Course motivation
Energy plays a key role in economic activities, making both the availability and cost of energy sources critical factors for economic development and social well-being. Consequently, governments have established policy objectives to improve the availability, affordability, and sustainability of energy.
The term ‘energy markets’ refers to a complex system in which producers, transport and distribution operators, traders, and consumers interact to achieve their respective objectives. These markets include electricity, gas, oil, coal, and other energy-related commodities, such as carbon dioxide (CO2).
The electricity, gas, oil, and carbon markets are interlinked. Oil and gas are key fuels for electricity generation in many regions, meaning their prices directly influence electricity costs. Additionally, rising CO2 prices increase the cost of electricity produced from fossil fuels, which can drive greater demand for cleaner energy alternatives.
Course information
The course program, along with general information, can be found on the ULiège website.
People from the private or the public sector are welcome to attend it. Registration is free.
The main teaching assistant for the class is Matthias Pirlet, with the help of Raphael Fonteneau and Victor Dachet.
This course takes place during the first semester on Thursday afternoons in Room 1.21 of the Montefiore Institute (B28), starting at 13:45.
Slides
The slides of the course for all chapters covered in the following calendar can be found here: https://orbi.uliege.be/handle/2268/325667 (last update: December 2024)
Lectures schedule
Attendance at both lectures and guest lectures is mandatory in order to take the exam.
| Date | Activity | Topic(s) | Reading Assignment | Speaker |
|---|---|---|---|---|
| 18/09/25 | Lecture | – Chapter 0: Organization, – Chapter 1: Contextualization, – Chapter 2: Overview of electricity markets | Reading 1 | ULiège |
| 25/09/25 | Lecture Evaluation, Presentation | – Chapter 3: From monopolies to market – Chapter 4: Participants in the electricity markets – Chapter 5: Chronology of electricity markets and the forward/futures markets – Evaluation and presentation of Reading 1 assignment | Reading 2 | ULiège |
| 02/10/25 | Lecture Evaluation, Presentation | – Chapter 6: The day-ahead market and its optimization problem – Evaluation and presentation of Reading 2 assignment | Reading 3 | ULiège |
| 09/10/25 | Lecture Evaluation, Presentation | – Chapter 7: The day-ahead market and the problem with transmission networks – Evaluation and presentation of Reading 3 assignment | Reading 4 | ULiège |
| 16/10/25 | Guest lecture Evaluation, Presentation. | – Gaz market (Exceptionally, the class will start at 1 p.m.) – Evaluation and presentation of Reading 4 assignment | Reading 5 | Ghislain Detienne (Fluxys) |
| 23/10/25 | Lecture Evaluation, Presentation | – Chapter 8: Balancing and securing the electricity power system – Evaluation and presentation of Reading 5 assignment | Reading 6 | ULiège |
| 31/10/25 | Toussaint (no class) | – | – | – |
| 06/11/25 | Lecture Evaluation, Presentation | – Chapter 12: Overview of oil markets – Evaluation and presentation of Reading 6 assignment | Reading 7 | Victor Dachet (ULiège) |
| 13/11/25 | Lecture | – Chapter 10: Energy sharing | – | ULiège |
| 20/11/25 | Lecture | Guest lecture | – | Alexandre Huynen (Engie) |
| 27/11/25 | Guest lecture | (reported to December 11th) | ||
| 04/12/25 | Guest lecture | Guest lecture: Regulation of the electricity market | – | Stéphane Renier (CWaPE) |
| 11/12/25 | Visit | – Chapter 13: Overview of carbon markets | Victor Dachet (ULiège) | |
| 18/12/25 | Visit | Visit @ TotalEnergy – Liège | – |
Reading assignment
Reading assignment – evaluation
To deepen your understanding of the concepts covered in each lesson, you will be required to read a scientific paper related to previous lectures. You will then be assessed on this reading, and a group of students will present the paper. These assessments contribute 25% to your final grade.
Reading assignment – presentation
Students are required to form groups (the group size will depend on the total course enrollment). Each group will be responsible for presenting one of the assigned papers, which will account for 25% of the final grade.
Please send your presentation slides to the main assistant at matthias.pirlet@uliege.be no later than the day before your scheduled presentation.
Examination
The exam will be organized in sessions. Each session will be around 1h30 long and by groups of 4 to 6 students.
Each session will be organized in the following way:
- One of the assessors – Pr. Damien Ernst or an assistant – will give each student a question to answer.
- The student will then have time to write down an answer to the question on the blackboard.
- Once the student has finished answering, or when the assessor considers he/she has had enough time to answer, the student and the assessor will have a discussion about the question and topics related to it.
- This process will be repeated for one or two more questions.
Questions will cover the theoretical courses, reading assignments and guest lectures.
Guest lectures from previous years
- 28/10/2019 – Frédérik Demaret (EDF Luminus): Energy Trading
- 18/11/2019 – Bertrand Cornélusse (ULG): How does the European day-ahead electricity market work?
- 25/11/2019 – Jacques Gheury (CREG): Etude sur les moyens à mettre en œuvre pour faciliter l’accès à la gestion de la demande en Belgique.
Damien Ernst 