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Energy is essential for the functioning of modern economies, yet
at the same time, CO2 emissions from energy production are by far
the largest contributor to global warming. In a Danish context,
energy products and services and carbon-reducing energy
technologies such as wind turbines, district heating, and
insulation, account for a significant proportion of our exports
(over 85 BDKK, or 11% of exports in 2017) and employs about 75.000
persons. To ensure a sustainable future, the entire system of
energy production and consumption will have to be transformed in
the decades ahead from fossil fuels to renewable energy sources.
Transportation systems will have to be electrified to substitute
renewable energy for fossil-based fuels. The electrical grid will
have to be re-designed to accommodate for intermittent sources of
power from wind, solar, and marine sources. Energy generation will
increasingly become distributed among many suppliers, from large
centralized power plants to individual “prosumers”. These changes
represent both a huge challenge for society and an opportunity for
private enterprise, which will play a key role in the transition.
The purpose of this course is to give you a deep insight into the
energy industry from a business perspective. You will be introduced
to the physical realities that shape the functioning of energy
markets, the development of the industry, and its unique
characteristics. You will learn how both social and physical
processes shape the energy system and how market institutions are
crucial for allowing the future development of the system.
We take the point of view of the individual company with an
emphasis on innovation and business strategy. We will focus in
particular on frameworks to analyze “systemic innovation”, where
the value of a product, process, or technology is fundamentally
dependent upon its interaction with other parts of the energy
system. We will apply frameworks from business strategy,
innovation, microeconomics, the economics and politics of
regulation, and consumer behavior, as they apply to concrete issues
in the energy industry.
Throughout the course, we will involve guest lectures and arrange
field visits to Danish energy companies and other organizations
involved in the industry.
Outline of topics covered (both substantive areas and theory
frameworks):
• Introduction: Fundamentals of energy technology and sustainable
energy. The Danish energy system in an international context –
challenges and opportunities.
• Smart grids and the economics of intermittent supply, energy
storage, flexible demand, and grid and load defection.
• Innovation dynamics (S-curves, first-mover
advantage/disadvantage, technology lifecycles)
• Path dependence, technological trajectories, technology
transitions in socio-technical systems.
• Energy consumer behavior. Energy conservation in households and
industry.
• Energy policy at the local, national and international level.
Climate abatement policy.
• The economics of regulation and deregulation.
• Disruptive energy innovations. Business model innovations.
• Innovations in the transportation sector: Electric and hydrogen
vehicles, car sharing, city logistics.
• Market institutions for flexible energy systems.
• Life cycle analysis.
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• Chesbrough (2010) Business Model Innovation: Opportunities and
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• Christensen, J.F.; Truffer, B.; Hekkert, M. (2018) Enterprise
Strategies for Sustainable Innovation – Linking economic,
organizational and institutional perspectives. EIS radar paper
(draft). 50 pp.
• Climate Interactive (2016) World Climate: A
Computer-Simulation-Based Role-Playing Exercise.
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stop using fossil fuels? Journal of Economic Perspectives, 30(1):
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• Danish Energy Agency (2012) Energy policy in Denmark.
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versus emerging Davids — Theorizing about the role of incumbents
and new entrants in sustainable entrepreneurship, Journal Of
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Organisational change and the productivity effects of green
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Hederson, R. Gulati and M. Tushman (eds.), Leading Sustainable
Change, Oxford University Press. 32 pp.
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Benefits of Sustainability-Driven Innovation. MIT Sloan Management
Review, 54(2), 69-73.
• LaMonica, M. (2013) Will Utilities Embrace Distributed Energy?
MIT Technology Review (online version), 3 pp.
https://www.technologyreview.com/s/514526/will-utilities-embrace-distributed-energy/
• Lipp, J. (2007). Lessons for effective renewable electricity
policy from Denmark, Germany and the United Kingdom. Energy Policy,
35(11), 5481-5495.
• Lister, J.; Poulsen, R.; Ponte, S. (2015) Orchestrating
transnational environmental governance in maritime shipping, Global
Environmental Change, 34: 185–195.
• Matzler et. al. (2015) Adapting to the Sharing Economy, Sloan
Management Review, 56(2): 71-77.
• Perloff (2012) Exhaustible resources, Section 16.3 in
Microeconomics, 6th edition, Pearson, p. 580-586.
• Porter and Kramer (2006) “Strategy & Society - The Link
Between Competitive Advantage and Corporate Social Responsibility”.
Harvard Business Review. 13 pp.
• Poulsen, R.; Johnsen, H. (2016) The logic of business vs. the
logic of energy management practice: understanding the choices and
effects of energy consumption monitoring systems in shipping
companies, Journal of Cleaner Production 112: 3785-3797.
• Reinhardt, F.L. (1999) "Bringing the Environment Down to
Earth." Harvard Business Review. 9 pp.
• RMI (2015) The economics of battery energy storage (executive
summary), Rocky Mountain Institute report. 6 pp.
• RMI (2015) The economics of demand flexibility (executive
summary), Rocky Mountain Institute report. 9 pp.
• RMI (2015) The economics of grid defection (executive summary),
Rocky Mountain Institute report. 4 pp.
• RMI (2015) The economics of load defection (executive summary),
Rocky Mountain Institute report. 13 pp.
• Rothenberg, S. (2007) Sustainability Through Servicizing, MIT
Sloan Management Review, 48(2): 83-89.
• Smink, M. M., Hekkert, M. P.; Negro, S. O. (2015) Keeping
sustainable innovation on a leash? Exploring incumbents'
institutional strategies, Business Strategy & The Environment,
24(2), 86-101.
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of sustainable socio-technical transitions, Research Policy,
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• Unruh, G. C. (2000). Understanding carbon lock-in. Energy Policy,
28(12), 817-30.
• van der Vleuten, E., & Raven, R. (2006). Lock-in and change:
Distributed generation in Denmark in a long-term perspective.
Energy Policy, 34(18), 3739-3748.
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