Overview

In this unit you will learn how energy and associated environmental markets work (e.g. carbon markets), and the regulatory mechanisms that have been used or are available to achieve desired policy goals. Energy market policy often attempts to simultaneously achieve environmental, reliability and affordability goals – goals that usually work … For more content click the Read More button below. The unit uses an electricity market game as a primary teaching tool. In the game, you will play the role of electricity generators and retailers in order to gain an understanding of how market rules (including carbon emission regulations and renewable energy mandates) affect the business strategy of market participants; and in turn economic and environmental outcomes. This hands-on participation will provide you with the opportunity to understand the economic incentives faced by energy market participants and the challenges faced by regulators.

Offerings

S1-01-CLAYTON-ON-CAMPUS

Rules

Enrolment Rule

Contacts

Chief Examiner(s)

Dr Gordon Leslie

Learning outcomes

On successful completion of this unit, you should be able to:
1.

understand the key physical and economic features of electricity markets that differ from more standard commodity markets

2.

understand the economic incentives that energy market participants face and how they respond to different environmental policies

3.

appreciate the complexity of designing energy and environmental policy that meets affordability, reliability and low-pollution goals with focus on the Australian situation

4.

understand the main economic drivers for a variety of non-renewable and renewable energy sources.

Teaching approach

Problem-based learning

Assessment

1 - Within semester assessment
2 - Examination

Scheduled and non-scheduled teaching activities

Workshops

Workload requirements

Workload