# Courses Summer Term 2022

**Lectures**

In continuation of the lecture "Energy Markets I", students gain an overview on the more fundamental concepts of energy markets (eg. renewable energy promotion schemes, energy trading in wholesale markets). Thereto, the course covers the topics of finishing renewables, introducing energy trading with case of sturdy fracking industry and energy grids/networks. Transmission grid management and expansion are considered as the significant topic of energy grids.

**Stochastic Optimization **(Stochastische Optimierung)

The course gives an introduction to the topic of stochastic optimization. Students will learn about the underlying concepts and the theory of stochastic optimization as well as algorithmic solution techniques. The theory will be complemented by numerous illustrative classical stochastic optimization examples such as the newsvendor problem and examples from the field of energy markets. The lectures are complemented by a lab, which gives students the possibility to deepen their understanding of the theory and try out algorithms and techniques presented in the lecture. The topics that will be covered are:

- Introduction & Basic Modelling
- Two-stage Linear Stochastic Optimization Models and their deterministic equivalents
- The L-Shaped Method for Two-Stage Stochastic Optimization
- Monte-Carlo Methods
- Multi-Stage Stochastic Optimization

The lectures review the advances in international trade theory, models to understand and analyze international trade policies and its implications. Special attention will be given to the behavior and impact of trade on multinational firms international, international trade wars, link between trade and endogenous growth. The course develops analytical instruments required to understand and analyze empirical evidence and real-world problems.

The lectures review fundamentals concepts (discussed in Network Economics I) and discuss various network-formation games, models describing strategic interactions in networks with externalities, models on international networks and markets. Special attention will be given to correspondence of real-world networks to theoretical frameworks for analysis of efficiency, optimality, and evolution.

In the course of this module, students gain deep insights into the value chain of energy trading. Thereto, the module covers the following topics: development of european and global energy markets; energy markets as fundament for risk management; risk management of company portfolios from the perspective of energy producers, consumers and traders; grid-bound energy sources electricity and gas supplemented by references on coal, crude oil and emission certificates.

**Challenges in Energy Markets (formerly I and II)**

After completion, students are able to analyze the fundamental changes taking place in the worldwide energy markets, the specific challenges, and the competitive environment. Further, they are able to outline how large-scale power plant projects are planned and successfully executed. They can also compare various financing models for the different types of power plants. Furthermore, they can analyze the importance of supply chain management for manufactures of various power technologies. Moreover, they can differentiate between various methods for implementing innovations. Finally, they are able to apply theoretical concepts to energy markets and manufacturers of energy technologies.

Please note that this is a new lecture, merging and replacing former lectures Challenges in Energy Markets I and Challenges in Energy Market II.

**Seminars**

**Advanced Seminar: Electricity Market Economics**

The aim of this seminar is to deepen knowledge of electricity markets and to enhance the ability to conduct sound and independent economic research in the area of power markets. To fulfil these goals, students have to implement a well-structured research agenda and prove their ability to present their findings both in written form and during the final presentation.

**Research Seminar: Studying the Transition to Clean and Sustainable Future**

The main goal of this course is to teach research skills. The seminars will review and discuss what it takes to implement the transition, focusing on the domestic and international energy systems and supply chains. The conceptual discussions will be used to formulate practical interrelated research questions and to develop analytical model frameworks for decision making under uncertainty, externalities, analysis of domestic and international competitiveness.

# Courses Winter Term 2021/2022

**Lectures**

In the course of this module, students gain an economic overview on the supply chain of energy companies and energy markets. Thereto, the module covers the following topics: supply chain of energy companies (from energy generation over transportation and trading to distribution); supply, demand and price determination on electricity markets; end products electricity and heat; climate change; energy transition to renewable energies; investment analysis of energy projects; real options; comparative statics on energy markets.

This course discusses both theoretically and empirically the industrial economics and regulation of energy markets. It examines the fundamentals of primary energy markets for coal, gas and oil, foundations of electricity markets, price regulation, regulation of networks, policies to promote security of supply and policies to control emissions. A focal point of this course lies on electricity markets and their theoretical description and empirical analysis.

**Challenges in Energy Markets (formerly I and II)**

Following the lectures, students should be familiar with the fundamental changes taking place in the worldwide energy markets, and the specific challenges facing these markets. Students gain insights into the competitive environment and they learn how large-scale power plant projects are planned and successfully executed. They also understand that there are various financing models for the different types of power plants.

Please note that this is a new lecture, merging and replacing former lectures Challenges in Energy Markets I and Challenges in Energy Market II.

