Course Code and Title: RENT 6001 – Energy Economics

 

Semester and Level: Semester I

Course Type: Core

Credits: 3

Mode of Delivery: Online 

 

  1. Course Description

Students will receive basic insights into the field of energy economics. They will learn about the different markets supplying energy and the different sectors demanding energy. An understanding of the limitations of non-renewable energy sources and the problems of their substitution by renewable energy sources will be gained. The special aspects of grid-based energy markets will be discussed. At the end of the course each student should be able to understand the basic concepts of the different energy markets and the possible contributions of the different energy sources to a sustainable energy supply.

 

  1. Course Evaluation: 100% Coursework
  • Term Paper                      25%
  • Coursework Exams          60%
  • Participation                     15%

 

  1. Rationale

In a world dominated by fossil fuels and plagued with the debilitating consequences of climate change, an understanding of the limitations of non-renewable energy sources and the problems of their substitution by renewable energy sources is necessary for students of renewable energy technology. This extends to the special aspects of grid-based energy markets in economies attempting to make a transition to cleaner burning fuels.

 

  1. Course Aims
  • To introduce students to the basic principles of economic and market theory.
  • To provide an appreciation for the unique relationship between energy needs and sustainable economic development and encourage analytical thought around the world’s energy and economic challenges.
  • To become proficient in reviewing and understanding energy accounting and the economic considerations of renewable energy project evaluations.

      

  1. Course Learning Outcomes

       Upon successful completion of this course, students will be able to:

  1. Describe energy accounting procedures.
  2. Discuss concepts of the different energy markets.
  3. Analyse energy accounting and market theory.
  4. Demonstrate the possible contributions of the different energy sources to a sustainable energy supply.
  5. Apply fundamental economic principles to the pricing of renewable energy resources.
  6. Examine the economic aspects of cost benefit analysis in project development and life cycle costing of equipment.
  7. Use econometric methods in analysing appropriate economic and energy data.
  8. Explain economic factors of power system capacity and reliability.
  9. Examine peer-reviewed literature.
  10. Apply economic theories and realities in a variety of situations.
  11. Communicate analyses via written and verbal reports.

 

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