Module ENGI43515: Energy,Markets and Risk

Department: Engineering

ENGI43515: Energy,Markets and Risk

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• This module is for students intending to fulfil the requirements of the M.Sc degree programme in New and Renewable Energy (H1K609).
• To understand why and how market-based solutions have been applied in the electricity supply industry
• To introduce elements of microeconomics and theory of the firm
• To understand key principles of power system risk assessment and how these may applied in wind integration studies

Content

• Energy Markets and aspects of market, competition and pricing
• Energy and Risk including of aspects generation adequacy and reliability needs

Learning Outcomes

• Understanding of principles of power system economics and how market based solutions can be applied to a previously centrally controlled industry
• Understanding of how energy is priced and how network affects marginal prices at different locations
• Understanding of methods for quantifying risk in power systems and application to system planning and operation in systems with high renewable capacity

• An awareness of current technology, analysis methods and industrial practises along with the ability to apply those methods in novel situations.
• An in-depth knowledge and understanding of specialised and advanced technical and professional skills, an ability to perform critical assessment and review and an ability to communicate the results of their own work effectively.

• Capacity for independent self-learning within the bounds of professional practice.
• Highly specialised numerical skills appropriate to an engineer.
• Highly specialised use of information technology (IT) relevant to the engineering profession.
• Mathematics relevant to the application of advanced engineering concepts.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The course in Energy, Markets and Risk is covered in lectures, and are reinforced by seminars and by problem sheets, leading to the required problem solving capability.
• Students are able to make use of staff 'Tutorial Hours' to discuss any aspect of the module with teaching staff on a one-to-one basis.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Self-assessed problem sheets.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University