teaching assistants to discuss the results they obtained, and general feedback will be given to the students.

All classes are given in English.

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

Face-to-face course

Recommended or required readings

Online slides: http://blogs.ulg.ac.be/damien-ernst/teaching/elec0018-1-energy-markets/

Reference books (non-mandatory):

  • "Fundamentals of Power System Economics". Daniel S. Kirschen and Goran Strbac, Wiley, 2004.
  • "The Economics of Electricity Markets". Darryl R. Biggar, Mohammad Reza Hesamzadeh, Wiley, 2014.
  • "Integrating Renewables in Electricity Markets". Juan M. Morales, Antonio J. Conejo, Henrik Madsen, Pierre Pinson, Marco Zugn, Springer, 2014.
  • "The Evolution of Electricity Markets in Europe". Leonard Meeus, Edward Elgar, 2020.
  • "Transition(s) électrique(s)", Jean-Pierre Hansen, Jacques Percebois, Odile Jacob, 2017.

Assessment methods and criteria

Exam(s) in session

Any session

- In-person

oral exam

Written work / report

Additional information:

During the exam, the student must be able to show that he has assimilated the concepts presented during the whole class.

For the first exam session:

  • The assignment will account for 8 points.
  • The oral exam (in January) will account for 12 points.
For the second exam session (in August), the totality of the student score will be obtained through an oral exam.

Work placement(s)

Organizational remarks

Every Wednesday of the first quadrimester, during 8:30pm and 12:30pm, 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@uliege.be
Recommanded contact mode : by email.

Association of one or more MOOCs