Faculty of Business and Management Sciences · International Trade and Finance (English) · Undergraduate
ECTS: 5 T+P+L: 3+0+0 University Elective
Coordinator: Arş. Gör. Zehra Killik
Course Objective
It is aimed that the students taking this course will equip themselves with the following:
1. Basic concepts in energy and economy with the importance of energy in our daily life
2. Energy supply and demand balance along with the importance of investments
3. Examining modern energy policy issues
4. Getting to know national and international energy actors closely
5. Recognizing and analyzing national and international energy reports and data
6. Examining modern trends in energy and identify investment opportunities
7. Analyzing the economic value of global and national energy sources
Course Content
This course covers following topics:
- Energy, Economics and Energy Economic
- Energy Demand and Supply
- Laws of Energy
- Types of Energy
- Forms of Energy
- Total Energy
- Sources of Energy
- Primary Energy Sources
- Secondary Energy Sources
- Energy Formation
- Electricity (Power) Generation from all possible sources
- Economics of Fossil Fuels
- Economics of Renewable Energy
- History of Energy
- Energy 4.0
- Transition of Energy Markets
- Energy and Economic Activity/Output, Population, Urbanization
- Gross Domestic Product and Energy Output
- Production of Energy vs. Consumption of Energy
- Geopolitics of Energy Sources
- International Energy Markets and Main Players
- World Energy Trilemma (Energy Security, Environmental Sustainability and Energy Equity)
- Domestic Energy Markets and Main Players
- Energy Corporations and Stock Exchange
- Initial Public Offerings (IPOs) of Energy Firms
- Digitalization and Energy
- Future Trends in Energy Markets
- Transmission System Operators (TSOs)
- Market Operators (MOs)
- Energy Market Designs
- Green Energy and Green Deal
- Paris Agreement (COP21) and Its Implications
- Global Warming
- Energy and Economic Development
- Commodities Markets in a Nut Shell
- Strategic Mines Shaping the World Energy Markets
- Major Data to Watch in Global Energy Markets (Strategic Oil Reserves, Weekly Oil and Natural Gas Inventory Levels, OPEC Meetings, etc.)
- Energy Efficiency, Decarbonization, Democratization, Decentralization, Demand Response
- International Energy Reports and Interpretation,
- Analyzing and interpreting various metrics used in the energy sector
Required Resources
William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996.
Recommended Resources
Presentations of the lecturer.
Course Learning Outcomes
- Competency in using the basic physical properties of oil, natural gas, coal, and electricity and their corresponding conventional and unconventional production processes in analyzing the observed government intervention, market structures and levels of prices.
- Ability to use economic theory of resource extraction to forecast future prices, direction of price changes.
- Ability to assess the impact of various regulatory pricing mechanisms on government revenues, investment decisions, and consumer prices.
- Competency to assess the economic viability of alternative energy related projects and ideas.
- Ability to develop energy policies
Core Area Distribution
(22) Humanities%5 (34) Business and Administration%55 (42) Life Sciences%5 (44) Physical Sciences%15 (46) Mathematics and Statistics%3 (52) Engineering and Engineering Trades%2 (54) Manufacturing and Processing%10 (85) Environmental Protection%5
Teaching Methods
ExpressionQuestion-AnswerDiscussionExercise and PracticeGroup StudySelf study
Assessment & Evaluation
HomeworkOral ExamTesting (Essay / Tests: True-Falls, multiple-choice, short answer, matching)
ECTS / Workload
| Activity | Quantity | Duration (h) | Total Workload |
|---|---|---|---|
| Course Duration (Including Exam Week) | 16 | 3 | 48 |
| Out of Class Study Period | 16 | 5 | 80 |
| Midterm | 1 | 2 | 2 |
| Quiz | 2 | 1 | 2 |
| Assignment | 2 | 5 | 10 |
| Practice | 0 | 0 | 0 |
| Final | 1 | 2 | 2 |
Course Schedule
| Week | Subject | Preparation |
|---|---|---|
| 1 | Introduction to energy economics | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 2 | Analysis of the market: supply and demand | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 3 | Market structure and efficiency | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 4 | Imperfect competition: monopoly and oligopoly | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 5 | Pricing and extraction of natural resources | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 6 | Economic regulation of natural monopolies | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 7 | Gelecekteki enerji tüketimini tahmin etme | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 8 | Midterm | Related chapters in the textbook |
| 9 | Introduction to non-renewable resources | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 10 | Regulation of oil markets | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 11 | Regulation of natural gas markets | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 12 | Introduction to electricity markets | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 13 | Regulation of electricity markets | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 14 | Energy transportation and storage | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 15 | Environmental issues: climate change | William Spangar Peirce, Economics of the Energy Industries, 2nd. ed. Westport, Connecticut: Praeger, 1996 |
| 16 | Final Exam | Related chapters in the textbook |