Overview
The “MSc in Energy Law, Business, Regulation and Policy” Postgraduate Programme is being offered by the School of Humanities, Social Sciences and Economics of the University Center of International Programmes of Studies of the International Hellenic University.
The Postgraduate Programme aims to provide postgraduate level studies, specialization, experience and expertise in Energy Law, Βusiness, Energy Policy, and Geostrategy, Environmental Law and Policy as well as the general regulatory intervention in the area of the energy sector as a whole. The MSc title offers graduates a highly flexible qualification suitable for a wide range of career opportunities in many sectors.
Emphasis is given to legal, economic, geopolitical, business and environmental and climate change problems which arise and the political, legal and legislative solutions offered in the greater European and International Energy sector, in relation to Energy sources and infrastructure, international energy transactions, transportation and storage of Energy, the legal, commercial – business, regulatory, geopolitical, economic and financial issues and the resolution of disputes which arise in the energy sector, for the purpose of a holistic, all-around inter-disciplinary approach to energy issues, business and markets. Given the rapid transformation in the energy sector, the acquired knowledge and the need for highly skilled professionals who understand these complex interrelationships are pivotal.
The basic aims of this MSc are the following:
- The acquisition of specialized knowledge for a successful career in national and international organizations, energy businesses and companies, law offices and firms, Regulatory Authorities, and public sector services and organizations, which deal with the whole range of energy issues.
- The understanding of issues which arise in the contemporary international environment of energy procurement, energy transactions, and their geostrategic and environmental ramifications as well as the rapid and successful resolution of relevant disputes.
- The in-depth study of issues pertaining to the formulation of energy policy and design on a national, European and international level, as well as within their regulatory context.
- The extensive cognition of transnational, European and comparative aspects of the energy sector which relate to issues of commerce, businesses, international exchanges, law, economy, finance, environment and ADR.
This inter-disciplinary Programme is designed for and accepts, after a careful selection process University, graduates of Law & Political Sciences, Economics, Business Studies & Engineering Schools (from Greek universities or equivalent institutions from abroad, as well as from Technological Educational Institutions), as well as graduates of relative fields with a strong motivation to pursue a career in energy related domains.
The courses are taught exclusively in English. The academics teaching on the programme come from universities both abroad and in Greece and their expertise assists students get acquainted with theoretical, as well as practical energy issues.
The “MSc in Energy Law, Business, Regulation and Policy” Postgraduate Programme, with an awareness of the fact that the University operates in an ever-changing environment, promotes learning and teaching characterised by a diversity of resources and teaching styles and techniques. Teaching and learning methods assist the development of these skills by encouraging the capacity for independent and self-motivated learning and problem-solving skills, which are significant in many fields of employment.
The traditional lecture supported by PowerPoint presentations and lecture notes is the principal method of delivery. However, classes are supported by comprehensive e-learning material. Lecturing emphasises on interactive activities making full use of the University facilities. The methods chosen reflect the needs of the students, the aims and learning outcomes of the programme or the individual course and the resources available.
The MSc is a market oriented programme and that is confirmed by the various fruitful collaborations between the MSc Programme and prestigious in the energy field organizations, based on signed Memoranda of Understanding, such as i) the Regulatory Authority for Waste, Energy and Water, ii) DESFA (National Natural Gas System Operator S.A.), iii) Law Firms, iv) the Bar Association of Thessaloniki, v) Universities abroad, as well as other Institutions, offering our students and graduates a wide range of free seminars, workshops, as well as chances for internships.
The Study Programme is Certified by the Hellenic Authority for Higher Education (HAHE)
Start date: October 2024
Application deadline: 31 August 2024 extended until 10 October 2024 or until places are filled
Campus: Thermi, Thessaloniki
Duration/Mode: 1,5 years full-time or 2,5 years part-time / weekends (distance learning mode)
Taught language: English
Entry requirements: An undergraduate degree from a recognised University
Language requirements:IELTS (academic 6.5 and above), TOEFL (IBT, 95 and above) or TOEIC (745 and above) score, or a recognised by the Greek State certificate of proficiency in English of C1 level
Fees: 3,000€ (total)
How to apply: Please follow the instructions at the applications page
Programme announcement:
ENG |
GR
Zana Govori
MSc in Energy Law, Business, Regulation and Policy
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If you are looking for a multicultural and a top-notch public university, with innovative programmes prepared according to the market needs, with premises located in the beautiful and vibrant city of Thessaloniki, then IHU is the right institution for you.
Who can apply
To be considered for the programme, candidates are required to have:
- an undergraduate degree from a recognised University
- proof of English competence [a recognised certificate of proficiency of C1 level, recently acquired IELTS (academic 6.5 and above), or TOEFL (IBT, 95 and above) or TOEIC (745 and above) score]
Course content
The core courses
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
The aim of this course is to familiarize and provide students with a solid foundation in the legal concepts of Energy Law and the regulation of the relevant markets, so that they may put all challenges in perspective and appraise the energy sector’s issues and policies. Energy Law will be examined as an entire modern legal system. The course is geared towards examining central and particular themes and debates in energy regulation and their impact on legal developments and policy reform. Moreover, it shall take a comprehensive approach to energy issues in Europe by showcasing that the current regime is an accumulation of decades of policy choices. In that regard, the administrative models under the legal framework of the EU Third Liberalization Package and the organization and operation of specific energy markets and sectors such as gas, electricity, renewable energy sources and hydrocarbons will be examined in detail in an effort to provide students with a substantial understanding of market functions across Europe, main issues and constraints of the energy regulation procedure as well as the interrelation between EU Energy Law and other EU law areas, as Third Party Access, Competition and Consumer Protection. In addition, the Energy Transition and the operation of the Wholesale Electricity Markets are taught. Finally, a key component of the course is to help students explore the administrative framework with regard to licenses each time it is necessary for the undertaken activity with a particular emphasis on the relevant terms and conditions such as Technical Conditions, Financial Requirements, Rights and Obligations of Licensees, Environmental Standards and Dispute Procedures.
