1. Key elements of electricity markets
What is this week about?
In week one, we will be building up from the beginning to give you the fundamental knowledge of energy markets. How do you form a market around electricity? Who are the key players? What role does the government play? How must the market be regulated and how important is liberalization?
This week will also be your introduction to the Merit Order Model. This interactive interface will help you to understand the famous supply and demand curve when applied to electricity markets and how the market price is determined. This is on top of the multiple choice quizzes that will test your knowledge.
By the end of this week, you will:
- Be able to define a market and explain the difference between a monopoly and perfect competition
- Be able to explain how the electricity market operates and how the market price is formed
- Understand the impact of market organisation and be able to explain liberalization
- Be able to discuss the role of regulation in energy markets
Are you ready to begin building your knowledge of the economics of energy markets? Let's get started!
Week 1 is the introduction week to the course. This means that all the quizzes and assignments in this week will not be graded. The graded assignments for this course will begin in Week 2. Good luck!