Energy trends, market structures, finances, and investments
When: 19-23 March 2018 / 17-21 September 2018
Where: GEM: Grenoble École de Management, Grenoble, France
Strengthen your energy fundamentals, broaden your business perspectives
Today’s energy landscape is evolving fast. New technical possibilities are meeting changing customer demand. The economics of fossil, fissile and renewable energy complement and compete with each other, changing investment calculations, and adding new layers of complexity to the market. Both national and international regulations are profoundly changing the way energy businesses operate, the threats they face, and the opportunities that are opening up.
Energy professionals need a real understanding of this correlated, interconnected and evolving market if their innovative new solutions are to have a real impact. By understanding the deep transformations taking place in the energy sector, the roots of this change, and the challenges it produces you gain a new insight into your own projects– and greatly enhance your chances of success.
What you learn
This course is specifically designed for energy professionals and examines the economics and structure of markets for various energy sources, including oil, coal, gas, and renewables. At the macro level, it explores trends in energy investment, examines climate policies and their impacts on the power sector and presents models that are used to forecast energy consumption. At the micro level, it examines the way that European electricity markets function and how utilities can compete in the changing energy landscape.
This interactive course is designed to:
- Examine the deep transformation that the energy sector is going through, its causes and the challenges resulting from it
- Give you the skills to be able to make strategic decisions in a continuously changing energy market
Specific modules include:
- The geopolitics of fossil energy: In this module, you will undertake a new energy game and learn about the main geopolitical characteristics of the energy industry.
- The gas value system: In this module you gain an economic and contractual perspective on the gas value system, from exploration and production to the transport and sale of gas.
- Drivers of investment in the electricity sector: This module gives you the opportunity to examine what drives investment in specific electricity-generating technologies, with a particular focus on renewables and the broader transformation of the power sector.
- Climate policy and the EU emissions trading scheme: This module gives you conceptual and empirical insights into international climate policy, the EU Emissions Trading System (ETS), and economic implications for the power sector.
- Wholesale power markets and price formation mechanisms: This module helps you understand how European power markets work, how they have developed, how prices are formed, and the challenges ahead.
- The European electricity market: This module explains the organisation and evolution of a liberalised power system beyond the wholesale energy market from a transmission system operator perspective, and shows how the European power system can be seen as an integrated system.
- Energy modelling and energy scenarios: an overview of existing and prospective energy supply-and-demand models, and how these models can be used to develop scenarios or test the impact of policy measures.
How you learn
The course combines lectures, in-class exercises, a serious game and an industry visit. It is delivered by a team of highly qualified faculty members and international practitioners. Throughout the course, you will analyse today’s energy economics using real-life examples as well as the key academic texts.
You’ll explore business practices and will have the opportunity to reflect on what this means for your own project during interactive group discussions. There are also plenty of opportunities to engage and debate with energy experts from the industry as well as Grenoble Ecole de Management’s own professors and researchers.
During the course, you will also play Back Bay Battery, a simulation game in which you play the role of a business unit manager at Back Bay Battery Company who must balance a portfolio of investment strategies across products in the rechargeable battery space. During the game you decide which market opportunities to pursue, make long and short-term investment decisions, and address a number of challenges including timing and level of investment across mature and new businesses, meeting financial objectives and the constant trade-offs between investment options – all in the context of uncertain market information. Your final evaluation is based on the results of your simulation at the end of the week.
Energy Economics gives you the opportunity to see what you learn put into action. We also arrange visits to local companies that are active in the energy sector, and the course also gives you plenty of opportunities to strengthen your international network in the energy sector.
Interactions with experts from Grenoble Ecole de Management and InnoEnergy help you identify potential partnerships, customers and enablers for your professional projects. Social events and cultural activities in Grenoble – a truly international city – allow you to relax in the company of your fellow sustainable energy enthusiasts.
Thoughts on the course…
From previous participants:
“It is really well structured and it goes deep on each topic”
“Very experienced, skilled and interesting lecturers. Very good selection of different areas of the broad energy economy sector.”
