Energy Markets and Regulation: Economics, Environment and Geopolitics
Energy is at the centre of the modern world in multiple ways: it supports our way of living and our businesses; it impacts heavily on the environment we will transmit to future generations; it fuels conflicts and is employed as a weapon in geopolitical rivalry. Markets and regulation have been introduced over the years to organise the energy industry and ensure delivery of cost-competitive, environmentally sustainable and secure energy. However, the rapid evolution of the world we live in constantly challenge existing arrangements and call for new solutions.
Originally designed for participants in the EUI Global Executive Master, this eight-week course is now open to all professionals seeking to benefit from a general introduction to energy markets and regulation or deepen their understanding of the most recent and topical trends.
Four features distinguish this course from others in the FSR portfolio:
- Cross-sectoral scope: It covers the main regulatory challenges governing both gas and electricity systems, and includes a part dedicated to international markets for energy commodities, such as crude oil and LNG.
- Not just regulation: It explicitly addresses the geopolitical dimension of energy and discusses the tools that countries can deploy.
- Designed in Europe with global relevance: It takes European energy markets as a starting point but considers the global perspective based on case studies from all over the world.
- Accessible to all backgrounds: It is designed to create a meaningful learning experience for professionals inside and outside the energy sector.
In order to ensure a highly interactive learning experience, a limited number of participants will be accepted for this course. Registrants will be admitted on a first-come-first-served basis upon receipt of the payment of the registration fee.
Register by 6 December 2026 for 10% discount!
In recent years, energy markets have been at the centre of the public debate. Climate change, international competition in the production of goods and services, the rapid development of artificial intelligence, and a series of geopolitical conflicts affecting energy supply across borders pose important challenges for energy systems. These challenges raise critical questions for policymakers around the world on how to organise the energy industry and regulate energy markets.
As part of the EUI Global Executive Master, the Florence School of Regulation has developed a course on Energy Markets and Regulation, which explores the functioning of electricity, gas, and international energy commodity markets, such as oil and liquefied natural gas, with a special focus on the crucial role of regulation.
The course aims to introduce the main concepts behind energy markets and regulation, together with a briefing on the most pressing topics at the centre of the public debate, both in Europe and around the world. Among other topics, the course highlights emerging issues in energy markets such as the decarbonisation of the gas sector, the electrification of final energy uses, the integration of decentralized flexibility, as well as the impact of recent technological advances in AI and geopolitical developments. Moreover, the module addresses the fundamental principles of high-quality regulation, including the use of tools and practices like cost-benefit analysis, regulatory impact assessments, and public consultations.
Introductory session
11 February 2027
In this session, we will review the course structure, schedule and expectations, introduce key learning objectives, and get to know each other. We will discuss how classes will run, assessment methods, and available resources. Participants will also have the chance to share their backgrounds and interests in energy markets to help tailor examples and subsequent discussions.
- Welcome class with Nicolò Rossetto (FSR) and Burçin Ünel (FSR): 11 February 2026, 12:00-13:00
Week 1: Fundamentals of energy regulation
This week will explain why and how the energy sector is regulated, focusing on the practice and tools necessary to ensure effective and future-proof regulation. We will also overview the fundamental principles of high-quality regulation, covering key aspects of regulatory processes, such as the implementation of cost-benefit analysis, the delivery of regulatory impact assessments, and the performance of public consultations.
- Live class Week 1 with Burçin Ünel (FSR): 23 February 2027, 12:00-13:30
- Office hour Week 1: 25 February 2027, 12:00-13:00
Keywords: market failures; economic regulation; unbundling; regulatory process; cost-benefit analysis; regulatory impact assessment.
Week 2 Gas Market Regulation
This week, we will explore the natural gas supply chain and the markets that have emerged over time to trade gas and supply it to final customers. We will then look at how regulation of gas markets and networks supports policy objectives such as efficiency, security of supply and decarbonisation. We will investigate and compare some of the options available to introduce open markets in the gas supply, reduce the carbon footprint of the sector, and deal with the possible impact of the gas phase-out in terms of stranded assets.
- Live class Week 2 with Nicolò Rossetto (FSR): 2 March 2027, 12:00-13:30
- Office hour Week 2: 4 March 2027, 12:00-13:00
Keywords: gas supply chain; gas markets; gas networks; gas storage; biogas and biomethane; hydrogen; CCUS; natural gas phase-out.
Week 3: Electricity Market Regulation
This week, we will introduce electricity markets, analysing the structural challenges posed by the transition to a more decentralised and decarbonised electricity system. We will explain how regulation may address issues such as volatile market prices, congested electricity grids, and resource adequacy. We will then discuss how artificial intelligence is affecting the electric grid, as well as the processes and instruments of regulation that can be applied to deal with that impact. Finally, we will discuss the role of electricity as a geopolitical lever.
- Live class Week 3 with Burçin Ünel (FSR): 9 March 2027, 12:00-13:30
- Office hour Week 3: 11 March 2027, 12:00-13:00
Keywords: electricity markets; electricity networks; volatile electricity prices; grid congestion; resource adequacy; capacity markets; AI impact on electricity systems.
