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Electricity and Gas Markets Summary European gas and electricity markets have largely been liberalized. Due to the specific physical characteristics and public interest aspects of electricity and gas, and to the fact that the networks continue to be natural monopolies, these markets require careful design. In this class, it is analyzed what the market design variables are and how the ongoing process of market design depends on policy goals, starting conditions and physical, technical and institutional constraints. In addition, a number of current policy issues will be discussed, such as security of supply, the CO2 emissions market, the integration of European energy markets and privatization. Participation in a simulation game, in which long-term market dynamics are simulated, is mandatory. Course Contents Introduction, models of liberalization, network regulation Conceptual framework of market design Gas system & actor description Electricity system & actor description Long-term development of electricity markets Long-term development of gas markets Study Goals Understanding of the economic and organisational structure of electricity and gas markets in relation to their technical characteristics; insight in current policy and regulatory issues. The aim of this course is to apply the students’ technical, economic, legal and policy making skills to the complex and highly relevant reality of regulation and market design in electricity and gas sectors. At the end of the course, students should be able to analyze energy policy issues from a technical, economic, and institutional perspective and be able to argue different sides of the issue.
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