Executive Course to master Electricity Markets

2 DAY Residential Course

Learn how to master electricity markets and key issues around their reform.

The energy crisis that was triggered by the Russian war in Ukraine has led European power markets to unprecedented levels of prices and stress. It has also led to wide ranging policy interventions and calls for reforms of the wholesale electricity market design.

The course gathers a group of senior practitioners to discuss and share experiences about both the economic and political forces that drive the debate on the evolution of power and carbon markets to enable and support the decarbonisation of the power sector.

The course builds on key economic principles and an interactive approach to discuss current policy debates on the reform of electricity markets, the implementation of RePower EU and Clean Energy Package, the introduction of capacity mechanisms, scarcity pricing, the reforms of bidding zones, as well as the reform of renewable support mechanisms and the European Emission Trading Scheme.

Course director
Thomas-Olivier Léautier
Course director
Fabien Roques
  • Dates
    14 Oct 2024 - 15 Oct 2024
  • Level
  • Type
  • Register by
    01 Jul 2024

The FSR Executive Course directed by Thomas-Olivier Léautier (TSE and TotalEnergies) and Fabien Roques (FSR, University Paris Dauphine and Compass Lexecon) discusses the micro-economics of wholesale power and carbon markets and their implications for the restructuring of European electricity markets.

Take part in this course by the Florence School of Regulation and find answers to these burning questions:

Impact of the current crisis

  • How can the recent price surge be explained and what are the possible approaches to mitigate the impact on vulnerable consumers in the short-term?
  • What are the structural drivers of energy markets, now that they have entered a new area of instability and volatility?
  • What will be the longer-term legacy of the current crisis on EU electricity markets?
  • How will the current architecture evolve to balance electricity affordability, security of supply, and decarbonation?


  • What are the best practices to introduce scarcity pricing via reforms of balancing and reserve mechanisms?
  • How should we manage congestion on the transmission network?
  • What is the role and potential design of local flexibility platforms / markets?
  • How should we design efficient electricity markets to achieve multiple policy objectives?
  • How can the theory shed lights on the positions of different stakeholders on the key market design issues?
  • What is the impact of renewables on electricity markets in the short-term and the long-term?
  • What are the market and regulatory barriers to sector coupling?
  • How to define a more efficient interface between market and system operations? How will the role of TSOs and DSOs evolve?
  • How can an efficient interface with the European carbon trading Scheme be achieved? What does the forthcoming ETS reform entail?
Learning Objectives

The aim of the course is:

  • to understand the fundamental micro-economic principles underpinning the fundamental model of electricity markets;
  • to discuss lessons from practice and experience of senior executives about the positions of different stakeholders on the key market design issues;
  • to discuss different wholesale electricity market models adopted by different countries and the lessons from 30 years of liberalisation on what works;
  • to discuss how the ongoing energy crisis in Europe has revived the debate on the issues with the current market design based on the marginal cost approach.
  • To analyses the issues that caused the current crisis and the policy responses and the different proposals for alternative market models that have been put forward by scholars and experts.
  • to discuss the role of scarcity pricing and capacity mechanisms and efficient design rules for balancing and reserves;
  • to review the challenges associated with the evolution of the role of TSOs and DSOs;
  • to discuss the potential for market power and present measures to mitigate market power;
  • to explain the long-term investment incentives, the impact of regulatory interventions on these incentives, and the key elements of a sustainable market framework to support investment for the energy transition;
  • to describe the objectives of governments’ environmental and decarbonisation policies and their impact on the power industry and on energy companies;
  • to discuss the tension between the theory underpinning energy markets and the concrete implementation issues in practice that regulators face (i.e. the “political economy” of power sector liberalisation);
  • to assess the good and bad practices concerning the policy responses to the increase of energy prices.
Structure of the course
This residential course will be divided in 2 parts:
Module 1: Theory of power markets and carbon pricing
Readings and video lectures to be completed before the residential course
Module 2 (15-15 October 2024): Practice – Power markets and carbon trading in practice (Residential)
Residential lectures in Florence on the reform of the European electricity market architecture.
Course Program:
14 October 2024
  • 3.00 – 4.00 pm CEST | Welcome coffee
  • 4.00 – 5.00 pm CEST | Welcome remarks and introduction to residential course
  • 5.00 – 6.00 pm CEST | Adam Smith’s invisible hand: the spot market game and debrief
  • 6.00 – 6.30 pm CEST | Debrief of the game: the microeconomics of electricity markets and market integration
  • 7.00 pm CEST | Group dinner
15 October 2024
  • 9.00 – 10.30 am CEST | Analysis of the policy responses to the crisis – Introductory lecture on root causes of the energy crisis
  • 10.30 – 11.00 am CEST | Coffee Break
  • 11.00 am – 12.00 pm CEST | Breakout session into groups of 4/5 students focusing on policy interventions case studies
  • 12.00 – 12.30 pm CEST | Collective debrief on lessons from policy interventions and wrap up
  • 12.30 – 2.00 pm CEST | Lunch
  • 2.00 – 3.30 pm CEST | Key principles for a reform of the market design
  • 3.30 – 4.00 pm CEST | Course wrap up and closing remarks