Learning outcomes
On completing the course the participants will be able to:
- understand the fundamental legal principles applying to modern-day energy policy and energy law developments and the way that the energy regulation works;
- understand the function of energy sectors/markets;
- gain an understanding of the legal Framework applying to every stage of the energy supply chain including grid operation, unbundling requirements and the authorization procedure;
- be aware of traditional issues as well as contemporary issues faced by the energy sector such as competition versus state control and consumer protection;
- critically evaluate the importance of regulation against abuses of market power that may possibly emerge;
- analyze and distinguish between economically useful and economically harmful forms of law and regulation;
- develop a critical awareness of the social and political influence on the operation of the energy market with regard to consumer welfare;
- acquire knowledge of energy regulation issues through parallel references to relevant case law of EU Courts;
- understand the fundamental principles and issues of hydrocarbons law and renewable energy sources law;
- be aware of hydrogen framework and recent developments on the field.
Content
- General Aspects of Energy Law;
- Legal framework of Electricity, Natural Gas, Renewable Energy Sources & Hydrocarbons;
- Law and Regulation;
- Licensing;
- Climate Change;
- Hydrogen;
- Consumer Protection.
Aims
The purpose of this course is to introduce students to the fundamental principles of modern finance theory. The course covers the general principles of financial management and highlights the dimensions of organizational culture which are associated with financial knowledge and processes. Students who complete this course will have acquired the tools for financial decision making in the energy sector and for efficient financial management of energy sector enterprises. The course blends theory and practice with particular focus shed on day-to-day practical problems faced by firms’ executives.
Learning outcomes
On completing the course, participants are expected to:
- Understand the basic principles of modern finance theory with a focus on the energy sector,
- Appreciate the mechanics, operations and behaviour of capital markets,
- Understand basic techniques of financial analysis and the peculiarities of the energy sector,
- Be able to implement theoretical knowledge and formulas in everyday managerial problems,
- Apply acquired knowledge in setting out capital budgeting problems in energy sector investments,
- Assist decision making with regard to energy investment and capital expenditure analysis,
- Comprehend the implications of risk in the energy markets,
- Identify the tools for raising capital,
- Understand the implications of mergers & acquisitions in the energy sector.
Content
- Introduction into the Basic Principles of modern finance theory
- The financial system, financial markets and financial institutions
- Identifying the energy sector within the financial system
- Agency Problems, Corporate Governance and Corporate Responsibility
- The key principles of financial and management accounting
- Analysis and interpretation of financial statements
- Time value of money
- Energy stock and bond markets
- Investment Decision Rules for energy sector companies
- Making Investment Decisions with the Net Present Value Rule
- Capital structure and the cost of capital
- New issues of Stock for energy companies
- Corporate Restructurings in the energy sector
- Mergers and Acquisitions in the energy sector.
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
The Course targets on Technology and Economics of Energy Transport. Both pillars will be studied, explored, and developed by the participants of the course based on the understanding of the chain of cost necessary to pass from a given energy “source” to the “energy consumer”. Accordingly, the fundamental differences between Energy Transfer and Energy Transport are examined.
The course gives a comprehensive knowledge of the industry methods for the transportation of primary sources such as hydrocarbons, coal, nuclear minerals, as well as of renewable energy sources, air, sun, water, and derivatives such as electricity. The planet uses today terrestrial, cable aerial, offshore maritime and bottom sea environments for “carriage” of these sources and the participants should have a thoughtful understanding of what is primary source and what is derivative source of energy that the consumer is using.
The particularities of natural gas and oil transportation will be examined from the point of view of the of the demographics of the producing countries and of the consuming countries, a future terrain of intense negotiations.
Storage technologies and storage facilities, comprising not only batteries for electricity storage, but also gas underground storage, and ground water pumping, will be shown with their limitations and potentials for a sustainable management of access to cheap energy for the consumer. The electric cable grid role and the geographical spread of the solar and wind installations will be viewed under the eye of a viable electricity transmission.
The rising importance in the transportation sector of compressed natural gas (CNG) or liquefied natural gas (LNG), will be examined, not as an economic alternative to gasoline and other transportation fuels, but in terms of the economic viability, in the horizon of 2050 and the net zero objectives of the developed countries.
LNG/FSRU compared to pipe projects will be analyzed throughout case studies based on cost and demand. Carbon dioxide and hydrogen transportation by pipe or vessel will be checked based on the today practical achievements of the technology.
A special thought will be given to biofuels as being one of the top targets of the refining industry and the automobile for the next decades.
Learning outcomes
On completing the course students will be able to:
- Understand the fundamental principles of energy sources, their transport and purpose.
- Understand the particularities each energy source offers in the energy mix.
- Distinguish between the methods and cost constrains of the transportation of oil and gas.
- Understand the potential of energy storage industry and the benefits of energy storage.
Content
- Technology and economics of Energy Transport and Energy Transfer.
- The chain of cost of energy from the “source” to the “consumer”.
- Transportation of primary energy sources, renewable energy sources and derivatives.
- Electricity transmission, grid, geographical spread of the renewables’ connections.
- The rising importance of compressed natural gas (CNG) and liquefied natural gas (LNG) in the horizon of 2050 net zero target.
