Energy systems, policies and markets

• Electricity Market Design for the Energy Transition - The electricity markets module focuses on how power markets have been evolving and could be further reformed to accommodate growing shares of renewables. Using a multi-disciplinary perspective, it reviews the basics of power market design, providing an overview of the most significant challenges faced by the sector and identifying a range of options for reform based on real-world experiences and innovative approaches found in the literature. Starting with the key concepts and the basics of power sector economics, the module introduces the temporal and spatial dimensions of markets while examining the different roles that actors and stakeholders play. The main techno-economic challenges (and opportunities) arising from the increased penetration of intermittent generation together with the decentralised architecture and the demand response paradigm, which alter the physical system and market dynamics, are considered from the perspective of the energy, balancing and ancillary services market design solutions for a high-renewable and deeply decarbonised future.

• Planetary Economics and the Political Economy of Energy and Climate Change - Planetary Economics is a core module, based on the book Planetary Economics written by Professor Michael Grubb. The module arms students with an integrated and interdisciplinary understanding of energy and climate change issues, starting by creating an understanding of the fundamentals of the global energy system, fossil fuels and renewable energy technologies. The module then develops students’ knowledge of the economic and political economy dimensions of tackling environmental problems. The rationale behind the traditional economic approach and instruments applied in attempt to decarbonise energy systems are explained, before introducing the ‘three pillars of policy’. The three pillars draw upon more diverse branches of economics to create a more comprehensive framework which may be leveraged to drive the transformation of energy generation, distribution and use across the world.

• Introduction to Modelling Methods and Scenarios - This core module focuses on the use of models for E3 (energy-economic-environmental) analyses. Such modelling approaches are critical, and at the sharp end of supporting decision makers on how we address some of the big energy-related questions, notably climate change but also energy affordability and security. The module is designed to provide an overview of some of the key approaches to energy analysis, with a focus on modelling, and how such approaches are applied to real world problems.  We aim to provide students with the necessary critical thinking skills to assess what are the appropriate use of models, their limitations and to what research questions they can be applied.

Sustainable finance researchers