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Energy Markets
level of course unit
ConsolidationLearning outcomes of course unit
The students are able to:
• Explain the principles of commodity futures trading and freely traded energy mar-kets
• Present and explain price formation in the energy market
• Present fundamental factors influencing the trading prices of energy sources
• Understand the status of the European and national energy markets with regard to political development goals
• Describe the trading cascade in the electricity and gas market
• Describe mechanisms of certificate trading
• Differentiate between the Clean Dark and Clean Spark Spread
• Explain the principles of commodity futures trading and freely traded energy mar-kets
• Present and explain price formation in the energy market
• Present fundamental factors influencing the trading prices of energy sources
• Understand the status of the European and national energy markets with regard to political development goals
• Describe the trading cascade in the electricity and gas market
• Describe mechanisms of certificate trading
• Differentiate between the Clean Dark and Clean Spark Spread
prerequisites and co-requisites
Fundamentals of Energy & Sustainability Management (ENM), Fundamentals of Business Administration and Economics (ECO.1)
course contents
• Unbundling of natural monopolies and free energy markets
• European and national development of the electricity and gas industry
• Energy pricing and influencing factors
• Standardized exchange products and trading markets
• Comparison of different approaches for energy services, balancing energy services and capacity services
• Merit - Order
• Trading cascade
• Markets for renewable energy sources
• Certificate trading
• Clean Dark Spread, Clean Spark Spread
• European and national development of the electricity and gas industry
• Energy pricing and influencing factors
• Standardized exchange products and trading markets
• Comparison of different approaches for energy services, balancing energy services and capacity services
• Merit - Order
• Trading cascade
• Markets for renewable energy sources
• Certificate trading
• Clean Dark Spread, Clean Spark Spread
recommended or required reading
• Stern, J., 2011. The Transition to Hub-Based Gas Pricing in Continaental Europe. Oxford Institute of Energy Studies
• Ströbele, W., Pfaffenberger, W., Heuterkes, M., 2012. Energiewirtschaft: Einführung in Theorie und Politik. Oldenbourg: Wissenschaftsverlag
• Zenke, I., et al., 2017. Energiehandel in Europa: Öl, Gas, Strom, Derivate, Zertifikate. 4. Auflage. München: C.H.Beck Verlag
• Ströbele, W., Pfaffenberger, W., Heuterkes, M., 2012. Energiewirtschaft: Einführung in Theorie und Politik. Oldenbourg: Wissenschaftsverlag
• Zenke, I., et al., 2017. Energiehandel in Europa: Öl, Gas, Strom, Derivate, Zertifikate. 4. Auflage. München: C.H.Beck Verlag
assessment methods and criteria
Written exam
language of instruction
Germannumber of ECTS credits allocated
4eLearning quota in percent
30course-hours-per-week (chw)
2planned learning activities and teaching methods
Blended Learning