- LNG/FSRU compared to gas pipeline.
- Storage technologies and facilities.
- Energy hubs, carbon dioxide and hydrogen.
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
The course examines the economics of markets for various energy sources, their interactions with each other and with the rest of the economy. The aim of the course is to provide an understanding of energy demand, supply, markets and prices and regulations. The course’s main objectives are: a) to understand the evolution of the energy sector at the global level; b) to understand why energy markets have historically been subject to extensive government intervention (we will analyze among others, the effects of traditional policy measures such as price controls and regulation); c) to examine current policy issues arising from the interaction among energy use, economic growth, and the environment; d) to become familiar with the analytical economic tools for studying energy markets, both on the demand and supply side; d) to identify the main determinants of energy prices; d) to stimulate the student’s critical reflection on the main current energy challenges, his ability to investigate specific topics and to communicate his knowledge. Moreover, the influence of climate change and renewables on the energy markets and countries’ policies is investigated.
Learning outcomes
On completing the course, participants will be able to:
- profoundly understand the economics of markets for various energy sources (such as oil, coal, natural gas, and electricity), and their interactions with each other and with the rest of the economy
- critically understand and evaluate the dynamics of the oil price formation and the main forces and interactions which shape the energy markets
- dispose a coherent understanding of current policy issues arising from the relationships among energy use, economic growth, and the environment.
- apply the tools of economic analysis to policy issues related to energy markets
- understand the influence of the climate change issues on the energy markets and countries’ policies
Content
- Define energy economics, at the micro and macro levels;
- Overview of the energy sector, historical review, data;
- Overview of Global Energy Challenges, Energy Security Issues and Environmental Issues;
- Economic terminology and tools;
- Energy–Environment Interactions: Global Level Problems: Climate Change, Environmental Kuznets Curve, Economics of the Environment Protection, Options to Address Energy-Related Environmental Problems, Valuation of Externalities, Government Failure;
- The Economics of Climate Change: Climate Change Background, The Economics of Climate Change, Economic Approach to Control the Greenhouse Effect (National Policy Options, Emissions Trading System (ETS) of the EU, International Policy Options), Climate Change Agreements, The Clean Development Mechanism;
- Energy Demand Analysis, Forecasting and Management;
- Energy Supply;
- Economics of Electricity Supply and Renewable Energy Supply;
- Energy Markets and Principles of Energy Pricing;
- Energy Pricing and Taxation.
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
The aim of this course is to familiarise students with the general principles underpinning modern systems of ADR. Students will be introduced to the most important methods of alternative dispute resolution in theory and in practice in order to be able to elaborate on their strengths and weaknesses within the law. Basic concepts, as well as more detailed aspects of the arbitration and mediation procedure of energy disputes, will be examined. The course also covers dispute resolution under the Energy Charter Treaty and focuses on important energy disputes (e.g. Saudi Arabia v Arabian American Oil Co (ARAMCO), various Yukos cases etc.).
Learning outcomes
On completing the course, students are expected to be able to:
- Understand the possibility of resolving energy disputes outside a national court system;
- Understand the fundamental principles of Alternative Dispute Resolution (ADR);
- Analyse, interpret and apply recent legislation dealing with ADR in the energy sector;
- Understand the procedural framework for the settlement of energy disputes;
- Critically study the foundations, rules and doctrines of arbitration, mediation & ADR in general;
- Elaborate on the distinct advantages of ADR over traditional litigation and select an appropriate ADR approach;
- Prepare effective agreements to use ADR;
- Understand the role of ad hoc and institutional arbitration as a means to solve disputes in the energy sector;
- Specifically focus on investment arbitration under the Energy Charter Treaty.
Content
- Fundamental principles of Alternative Dispute Resolution
- Legal nature of Energy Disputes
- Foundations, rules and doctrines of Arbitration, Mediation & ADR in general
- Commercial/Investment Arbitration
- Ad hoc and institutional arbitration as a means to solve energy disputes
- Energy Arbitration
- Procedural issues of Energy Arbitration
- Energy Charter Treaty
- Relevant case law
- Mediation in the Energy Sector
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: coursework + exam
Aims
The aim of this course is to further explore Energy Law by appraising and comparing EU legal instruments and theories. The course builds on the knowledge and skills that studentshave acquired through the study of the Energy Law I course.
Students will be able to obtain a substantial understanding of the main issues and constraints of the energy regulation procedure as well as the interrelation between EU Energy Law and other areas of EU Law such us EU Competition Law. Students’ attention will be particularly drawn to breaches of EU Competition Law by energy market players and the necessity to implement effective competition in the single EU energy market. The lecture will be based on a thorough analysis of the basic EU Competition Law normative provisions with an emphasis on their application in the specific field of energy related constellations. Furthermore, the aims, the goals and the development of the European Energy Market and the creation of internal Energy Market would be presented with emphasis on the environmental goals that EU should also sustain in the design of the Energy Union.
Additionally, students will have the opportunity to thoroughly analyse the State support mechanisms provided for the deployment of renewable energy projects as well as distortions of the electricity market that often adversely affect the financing mechanisms for renewables. The course is also aimed at providing students with the essential theoretical background for analysing contextual topics regarding, among others, the general framework and the normative provisions of EU Energy and State Aid Law pertaining to capacity remuneration mechanisms, pricing policies of state-owned electricity suppliers, possible EU State aid law violations etc. In addition, it will be presented the new dimension of EU Energy Policy the “ European Green Deal & Fit for 55” with the insights on the revision of the Renewable Energy Directive and Energy Efficiency Directive and the principles of Guidelines on State aid for climate, environmental protection and energy(CEEAG).
