Welcome to the Energy Markets class! 
General information about this class 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, witht the help of Adrien BollandVictor Dachet .

Lessons schedule

This class will be given during the first semester on Thursday afternoons in Room 2.93 of the Montefiore Institute (B28). 
Each lesson will start at 13:45.
This schedule is subject to change.
Date Activity Topic(s) Speaker
14/09/23 Class starts on the 21/09 / /
21/09/23 Lesson Presentation of the class
Overview of electricity markets
Damien Ernst
28/09/23 Visit for university students Visit at Total Energies from 2 pm to 5 pm /
05/10/23 Lesson From monopolies to markets
Adrien Bolland
12/10/23 Lesson Electricity Markets in Practice
Day-Ahead Market
Adrien Bolland
19/10/23 Exercises

Presentation of the project

Exercises 1 (solutions)
Exercises 2 (solutions)
Project statement
Matthias Pirlet
26/10/23 Lesson

MODIFICATION LOCAL : R7 à la place de 2.93

Day-Ahead Market with transmission

Network security

Adrien Bolland

Matthias Pirlet

02/11/23 Toussaint / /
09/11/23 Lesson
Impact of transmission
Exercises 3 (solutions)
Matthias Pirlet
16/11/23 Lesson
ExercisesMODIFICATION LOCAL : 1.21 à la place de 2.93
Fossil Fuel Markets
Part I: Gaz Markets
Part II: Oil Markets
Exercises 4 (solutions)
Ghislain Detienne (Fluxys)
Victor Dachet (ULIège)
23/11/23 Lesson

MODIFICATION LOCAL : 1.21 à la place de 2.93

Carbon Markets
Advanced platform for retailers
Victor Dachet (ULiège)
Antonio Sutera (Haulogy)
30/11/23 Project Q&A (starting at 10am) Project Q&A TAs
07/12/23 Lesson

MODIFICATION LOCAL : 1.21 à la place de 2.93

Regulation of the energy sector Stéphane Renier (Président CWAPE)
14/12/23 Project submission Project submission (deadline at 23:59) TAs
21/12/23 Project evaluation Presentation of the project TAs

Talks from previous years

Suggested supplementary readings

To further your understanding of the concepts presented in each lesson, a list of suggested articles is provided. Each of those is accompanied by a series of questions to help you identify the most important aspects discussed.


Note: (i) some of the linked material may only be available from within the ULiege network. Connect to ULiege’s VPN for remote access (ii) the research papers need to be studied for the assignment date.

Assignment – Project

The statement of the assignment is available here. The deadline to submit the assignment is 07/12/23 at 23:59. Check the statement for the submission details.
Part of the mark for the project will come from the evaluation of the report (same for all members of one group), and the rest of the mark will come from an oral discussion with the teaching assistants on 14/12/23 (different for each member). The schedule can be found here. The discussion will be organised in 2.93/B28 (the usual classroom). Please be present at least 15 minutes before the start of your timeslot.


The exam will be organised 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 is finished answering or when the assessor considers he/she has had enough time to answer, the student and the assessor will have a discussion over the question and topics related to this question.
  • This process will be repeated for one or two more questions.

Questions will cover the theoretical courses and exercises. Questions about the project might be asked (for ULiège and Erasmus students).

The exam schedule is provided here (for ULiège students) and TBA (for HELMO students). Please be present at least 10 minutes before the start of your session.

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