Energy Economics and Policy from edX

With renewable sources playing an increasing role in meeting global energy demand and mitigating climate change, electric power systems and the related markets are changing. To prepare for a career in the future energy landscape, industry professionals, policymakers, and academics must understand these changes and develop specific, relevant skills to drive this energy transition within the necessary timeframe.

In this course, you will learn to apply economic and socio-political analysis to real-world regulatory policy questions in a set of extremely important, interrelated energy markets. Specifically, by looking at real-world case studies and emerging research, you will explore key aspects of the oil, natural gas, electricity, and nuclear power sectors, and how policies such as carbon taxes and efficiency standards can drive reductions in the greenhouse gas emissions. You will also employ systems-level analysis to predict policy outcomes not only within energy markets but across transportation, building and development, employment, and health and social sectors. Overall, you will gain insights into how applied economics and policy tools can effectively move the global energy sector toward renewable and clean energy sources to mitigate climate change, while at the same time promoting economic development.

Learners who will benefit from this course include professionals, academics, graduate students, and advanced undergraduate students considering careers and/or further study in energy industry, government and policy, non-governmental organizations and nonprofits, private technology and investment firms, academia, and research and development.

What's inside

Learning objectives

The economic principles and characteristics of various, interrelated energy markets
Overview and current issues of natural gas and international oil markets
Externalities associated with oil and gasoline
Challenges and opportunities of electricity markets

Policy options and market mechanisms to drive more sustainable and equitable energy access
The predicted effects of various policy outcomes on markets, as well as on the environment and social systems
Economic and socio-political dimensions of international commitments to carbon reduction

The economic principles and characteristics of various, interrelated energy markets
Overview and current issues of natural gas and international oil markets
Externalities associated with oil and gasoline
Challenges and opportunities of electricity markets
Policy options and market mechanisms to drive more sustainable and equitable energy access
The predicted effects of various policy outcomes on markets, as well as on the environment and social systems
Economic and socio-political dimensions of international commitments to carbon reduction

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Develops insights into moving the global energy sector toward renewable and clean energy sources to mitigate climate change, while at the same time promoting economic development

Taught by Christopher Knittel, who is recognized for their work in energy economics

Examines the economic principles and characteristics of various, interrelated energy markets

Explores the challenges and opportunities of electricity markets

Emphasizes policy options and market mechanisms to drive more sustainable and equitable energy access

Requires background knowledge in economics

Reviews summary

Economic and policy insights for energy transition

According to students, this course offers a comprehensive and highly relevant exploration of energy economics and policy. Many find it provides a strong balance between economic theory and real-world policy applications, utilizing insightful case studies. The course is particularly praised for its coverage of natural gas, oil, electricity markets, and climate change mitigation policies, making it invaluable for professionals and advanced students in the energy and policy sectors. While broadly positive, some learners noted that the course assumes a basic understanding of economics and that certain materials could benefit from updates to reflect the very latest market shifts, though its core content remains timely.

Generally current, with minor suggestions for case study refreshes.

"I also found the course material somewhat outdated in terms of recent energy market shifts, especially for electricity. It needs an update..."

"The modules on electricity markets and renewable integration were very timely."

"My main suggestion would be to refresh some of the older case studies with more contemporary examples."

Offers a wide-ranging overview of various energy markets.

"The course covers a lot of ground in energy policy."

"It covered a lot of important topics from oil to nuclear."

"The coverage of different energy sources and their unique economic challenges was excellent."

Effectively blends economic principles with practical applications.

"I appreciated the case studies, which made complex economic principles tangible."

"I found the balance between economic theory and real-world policy applications to be just right."

"The course content was rigorously academic yet practical."

"The lectures were well-structured, and the assignments reinforced the learning effectively."

Provides up-to-date insights crucial for current energy policy debates.

"The content on carbon taxes and emissions trading was particularly insightful and highly relevant to current policy debates."

"The modules on electricity markets and renewable integration were very timely."

"This course provided a comprehensive understanding of the energy sector's challenges and opportunities. The focus on policy mechanisms to drive energy transition was exactly what I needed."

"As someone transitioning into energy finance, the insights into market dynamics and policy impacts were invaluable."

Best suited for learners with a foundational understanding of economics.

"Some topics assumed a basic understanding of economics."

"I struggled a bit with the economic models presented without a stronger math background. It felt geared more towards those with an existing economics foundation."

"Some explanations could have been more basic for non-economists. I think it's better for advanced students or economists."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Energy Economics and Policy with these activities:

Organize and Summarize Course Materials

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Reinforce understanding by regularly reviewing, synthesizing, and summarizing course materials.

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Review lecture notes, slides, and readings after each class.
Summarize key points and concepts in a notebook or digital document.
Organize materials by topic or week to facilitate easy recall.

Review 'Economics of Climate Change'

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Gain a comprehensive understanding of the economic aspects of climate change and its impact on energy markets.

