The first JM is implemented within the existing course “Energy Markets” offered in the Master of Science in Risk Management Program, enriching the current course program with topics and case studies related to the European experience in the field of Energy. Best practices related to the implementation of renewable energy resources, and development of the EU carbon market will also be included. In a context of multiple crises, the European Union’s climate and energy policies have become highly politicized and contested. This is particularly true for the promotion of renewable energy sources (RES). The course will focus on the Europeanization of renewable energy policies and the process of negotiations, adoption, and implementation of RES policies at the European level. These include the 2001 Directive on Electricity Production from RES, the 2009 Renewable Energy Directive (RED), and the 2018 RED II. In addition, the path of Albania towards joining the EU will be addressed in terms of developing its energy agenda.
The module Content:
- Energy Markets: Introduction to the European Energy Markets; EU Energy Law and Policy for Sustainability and Climate Change Mitigation
The aim of this lecture is to give a presentation on Energy markets; since it can take both the form of a good and of a service. How are they organized geographically by source and consumption? An overview of EU demand and supply for energy. Major trading partners and markets. How do they interact with each other? EU Energy Policy and Regulatory framework explanation
- The Albanian Energy strategies and markets
Albanian Energy Policy in the light of EU energy policy. What are its priorities; supply and demand analysis; the perspective of a Balkan energy pool?
- Oil and Gas Markets
An overview on the behaviour of oil and Gas markets. Presentation of Brent Crude Oil markets, and major factor that affect price risk.
- Electricity, Renewable Energy Markets in EU- and an Albanian Review
The importance of electricity; how is it supplied by energy sources? The Renewables prospect. Nordpool; an overview of Albanian Electricity Markets and potential for Reneables Development
- Risk management in energy markets- A review on EU experiences and practices.
What are the major risk sources when it comes to energy? How are they measured and managed? VAR and Simulation methods. A collection of Financial Practices in EU financial institutions and markets.
- Energy Derivatives (Derivatives, hedging, pricing models)
An overview of Financial isntruments to manage energy price risk. A thorough explanation of financial instruments, strategies, and pricing models.
- Climate change mitigation and energy production – the EU agenda
What is the European approach to mitigate CC through energy policy? Major agreements, policy documents, and initiatives.
- Emissions Markets in EU
Emission markets; carbon pricing, the leakage problem.
- Energy poverty policy and Energy Efficiency in EU and Albania
How can energy initiatives help with poverty alleviation? A collection of European practices; how can they be successfully adopted in Albania?
- Economics Challenges in the Integration of Renewable Resources in EU and Albania
Difficulties with renewables technologies; energy harvesiting efficiency and conservation, political risk- cases from EU and Albania.