For all questons, please contact Vadim Gorski (Vadim.gorski@tum.de)

After successful participation in the module, students possess a broad basic knowledge regarding the economic specifications of industry markets with focus on additive manufacturing. Furthermore, students are able to solve industry related problems self-reliantly using both, mathematical techniques as well as attained economic intuition. Participants are moreover able to transfer economic principles on the special demands new technologies.

The main goal of the course is to teach students the most common concepts related to networks and equip them with mathematical tools to solve real-world problems. Upon successful completion of the course, students will be equipped to continue their education on network theory, be able to recognize economic and social networks, and see their importance in decision analysis.

Upon successful completion students learn the key terms and concepts relevant in international trade discussions and will be able to apply theoretical models to analyze empirical data, such as trade statistics. Students will also be equipped to continue their education on international trade policy, foreign direct investments, international supply chains and multinational firms.

**Seminars**

** Advanced Seminar Energy Markets: Economics of Energy and Technology**

The aim of this seminar is to:

1. Introduce and provide the understanding of the novel energy-related technologies;

2. Explain the role of technologies and technology-related uncertainties in energy and associated industries and markets;

3. Enhance students’ ability to conduct sound and independent research in the area of energy markets.

# Courses Summer Term 2021

****The following lectures take place this summer semester under precoautionary measures in line with the university's corona virus strategy. Information on lecture and seminar formats is accessible upon course registration.****

**Lectures**

In continuation of the lecture "Energy Markets I", students gain an overview on the more fundamental concepts of energy markets (eg. renewable energy promotion schemes, energy trading in wholesale markets). Thereto, the course covers the topics of finishing renewables, introducing energy trading with case of sturdy fracking industry and energy grids/networks. Transmission grid management and expansion are considered as the significant topic of energy grids.

**Modelling and Optimization in Energy Markets**

The course is an introduction to modeling and optimization in the energy markets. During this course, students will learn how to use Matlab and solve some optimization problems using this tool. Furthermore they will have the opportunity to understand optimization theory and the basics of financial mathematics used in the energy markets. Additionally, some applications will be presented and analyzed, while giving an overview of possible future research topics. This course comes as a lead-in for the course Topics in Energy Trading, but it is also recommended to students willing to write a Master's Thesis at the Center for Energy Markets.

**Stochastic Optimization **(Stochastische Optimierung)

The course gives an introduction to the topic of stochastic optimization. Students will learn about the underlying concepts and the theory of stochastic optimization as well as algorithmic solution techniques. The theory will be complemented by numerous illustrative classical stochastic optimization examples such as the newsvendor problem and examples from the field of energy markets. The lectures are complemented by a lab, which gives students the possibility to deepen their understanding of the theory and try out algorithms and techniques presented in the lecture. The topics that will be covered are:

- Introduction & Basic Modelling
- Two-stage Linear Stochastic Optimization Models and their deterministic equivalents
- The L-Shaped Method for Two-Stage Stochastic Optimization
- Monte-Carlo Methods
- Multi-Stage Stochastic Optimization

The lectures review the advances in international trade theory, models to understand and analyze international trade policies and its implications. Special attention will be given to the behavior and impact of trade on multinational firms international, international trade wars, link between trade and endogenous growth. The course develops analytical instruments required to understand and analyze empirical evidence and real-world problems.

The lectures review fundamentals concepts (discussed in Network Economics I) and discuss various network-formation games, models describing strategic interactions in networks with externalities, models on international networks and markets. Special attention will be given to correspondence of real-world networks to theoretical frameworks for analysis of efficiency, optimality, and evolution.

In the course of this module, students gain deep insights into the value chain of energy trading. Thereto, the module covers the following topics: development of european and global energy markets; energy markets as fundament for risk management; risk management of company portfolios from the perspective of energy producers, consumers and traders; grid-bound energy sources electricity and gas supplemented by references on coal, crude oil and emission certificates.

**Challenges in Energy Markets (formerly I and II)**

After completion, students are able to analyze the fundamental changes taking place in the worldwide energy markets, the specific challenges, and the competitive environment. Further, they are able to outline how large-scale power plant projects are planned and successfully executed. They can also compare various financing models for the different types of power plants. Furthermore, they can analyze the importance of supply chain management for manufactures of various power technologies. Moreover, they can differentiate between various methods for implementing innovations. Finally, they are able to apply theoretical concepts to energy markets and manufacturers of energy technologies.

Please note that this is a new lecture, merging and replacing former lectures Challenges in Energy Markets I and Challenges in Energy Market II.