One of the core problems of energy regulation, the legal evaluation of State financial interventions in the energy market, will be thoroughly examined taking as example the case study of State financing of SGEI’s (PSO’s) in the energy sector. Finally it would be presented a substantive analysis of the functioning of the Greek Energy Power Exchange Mechanism and the new regulatory Framework in the Greek Wholesale Electricity Market.
Learning outcomes
On completion of the course students will be able to:
- understand the fundamental principles of energy regulation
- understand the aims and the development of the European Energy Market
- understand the interaction of EU Competition and State Aid Law with energy regulation
- comprehend the legal framework of EU regulation of the Energy Sector
- analyse the state support mechanisms provided for the deployment of renewable energy projects and critically evaluate the State intervention in existing remuneration schemes for RES
Content
- EU Competition Law in the Energy Sector;
- EU State Aid Law;
- EU Directives;
- Dispute Resolution in the Energy Sector;
- Target Model and Electricity market design.
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: coursework + exam
Aims
The course provides a general introduction to the issues of environmental and energy regulation and policy. The issues are approached from a legal, economic and policy perspective. Following a brief introduction on the physical impacts of economic activity on the natural environment and the relationship between energy and environment we discuss Sustainable Development.
More specifically, we discuss the Sustainable Development Goals with emphasis on those that deal with environment and energy. Social and human right issues are also raised within the framework of the environment-society-energy nexus.
In discussing energy policies, we first introduce the principles that guide energy regulation and an in depth analysis of each principle follows. Then, principles of environmental law are being discussed with examples drown from the international community. A special emphasis is given on the EU policies and the models that prevail.
The course is based on discussion and exchange of ideas and perspectives between the instructor and the students. Examples from the global community will be a helpful tool in order to understand the energy and environment relationship, policies applied, their efficiency and the next steps needed to be taken.
The objective of the course is to introduce students to the main natural resource management issues, and provide them with the necessary information to improve their management.
Learning outcomes
On completion of the course students will be able to:
- understand the concept of sustainable development and the interconnections between its three pillars
- understand energy and environmental principles
- develop critical thinking skills and apply them to the evaluation of environmental and energy policies
- develop an understanding of the role and application of regional, global and national institutions in designing energy and environmental policies
- develop an understanding of the diversity of perspectives towards resources, environmental protection and energy.
Content
- IPAT and Kaya identity;
- Energy Policy
- Elements of Environmental Law
- Energy and Environment
- Transition
- Climate Change
- Climate Neutralization
- Water Law
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
Geopolitics of energy covers topics related to interactions of geographical, political, military, economic aspects as a way to comprehend events affecting the energy system. First we will introduce some theoretical definitions of what geopolitics is, how it has been developed throughout the years. Further, we will focus on some case studies that can better describe the great number of variables that determine the geopolitical situation of some world areas where the geopolitical pillar of economy and in particular, the compound geopolitical indicator of energy has crucial role. The methodology is the Systemic Geopolitical Analysis and in this context, energy is a matter of utmost concern. Each historical episode will be analyzed to make sense of the international context and the players concerned by pointing out causes and consequences with special attention to the energy sector. Crucial for a positive and useful result will be the capability of each participant to interact and share opinion and remark. Participants will be asked to perform short reports and case studies analyses.
More specifically, the course aims:
- to introduce the students to theories of Geopolitics and International Relations (IR) as analytical tools in their research and analysis.; to underline how IR addresses, researches and delves into the issues of power, energy politics and energy security;
- to understand the main IR theories as well as their importance to explain political phenomena. This course intends to showcase how, why and under what circumstances the paradigms of IR are relevant, applicable and efficient to interpret the importance both of energy politics and security in today’s world;
- to enable the student not only to develop comparative skills of analysis of differing energy and security policies but also to actively engage in explaining past and current political phenomena. The latter is expected to be achieved by promoting dialogue and critical engagement during the lectures that will enhance students’ capabilities to present and defend complex arguments.
- to provide the necessary context of reference for understanding past and current interstate relations.
- to familiarize the students with the methodology of Geopolitical Analysis and bring them in contact with examples of such analysis.
- to give students the opportunity to employ such methodological tools and produce short geopolitical analyses in class.
Learning outcomes
On completing the course students will be able to:
- Understand the fundamentals of Geopolitics according to the prominent literature. The essential terminology: understanding the difference between Geopolitics and Geo-strategy.
- Acquire critical understanding of the issues involved in energy, politics and energy security, IR theory and security.
- Understand the interactions between Politics and international relations, and how these variables affect and are affected by the energy sector.
- Understand the energy policy and trends affecting strategies.
- Analyze some case studies that allow to better understand Geopolitics as an instrument of analysis.
- Demonstrate great analytical skills having obtained critical understanding of the issues involved in energy, politics and energy security.
Content
Geopolitics is a body of theories subsisting on history and a set of methodologies produced over the 19th and 20th centuries that cover a broad range of issues, from historical state interactions to measuring and comparing power and its projection over space and time (geopolitical potential) of one or more states or other actors. Geopolitics relies solely on historical observations and measurements via the methodologies and tools that have been produced over the decades. Its main function is to help the observer understand a concrete situation from as neutral as possible a viewpoint. In other words, it is an analytical and descriptive tool and, as such, it is useful for the student of current inter-state relations and can be extremely helpful in pinpointing causes of conflict and current and future risk factors, above all connecting a local place or region, with global developments. The course aims at familiarizing the student with a series of theories and methodologies, focusing on case studies pertaining to energy policies.
