Energy Markets
Context and Overview
This micro-credential will provide an introduction to the demand and supply balance, a description of the power market, day-ahead price, system marginal price, unit commitment problem, calculation of the variable cost of generation, the concept of merit order, a description of the natural gas market, pricing formulas, gas hubs, take-or-pay clauses, a description of the carbon market, marginal abatement cost curve concept, and the impact of carbon market on power generation.
Learning objectives
On the completion of the micro-credential, participants will be able to:
Identify the interconnections among power, natural gas, and carbon markets Understand the main drivers influencing energy markets, estimate the system marginal price on a power market, and develop quantitative analyses for describing market trends.
Background
Knowledge of the main units of measures used in the energy field and basic understanding of the main definitions of macro-economic aggregations (e.g., GDP, value added, etc.).