**Seminars**

**Advanced Seminar: Electricity Market Economics**

The aim of this seminar is to deepen knowledge of electricity markets and to enhance the ability to conduct sound and independent economic research in the area of power markets. To fulfil these goals, students have to implement a well-structured research agenda and prove their ability to present their findings both in written form and during the final presentation.

**Master Thesis Research Seminar: Topics in Energy Transition**

Upon successful completion of the course, students will be equipped to perform research needed to complete their master thesis requirements. The seminars will review and discuss the concepts of supply chain, decision making under uncertainty, externalities, domestic and international competitiveness, energy transition, carbon neutrality, e-mobility, smart city.

# Courses Winter Term 2020/21

**Lectures**

In the course of this module, students gain an economic overview on the supply chain of energy companies and energy markets. Thereto, the module covers the following topics: supply chain of energy companies (from energy generation over transportation and trading to distribution); supply, demand and price determination on electricity markets; end products electricity and heat; climate change; energy transition to renewable energies; investment analysis of energy projects; real options; comparative statics on energy markets.

This course discusses both theoretically and empirically the industrial economics and regulation of energy markets. It examines the fundamentals of primary energy markets for coal, gas and oil, foundations of electricity markets, price regulation, regulation of networks, policies to promote security of supply and policies to control emissions. A focal point of this course lies on electricity markets and their theoretical description and empirical analysis.

**Modelling and Optimization in Energy Markets**

The course is an introduction to modeling and optimization in the energy markets. During this course, students will learn how to use Matlab and solve some optimization problems using this tool. Furthermore they will have the opportunity to understand optimization theory and the basics of financial mathematics used in the energy markets. Additionally, some applications will be presented and analyzed, while giving an overview of possible future research topics. This course comes as a lead-in for the course Topics in Energy Trading, but it is also recommended to students willing to write a Master's Thesis at the Center for Energy Markets.

**Challenges in Energy Markets (formerly I and II)**

Following the lectures, students should be familiar with the fundamental changes taking place in the worldwide energy markets, and the specific challenges facing these markets. Students gain insights into the competitive environment and they learn how large-scale power plant projects are planned and successfully executed. They also understand that there are various financing models for the different types of power plants.

For all questons, please contact Vadim Gorski (Vadim.gorski@tum.de)

After successful participation in the module, students possess a broad basic knowledge regarding the economic specifications of industry markets with focus on additive manufacturing. Furthermore, students are able to solve industry related problems self-reliantly using both, mathematical techniques as well as attained economic intuition. Participants are moreover able to transfer economic principles on the special demands new technologies.

**Seminars**

**Advanced Seminar: Electricity Market Economics**

The aim of this seminar is to deepen knowledge of electricity markets and to enhance the ability to conduct sound and independent economic research in the area of power markets. To fulfil these goals, students have to implement a well-structured research agenda and prove their ability to present their findings both in written form and during the final presentation.

**Advanced Topics in Energy Trading**

In the course of the lecture and the exercises, students gain deep insights into the value chain of energy trading. Based on the ongoing development of European and global energy markets, it is illustrated how energy markets provide, both theoretically and practically, the fundamental for risk management of company portfolios from the perspective of energy produces, consumers and traders. A particular focus is on the grid-bound energy sources electricity and gas, but the lecture is further supplemented by references to coal, crude oil and emission certificates. On top, there is an excursion to the SWM trading floor.

# Courses Summer Term 2020

****The following lectures take place this summer semester under precoautionary measures in line with the university's corona virus strategy. Information on lecture and seminar formats is accessible upon course registration.****

**Lectures**

**Modelling and Optimization in Energy Markets**

The course is an introduction to modeling and optimization in the energy markets. During this course, students will learn how to use Matlab and solve some optimization problems using this tool. Furthermore they will have the opportunity to understand optimization theory and the basics of financial mathematics used in the energy markets. Additionally, some applications will be presented and analyzed, while giving an overview of possible future research topics. This course comes as a lead-in for the course Topics in Energy Trading, but it is also recommended to students willing to write a Master's Thesis at the Center for Energy Markets.