Theory: The fundamental concepts of micro-economics of wholesale electricity markets

Long term supply and demand balance in electricity markets

  • The optimal cumulative capacity
  • The optimal generation mix

Designing wholesale physical electricity markets

  • Characteristics and structures of electricity markets
  • Scarcity pricing: the role and design of balancing mechanisms and reserves
  • Managing congestion: Nodal pricing of power and other approaches such as local platforms for flexibility

Market design and system operation

  • The role of system operators and the EU (TSO) and US (ISO) models
  • The new challenges for system operation with high shares of RES
  • The evolving role of TSOs and DSOs

Market power, price caps, and missing money

  • Market power and market power mitigation
  • Market power detection tools
  • Market power mitigation remedies

Markets, policies, and hybrid models

  • Market power mitigation remedies
  • The role and design of capacity mechanisms
  • Possible approaches for cross border participation in capacity mechanisms

Support mechanisms for clean technologies

  • The economic rationale (positive externalities, economies of scale, etc.)
  • The evolution of the design of support mechanisms as technologies mature
  • State aid regulation and the impact of support schemes on markets

Emissions trading and the ETS

  • The theory of externalities and the foundations of carbon pricing
  • Lessons from 15 years of the EU ETS
  • Carbon leakage and mitigation policies in Europe
  • Potential reforms of the ETS and extension to other sectors (transport, buildings, etc.)
  • EU ETS effect on power markets
Expected learning outcomes

After the training participant will be able to:

  • Critically assess the efficiency of different market designs in light of fundamental economic principles
  • Indicate factors of markets’ limitations and take the right action to minimize market imperfections
  • Use the optimal capacity and optimal mix criteria for achieving competitive markets
  • Name controlling mechanisms designed and implemented by regulators
  • Prevent and solve the missing money problem and understand the design of capacity remuneration mechanisms
  • Discuss lessons from practice and experience of senior executives about the positions of different stakeholders on the key market design issues
  • Consider tools to reduce carbon emissions and their economic impacts on the power industry
  • Regard the impact hybrid models have for electricity producers and retailers
Target group and knowledge level

Registration is open to all professional from the energy sector. The training is designed for experienced managers and targets professionals from energy companies, both utilities, TSOs and DSOs, NGOs, and representatives from National and European Regulatory Authorities, but also academics and researchers.

Please note that the training course is given in English and basic knowledge of engineering or economics is highly recommended.

Please do note that this is an Executive Course and only participants that meet the specific target requirements will be admitted. Participants are required to enclose to their registration form a short CV (max. 2 pages). Participants will receive a response regarding their admission two weeks after the registration deadline.


At the end of the course, participants will receive a Certificate of Participation.
Please note that both parts of the courses (online and residential) are mandatory to successfully complete it.

FSR Annual Scholarships

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 2024 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 28 January 2024.

Find more information here

Fees & Cancellation Policy


  • General fee: 2,900€
  • Associate Donors: 2,610 €
  • Major Donors: 2,320 €
  • Star Donors: 2,175 €

Contacts: fsr.conferences@eui.eu

The course fee includes:

  • Access to the course material and the course platform
  • Recorded lectures
  • Interactive sessions
  • Residential classes held in Florence
  • Shuttle bus from the city centre to the EUI premises for the day of the residential classes
  • Group work activity
  • Networking dinner and lunch
  • 2 online expert webinars

The course will have an online part and a residential part in Florence. It will include recorded lectures, interactive live sessions, and group work activity. Both parts of the courses are mandatory to successfully complete it. Please note that the course fee will only cover one dinner and one lunch, but not travel and accommodation costs. During the residential course, a shuttle bus will depart from Piazza Santa Maria Novella to reach the EUI premises.

