39h Th, 13h Pr
Number of credits
|Master of Science (MSc) in Electrical Engineering||5 crédits|
|Master of Science (MSc) in Electromechanical Engineering||5 crédits|
Language(s) of instruction
Organisation and examination
Teaching in the first semester, review in January
Units courses prerequisite and corequisite
Prerequisite or corequisite units are presented within each program
Learning unit contents
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).
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)
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
Written work / report
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.
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
Tel: +32 4 366 9518
Recommanded contact mode : by email.