International Policy – International Political Economy of EnergyThe aim of the course is the understanding of the interaction between international relations and political economy in the energy sector. The States’ access to energy resources is a matter of national security and economic growth as the availability of energy resources is a subject of intense economic competition. Understanding the role that energy plays in modern international economic environment is attempted in certain ways. Particular focus is given on the following main themes: the political economy of global energy resources, governance of energy resources, energy networks, regulation and deregulation in energy markets, the liberalization of the energy sector, the orientation of energy policy of the European Union and its relations with other countries (e.g. Russia), access of States to energy and economic growth, climate change and the global prices of energy resources.
Energy Policies and Law in EU and Member StatesThe course aims to familiarize postgraduate students with key institutions and the main objectives of the European Union on the basis of primary and secondary EU rules. It analyzes also how the EU energy policy influences national energy policies and national laws of the Member States. The topics cover the institutional, political and economic dimensions of regulation and affect critical issues of current developments, such as the increase of EU competence in the energy sector after the Treaty of Lisbon, the regulation of markets and the functioning of the internal market, diversification of energy sources, the interconnection of grids and pipelines, EU competence, efficiency issues and environmental protection.
Energy Security and EconomicsThe course starts with the analysis of the basic concepts (definitions, energy balance, energy flow diagram, environmental, energy supply and demand) of energy and environmental systems. Separate thematic sections include: a) interaction between economic, environmental and energy systems, b) an analysis of how the internalization of external costs (environmental, social) in the market mechanism, and in decision making, highlights the classical features of Economic Approach to the valuation of energy and natural resources, c) familiarity with basic methods and energy resources valuation techniques , d) highlighting the pollution problem and climate change at local, regional and international level, e) highlighting the necessity of long-term energy planning, f) the development of logic and conditions effective implementation of energy and environmental policies, with emphasis on economic policy tools g) analysis of issues related to the structure of the energy market (monopoly and competitive) the short-term, and long-run marginal cost of the activity of energy infrastructure, the distinction between infrastructure and networks, and h) the analysis of the operation way of energy exchanges and the financial tools for risk hedging.
Intergovernmental Agreements and Commercial Energy ContractsThis course assesses the relationship of commercial energy contracts and intergovernmental agreements, against the background of public international law. Analyzing the main types of energy contracts in the extractive industry (oil & gas), the course covers topics such as the principle of permanent sovereignty over natural resources, the applicable law in an energy contract concluded with a State, as well as stabilization clauses and renegotiation and/or adaptation in energy contracts. Moreover, the course assesses the legal protection offered to energy contracts under the 1994 Energy Charter Treaty, in light of the recent developments regarding its modernization and the EU’s recent decision to withdraw from it. Furthermore, the course analyzes how international arbitration works as a dispute resolution method for disputes arising under commercial energy contracts. The objective of this course is that, upon its completion, students are be able to understand the basic types and operative contours of commercial energy contracts and intergovernmental agreements related with energy; ascertain the role of public international law principles and concepts, such as the principle of permanent sovereignty over natural resources, in the application of energy contracts; identify and appreciate the more subtle issues pertaining to the applicable law in energy contracts, stabilization clauses, adaptation and renegotiation clauses; critically discuss key issues in international energy investment law and the current challenges to the Energy Charter Treaty; understand what international arbitration is, how it works and why it is important in the context of resolving disputes arising under commercial energy contracts.
Competition in energy markets: strategy & institutionsThe basic principles governing competition in energy markets are examined in this course, along with the strategies implemented either by government bodies or businesses, and the institutions that apply. With an interdisciplinary approach there are further examined the law and economics of the transition from monopoly to the competitive structure of energy markets with focus on electricity and gas markets under the current regulatory and legal framework. The protection and promotion of competition in energy markets is envisioned not only as a legal principle, but rather as an important tool for achieving economic integration and market efficiency. The growth of enterprises through mergers and acquisitions, in order to respond to increasing competition and exploit economies of scale, makes administrative decisions complex and requires the establishment of an adequate and rational strategy. Finally, there are examined the key liberalization models and key institutions of competition policy.
Energy Networks in South East Europe, the Mediterranean and Caucasus: International law and international relationsThe region of SE Europe, East Mediterranean, the Caucasus and the Caspian Sea are becoming increasingly important for the European energy policy. These areas constitute a theater of major geopolitical developments affecting the security of energy supply. In the case of Southeast Europe the point of friction is the diversification of energy sources of Member States via resources from the Caspian Sea, while in the case of SE Mediterranean through the large hydrocarbon deposits recently found between Greece, Cyprus and Israel. This field is also testing bilateral relations between countries and is reshaping the overall European Union energy policy. The course aim is for students to understand the international law and institutions that influence important decisions and the international relations around energy antagonism in the region. It also examines institutions such as the Energy Charter Treaty and the Energy Community.