- International Relations: on Theory and Power
- Energy Security, Power Politics and Strategies: The European Union’s energy policies
- Elemental Concepts: Sea Power and Land Power
- The Principal Conditions of Sea Power – From British Thalassocracy to US Control of Maritime Transports.
- The Spatial Growth of States and the Politics of Overland Access: From Railroads to Pipelines.
- Global Competition: Sir Halford Mackinder and N. J. Spykman. • Eurasian Energy & Commercial Integration: Russian “Catholicity” and the Chinese New “Silk Roads”.
- The Geopolitics of Medium-sized States: The Turkish Case.
- Swimming with the sharks: Greece and Eurasian Geopolitics.
Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Aims
The overall aim of the course is to provide students with a basic understanding of the legal regime related to energy investments and trade with particular reference to established energy agreements.
The focus is particularly on energy agreements, especially Production Sharing Agreements (PSAs), signed between a government of a country with oil and gas reserves and international oil companies and Joint Operating Agreements (JOAs). In a PSA the country’s government awards to a foreign oil company which provides the technical and financial services required for the execution of the undertaken activity (through the grant of a production sharing contract), the rights for exploration and production. Moreover the oil company bears the financial risk of the initiative but acquires an entitlement to a stipulated share of the oil produced as a reward for the risk taken and for the services rendered. The state remains the owner of the petroleum produced, subject only to the contractor’s entitlement to its share of production.
Another theme that is examined in the course is the Joint Operating Agreement. The oil and gas industry is facing increasing challenges with regard to project finance, procurement and overall supply, requiring the use of a larger number of independent oil and gas servicing companies. The parties enter a JOA in order to conduct joint-operations, thereby establishing a common contractual framework. Furthermore, the regulated gas agreements will be examined.
Thirdly, the course examines the protection of energy Investments. The focus will be on the main principles of the Energy Charter Treaty (ECT). The purpose of this treaty is to create a stable international legal framework to facilitate and protect foreign investments by guaranteeing substantive standards of treatment that are to be accorded to an investor by a host state, such as fair and equitable treatment, full protection and security, national treatment, most-favoured nation treatment, and protection against expropriation.
Learning outcomes
On completing the course the participants will be able to:
- distinguish between the Energy Industry Segments (Upstream, Midstream, Downstream);
- approach the study of transactions in the energy markets from an economic perspective
- familiarize themselves with the most frequent and significant energy agreements such as Mineral Deed, Assignment, Conveyance, Oil, Gas and Mineral Lease, Participation Agreement, Operating Agreement, Farmout Agreement, Purchase and Sale Agreement, Gas Sales Agreement etc;
- recognize a series of fundamental questions related to the legal treatment of contracts such as governing law, rights and obligations of the parties arising out of each agreement etc.;
- acquire in depth knowledge in Production Sharing Agreements, Joint Operating Agreements.
- approach the study of relevant legislation, cases and international agreements in an analytical and systematic way;
- demonstrate a thorough and comprehensive grasp of the principles and applications of international law protection;
- familiarize themselves with the most important Treaties regarding international energy investment protection and the case law thereof.
Content
- Overview: the energy industry, energy security and energy markets;
- Principles of Energy Contracts;
- Energy Agreements;
- Upstream: Production Sharing Agreements, Joint Operating Agreements, Farm-ins and farm-outs;
- Midstream: Gas Sales Agreement;
- Downstream; Regulated Gas Agreements, Terminal Use Agreements, LNG Agreements;
- Investment Protection under the International Law – Energy Charter Treaty;
- Investment Protection under contracts – Stabilisation clauses;
- Case Law on the ECT’s investment protection issues.
The elective courses
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
The aim of this course is to introduce students to sustainable energy systems and their full design, implementation and operation cycle. The course provides an introduction to energy systems, renewable energy resources and energy efficiency with an emphasis on the respective technologies and applications. An overview analysis of the benefits of solar, wind, biomass and hydrogen/fuel cells, as well as energy efficiency is presented. A discussion of sustainable energy applications in the built environment also takes place. Energy Transition and relation to the Paris Agreement is presented. The course highlights how the set national energy and sustainability targets are translated into policies, regulatory and institutional framework, which in turn prescribe the implementation and operation of sustainable energy systems. The theory and practice of Project Management is applied to renewable energy and energy efficiency projects. Finally, the course further enables students to explore financial considerations for sustainable energy projects, as well as a variety of funding mechanisms.
Learning outcomes
On completing the course, students are expected to be able to:
- Understand the interrelations between energy and sustainable development
- Understand what Energy Transition is
- Understand renewable energy and energy efficiency
- Understand the main components of renewable energy and energy efficiency systems
- Understand the national and regional planning of sustainable energy systems
- Understand the full implementation cycle of a renewable energy project
Content
- Introduction to sustainable development and the Sustainable Development Goals of the United Nations.
- Renewable Energy Sources and Energy Efficiency.
- Renewable energy and energy efficiency systems components.
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
The course introduces students to the legal principles and concepts that control the management and protection of the most crucial natural resource, fresh water. Emphasis will be given on current legal and policy debates on an international and european level; human rights law and sustainable development goals will be on the forefront of the course. The course will also focus on environmental issues, climate change adaptation, water trade and investment projects on water supply companies. Moreover, the difficulties and policy dilemmas involved in creating integrated water management institutions will be discussed, along with institutional development, norms and guiding principles, implementation strategies, and public participation mechanisms at the local, European Union level and globally.