View How Lives Change: Palanpur, India, and... on Amazon

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Read chapters 1-3, focusing on the economic drivers of climate change.
Analyze the economic impacts of climate change on different sectors, as described in chapters 4-6.
Summarize the policy options and recommendations presented in the book.

Analyze Energy Market Data

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Practice analyzing real-world energy market data to enhance understanding of market dynamics and trends.

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Gather historical and current energy market data from reliable sources.
Identify key metrics and trends in the data, such as prices, demand, and supply.
Use statistical techniques and tools to analyze and interpret the data.
Identify patterns, relationships, and insights from the analysis.

Four other activities

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Join a Study Group for Energy Economics

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Enhance understanding of course concepts and engage in discussions with peers to clarify and expand knowledge.

Browse courses on Energy Economics

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Find or create a study group with classmates who share similar interests.
Meet regularly to discuss course material, solve problems, and share perspectives.

Present on Energy Policy Options

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Deepen understanding of energy policies and their implications by researching and presenting on specific policy options.

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Choose a specific energy policy option, such as carbon pricing or renewable energy subsidies.
Research the policy's background, objectives, and potential impacts.
Prepare a presentation that clearly explains the policy, its implications, and your own analysis.
Present your findings to classmates and facilitate a discussion.

Contribute to Open-Source Energy Modeling Projects

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Gain practical experience and contribute to the development of tools and models used in energy research and analysis.

Browse courses on Energy Modeling

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Identify open-source energy modeling projects on platforms like GitHub.
Review the project documentation and codebase.
Contribute to the project by reporting issues, fixing bugs, or adding new features.

Develop an Energy Sustainability Plan for a Region

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Integrate knowledge and skills gained in the course by creating a comprehensive plan for sustainable energy development.

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Identify a specific region and define its energy needs and challenges.
Research and analyze renewable energy sources and technologies applicable to the region.
Develop a comprehensive plan that outlines energy efficiency measures, renewable energy targets, and strategies for implementation.
Present the plan to stakeholders and seek feedback.

Career center

Learners who complete Energy Economics and Policy will develop knowledge and skills that may be useful to these careers:

Energy Analyst

Energy Analysts study global, national, and regional energy consumption, supply, production, distribution, and markets in order to project future energy needs and to recommend appropriate energy policies. This course may be useful for Energy Analysts because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Energy Analyst

Energy Economist

Energy Economists apply economic principles to issues related to the production, distribution, and use of energy. They may work in government, industry, or academia. This course may be useful for Energy Economists because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Energy Economist

Energy Policy Analyst

Energy Policy Analysts advise government officials, policymakers, and other stakeholders on energy policy issues. This course may be useful for Energy Policy Analysts because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Energy Policy Analyst

Energy Consultant

Energy Consultants advise businesses, governments, and other organizations on energy-related issues. This course may be useful for Energy Consultants because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Energy Consultant

Environmental Policy Analyst

Environmental Policy Analysts advise government officials, policymakers, and other stakeholders on environmental policy issues, including energy policy. This course may be useful for Environmental Policy Analysts because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Environmental Policy Analyst

Environmental Economist

Environmental Economists apply economic principles to issues related to the environment, including energy policy. This course may be useful for Environmental Economists because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Environmental Economist

Sustainability Consultant

Sustainability Consultants advise businesses, governments, and other organizations on sustainability issues, including energy policy. This course may be useful for Sustainability Consultants because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Sustainability Consultant

Climate Policy Analyst

Climate Policy Analysts advise government officials, policymakers, and other stakeholders on climate policy issues, including energy policy. This course may be useful for Climate Policy Analysts because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Climate Policy Analyst

Utility Planner

Utility Planners develop and implement plans for the operation, maintenance, and expansion of utility systems, including energy systems. This course may be useful for Utility Planners because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Utility Planner

Energy Project Manager

Energy Project Managers plan and manage energy projects, including renewable energy projects. This course may be useful for Energy Project Managers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Energy Project Manager

Renewable Energy Developer

Renewable Energy Developers develop and implement renewable energy projects, such as solar and wind farms. This course may be useful for Renewable Energy Developers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Renewable Energy Developer

Electric Power Engineer

Electric Power Engineers design, build, and operate electric power systems. This course may be useful for Electric Power Engineers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Electric Power Engineer

Nuclear Engineer

Nuclear Engineers design, build, and operate nuclear power plants. This course may be useful for Nuclear Engineers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Nuclear Engineer

Petroleum Engineer

Petroleum Engineers design, build, and operate oil and gas wells. This course may be useful for Petroleum Engineers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Petroleum Engineer

Natural Gas Engineer

Natural Gas Engineers design, build, and operate natural gas pipelines and storage facilities. This course may be useful for Natural Gas Engineers because it will help build a foundation in the economic principles and characteristics of various energy markets, as well as the challenges and opportunities of electricity markets and the predicted effects of various policy outcomes on markets, as well as on the environment and social systems.

See salaries and explore the career path for Natural Gas Engineer