ENERGY ECONOMICS

Course objectives

The course provides the basic notions needed to understand the economic implications of energy choices: for example, the income generated by oil and gas, price instability, and the challenges associated with the reduction of fossil fuels consumption. Then, energy policies and the related tools for implementing them will be explored. Examples are environmental taxes and antitrust policies. The course will give special attention, on the one side, to the liberalization of network services (electricity and gas) and the related regulation, stressing the differences from the previous regulation under monopoly setting. On the other side, the link between the security of energy supplies and the prevention of climate change will be studied with highlightening the policies aimed at meeting the to goals.

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MASSIMO BUCARELLI Lecturers' profile

Program - Frequency - Exams

Course program
Introduction to Energy Economics: Concepts and Perspectives - Course overview - Key concepts: energy, energy sources, energy systems, and energy transitions - Historical phases of energy transitions The Coal Era and the First Globalization - The role of coal in the Industrial Revolution - Technological innovations: steam engine, railways, and textile industry - Economic and political impacts: the era of imperialism The Rise of Oil and the Golden Age of the Global Economy - Transition from coal to oil: economic and political implications - The role of Western multinational corporations in the global oil market - The emergence of OPEC and control over oil resources - The 1973 and 1979 oil crises: geopolitical impacts Natural Gas and Energy Diversification - Natural gas as a strategic energy source - Russia’s rise in the global energy system - Europe’s dependence on gas and related geopolitical crises Nuclear Energy and Renewables: Promises and Controversies - Development of nuclear energy in the 20th century: environmental and political safety concerns - The debate on sustainable development and the rise of environmental movements - Traditional and modern renewable energy sources: hydroelectric, solar, wind, and biomass - Decarbonization policies: the Paris Agreement and the European Green Deal Italy’s Energy Strategies - Pre-industrial Italy and traditional energy sources (wood, hydroelectric) - Industrialization and dependence on imported coal and oil - The 1970s energy crisis and Italy’s response: from Arab oil to Russian gas
Prerequisites
Basic knowledge of the key turning points in international politics and economics from the 19th Century to the present day
Books
- Economia dell’energia*, edited by Pippo Ranci, Bologna, Il Mulino, 2011, pp. 261 - V. Smil, *Energia e civiltà. Una storia*, Milano, Hoepli (selected sections) - A. Cardinale, A. Verdelli, *Energia per l’industria in Italia. La variabile energetica dal miracolo economico alla globalizzazione*, Milano, FrancoAngeli, 2008 (selected sections) Additional readings and materials will be provided by the instructor during the course.
Frequency
Attendance is not mandatory
Exam mode
For all students (attending and non-attending ones): questions on the principal topics of the course. For attending students and on a voluntary basis: presentation and discussion of a written paper on one of the topics addressed in lectures.
Lesson mode
Lectures in class and seminar activity
  • Lesson code10606559
  • Academic year2025/2026
  • CourseEconomics and Finance
  • CurriculumEconomia dell’ambiente, delle risorse e dello sviluppo sostenibile
  • Year3rd year
  • Semester1st semester
  • SSDSECS-P/06
  • CFU6