Learning outcomes
On completing the course, students are expected to be able to:
- critically analyze international and regional water law and policies
- assess transboundary water cooperation
- understand the appropriate role for the market and private companies in meeting society’s water needs
- understand the need for protection of threatened groundwater resources
- analyze the results of deficient management policies for the management of water resources
- understand the insights national and transnational water management
- critically examine the social policies that govern water management
- analyze the most significant global instruments
Content
- Introduction to water law and policy
- International water law
- EU water Directive
- Water and Trade
- Water and Investment
- Human Rights and water
- Environmental Protection of water resources
- Institutional Perspectives on water policy
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
This course will introduce students to the economic assessment of energy and environmental policy. Quantitative methods used to analyze problems in energy and environmental economics. Economic modeling and approaches as well as their application on energy and environmental issues will be discussed. Students will develop expertise in working with data and in applying numerical simulation models as well as econometric techniques using computer software. Another objective of the course is to enable students to comprehend the role of economic analysis in designing policies which address issues of energy security, climate change and related environmental externalities.
Learning Outcomes
On completing the course, students are expected to be able to:
- understand environmental implications of energy use
- assess the role of economic analysis in designing policies to address environmental externalities
- elaborate economic modeling and econometric approaches
- reinforce concepts, rationales, and instruments for policy intervention in energy markets
- analyze the economic and econometric models (such as optimization models, models in mixed complementarily format, partial equilibrium models of electricity and energy markets, regression models to estimate demand functions, econometric techniques for policy evaluations, panel data methods)
Content
- Introduction to economic assessment of energy and environmental policy
- Measurement of Environmental and Resource Values
- Energy economic modeling and approaches
- Energy economic and econometric models
- Economics of the Environment
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
The aim of this course is to provide the students with a concrete knowledge of the financial markets for energy trading which are nowadays growing at a fast pace all around the world. Financial derivatives can now rapidly influence the mechanism of energy price formation for oil, gas and electricity, even sometimes driving prices up at a very volatile manner. As with most derivatives contracts however, energy derivatives can also be used for both speculation and hedging purposes. Companies can either buy or sell energy derivatives to hedge against fluctuations in the movement of underlying energy prices or to diversify their portfolio whereas speculators can use derivatives to profit from the changes in the underlying price and amplify those profits through the use of leverage. This course shall therefore shed light on these issues combining a rigorous development of mathematical modelling with a compact institutional presentation of the arcane characteristics of commodities that makes the complex analysis of commodities derivative securities.
Learning outcomes
On completing the course students will be able to:
- familiarize themselves with an advanced study of securities regulation and capital markets
- become familiar with energy commodities markets and established practices
- understand the core concepts of securities law doctrine and their practical application in the context of real-world transactions
- understand and sort objectives pursued when entering a derivatives contract
- describe the process used by corporations to reduce their risk exposure to the movement of fuel prices in the context of a fuel price risk management
- assess the importance and the impact of each relevant factor when undertaking a fuel price risk analysis by referring to a variety of perspectives and rations on securities regulation
- become familiar with all the common standard form contracts used within the industry
Content
- Overview of Energy Physical and Financial Markets
- Spot Prices and Forward Curves in Energy Markets
- Using Energy Futures, Forwards, Swaps
- Using Energy Options: Hedging and Speculation
- Hedging Strategy and Risk Metrics
- Option Strategies and Structured Products
- Basis Risk Management and Derivatives on Multiple Assets
- Introduction to Derivatives Valuation and Disclosures
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
This course aims to offer an intense, practical and detailed-based study of environmental law in depth, within its policy context. It explores and compares the evolution and developments of environmental law both on a European level as well as on the international one. At the same time, it underlines the major differences of each of the two legal regimes, bearing in mind that the EU legal order is vested with powers which do not exist at the international plane. The overall purpose of the course is to appreciate the significance of European Union law as a system of regional international law seeking to harmonize the national laws of the Member States according to common principles of environmental regulation. For this reason, it goes in depth on the European directives which tackle environmental issues directly, or those with a green perspective. The course equips students with a broad expertise which will be of outmost value in careers in government departments and agencies, international organisations, nongovernmental organisations, private practice, policymaking by offering them a complete and updated set of related legal documentation (legal texts and proposals, Commission communications and Green papers, Court cases, written contributions of speakers). Hence, it also deals with particular methods of negotiation, applicable in environmental procedures.
Learning outcomes
On completing the course students will be able to:
- acquire substantive knowledge and understanding of a series of important policy and social issues in energy, and of the contending viewpoints and claims on these issues
- identify and characterize key approaches from social science disciplines and from interdisciplinary fields like science and technology studies to understanding and evaluating energy issues, and identify advantages, problems and implications of these approaches
- critically evaluate contributions to the academic and public debates on energy issues, and decision-making regarding them
- identify, deploy and evaluate a selection of techniques and procedures used in energy policy analysis, decision-making and assessment
- apply these understandings and skills, and deploy some of these approaches, concepts techniques, in analyzing a new problem in energy policy, and in devising, evaluating and justifying options for intervention
- develop their skills in finding and using arguments and information and in critically evaluating such material
- explore strategies and synergies of policy and decision-making regarding environmental issues. Examine the notion of corporate accountability on environmental issues and employ this knowledge to direct meetings, plan teamwork, and assist clients to choose the optimum policy options which strengthen their corporate interest whilst protecting the environment.
- apply research and critical analysis. Students learn to work with statutes and treaties, analyze executive and legislative authority, compare domestic with international law, and integrate legal with scientific or economic analysis
- cultivate communication skills. Students hone their visual and narrative presentation skills.
Content
- general aspects of international and European environmental law
- problems related to climate change, nature conservation, water management etc.