“It showed us the economic reality of how the energy world works so we can be better placed to make decisions regarding our research and to understand its economic potential”
“It brought a real and concrete view of how the market of energy works. And it is fundamental for PhD candidates in the scientific domain”
Teachers and course leaders:
The Energy Economics course attracts a high calibre of teaching staff. Current and previous teachers have included:
Professor of energy economics in the department of Management and Technology, and head of the Energy Management team at GEM, Joachim also sits on the editorial board of Energy Efficiency and Frontiers – Energy Systems and Policy. Schleich’s research has also been published in Energy Economics, Resource and Energy Economics, Energy Policy, Climate Policy, Ecological Economics, Energy Efficiency, and Energy Studies Review.
Theodoros is Associate Professor at the Cyprus University of Technology, where he is dean of the faculty of Geotechnical Sciences and Environmental Management and teaches environmental economics and energy resource management. His other roles include: advisor to Cyprus’s Ministries of Finance and Energy on economic aspects of climate change and long-term energy planning, associate editor of Energy Economics, and member of the Programme Committee at the European Horizon 2020 programme.
Emmanuel has an extensive international career in research. Since 2014 he has worked at the Economic and Environmental Evaluation Research Department of IFP Energies Nouvelles and works as research engineer in the modelling team dedicated to energy transition. He also teaches Natural Resources and Energy Economics and Trading at the IFP School, and is Associate Professor at the Institut des Relations Internationales et Stratégiques and at Négocia-Advancia where he teaches macroeconomics and international monetary issues.
Matthew joined the International Energy Agency in 2014 as a an electricity sector analyst in the gas, coal and power markets division. His recent publications include Projected Costs of Generating Electricity (2015 Edition) and Development Prospects of the ASEAN Power Sector. He currently leads the IEA’s work on cross-border electricity security.
Axel is currently senior manager for gas and oil supply and asset development at EnBW. He is also science advisor at GeoResources Steinbeis Transfer Centre, a consulting company associated with the Heidelberg University of Excellence. He provides advice to several PhD thesis and scientific projects, especially in the fields of fractured reservoirs, reservoir simulation, play analysis and de-risking petroleum and hydrothermal systems. He is also a member of the American Association of Petroleum Geologists (AAPG), the International Association of Sedimentologists (IAS), and is a reviewer for the German Research Foundation (DFG) in Sedimentology and Basin analysis.
Tanguy runs the trading room at Compagnie Nationale du Rhône (CNR) where he deals with the optimisation of production sales, trading on the European plate, structured contracts, and intermediation activity on the market. He also works in the market design department of RTE, the French transmission system operator.
Prof. Dr. Martin Wietschel
Martin’s research focuses on energy system analysis, energy models, environmental instruments, sustainable development, and new mobility fuels and propulsion systems. He has headed numerous national and international commissions and task forces on energy, pollution control, and strategies. In 2008, he became head of the Energy Economy business unit at the Competence Centre Energy Technology and Energy Systems – where he has been deputy head since 2011. Martin is also professor at the Karlsruhe Institute of Technology.
Fabrice is programme director of the Advanced Master’s in Energy Marketing at Grenoble École de Management. He also acts as a consultant to various start-ups regarding fundraising, and was previously investment manager at VC firm Emertec, project manager for Solar PV at Sunpower Tenesol, project manager for French public R&D cluster Cap Digital, and business development agencies Paca and Paris, AFII partners.
Philippe specialises in the European wholesale power and gas markets, and his areas of expertise include market design, price formation and modelling, asset valuation and due diligence, regulation, and market surveillance. He is head of product design at EPEX SPOT where he also served as economist and market surveillance officer. Before joining EPEX SPOT, Philippe was an associate director with IHS Cambridge Energy Research Associates.
Michele is affiliate professor and fellow of the Lab-Center for Competitiveness at the Grenoble École de Management. He is the academic leader for the Certificate in Innovation, Design Thinking and Intrapreneurship as well as Grenoble’s MBA: Management Consulting Specialisation.
Pre-course preparation: There is a recommended reading list, although it is not compulsory.
Post-course assignments: None