**Stochastic Optimization **(Stochastische Optimierung)

The course gives an introduction to the topic of stochastic optimization. Students will learn about the underlying concepts and the theory of stochastic optimization as well as algorithmic solution techniques. The theory will be complemented by numerous illustrative classical stochastic optimization examples such as the newsvendor problem and examples from the field of energy markets. The lectures are complemented by a lab, which gives students the possibility to deepen their understanding of the theory and try out algorithms and techniques presented in the lecture. The topics that will be covered are:

- Introduction & Basic Modelling
- Two-stage Linear Stochastic Optimization Models and their deterministic equivalents
- The L-Shaped Method for Two-Stage Stochastic Optimization
- Monte-Carlo Methods
- Multi-Stage Stochastic Optimization

The lectures review the advances in international trade theory, models to understand and analyze international trade policies and its implications. Special attention will be given to the behavior and impact of trade on multinational firms international, international trade wars, link between trade and endogenous growth. The course develops analytical instruments required to understand and analyze empirical evidence and real-world problems.

The lectures review fundamentals concepts (discussed in Network Economics I) and discuss various network-formation games, models describing strategic interactions in networks with externalities, models on international networks and markets. Special attention will be given to correspondence of real-world networks to theoretical frameworks for analysis of efficiency, optimality, and evolution.

In the course of this module, students gain deep insights into the value chain of energy trading. Thereto, the module covers the following topics: development of european and global energy markets; energy markets as fundament for risk management; risk management of company portfolios from the perspective of energy producers, consumers and traders; grid-bound energy sources electricity and gas supplemented by references on coal, crude oil and emission certificates.

**Challenges in Energy Markets (formerly I and II)**

After completion, students are able to analyze the fundamental changes taking place in the worldwide energy markets, the specific challenges, and the competitive environment. Further, they are able to outline how large-scale power plant projects are planned and successfully executed. They can also compare various financing models for the different types of power plants. Furthermore, they can analyze the importance of supply chain management for manufactures of various power technologies. Moreover, they can differentiate between various methods for implementing innovations. Finally, they are able to apply theoretical concepts to energy markets and manufacturers of energy technologies.

**Seminars**

**Advanced Seminar: Electricity Market Economics**

**Master Thesis Research Seminar: Future of Automobile Industry**

Upon successful completion of the course, students will be equipped to perform research needed to complete their master thesis requirements. The seminars will review and discuss the concepts of supply chain, decision making under uncertainty, externalities, domestic and international competitiveness, energy transition, carbon neutrality, e-mobility, smart city.

# Courses Winter Term 2019/20

**Lectures**

In the course of this module, students gain an economic overview on the supply chain of energy companies and energy markets. Thereto, the module covers the following topics: supply chain of energy companies (from energy generation over transportation and trading to distribution); supply, demand and price determination on electricity markets; end products electricity and heat; climate change; energy transition to renewable energies; investment analysis of energy projects; real options; comparative statics on energy markets.

This course discusses both theoretically and empirically the industrial economics and regulation of energy markets. It examines the fundamentals of primary energy markets for coal, gas and oil, foundations of electricity markets, price regulation, regulation of networks, policies to promote security of supply and policies to control emissions. A focal point of this course lies on electricity markets and their theoretical description and empirical analysis.

**Modelling and Optimization in Energy Markets**

**Challenges in Energy Markets (formerly I and II)**

Following the lectures, students should be familiar with the fundamental changes taking place in the worldwide energy markets, and the specific challenges facing these markets. Students gain insights into the competitive environment and they learn how large-scale power plant projects are planned and successfully executed. They also understand that there are various financing models for the different types of power plants.

After successful participation in the module, students possess a broad basic knowledge regarding the economic specifications of industry markets with focus on additive manufacturing. Furthermore, students are able to solve industry related problems self-reliantly using both, mathematical techniques as well as attained economic intuition. Participants are moreover able to transfer economic principles on the special demands new technologies.

**Seminars**

**Advanced Seminar: Electricity Market Economics**

**Advanced Topics in Energy Trading**

In the course of the lecture and the exercises, students gain deep insights into the value chain of energy trading. Based on the ongoing development of European and global energy markets, it is illustrated how energy markets provide, both theoretically and practically, the fundamental for risk management of company portfolios from the perspective of energy produces, consumers and traders. A particular focus is on the grid-bound energy sources electricity and gas, but the lecture is further supplemented by references to coal, crude oil and emission certificates. On top, there is an excursion to the SWM trading floor.

# Courses Summer Term 2019

**Lectures**

**Modelling and Optimization in Energy Markets**

**Challenges in Energy Markets I**

**Empirical Research in Energy Markets**

This course aims at conveying some of the principles of empirical research as applied to energy markets data. In the first part of the course, the theoretical methods are introduced and explained based on practical examples. In the second part, students can apply their knowledge by solving exercises in small groups.