- the interplay between the various legal orders and different regimes
- objectives, principles, actors, instruments and decision–making procedures in International environmental law and policy
- issues linked to international trade : WTO and environment protection
- the evolution of European Union environmental competence
- fundamental environmental objectives of the European Union
- the basis for substantive environmental legislation
- environmental liability
- the implementation and enforcement of environmental legislation
- alternative strategies in environmental multilayered jurisdictions. The WTO appellate body, the ECJ, the ITLOS, and the ICJ.
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
In the 1990s, when most of the European energy markets were still monopolized, the European Union started to impose liberalizing directives on the Member States. Thus, by opening up markets for competition and by pushing forward for emissions decrease as well as for renewable energy investments, a wave of mergers and acquisitions [M&A;] among energy companies has swept across Europe during the past few years. This changing scene has now become an increasingly important area for energy companies. Within this context, this course shall examine the strategic and practical advantages and disadvantages of M&A;, the statutory requirements and procedures, the documentation required and the relevant case law while emphasizing the practical aspects of the business lawyer’s role in structuring the transaction, in identifying, explaining and negotiating the business/legal terms and in negotiating the acquisition agreements.
Learning outcomes
On completing the course students will be able to:
- understand the necessity of having an effective corporate structure
- understand how corporate structure impacts and affects market structure
- understand the deal-making priorities of every segment of the energy industry
- assess organic growth, cost escalation and its containment, profitability pressures rationalization of resource portfolios and tax treatment as motives dictating merger activity
- understand the managerial actions that distinguish successful from failing combinations through reality testing such as having a premerger planning, resolving communication issues, developing staffing plans, indicating a governance model with clear roles and responsibilities
- assess the interaction M&A; in the energy sector and competition law
Content
- Valuation Methods and Financial Analysis
- Strategic Rationale for Acquisitions
- Strategies for Successful Due Diligence and Post-Acquisition Integration
- Effective Negotiation
- European Energy Industry
- Mergers: operation, statistics, significance
- Acquisition documents
- Potential structures of a merger and acquisition transaction
- Successorship to assets and liabilities: the effect of an acquisition on outstanding patent licenses, leases, collective bargaining agreements, pensions and contingent product, environmental and civil rights claims
- Anti-takeover defences
- Protecting consumer interests in mergers and acquisitions
- Sources of EU law that govern merger and acquisition transactions
- Accounting and tax issues in mergers and acquisitions
Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams
Aims
As the name plainly suggests, the aim of the course is to provide students with a series of issues standing at the heart of contemporary legal debate and research.
Learning outcomes
On completing the course students will be able to:
- Follow the developments in this evolving area, as well as newly negotiated and ambitious projects such as T.T.I.P.
- Identify current problems in the energy landscape
- Appreciate the benefits of smart grid operation
- Discuss the major concerns arising out of smart grid operation
- Discuss the anti – corruption efforts at a global and at a European level
- Discuss the main features of United Nations Convention against Corruption and the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
- Discuss human intervention implications and the current multifaceted approach ensuring the integrity of oil wells
- Critically evaluate the regulatory overlap between intra-EU BITs and EU legislation and the initiatives undertaken by European institutions
The Dissertation
By the end of the series of taught courses, students choose a dissertation topic relevant to the courses of the MSc programme. The topic is chosen by the student with input and advice from a faculty member, who acts as the supervisor, working closely with the student. The dissertation is an individual paper of original scientific work, which upon completion is submitted for examination and approval by a three-member committee chaired by the student’s supervisor.
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Schedule
The MSc in Energy Law, Business, Regulation and Policy (full-time mode) is a 1,5 year programme taught over three terms. Lectures take place on weekends, twice or three times a month. It is also available in part-time mode over 2,5 years for those who cannot commit to a full-time programme either due to work commitments or other reasons.
Teaching of courses takes place through distance learning (without students’ and teachers’ physical presence) as defined by current relevant legislation.
In order to be awarded the MSc degree, students must complete a total of 90 credits. This involves taking: Nine core courses (54 credits), two elective courses (6 credits), Master’s Dissertation (30 credits).
FULL – TIME MODE:
During the first term, all students are required to follow five (5) mandatory core courses. During the second term, all students follow a further four (4) core courses and two (2) elective courses. Finally, during the third term, work is dedicated exclusively to the Master’s dissertation.
PART – TIME MODE:
The first year includes three teaching periods during which five (5) core courses and one (1) elective course are offered. The second year students are taught over three teaching periods the remaining four (4) core courses and one (1) more elective course. During the second year there is a fourth period in which the Dissertation should be completed.
Academic Faculty
- Prof. Komninos Komnios, Associate Professor at International Hellenic University (IHU), Board Member at Hellenic Regulatory Authority for Energy (RAE)
- Prof. Theodore Panagos, Associate Professor at International Hellenic University (IHU), Former Vice Chair at Hellenic Regulatory Authority for Energy (RAE)
- Prof. Eftichios Sartzetakis, Professor at University of Macedonia
- Prof. Eleftherios Filippiadis, Assistant Professor at University of Macedonia
- Dr. Styliani Gerani, Academic Scholar, University of Macedonia, Visiting Professor at IHU
- Dr. Nikolaos Pitsos, Nikolaos Pitsos & Associates Law Office, Αthens, PhD University of LL.M Freie Universität Berlin, LL.M UC Berkeley, Visiting Professor at IHU
- Dr. Vassiliki- Maria Tzatzaki, Legal Advisor at Natural Environment & Climate Change Agency (N.E.C.C.A./in greek Ο.ΦΥ.ΠΕ.Κ.Α.), Visiting Professor at IHU
- Asst. Prof. Stefanos Kordosis, Assistant Professor at International Hellenic University (IHU), History of Central Eurasia (from the Black Sea to China)
- Dr. Yannis Bassias, Former President and CEO of HHRM (Hellenic Hydrocarbon Resource Management), Advisor of several energy projects, former Asc. Professor in the Geology Department of the National Museum of Natural History in Paris
- Enzo Di Giulio Vincenzo, Enrico Mattei School, Eni Corporate University, Milan, Italy, Visiting Professor at IHU
- Prof. Sandro Furlan, Co-ordinator of the Energy & Environment Dept. of the Eni Corporate, University-Scuola Enrico Mattei, Milan , Italy.
