This episode provides an overview of energy economics.

I take a slightly different format this week. I offer some insight into the Irish electricity market, inspired by some requests from Twitter followers (@IrishEconPod). Alongside this, Dr. Jacquelyn Pless of the Sloan School of Management at the Massachusetts Institute for Technology (MIT) and Dr. Muireann Lynch of the Economic and Social Research Institute (ESRI) offer their expert insight into various aspects of energy economics.

This episode begins with a discussion of the Irish electricity market, its development and how a liberalised electricity market operates. Dr. Muireann Lynch then offers some insight into recent changes to the market structure.

The operation of the electricity market as we approach full renewable penetration is something that can be very confusing. I give some insight into how new technologies will be required to achieve renewables targets. Dr. Jacquelyn Pless offers her expertise on the various policy options that can be used to incentivise more R&D to develop these technologies.

Finally, we discuss the operation of electricity markets once smart technologies and household-level generation takes off. Are we all going to become electricity traders? What should policymakers do to avoid very real pitfalls and ensure that these development benefit consumers?

If you'd like to learn more about the topics discussed, further information is available on IrishEconPod.com under the 'contributors' section.

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