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.

The Learning Approach
Interactive learning sessions
Lectures focusing on the theoretical concepts complemented by practical aspects.
Resolving case studies
Opportunities to enhance the learning experience and to foster collaboration among participants.
Open Discussion
Open discussions between the course directors and participants as well as many opportunities for networking
Online Platform
Supportive material available online, before the course start.
Course Faculty

Where participants come from

Any doubt?
Contact your course facilitator

Contact Marina
Executive Course to master Electricity Markets

Learn how to master electricity markets and key issues around their reform. This course gathers a group of senior practitioners to discuss and share experiences about both the economic and political forces that drive the debate on the evolution of power and carbon markets to enable and support the decarbonisation of the power sector.

What Participants say about this course

his course is extremely helpful for anyone involved in electricity and carbon markets in Europe, especially at this point, when the markets are undergoing huge changes. Thomas-Olivier Léautier and Fabien Roques deliver very rich material in a concise form enriched by interactive exercises. While many courses moved completely online, it was great to attend in-person sessions at FSR. Market simulation games, case studies and contributions from other attendees greatly enhance the experience.

Participant of 2023 blended edition

Thomas and Fabien are extremely knowledgeable and very helpful when we had questions. They cover the fundamental economic principles well, and explained everything very clearly. The course was very well run by Marina, Elena, and the rest of the FSR team!

Participant of 2023 blended edition

This course comprises of lot of learning. New concepts were discovered during the discussions. Overall wonderful 5 star course.

Participant of 2022 online edition

I just completed the Executive course 2021 edition and I have to say that it was a great experience. The lectures were well-structured and the live classes combined with the supplementary readings produced a lot of animated discussions about how theory is implemented in practice. I particularly liked the use case assignment because it allowed diving deeper into the topics explored in the lectures and collaborating with a quite diverse group of people.

Katerina Drivakou - Researcher at UBITECH ENERGY

When I joined this course, I had no idea about Electricity Market. Now I not only know a bit of Electricity Market, I have learned about European Green Deal and much more about various European Countries. The video were short and to the point. Both Thomas and Fabien motivated us to pushed us to excel. The quizzes were brilliant and finally all the course participants were exceptionally great professional.

Participant of 2021 online edition

Great overview of how electricity markets function in theory and in the real world, and the political drivers for why those are rarely the same. Would recommend for anyone looking to understand the future drivers of power markets and the tough decisions that need to be made by the world's leading economies.

Participant of 2021 online edition

I highly recommend this course to anyone who wants to understand the electricity market both theoretically and practically. Working through the course material online is so flexible and I found it easy to fit my own time.

Participant of 2021 online edition

Just finished Florence School of Regulation - FSR Energy Executive Course to Master Electricity Markets: Two days of intense and very inspiring discussions on the microeconomics and the political economy of power market design and regulation, including new insights on how digitization and fast-growing renewables will shape the power market of the future!

Kora Töpfer - Public & Regulatory Affairs Officer at EPEX SPOT

A very interesting group that shared their opinions and visions about electricity markets and the challenges for decarbonisation and renewables integration under the Clean Energy Package .

Ricardo Francisco Pacheco - Senior Adviser of Markets and Consumers Division at ERSE

Just finalized the two-day Executive Course to Master Electricity Markets in Florence School of Regulation - FSR Energy. Great discussions on the implications of regulation, incl. the CEP, on having efficient European electricity markets to support the Energy Transition. Also took home some interesting reading to go even more into depth.

Louise Nørring - Business Analyst at Energinet

An interesting course about the key market design developments and challenges in electricity market integration. While priorities of the more matured markets may differ from those in the less matured electricity markets, fundamental principles underpinning electricity markets remain more or less the same.

Shahid Hasan - Policy & Regulatory Specialist and Fellow at KAPSARC

Very useful and great networking. I have started reading the book already and it is great as well!

Participant of 2019 Edition

I like the diversity of people in the group there were very interesting people.”

Participant of 2019 Edition
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