Useful Documents
Official Government Gazette and other useful documents:
Seminars/Workshops/Conferences
Special events, guest lectures, seminars, workshops and conferences on energy related issues take place either online or in the facilities of the School of Humanities, Social Sciences and Economics of the University Center of International Programmes of Studies of the International Hellenic University in Thermi-Thessaloniki.
Indicatively, recently (2022-2024), the following energy events, organized by the MSc in energy Law, Business, Regulation and Policy, have been organised:
– Summer Academy 2024 on EnerTech Summer Academy 2024: “Mastering Advanced Technologies in Energy”, in english language (1-6/7/2024).
– Seminar on “The Energy Ombudsman of RAAEY (:Greek Regulatory Authority for Waste, Energy & Water) – Responsibilities and procedure“, in greek language (27.3.2024).
– Energy Conference on “Security of Supply- Energy Markets in the era of Energy Transition“, in greek language (20-21/10/2023)
– Summer Academy 2022 on “Climate Crisis: Social & Economic Impact”, in english language (3-9/7/2023).
– Seminar on “Energy Politics in the Eastern Mediterranean“, in english language (29.5.2023).
– Guest lecture on “The Strategic Role of Hydrocarbons in Energy Transition“, in greek language (19/4/2023).
-Guest Lecture on “The Contribution of the Shipping Industry to the Greek Economy“, in greek language (21/2/2023).
-Seminar on “Energy Efficiency in Electricity & Natural Gas – Consumers’ security of supply“, in greek language (12/10/2023).
– Guest Lecture on “The European Union’s external relations” (by Ms. Evgenia Karatari, Head of Sector Crisis Monitoring Communication, European External Action Service in Brussels), in english language (13/3/2022).
– Conference on “Transition and Energy Policy“, in greek language (15.11.2021).
– Seminar on “Applications of the Compliance Program according to the GDPR and the Law 4001/2011 for the operation of Energy Markets-The case of EDA Attikis“, in greek language (7.7.2021).
– Workshop on “The Development of Energy Markets in the Black Sea“, in collaboration with the Black Sea Trade & Development Bank”, in english languge (12.5.2021).
Fees & Financing
Fees
The programme fees for the MSc in Energy Law, Business, Regulation and Policy is 3.000€. The amount is payable in two instalments for the full time mode or in four instalments for the part time mode at the beginning of each semester. The fees are also eligible for financing through LAEK – OAED programme.
Deposits
If you have been accepted to a postgraduate programme, you will need to make a payment of the deposit of 500 Euros to secure your place. This amount will count towards the first instalment of your tuition fees. The deposit is non-refundable once you have commenced your studies at the IHU. Prior to that, a refund can be made but a 20% administrative fee will be retained. The deposit can be paid by bank transfer or bank draft. Credit card payments can be made through electronic banking (contact your Bank as handling fees may apply).
Scholarships
The School of Humanities, Social Sciences and Economics offers a number of scholarships for the programmes it offers, covering a significant proportion of the fees. These scholarships are competitive. Award criteria include the quality of the first degree, the undergraduate grades of the candidate, his/her command of the English language and overall profile. Candidates for scholarships should include a separate letter with their application documents in which they request to be considered for a scholarship, stating the reasons why they think they qualify.
For more information please contact the associate of the Programme, Μs. Maria Droungelidou: 2310807564/565 (m.droungelidou@ihu.edu.gr)
Cooperations (MoUs)
We have fruitful collaborations with various organizations based on signed Memoranda of Understanding, offering our students and graduates great opportunities for research and practical application of academic knowledge in real conditions, chances for internships, while they strengthen the connection between the University and society.
We indicatively mention our strategic cooperations with:
- RAAEY, i.e. the Regulatory Authority for Waste, Energy and Water,
- DEDDIE, i.e. the Hellenic Electricity Distribution Network Operator S.A.
- DESFA, i.e. the National Natural Gas System Operator S.A.,
- EDMN, i.e. the Hellenic Small Islands Network
- Municipality of Tilos
- the Bar Association of Thessaloniki,
- Law Firms,
- Universities abroad (such as the Shanghai University of Political Science and Law etc.).
Programme announcement – Admissions
Next MSc in Energy Law, Business, Regulation and Policy class starts in October 2024. Interested parties are invited to submit their application by 31 August 2024 extended until 10 October 2024 (non-Greek applicants) / 30 September 2024 (Greek applicants) or until places are filled, by following instructions at the applications page.
Programme announcement:
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Location
The MSc in Energy Law, Business, Regulation and Policy will be offered online during the academic year 2023-2024. Special events, guest lectures, and conferences take place in the facilities of the School of Humanities, Social Sciences and Economics of the University Center of International Programmes of Studies of the International Hellenic University in Thermi-Thessaloniki.
Contact
Postal address:
School of Humanities, Social Sciences and Economics
Department of School of Humanities, Social Sciences and Economics
University Center of International Programmes of Studies
14th km Thessaloniki – Nea Moudania 570 01 Thermi, Thessaloniki, Greece
Tel: +30 2310 807 523/564/565
Email: infoshsse@ihu.edu.gr
