Economie et géopolitique de l'énergie
Les objectifs du cours
To present the students all the economic and geopolitical issues related to energy matters from the upstream energy production to the downstream energy consumption. To analyse the organization of the energy industry. To clarify the complex relationship between energy and climate change. To understand the challenges of the century concerning the combination of energy and climate change.
Plan du cours
In introduction, the course presents the world present energy situation and its outlook. What can be said about energy consumption, energy intensity, energy resources and the energy mix of the future, taking into account the economic development of emerging countries and the questions related to global warming? Then the course presents the basic economic and technical features related to the various energy resources and technologies: crude oil and refined products, natural gas, coal. A special attention is given to physical and financial energy markets, price mechanisms, the organization of the energy industry. Economics of hydro electricity, nuclear power, renewable energy are also analyzed. Corporate strategies of oil, gas and power companies are put under review in order to understand investments decisions, project finance, risk analysis and risk mitigation. The case of network industries (mainly for electricity and natural gas) will be carefully analyzed. Network industries combine some natural monopoly elements which have to be regulated and some competitive elements that are to be left to markets. Regulation is a key issue in energy matters, at industry level but also at a worldwide level. Lectures on energy economics will be complemented by case studies.
Bibliographie
- International Energy Agency, World Energy Outlook 2008 (annual publication)
- Dieter Helm: The New Energy Paradigm, Oxford University Press, 2007
- Jean-Marie Chevalier: Les Grandes batailles de l'énergie. (Galimard Folio 2004) and Les 100 mots de l'énergie (Que sais-je? 2008) for those who read French.
- Jean-Marie Chevalier (Ed) The New Energy Crisis: Climate, Economics and Geopolitics Plagrave, to be published in 2009.
- "Shell Global Scenarios to 2025 The future business environment:trends, trade-offs and choices", June 2005
- Jan Keppler (editor) The Econometrics of Energy Systems, Palgrave 2007.
- Nicolas Stern: The Economics of Climate Change, 2006.
- Daniel Yergin: The Prize: The Epic Quest for Oil, Money and Power. 1991.
Course related websites:
- International Energy Agency
- Organization of the Petroleum Exporting Countries (OPEC)
- Cambridge Energy Research Associates (CERA)
- Department of Energy (USA)
- Centre for Global Energy Studies (CGES)
- International Institute for Strategic Studies (IISS)
- Royal Institute for International Affairs (Chatham House)
- Oxford Institute for Energy Studies
- World Energy Council
- Commission Européenne
Main Reviews:
- Energy Economics
- Energy Journal
- Energy Policy
- European Economic Review
- European Review of Energy Markets
- International Journal of Industrial Organization
- Journal of Energy and Development
- Journal of Political Economy
- Revue de l'Energie
Examen
1 final exam