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Ecole nationale supérieure de l'Énergie, l'Eau et l'Environnement
Engineering school in energy, water and environment
Our engineering & master degrees
Our engineering & master degrees

> Studies > E3-STU-COURSES

Energy Markets and New Stakeholders - 5EUS5IME

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  • Number of hours

    • Lectures : 36.0
    • Tutorials : 10.0
    • Laboratory works : 14.0
    • Projects : -
    • Internship : -
    ECTS : 5.0
  • Officials : Oana IONESCU


The aim of this course unit is to discover the field of finance and identify the challenges of this sector and underlying mathematical tools like tools and methods used for different types of transactions related to energy markets for states and industrial users.

The aim of the Course Unit is then to translate the technical aspects of a project / energy transaction in quantifiable financial data to assess the economic feasibility and present strategies to preserve the economic value.
Meanwhile, the Course Unit aims to understand the concepts and techniques of asset pricing and portfolio management.


This Course Unit includes :

• Financial Markets Energy Course (O.IONESCU):
Presentation of scholarship and pool markets, the characteristics of these markets, stakeholders and strategies, analysis of price trends, use of hedging instruments

• Measurement of financial assets / Portfolio Management (B.BRANCHET):
notions of profitability and risk management of a risky portfolio, risk minimization and diversification of supply portfolios or customer model measuring financial assets

• Lecturer in Economic Sciences (O.IONESCU)
main methods for solving problems of decision making, to search for the optimum or best solutions, dynamic and stochastic aspects of decision support through a multi-criteria approach.


Course Unit of Energy Economics (SEM 2A)


Session normale/First session
Contrôle continu/ Continous assesment (CC) : exposés, rapports, participation orale/ expos, reports, oral participation
Contrôle terminal/ Final exam (CT) : épreuve écrite de 2h/ written examination 2h

Session de rattrapage/ 2nd Session
La note obtenue remplace la note de CT / Another written exam will replace the first one (CT)
Le CC n'est pas rattrapable / No retake for CC

CC 60% + CT 40%

The exam is given in english only FR


The course exists in the following branches:

see the course schedule for 2020-2021

Additional Information

Course ID : 5EUS5IME
Course language(s): FR

You can find this course among all other courses.


Roggenkamp M. M. et Boisseleau F., 2005, « The regulation of power exchanges in Europe”, volume 2, Intersentia
Borenstein S., 2001, « The trouble with electricity markets (and some solutions) », University of California Energy Institute, Janvier 2001
Geman H., 2002, « Towards a european market of electricity : spot and derivatives trading », Université Paris IX Dauphine et ESSEC, mai 2002
Shahidehour M. et Al, 2002, « Market Operations in Electric Power Systems », Wiley Interscience IEEE
Bunn D., 2004, « Modelling prices in competitive electricity markets », Wiley
Buschnell J. et Stoft S., 1996, « Transmission et generation investment in a competitive electric power industry », University of California Energy Institute, Janvier 1996
Hunt S, 2002, « Making competition work in electricity », Wiley Finance
Fusaro PC et Wilcox J., 2000, "Energy derivatives: Trading emerging markets", Global Change Associates, Inc. (New York: Energy publishing Enterprises)
Hull, J., "Options, futures et autres actifs dérivés", 5ième édition, Pearson education
Bellalah M., "Gestion de portefeuilles - Analyse quantitative de la rentabilité et des risques", Pearson education
Kholb R.W, Overdhal J.A, "Understanding Futures Markets", 6th Edition, Blackwell publishing BUSCHNELL
Min Liu and Felix F. Wu, « Managing Price Risk in a Multimarket Environment », IEEE Transactions on Power Systems, Vol. 21, n°. 4, November 2006

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Date of update February 8, 2017

Université Grenoble Alpes