Executive Course to master Electricity Markets

2 DAY Online Course

The Florence School of Regulation’s 2-day Executive Course to Master Electricity Markets discusses the micro-economics of wholesale power markets and their implications for energy policies.

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

Course director
Thomas-Olivier Léautier
Course co-director
Fabien Roques
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  • Dates
    09 Nov 2020 - 10 Nov 2020
  • Level
    Specialised
  • Type
    Online
  • Register by
    28 Sep 2020
Overview

The FSR Executive Course directed by Thomas-Olivier Léautier (TSE) and Fabien Roques (Compass Lexevcon) discusses the micro-economics of wholesale power markets and their implications for energy policies.

Come to the Florence School of Regulation and find answers to these burning questions:

  • What are the key market design developments proposed by the European Commission in the Clean Energy package?
  • In particular, 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?
  • How should we design efficient electricity markets to achieve multiple policy objectives?
  • What is the impact of renewables on electricity markets in the short-term and the long-term?
  • How can an efficient interface with the European carbon trading Scheme be achieved? What does the latest ETS reform for phase 4 entail?
Learning Objectives

The aim of the course is:

  • to understand the fundamental micro-economic principles underpinning electricity markets;
  • to discuss different wholesale electricity market models adopted by different countries and the lessons from 30 years of liberalisation on what works;
  • to review the key market design developments that have been recently approved in the Clean Energy Package and associated Energy Regulation;
  • to discuss the role of scarcity pricing and capacity mechanisms and efficient design rules for balancing and reserves;
  • to discuss the potential for market power and present measures to mitigate market power;
  • to explain the long-term investment incentives, the impact of price caps and other types of regulatory interventions on these incentives;
  • 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).
Content

The fundamental concepts of micro-economics of wholesale power markets

Long term supply and demand balance in power markets

  • The optimal cumulative capacity in a power market
  • 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

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

Environmental policies and hybrid models

  • Environmental policies and their impact on electricity markets
  • Design of market compatible renewables support mechanisms
  • EU ETS effect on power markets
Expected learning outcomes

After 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
  • 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 and representatives from National and European Regulatory Authorities, but also academics and researchers.

No specific academic background is required although the knowledge of engineering or economics is highly recommended. The training is given in English.

Fee
  • Donors of the FSR: 1,700 EUR
  • Other organizations or companies: 2,000 EUR
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

This 2-day Executive Course to master Electricity Markets discusses the micro-economics of wholesale power markets and their implications for energy policies. The course illustrates the efficiency properties of markets as well as their limitations. It covers the short-term dispatch, the long term supply and demand balance. Environmental policies and their impact on electricity markets will also be examined.

What Participants say about this course

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
Course in numbers
5
Editions
3
Instructors
116
Participants
15
Countries

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