Introduction
1. Part 1: Economics of energy production and distribution
1.1. Economics of oil and gas production - Nadine Bret-Rouzeaut (SciencesPo, France) - Relative cost of exploration and development under different conditions (onshore, offshore, unconventional). Evaluation of upstream projects. Sensitivity to price changes.
1.2. Economics of oil tanker transportation - TBC -
Cyclicality of tanker business. Main determinants of tanker cost. Cost of transporting oil over long distances. Implications for arbitrage.1.3. Economics of gas transportation by pipeline or LNG - Manfred Hafner (IFP School, Switzerland) - Cost determinants of long-distance pipelines. Implications for cost of transport of gas over long distance. Implications for gas supply contracts and price discovery. Determinants of cost of LNG plants and cost of transport by tanker.
1.4. Economics of oil refining - Jean-Pierre Favennec (IFP School, Switzerland) - Determinants of refinery cost and competitiveness. Complexity and oil quality. Implications of shifting patterns of products consumption and refinery localization.
1.5. Economics of biofuels - Adam Brown, International Energy Agency - Types of biofuels, respective cost structures, international trade in biomass/biofuels.
1.6. Economics of power generation - Arash Farnoush (IFP School, Switzerland) or Martin Everts (Head of Energy Economics at AxPo Holding AG, Switzerland) and/or Eicke Bluhme-Werri (AxPo Holding AG, Switzerland) - Alternative technologies for power generation and their respective key economic characteristics (CAPEX, OPEX, dispatchability, flexibility, location constraints, etc.)
1.6.1. Coal and oil-based generation
1.6.2. Gas-based generation (OCGT/CCGT)
1.6.3. Nuclear generation (including SMRs)
1.6.4. Hydropower (different forms)
1.6.5. Solar energy
1.6.6. Wind energy
1.6.7. Other renewables
1.7. Economics of energy networks - Andrea Bonzanni (SciencesPo, France) - Gas and electricity as network-based energy sources. Cost of network, natural monopoly, TPA, regulation, tarification, hubs.
1.8. Economics of energy storage - TBC - Which energies can be stored and to what extent. Cost and revenue opportunities of storage. Storage and security of supply
1.9. Financing of energy investment - TBC - Different financial models normally adopted to finance different energy investment projects: equity/debt ratios, project financing, risk, investors' profiles.
2. Part 2: Economics of energy trading and price discovery
2.1. International trade in energy in the context of globalization - Giacomo Luciani, (SciencesPo, France) - Importance of energy products in the context of global trade; potential evolution in light of energy transition and income growth at the global level
2.2. The trading and price discovery for crude oils - Giacomo Luciani or Bassam Fattouh (Oxford Institute for Energy Studies, UK) or Liz Bossley (CEO, Consilience Energy Advisory Group Ltd, UK) - The structure and functioning of the global oil market, physical and paper. Issues of financialization and volatility. Price makers and price takers.
2.3. The trading and price discovery for oil products - Liz Bossley (CEO, Consilience Energy Advisory Group Ltd, UK)
- The structure and functioning of markets for petroleum products. Major contracts and derivatives, opportunities for hedging, influence of products on crude oil prices2.4. The trading and price discovery for natural gas - Manfred Hafner (IFP School, Switzerland) - Alternative price discovery mechanisms, their respective rationale and evolvi