Description
Given the prominence of how energy is supplied and used globally, the course will examine how economics is shaping the policy agenda, and vice versa, considering the different technologies that will be part of the energy system.
The general aim of this module is to introduce students to a range of topics in economics, sufficient to allow them to understand the business and financial pages of a serious newspaper, and to appreciate the commercial context of engineering decisions that they will make in their subsequent careers, and become aware of the main features of government economic policies.
The specific aim is to introduce students to economic issues in energy, and in particular to electricity system economics, since this will greatly influence the future success or failure of different low-carbon technologies.
By the end of the module the student should be able to:
- Understand the economic context for decision making by companies and governments, with particular reference to issues concerning energy and carbon emissions.
- Apply the economic tools of supply and demand analysis, game theory, and investment appraisal.
- Analyse investment and pricing decisions within the electricity supply industry.
Assessment
- Coursework : Coursework (20%)
- Exam : Exam (Centrally Timetabled) - Written Unseen (80%)