ENERGY ECONOMICS - 2022/3

Module Overview

This module introduces students to the fundamentals of energy economics from both the demand and supply side – covering appropriate economic theory, empirical and case studies, and policy issues. Understanding a number of concepts such as promoting clean energy, managing energy demand and analysing energy markets are key learning outcomes from this module. Students will make use of the Microeconomics knowledge and Econometrics skills that they have developed in Level 5. The module is complementary to the Environmental Economics (ECO3060), and research focus of this module will serve as a good preparation for students taking the Economics Project (ECO3050) or planning to undertake further study. In particular, the module prepares students for further study in Energy and Environmental Economics, and Sustainability related subjects.

Module provider

Economics

Module Leader

CHITNIS Mona (Economics)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 6

Module cap (Maximum number of students): N/A

Module Availability

Semester 2

Prerequisites / Co-requisites

None

Module content

Indicative content includes:

• Energy balances, energy indicators and energy security


• Energy policies, renewables and electricity


• Energy efficiency and rebound effects


• Energy demand and pricing


• Economic appraisal of the energy projects 


• Introduction to different energy types 

Assessment pattern

Alternative Assessment

Group presentation and/or project can be substituted with individual presentation and/or  project if necessary. 

Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate their understanding of the core components of energy economics,  demonstrate their ability to transfer skills and knowledge to empirical and real world aspects of energy economics, and to demonstrate their team working skills with Employability pillar in mind. 

Thus, the summative assessment for this module consists of:

Two tests, each worth 25% of the final grade

One group presentation worth 10% of the final grade

One group project worth 40% of the final grade

Formative assessment and feedback

During the workshops, students receive feedback on their answers, and guidance on how these answers could be improved in relation to presentation/project and/or midterm tests. Students are provided with some exercises and self-test MCQs relating to the lecture material which they solve or answer independently in preparation for midterm tests and receive the guideline answers/feedback online. Before the midterm test, a mock test is made available for students to familiarise themselves with the setup of the MCQ assessments with correct answers. In addition, students receive verbal feedback before their group presentation/group project during office hours.  

Students receive indicative correct answers after the midterm test assessments. Students will receive feedback after group presentation to help them improve their final group project. Students will receive short feedback after the group project.

Module aims

• Expose students to the core components of energy economics.
• Prepare students for the study of energy economics at higher university levels
• Prepare students for careers in the field of energy, environment and sustainability
• Prepare students for independent work, critical thinking and creativity in the field of energy economics and beyond.

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to present new facts from a global perspective and economic theories so that students can apply their economic analysis to a new area of economics study closely related to sustainability. We will also consider how core energy and environmental policies help transition towards sustainable and clean energy future. As the module develops, students are exposed to research and case studies which evaluate important theories and/or debates in Energy Economics, enabling students to develop their own capacity to synthesise research and enhance their global and cultural capabality in this area.

The learning and teaching strategy is therefore designed as follows:

Lectures are designed to ensure that  students are exposed to the basic core components of energy economics. . The lectures will help us to achieve the first three aims on the module.

Workshops are complementary to lectures. They are designed to help students to understand the application of the energy economics fundamentals in the real world and empirical studies. The workshops will help us achieve the last three aims of the module.

 The learning and teaching methods include:

1 hour lecture x 11 weeks

1 hour workshop x 11 weeks

Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: ECO3012

Other information

As part of introducing different empirical studies in energy economics, some studies using econometrics will be discussed in relation to wider energy implications, however the use of econometrics method is not a requirement for this module and/or assessments. 

The School of Economics is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to enhance students' knowledge, skills, and capabilities in the following areas: 

Resourcefulness and resilience:

Students in this module will develop their understanding, skills, independent study, critical thinking and creativity through assessments and feedback. Group presentation feedback provides students with the opportunity to revise their preliminary work on a real-world group project and improve its content.

Digital capability:

Students in this module will develop their online research skills for finding and using academic and non-academic resources including quantitative data sources for use in the group presentation and group project assessments. Students will also improve their use of Excel for processing quantitative data and graphs, Word for group project submission, PowerPoint and Zoom or similar software/app for delivering their group presentations.

Global and cultural capability:

The Energy situation around the world, other real world and case study/research paper examples will be utilised in this module to build students’ global capabilities.

Sustainability:

This module is directly related to sustainability issues. Students will gain knowledge about reducing emissions through clean energy supply, and reducing energy demand through increased energy efficiency, behavioral changes and appropriate energy pricing while considering fuel poverty issues to maintain living standards.  

Employability:

This module will prepare students, through case studies, real world discussions and participation in group assessments, with skills and knowledge for energy related jobs and further academic study in Energy Economics.

Programmes this module appears in

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2022/3 academic year.