Geopolitics of Energy: The cases of Greece, Turkey and CyprusThe course introduces students to the basic concepts of economic geography and geopolitics of energy. The analysis extends to the economic geography of energy resources and the evolving energy needs worldwide. Particular reference is made in the region of Eurasia, America and the Middle East, which occur significant energy developments.
Foreign policy and EnergyThe course examines aspects of foreign policy of Greece, Turkey and Cyprus in the sensitive field of energy. Energy policy is an important element of foreign policy of a state. And the exercise energy foreign policy and diplomacy usually move in a complex geopolitical environment with big stakes in the states. Simultaneously it intersects with other aspects of foreign policy such as national defense, trade policy and neighborhood relations. In this complex environment decision making through dilemmas and risks based on the principles of international relations.
Special Issues in energy finance & risk managementThe teaching is based on the basic ways of financing energy investments, such as the use of own resources, loan and subsidy. Energy investments are subject to a number of uncertainties, assess and quantify where possible to assess their impact on the profitability of the investments and their cash. The course aims to deepen a knowledge particularly useful for management, evaluation and assessment of the various risks facing an energy investment. They are analyzed the factors that shape the risks, measurement methods, as well as optimization techniques. The investment risk management, whether it is financial, operational, regulatory or technical, is addressed. The financial risk management is implemented mainly through energy exchanges and securities, either through negotiation of energy and financial products or through modern economic tools, such as bilateral contracts for difference and financial derivatives such as forward contracts, futures or preemptive rights.
Special Issues in Greek Energy PolicyHow is the energy mix in Greece formed today, why and with what cost? How are the electricity and gas markets functioned and what are the key players in the market? What are the key aspects and priorities of the Greek energy policy in the field of diversification of supply, the exploration and exploitation of energy resources and the relations with third countries? These are the key questions which aspire to be answer in this course.
Special Issues in Energy, Environment & Climate Change
What is the relationship between the exploitation of energy resources, environmental protection and climate change? How do they affect old and new, conventional and unconventional technological methods of exploiting energy resources environment and what environmental policy measures have been recruited on? What is the role of solid fuels and what their connection with the greenhouse effect. What is the role of Renewable Energy Sources (RES) and what are the challenges for the future? How to achieve energy efficiency and what are the latest technological challenges? These are some of the questions that this course addresses. The teaching covers international institutional and technological developments with a focus on the European emissions trading scheme of greenhouse gases. The comparative method is also applied: analysis and comparison of different legal systems and views of the environmental problem in America, Europe and emerging economies. The approach is interdisciplinary: international standards and regulatory framework, economy, politics and technology, engage and interact.
Special Issues in Energy Law
The course deepens in particular legal issues associated with exploitation, supply and trading energy resources, such as conflicts lifting methods, especially arbitration and mediation issues and specific conditions in long and short contracts. It also examines the circumstances and manner renegotiation and reconfiguration of the contractual terms. Special analysis is done with respect to the applicable law, the meaning and types of international arbitration, the arbitration clause and the main dietary fora (ICC etc.).
Special Issues in Research & Exploitation of Hydrocarbons
The course examines topical issues around the exploration and exploitation of hydrocarbons with an emphasis on developments in the East Mediterranean. Quotes, shows the potential energy in SE Europe, in Greece and neighboring areas. Then the instruction proceeds to explain the key technical stages of the search, exploration and exploitation of hydrocarbons and downstream in order to understand the technical process of upstream, the midstream and downstream. Consideration is also being fundamentals associated with the protection of the environment. Further, the teaching addresses the right to explore and exploit hydrocarbons under international law (in particular under the rules of continental shelf, EEZ, maritime zones etc.) including dispute settlement procedures between States. Finally, we analyze the main principles of exploration and exploitation contracts, rights and obligations of the parties ae analysed. Overall, the course aims to provide answers to the question, what are the consequences of exploration and exploitation of hydrocarbons to a country at economic and geopolitical level, what are the prospects, risks and challenges.
Special Issues in Regulation and operation of contemporary energy markets
Energy markets are dynamically evolving and sensitive fields where inherent intense competition and protectionist tendencies interlay. Technological advances, geopolitical realignments but also the prevailing economic conditions form a complex and constantly changing regulatory environment co-exist. What is the role of energy hubs in the functioning of markets and pricing? What are the main hubs in Europe and America, how they work and what developments trigger at an institutional, political and economic level? Further, what are the Energy Exchanges, how are they organized and operate under the current EU regulatory regime?
Energy Transportation with emphasis on shipping
The course examines the legal and economic aspects of maritime transport of energy resources with a focus on transportation of hydrocarbons. There are analyzed issues of jurisdiction, international and European legal framework for the transport of hydrocarbons and more specific institutions such as the issue of limitation of liability, etc. the course also examines issues in the value chain and the organization and operation of the LNG market and LPG. Particular emphasis is given to the negotiation and conclusion of the contractual terms of the charter party and bill of lading for energy resources, be it crude oil, either natural or liquefied petroleum gas.
NATO and the EU: Energy, Strategy and Policies