Postgraduate Course: Economic and Policy Analysis for Offshore Renewables (IDCORE) (PGEE11088)
|School||School of Engineering
||College||College of Science and Engineering
|Credit level (Normal year taken)||SCQF Level 11 (Postgraduate)
||Availability||Not available to visiting students
|Summary||This course addresses aspects of economic analysis and policy that are crucial for the offshore renewable sector: energy policy; investment appraisal (NPV, IRR); levelised costs; portfolio theory; markets and energy markets; monopoly power, externalities and regulation; "green jobs": system-wide economic development and environmental impacts.
Indicative lecture list:
1. Introduction: World, European, UK and Scottish Energy Policy Contexts (4 Lectures, 4 hour workshop;
2. Markets and Energy Markets (2 Lectures, 2 hour workshop;
3. Monopoly, externalities and the case for government intervention and regulation in energy markets (2 Lectures, 2 hour workshop);
4. Project appraisal and levelised costs in the context of offshore renewables (3 Lectures, 3 hour workshop);
5. Portfolio theory applied to electricity generation in the UK (2 lectures, 2 hour workshop);
6. Cost benefit analysis (2 lectures, 2 hour workshop);
7. Green jobs: system wide economic impacts using input/output (and other fix-price) approach applied to offshore renewables (2 lectures, 2 hour workshop);
8. Green jobs: computable general equilibrium modelling analyses of renewables' impact on economic development (2 lectures, 2 hour workshop);
9. Tracking carbon emissions using system-wide methods: consumption (footprint) and production-oriented (Kyoto) measures of emissions (2 lectures, 2 hour workshop);
10. Energy policy in action: selected cases from around the world, including Scotland (1 lecture, 1 hour workshop).
Entry Requirements (not applicable to Visiting Students)
||Other requirements|| None
|Additional Costs|| None
Course Delivery Information
|Academic year 2018/19, Not available to visiting students (SS1)
|Learning and Teaching activities (Further Info)
Programme Level Learning and Teaching Hours 2,
Directed Learning and Independent Learning Hours
|Assessment (Further Info)
Please contact the School directly for a breakdown of Assessment Methods
|No Exam Information
On completion of this course, the student will be able to:
- 1. Understanding of the goals, levers, constraints, analysis and decision processes relevant to energy policy and how these impact on offshore renewables, in particular.
2. Appreciation of the principles of investment appraisal and ability to apply methods to examples of offshore renewable projects.
3. Ability to compute the levelised costs of alternative technologies, and to interpret the results and their sensitivity to disturbances (including changes in policy).
4. Ability to apply and interpret portfolio analysis in the context of Scottish/ UK electricity generating technologies.
5. Understand the principles of cost benefit analysis and be able apply them to offshore renewable initiatives.
6. Ability to provide a critical appraisal of the main methods available to calculate the level of "green jobs" in any economy, and to be able to explore this using input-output and computable general equilibrium modelling frameworks.
7. Appreciation of the impact of renewables on consumption- and production-oriented indicators of greenhouse gas emissions.
Hanley, N. and Barbier, E. B. (eds) (2009) Cost-Benefit Analysis and Environmental Policy. (Edward Elgar).
G. Allan, M. Gilmartin, P. McGregor & K. Swales (2011) 'Levelised costs of wave and tidal energy in the UK: cost competitiveness and the importance of "banded" Renewables. Obligation Certificates'. Energy Policy 39, 23-39.
G. Allan, I. Eromenko, P. McGregor and K. Swales (2011) 'The regional electricity generation mix in Scotland: a portfolio selection approach incorporating marine renewables'. Energy Policy 39, 6-22.
Fraser of Allander Institute Economic Commentary (2011).
Special Issue No. 1 'Energy and Pollution', January.
Input-Output Analysis: Foundations and Extensions (2009).
Miller, R.E, and Blair, P. D. Cambridge University Press.
Varian, H. (2006) Intermediate Microeconomics: A Modern Approach, 7th edition. London: W W Norton & Company. Chapters 24, 25, and 34.
Pollitt, M. (2008) 'The Future of Electricity (and Gas) Regulation', Electricity Policy Research Group Working Papers, n. EPRG0811. Available at
|Graduate Attributes and Skills
|Keywords||Offshore Renewable Energy,Professional Doctorate
|Course organiser||Prof David Ingram
Tel: (0131 6)51 9022
|Course secretary||Dr Katrina Tait
Tel: (0131 6)51 9023