Week 4: International energy markets
This week, we will introduce international markets for energy commodities, such as crude oil, oil products and liquefied natural gas, highlighting how they guide energy flows between countries with different energy endowments, needs and infrastructure. We will look at what the key actors on those markets are and how prices are formed. We will then examine how the functioning of these markets interacts with national policies. In this regard, we will investigate the implications for energy security and what measures governments of both energy-importing and energy-exporting countries can implement to improve it.
- Live class Week 4 with Nicolò Rossetto (FSR): 16 March 2027, 12:00-13:30
- Office hour Week 4: 18 March 2027, 12:00-13:00
Keywords: international oil and gas markets; international markets for low-carbon molecules; pricing mechanisms; oil and gas companies; service companies; OPEC, IEA.
Week 5: Critical issues in energy regulation: energy affordability, security of supply, geopolitics
This week will highlight important and timely debates in energy markets, including energy affordability, security of supply, and geopolitics of energy. We will assess the impact of higher energy prices on the affordability of energy, the competitiveness of industries and the possibility of electrifying final uses. We will discuss the role of energy markets and regulation as a tool for geopolitical resilience, especially at times of international tensions and uncertainty. Recent events will offer the opportunity to relate general notions and concepts to concrete situations.
- Live class Week 5 with Burçin Ünel (FSR) and Nicolò Rossetto (FSR): 23 March 2027, 12:00-13:30
- Office hour Week 5: 24 March 2027, 12:00-13:00
Keywords: energy access and poverty; energy affordability; electrification; energy security; geopolitical disruptions to energy systems; strategic reserves; diversification of routes, suppliers and sources; energy subsidies and taxation.
Weeks 6 & 7: Buffer week to work on the final assignment
Week 8: Final assignment: AI and energy
Exploring how to deal with the impact of AI on the energy sector.
- Live expert panel with Nicolò Rossetto (FSR) and Burçin Ünel (FSR): 7 April 2027, 12:00-13:00
By the end of this course, participants will be able to:
- Recall the main reasons for the regulation of energy markets and understand the most important challenges associated with their efficient functioning, including the specific role and characteristics of energy networks;
- Illustrate the uneven distribution of primary energy resources across different parts of the world and relate it to international trade in energy commodities and geopolitics;
- Present the main policy and regulatory tools that are applied across the globe to inform sound and transparent decision-making, and promote efficiency, environmental sustainability and security of supply in energy;
- Describe the arrangements that have emerged over time for the pricing of electricity, natural gas and other energy commodities such as oil and liquefied natural gas;
- Compare the alternative market design and industry organisation choices that have been adopted in different parts of the world and explain their main implications;
- Critically assess the consequences of the recent turmoil in geopolitics on the security and affordability of energy supply for the various countries around the world, and evaluate the possible countermeasures that can be put in place;
- Discuss, on the one hand, the impact of digitalisation and the AI race on the operation and development of electricity systems and, on the other hand, how public measures and regulation could be tweaked to support a country’s competitive positioning and strategic autonomy in the AI domain.
During the course, participants will get a hands-on learning experience with:
- Live classes with case studies delivered by FSR faculty and international experts from different jurisdictions across the world;
- A curated selection of reading materials to have a grasp of the main concepts on the topic and some of the most recent trends;
- Video lectures to unpack complex regulatory and technical topics;
- Office hours to ask your questions to energy experts;
- Interaction with peers and the course instructors in lively forum discussions;
- The opportunity to apply and test your knowledge by completing a final project.
The course is given in English and developed for a broad target group of adult learners seeking an overview of energy markets and regulation. Beginners in those topics will benefit from a comprehensive introduction, while participants with some existing expertise will be able to fill gaps in their knowledge and get up to date on some of the most topical issues. Participation in the live classes will be particularly fruitful for more experienced participants.
The potential audience of the course includes:
- Officers of government agencies and regulatory bodies,
- Employees of energy companies and utilities,
- Academics and researchers,
- Representatives and policy analysts of business associations and non-governmental organisations,
- New stakeholders exploring opportunities in the energy field,
- Consultants and other professionals in the energy sector.
At the end of the course, participants will earn a Certificate of Attendance based on their participation and engagement throughout the course.
Each year, the Florence School of Regulation – Energy and Climate (FSR Energy & Climate) awards scholarships for a wide variety of training courses targeting a broad audience of professionals and academics.
Applications will be assessed by a Selection Committee of FSR members on a yearly basis. The successful candidates will be informed after February 2026 and will be provided with all relevant information on how to enroll in the online course or residential training of their choice.
Send your application by 25 January 2026.
- General fee: 2000 EUR
- Associate donors fee (10%): 1800 EUR
- Major donors fee (20%): 1600 EUR
- Star donors fee (25%): 1500 EUR
Cancellation policy
Paid registration fee is non-refundable. However, registrant substitution may be made up to 20 days before the start date of the course.
For more information, please read the full FSR cancellation policy.
**Please kindly send your certificate of current studies with the stamp of your university to FSR secretariat (fsr.secretariat@eui.eu).
The start and end dates of your studies should also be clearly mentioned on the document. Please make sure that your period of studies fully covers the training course duration.
