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Economics of Energy Markets MSB285

This course builds understanding of the global energy situation, energy and climate policies, and the market outlook for various energy carriers. Coverage includes conventional power generation, wind power, solar energy, oil and natural gas. Drivers of demand, supply and price formation will be explored, including their relationship to resource scarcity, technology and innovation, economic factors, and policy variables. Finally, the course explores the macroeconomics of energy market developments for importers and exporters of energy resources.

Course description for study year 2021-2022. Please note that changes may occur.





Vekting (SP)


Semester undervisningsstart


Antall semestre






Learning outcome


Having completed this course, students should be able to:

  • Understand connections and dilemmas of the nexus between economic growth, energy and climate policies, and energy demand
  • Demonstrate awareness of variation between energy technologies and energy carriers, as well as economic behaviour and price formation in each market segment
  • Reflect critically on the impact of shocks to demand, supply, prices and policies for the energy situation for energy-importing countries and for energy-exporting countries


Having completed this course, students should be able to:

  • Master analytical tools and methods to address questions relating to demand, supply, price formation and policy concerns for key energy carriers
  • Demonstrate advanced understanding of the impact of energy market developments for industry trends and business cycles in countries that are rich in energy resources.
  • Read and comprehend works at the academic frontier in this field of economics, and apply findings and results in own analytical work
  1. Economics of energyGlobal energy (drivers of energy demand, supply, energy and climate policies)Economics of climate change (causes and consequences of climate policies, efficiency issues, impact on energy markets)
  2. Economics of energy marketsRenewable energy sources (electricity investment and production, conventional power generation, economics of wind power and solar energy)Non-renewable energy sources (oil and natural gas, investment and production, geography and technology, market structure, price formation, applied market analysis)
  3. Energy and the economyMacroeconomics of energy (energy-importers and energy-exporters)Energy resource management (The Dutch Disease, the Resource curse, topics in resource revenue management, policy formation and sovereign wealth fund design)
Required prerequisite knowledge
Recommended prerequisites
Bachelor degree in business administration, finance, or economics, Bachelor courses in microeconomics, macroeconomics, mathematics, and statistics, Master level courses in microeconomics, macroeconomics, and empirical methodology.
Eksamen / vurdering
Vurderingsform Vekting Varighet Karakter Hjelpemiddel
Written exam 1/1 4 Hours A - F DictionaryValid calculator

Coursework requirements
Submitted essay, Class presentation of essay, Presence and active participation in other student presentations
One mid-term assignment has to be passed to qualify for the final exam. Evaluation of assignment (approved/not approved) based on
  • 1. Submitted essay
  • 2. Class presentation of essay (slidepack and performance)
Course teacher(s)
Course coordinator: Lassi Mikael Ahlvik
Study Program Director: Yuko Onozaka
Method of work
40 hours of online-lecturing, 12 hours of seminar activity (presentations of assignments), 190-240 hours of self-study and 4 hours take-home exam.
Open for
Energy, Environment and Society - masterstudium Master in Accounting and Auditing Business Administration - Master of Science Business Administration - Master of Science (5 years)
Course assessment
Students will have the opportunity to give feedback on the course first in an early dialogue, and then in a written course evaluation at the end of the course.
Overlapping courses
Course Reduction (SP)
Economics of Energy Markets (MØA285) 10
The syllabus can be found in Leganto