Energy & Sustainability Management FT
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Energy Markets

level of course unit


Learning outcomes of course unit

The students are able to:
• Explain the principles of commodity futures trading and freely traded energy mar-kets
• Present and explain price formation in the energy market
• Present fundamental factors influencing the trading prices of energy sources
• Understand the status of the European and national energy markets with regard to political development goals
• Describe the trading cascade in the electricity and gas market
• Describe mechanisms of certificate trading
• Differentiate between the Clean Dark and Clean Spark Spread

prerequisites and co-requisites

Fundamentals of Energy & Sustainability Management (ENM), Introduction to Busi-ness Administration and Economics (ECO.1)

course contents

• Unbundling of natural monopolies and free energy markets
• European and national development of the electricity and gas industry
• Energy pricing and influencing factors
• Standardized exchange products and trading markets
• Comparison of different approaches for energy services, balancing energy services and capacity services
• Merit - Order
• Trading cascade
• Markets for renewable energy sources
• Certificate trading
• Clean Dark Spread, Clean Spark Spread

recommended or required reading

• Stern, J., 2011. The Transition to Hub-Based Gas Pricing in Continaental Europe. Oxford Institute of Energy Studies
• Ströbele, W., Pfaffenberger, W., Heuterkes, M., 2012. Energiewirtschaft: Einführung in Theorie und Politik. Oldenbourg: Wissenschaftsverlag
• Zenke, I., et al., 2017. Energiehandel in Europa: Öl, Gas, Strom, Derivate, Zertifikate. 4. Auflage. München: C.H.Beck Verlag

assessment methods and criteria

Written exam

language of instruction


number of ECTS credits allocated


eLearning quota in percent


course-hours-per-week (chw)


planned learning activities and teaching methods

Blended Learning

semester/trimester when the course unit is delivered


name of lecturer(s)

Asc. Prof. (FH) Dipl.-Ing. Christian Huber

year of study


course unit code


type of course unit

integrated lecture

mode of delivery


work placement(s)