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CH7001

Context &Philosophy of Energy Science, with Energy Economics, Regulation and Policy

December 2024

Q1

(a) An Energy Scientist must be familiar with many terms and organisations relevant to the utilization of energy at a global scale. Provide careful definition and explanations, where relevant using examples, of the following terms as they pertain to the discipline of Energy Science;

(i)        Energy

(ii)       Electricity

(iii)      Levelized Cost of Energy

(iv)      Energy Efficiency

(v)      Shale Gas

(vi)      IEA

(vii)     OPEC

(viii)    Mtoe.

[8 x 0.5 marks]

(b) To an accuracy of ± 2.5% state:

(i)  World energy utilization by energy source for any year between 1970-75.           [2 marks]

(ii)  World energy utilization by energy source for any year after 2015.           [2 marks]

(iii) World CO2  equivalent emissions be sector (of economy) in 2015 or a later year.            [2 marks]

Note: reference your information sources.

Q2

(a) In your own words, state and explain:

(i)  The three principals of Energy Science.                                                   [1 marks]

(ii) The five aspects of economic decision-making.                                      [2 marks]

(b) Renewable hydrogen produced by electrolysis of water is receiving increasing attention as an environmentally friendly energy vector.

Considering all of the aspects of part (a) (i and ii), provide a normative analysis (cost- benefit analysis) to evaluate the readiness level of renewable hydrogen to contribute  at a meaningful global scale to:

(i)       World total primary energy supply.                                                [3 marks]

(ii)       Clean and affordable energy at the customer point-of-use.          [4 marks]

Hint: Simplify your analysis by assuming a well-known geographical location, with a developed energy distribution system and an established energy market structure.

Data: In addition to other referenceable data sources (e.g. lecture notes, SEAI, IEA), the data below may be helpful.

1. Cost of electricity produced from renewable hydrogen 120 €/MWh for   20 MW.

2. Cost of electricity produced from renewable hydrogen 110 €/MWh for 100 MW.

3. Cost of electricity produced from non-renewable hydrogen 60 €/MWh for   20 MW.

4. Cost of electricity by off-shore wind 65 €/MWh.

5. Cost of electricity by on shore wind 40 €/MWh.

Note: reference other information sources you use.

Q3

(a) State the concept of “Peak Oil” .                                                                             [1 mark]

(b) Explain if, in your opinion, Peak Oil is:

(i) A valid physical concept.                                                            [1 mark]

(ii) A valid economic concept.                                                          [1 mark]

(c) State and explain:

(i) The “Components of Supply”.                                                    [1 mark]

(ii) The “Components of Demand” .                                                 [1 mark]

(d) Across the last one hundred years, oil has been a valuable internationally traded commodity, the price of which has been critical to the functioning of modern economies.

(i)        Explain why, for the first time in history, oil showed a negative trade price in 2020.           [2 marks]

(ii)       Explain the historical “Theory of Oil” global production & consumption and

speculate as to how this may contrast to a “New Theory of Oil” that will become evident from 2020 onwards      [3 marks]