COURSE UNIT TITLE

: ENERGY ECONOMICS

DEGREE PROGRAMMES

Description of Individual Course Units

Course Unit Code Course Unit Title Type Of Course D U L ECTS
IKT 2012 ENERGY ECONOMICS ELECTIVE 3 0 0 5

Offered By

Economics

Level of Course Unit

First Cycle Programmes (Bachelor's Degree)

Course Coordinator

Offered to

Economics
Economics

Course Objective

To evaluate the principles of energy economics and related policy applications.

Learning Outcomes of the Course Unit

1   To be able to analyse how energy (oil and gas) drives the global and local economy
2   To be able to evaluate challenges of transformation beyond the dominance of energy sector
3   To be able to assess the issues of resource management, climate change mitigation and adaptation and energy
4   To be able to analyze basic economic concepts for analyzing renewable energy development.
5   To be able to explain major criteria used in policy discussions (e.g. efficiency, energy security, sustainability).

Mode of Delivery

Face -to- Face

Prerequisites and Co-requisites

None

Recomended Optional Programme Components

None

Course Contents

Week Subject Description
1 Basics of energy economics and policy Energy analysis, economics and policy, Theories of imperfect competition, Supply, demand, market equilibrium, price elasticity, Market power, Natural monopoly and utility regulation
2 Basics of energy economics and policy Externality, Discounting and project finance, Gains from trade, energy-import dependence, energy security, opportunity cost, Pricing of exhaustible resources. Discussion of energy prices and markets.
3 Major fossil-fuel energy options : World Coal Market National and international coal markets, market structure, clean coal, carbon capture and sequestration
4 Major fossil-fuel energy options : Introduction to the Petroleum Industry Origins of Hydrocarbons Classification of Oil and Gas Reserves Key Measures and Terms Global Resources and Consumption Patterns Petroleum and the macro economy Concepts and issues What makes the Petroleum Industry Different Oil and gas and Industrial Strategy I Oil and gas and Industrial Strategy II
5 Major fossil-fuel energy options : World Oil Market International Oil Market: Major Players Macroeconomic management in oil producing states I- challenges Macroeconomic management in oil producing states Oil supply and the significance of OPEC
6 Major fossil-fuel energy options : World Oil Market Key Drivers of Oil Demand. Understanding Oil Prices: spot and futures, price volatility, outlook Exchange Rates and Oil Prices An Introduction Refinery Economics and Product markets
7 Major fossil-fuel energy options: Natural Gas Market Natural gas industries: organization, players and supply (value) chain, Key Issues in Natural Gas Market Development. Natural gas pipelines: Tariffs and Regulatory Issues, Natural Monopoly Natural gas contracts Understanding Gas Prices
8 Mid-term Exam
9 Mid-term Exam
10 Major fossil-fuel energy options: LNG Industry Global LNG Market Characteristics. LNG Pricing: Convergence to Henry Hub LNG Demand/Supply Outlook Organization of Gas Exporting Countries
11 Energy Policy Issues The Environment,-Kyoto, Climate Change Externalities of conventional fuels. Discussion of externalities. Economics of climate change. Introduction to climate change policies. Discussion of Climate Change
12 Energy Policy Issues Alternative energy Overview of renewable technology. Introduction to Policies for Renewables
13 Energy Policy Issues Alternative energy Discussion of Policies for Renewables
14 Energy Policy Issues Energy efficiency and conservation

Recomended or Required Reading

- Jon M. Conrad, Resource Economics. Cambridge University Press.
- Carol Dahl. International Energy Markets. PennWell.
- Oil Market Basics, Energy Information Administration
- Richard Seba : Economics of World Wide Petroleum Production Chap 2, 9.
- BP Statistical Review of World Energy, Last year, www.bp.com

Planned Learning Activities and Teaching Methods

A home assignment will be provided to clarify methods of analysis and the application of course ideas with data if available. The class will discuss an academic article or a case study. Some weeks there will be multiple articles or cases discussed. Students will form groups and at least one group per week will be in charge of leading the discussion. Participation in the in-class exercise and in the course will count towards the assessment. The final examination will be comprehensive, and it will include short answer, essay and multiple choice sections.

Assessment Methods

SORTING NUMBER SHORT CODE LONG CODE FORMULA
1 STT TERM WORK (SEMESTER)
2 MTE MIDTERM EXAM
3 MTEG MIDTERM GRADE STT * 0.40 + MTE * 0.60
4 FIN FINAL EXAM
5 FCG FINAL COURSE GRADE MTEG * 0.40 + FIN * 0.60
6 RST RESIT
7 FCGR FINAL COURSE GRADE (RESIT) MTEG * 0.40 + RST * 0.60


Further Notes About Assessment Methods

None

Assessment Criteria

To be announced.

Language of Instruction

Turkish

Course Policies and Rules

To be announced.

Contact Details for the Lecturer(s)

To be announced.

Office Hours

To be announced.

Work Placement(s)

None

Workload Calculation

Activities Number Time (hours) Total Work Load (hours)
Lectures 12 3 36
Preparations before/after weekly lectures 12 2 24
Preparation for midterm exam 1 6 6
Preparation for final exam 1 10 10
Preparing assignments 1 10 10
Preparing presentations 1 10 10
Reading 1 2 2
Field study 7 2 14
Final 1 1 1
Midterm 1 1 1
TOTAL WORKLOAD (hours) 114

Contribution of Learning Outcomes to Programme Outcomes

PO/LOPO.1PO.2PO.3PO.4PO.5PO.6PO.7PO.8PO.9
LO.111
LO.21
LO.311
LO.411
LO.51

CONTACT INFORMATION
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Phone: +90(232) 412 12 12 - Fax: +90 (232) 464 81 35

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