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Renewable Energy Markets - ECO00116M

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  • Department: Economics and Related Studies
  • Credit value: 20 credits
  • Credit level: M
  • Academic year of delivery: 2025-26

Module summary

The aim of this module is to explore the renewable energy markets, including the analysis of key financial instruments such as green bonds and the FTSE Environmental markets index, and to understand how fossil fuel energy markets affect the renewable energy markets. Additionally, students will develop critical analytical skills to evaluate the impact of factors such as CO2 emission pricing and derivatives on renewable energy investments.

Module will run

Occurrence Teaching period
A Semester 2 2025-26

Module aims

The aim of this module is to explore the renewable energy markets, including the analysis of key financial instruments such as green bonds and the FTSE Environmental markets index, and to understand how fossil fuel energy markets affect the renewable energy markets. Additionally, students will develop critical analytical skills to evaluate the impact of factors such as CO2 emission pricing and derivatives on renewable energy investments.

Module learning outcomes

By the end of this module, students should be able to:

1- Explain the fundamental principles underlying renewable energy markets, including supply and demand dynamics, market participants, and regulatory frameworks.

2- Analyze the various components of renewable energy markets, such as renewable energy certificates (RECs), feed-in tariffs, and power purchase agreements (PPAs)

3- Evaluate the role and significance of green bonds in financing renewable energy projects, including their structure, issuance process, and impact on market liquidity and investor behavior.

4- Assess the impact of financial risk in fossil fuel markets such as crude oil and natural gas on renewable energy markets.

5- Analyze how considerations related to carbon pricing, including potential costs and benefits, impact project feasibility assessments, financial modeling, and investment risk analysis

6- Evaluate the use of derivatives, such as options, in mitigating the financial risks associated with fluctuating carbon prices.

7- Analyze the potential effects of carbon pricing on revenue streams, operational costs, and overall project economics in the renewable energy sector.

Indicative assessment

Task % of module mark
Essay/coursework 100.0

Special assessment rules

None

Additional assessment information

The module will be reassessed via a revise and resubmit of the original essay.

Indicative reassessment

Task % of module mark
Essay/coursework 100.0

Module feedback

Feedback will be given in line with University guidelines

Indicative reading

Green Bond Markets

  1. Zheng, Jinlin, Yaohui Jiang, Yadong Cui, and Yue Shen. "Green Bond Issuance and Corporate ESG Performance: Steps toward Green and Low-Carbon Development." Research in International Business and Finance 66 (2023): 102007. https://doi.org/10.1016/j.ribaf.2023.102007.

  2. Saleeba, Joanne, Lily Chung, and Lily Dai. Benchmarking the Green Bond Market. London: FTSE Russell, July 2021. Accessed December 6, 2024. https://www.lseg.com/content/dam/ftse-russell/en_us/documents/research/benchmarking_the_green_bond_market_final_0.pdf.

Fossil Fuel Financial Markets

  1. Sorokin, L., S. Balashova, K. Gomonov, and K. Belyaeva. "Exploring the Relationship between Crude Oil Prices and Renewable Energy Production: Evidence from the USA." Energies 16, no. 11 (2023): 4306. https://doi.org/10.3390/en16114306.

  2. AlGhazali, Abdullah, Houssem Eddine Belghouthi, Walid Mensi, Ron McIver, and Sang Hoon Kang. "Oil Price Shocks, Sustainability Index, and Green Bond Market Spillovers and Connectedness during Bear and Bull Market Conditions." Economic Analysis and Policy 84 (2024): 1470–1489. https://doi.org/10.1016/j.eap.2024.10.016.

  3. Aizada, Zhakupova, et al. "Fueling Financial Sustainability in Emerging Markets: An Investigation of ESG Public Policy and Other Determinants in the Oil and Gas Industry through Effective Financial Planning." International Journal of Energy Economics and Policy 13, no. 4 (2023): 365–374.

Renewable Energy Markets

  1. Zhou, Wei, Qinen Gu, and Jin Chen. "From Volatility Spillover to Risk Spread: An Empirical Study Focuses on Renewable Energy Markets." Renewable Energy 180 (2021): 329–342. https://doi.org/10.1016/j.renene.2021.08.083.

Interaction between Fossil Fuel and Renewable Energy Markets

  1. Spelta, Alessandro, and Maria Elena De Giuli. "Does Renewable Energy Affect Fossil Fuel Price? A Time–Frequency Analysis for the Europe." Physica A: Statistical Mechanics and Its Applications 626 (2023): 129098. https://doi.org/10.1016/j.physa.2023.129098.

  2. Li, Xing, Chaoran Xu, and Juan Meng. "Dynamic Nonlinear Impacts of Fossil Energy on Renewable Energy Stocks: A Quantile Perspective." Energy Reports 8 (2022): 15511–15523. https://doi.org/10.1016/j.egyr.2022.11.129.

CO2 Emission Pricing and Derivatives

  1. IEA. World Energy Investment 2024. Paris: IEA, 2024. https://www.iea.org/reports/world-energy-investment-2024.

  2. Alkathery, Mohammed A., and Kausik Chaudhuri. "Co-Movement between Oil Price, CO2 Emission, Renewable Energy and Energy Equities: Evidence from GCC Countries." Journal of Environmental Management 297 (2021): 113350. https://doi.org/10.1016/j.jenvman.2021.113350.


The information on this page is indicative of the module that is currently on offer. The University constantly explores ways to enhance and improve its degree programmes and therefore reserves the right to make variations to the content and method of delivery of modules, and to discontinue modules, if such action is reasonably considered to be necessary. In some instances it may be appropriate for the University to notify and consult with affected students about module changes in accordance with the University's policy on the Approval of Modifications to Existing Taught Programmes of Study.