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DRPS : Course Catalogue : School of Engineering : Postgrad (School of Engineering)

Postgraduate Course: Economic and Policy Analysis for Offshore Renewables (IDCORE) (PGEE11088)

Course Outline
SchoolSchool of Engineering CollegeCollege of Science and Engineering
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) AvailabilityNot available to visiting students
SCQF Credits10 ECTS Credits5
SummaryThis 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.
Course description 1. Introduction: World, European, UK and Scottish Energy Policy Contexts (2 hours lecture, 1 hour tutorial);
2. International perspectives on marine energy innovation (2 hour lecture);
3. Markets and Energy Markets (2 hours lectures, 1 hour tutorials);
4. Monopoly, externalities and the case for government intervention and regulation in energy markets (2 hours lectures, 1 hour tutorials);
5. Project financial appraisal, including levelised costs in the context of offshore renewables (2 hours lectures, 1 hour tutorials);
6. Portfolio theory applied to electricity generation in the UK (2 lectures, 1 hour tutorial);
7. Cost-benefit analysis (2 lectures, 1 hour tutorial);
8. System-wide economic impacts ┐ modelling of offshore renewables (2 lectures, 1 hour tutorial);
9. System-wide impacts - economic analyses of renewables' impact on economic development (2 lectures, 1 hour tutorial)
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Co-requisites
Prohibited Combinations Other requirements None
Additional Costs None
Course Delivery Information
Academic year 2020/21, Not available to visiting students (SS1) Quota:  None
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 100 ( Lecture Hours 18, Seminar/Tutorial Hours 8, Feedback/Feedforward Hours 8, Other Study Hours 64, Programme Level Learning and Teaching Hours 2, Directed Learning and Independent Learning Hours 0 )
Additional Information (Learning and Teaching) Self study
Assessment (Further Info) Written Exam 0 %, Coursework 100 %, Practical Exam 0 %
Additional Information (Assessment) 100% Coursework
Feedback Students will complete class feedback at the end of the class, in line with University practice. Lecturers will encourage discussion in the class, which will provide opportunities for two-way feedback throughout module. In addition, feedback on submitted material will be provided during class to students, enabling ┐checking┐ of students understanding.
No Exam Information
Learning Outcomes
On completion of this course, the student will be able to:
  1. Understand of the goals, levers, constraints, analysis and decision processes relevant to energy policy and how these impact on offshore renewables. 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.
  2. Understand how macro- and micro- economic assessments are undertaken, how economic metrics(LCOE, NPR, IRR, etc) are calculated
  3. Understand the principles of cost benefit analysis and to apply them to offshore renewable initiatives
  4. Demonstrate a critical awareness of the role of public and private actors in driving innovation in marine energy
Reading List
Bhattacharyya, S.C. (2011) Energy Economics: Concepts, Issues, Markets and Governance, Springer.
Additional Information
Graduate Attributes and Skills Not entered
Special Arrangements none
Course organiserProf David Ingram
Tel: (0131 6)51 9022
Course secretaryDr Katrina Tait
Tel: (0131 6)51 9023
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