ECONOMICS AND POLICY OF SUSTAINABLE ENERGY - 2024/5

Module Overview

In this module, students will learn economic concepts to understand and analyse sustainable energy systems. The module will introduce energy demand and supply concepts, provide frameworks for analysing energy investments, discuss energy markets, pricing, environmental and climate change issues, and present economic policies and regulations to support sustainable energies. The interactions of energy systems with the economy will be considered as well. By completing this module, students will gain the principal knowledge required to develop a sustainable economy based on the challenges associated with technological transformations and the energy transition into the net-zero era.

The information gained in this module helps students analyse the techno-economic viability of modern energy systems. This module complements all other modules in this programme and is highly applicable to successfully delivering the MSc Dissertation module and/or Group Project.

Module provider

Chemistry and Chemical Engineering

Module Leader

SANDUK Mohammed (Chst Chm Eng)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

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

Module Availability

Semester 1

Prerequisites / Co-requisites

None

Module content

• Energy demand analysis and demand-side management – this will introduce the drivers of demand, economic basis of demand, techniques for demand analysis, and demand management and demand response ideas.


• Economics of renewable and non-renewable energy Supply – this will highlight cost concepts, cost considerations for supply, and specific economic features of non-renewable and renewable energy supply.


• Economic analysis of energy investments – this will introduce the concepts of economic and financial analysis of investment projects.


• Energy markets – this lesson will present the concepts of markets, operations of energy markets for electricity and fuels and market failures.


• Energy pricing and taxation – the economic basis for energy pricing and taxation and support interventions (subsidies) will be considered here.


• Economics of environment protection and climate change – this will introduce the concept of externalities, approaches for internalisation and related governance challenges.


• Contemporary energy issues and policies – environmental regulations and economic thinking to address a selection of topical issues and policies will be considered. Examples could include energy security, energy poverty, energy-ecology interactions, inequalities, and energy finance, among others.


• Energy-economy interactions – the interdependence of economic activities and energy supply and demand will be considered here.

Assessment pattern

Alternative Assessment

None

Assessment Strategy

The assessment strategy is designed to:

Provide students with the opportunity to demonstrate:

• Understanding of economic concepts relevant for the module.


• Ability to engage with relevant literature critically.


• Application of the knowledge to discuss relevant issues and


• Formulation of arguments and logical presentation through written communication.

Thus, the summative assessment for this module consists of:

• An online in-semester test covering LOs 1, 2 and 3.


• A 2000-word essay or report as a post-module coursework that covers all learning outcomes.

 

Formative assessment and feedback:

Seminar sessions will include exercises related to the module. Verbal feedback will be provided to guide students to improve their performance.

Students receive verbal feedback during lectures. There are also seminar sessions during which exercises will be set relating to the lecture material. Students will receive verbal feedback and guidance on how these answers could be improved. Before the first online quiz, some sample questions will be made available so that students can familiarise themselves with the nature of these assessments. Feedback will be provided on the individual questions as far as possible.

Module aims

• This module aims to enable students to apply economic thinking to analyse and assess energy¿economy interactions from a system-wide perspective, covering demand, supply, markets, and related issues of incentives, market failures, and externalities.

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to:

• Deliver the content to students without any prior knowledge in economics.


• Engage in thought-sharing discussions and peer-learning.


• Generate a stimulating learning environment for all students.

The learning and teaching methods include:

• Lectures.


• Use of multimedia.


• Seminars and discussion.


• Use of tools and package.

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: ENGM312

Other information

The school/department of Sustainability and Civil and Environmental Engineering / Centre for Environment and Sustainability is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities in the following areas:

Digital capabilities: The module will introduce different data analysis and project evaluation tools which will rely on computer-based packages. This will enhance digital capabilities.

Employability: The data analysis and project evaluation skills will benefit students in terms of employability. The seminars will also prepare students for contemporary issues relevant to employability.

Global and cultural capabilities: The module will take a global perspective and will be applicable to a wider socio-cultural context. This will improve the global and cultural sensitivity of the students.

Resourcefulness and Resilience: The module will use a range of sources and materials to support learning, including but not limited to TED talks, case studies and topical discussions.

Sustainability: This module will cover human–nature interactions with regard to energy production and use and consider mitigation options. This will improve the understanding of sustainability, including the economic dimension of sustainability.

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 2024/5 academic year.