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The MSc in Energy Law, Business, Regulation and Policy 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 programme has as its objective the provision of postgraduate level studies, specialization and experience in Energy Law, Βusiness, Energy Policy, and Geostrategy, as well as the general regulatory intervention in the area of the energy sector as a whole. It offers 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 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.

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 and ADR.

This programme is designed for University graduates of Law & Political Sciences, Economics, Business Studies & Engineering, 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.

Key facts
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Start date: October 2024

Application deadline: 31 August 2024 (non-Greek applicants) / 30 September 2024 (Greek applicants) 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

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Zana Govori
MSc in Energy Law, Business, Regulation and Policy
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
The aim of this course is to familiarize and provide students with a solid foundation in the legal concepts of Energy Law 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. 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.


  • General Aspects of Energy Law;
  • Legal framework of Electricity, Natural Gas, Renewable Energy Sources &  Hydrocarbons;
  • Law and Regulation;
  • Licensing;
  • Competition;
  • Consumer Protection;
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,
  • Be able to implement theoretical knowledge and formulas in everyday managerial problems,
  • Understand the foundations of valuing assets,
  • Appreciate the mechanics, operations and behaviour of capital markets,
  • Understand basic financial concepts and techniques of financial analysis,
  • 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,
  • Understand the principles of portfolio theory and asset pricing,
  • Identify the tools for raising capital,
  • Understand the implications of mergers & acquisitions in the energy sector.


  • Introduction into the Basic Principles of modern finance theory
  • The financial system, financial markets and financial institutions
  • Agency Problems and Corporate Governance
  • Time value of money
  • The key principles of financial and management accounting
  • Analysis and interpretation of financial statements
  • Bond Valuation
  • Term Structure of Interest Rates
  • Stock Valuation
  • Investment Decision Rules
  • Making Investment Decisions with the Net Present Value Rule
  • Portfolio Theory
  • Capital Asset Pricing Model
  • The Weighted Average Cost of Capital
  • Derivatives in Energy
  • New issues of Stock
  • Corporate Restructurings
  • Mergers and Acquisitions

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
This course aims at providing a concrete and comprehensive knowledge of Energy Transport to achieve a sustainable and efficient transportation of energy. Students will be aware of the usage of different methods for the transportation of LNG (specially designed large ships, trucks) as well as the special conditions required for its storage (insulated storage tanks specifically built to hold LNG at terminals). Both technological and Economics options will be described.

Transportation of natural gas is closely linked to its storage. Storage facilities will be presented. The course will also analyse pathways to directly use natural gas, as compressed natural gas (CNG) or liquefied natural gas (LNG), in the transportation sector as an economic alternative to gasoline and other transportation fuels. Recent LNG projects will be analysed throughout case studies.
Learning outcomes

  • On completing the course students will be able to:
  • understand the fundamental principles of Energy sources and their Transport
  • understand of topics related to transport of energy sources
  • discuss about the methods for the transportation of LNG
  • understand the necessity and the conditions of storage of LNG
  • understand the difference between LNG and CNG
  • comprehend the evolution of energy storage industry
  • understand the function of energy hubs in energy sector
  • explore facilities considered as hubs
  • analyse studies on ways to integrate renewable energy sources into the power grid


  • EU Energy and Transport framework;
  • Shipping and Energy Transport;
  • Fundamentals of Natural Gas Processing;
  • The LNG and CNG Transportation;
  • Energy Hubs;
  • Energy Storage;
  • Principles of Renewable Energy Conversion, Transmission and Storage.

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
The aim of the course is to provide understanding of the dynamics of the energy sources, markets and prices. In particular, the main objectives of the course can be summarized as follows: a) to understand the historical events that shaped the evolution of the energy sector at the world level; b) to offer a conceptual paradigm which allows the interpretation and economic analysis of the energy markets; c) to become familiar with the analytical 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. The course analyzes and deepens topics such as energy demand, energy supply, energy efficiency, energy balances, evolution of the oil and gas sector, strategies of the oil and gas companies, behavior of the oil and gas producing countries, OPEC strategies, energy markets, energy market liberalization, energy subsidies, countries’ energy policies, Dutch disease, energy security, peak oil hypothesis, rising of renewable energy, energy investments. Special attention is given to the oil price formation: by studying its evolution during the years and the energy crises, the course provides a clear understanding on the main features of the oil market, its dynamics and key variables. The current dynamics of the oil and gas prices at world level, as well as the role of the shale oil and shale gas revolution, is also deepened. 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:
  • understand the key variables which have driven the evolution of the energy markets
  • analyze and understand countries’ energy balances
  • understand strong  and weak points of fossil fuels and renewables
  • understand the dynamics of the oil price formation and the main forces and interactions which shape the energy markets
  • carry out critical analyses of the oil and gas companies’ strategies
  • interpret the behaviour of the oil price by means of the main oil price models
  • critically evaluate Opec behaviour and strategies
  • critically evaluate the energy policies of the main world’s countries
  • understand the influence of the climate change issues on the energy markets and countries’ policies


  • energy demand and supply;
  • energy balances and energy efficiency;
  • oil and gas resources and reserves;
  • renewable energy vs fossil fuels;
  • evolution of the oil and gas sector;
  • strategies of the oil and gas companies;
  • behaviour of the oil and gas producing countries, and Dutch disease;
  • OPEC behaviour and strategies;
  • energy market liberalisation;
  • shale oil and shale gas;
  • energy security;
  • peak oil hypothesis;
  • energy investment trends;
  • energy policies and climate change.

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
Stakeholders in the energy sector have discovered that alternative dispute resolution (ADR) may offer distinct advantages over traditional litigation in a wide variety of matters. 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 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;
  • 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.


  • Legal nature of Energy Disputes
  • Fundamental principles of Alternative Dispute Resolution
  • Foundations, rules and doctrines of Arbitration, Mediation & ADR in general
  • Ad hoc and institutional arbitration as a means to solve energy disputes
  • Mediation in the Energy Sector
  • Procedural issues of Energy Arbitration
  • Energy Charter Treaty
  • Relevant case law

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: coursework + exam
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 students have 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. 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. Moreover, the course will elaborate upon the issues presented by the free movement of energy under the founding Treaties and its exceptions as well as the contradictions and dilemmas arising from the interaction between EU Energy and Environmental Law. 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.

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, 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.

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.

From an International Law viewpoint, students will be introduced to the Energy Charter Treaty (ECT), a unique multilateral framework conceived and promoted by the EU with a view to enhancing international cooperation in the Energy Sector, which serves as a legal basis for the creation of an open international energy market founded upon the principles of secure energy supply and sustainable economic development.
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 substantive protections to foreign investors when investing in ECT states
  • understand the interaction of EU Competition and State Aid Law with energy regulation
  • comprehend the legal framework of EU regulation of the Energy Sector
  • critically evaluate national and international investment protection and its investment dispute resolution systems
  • 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


  • EU Competition Law in the Energy Sector;
  • EU State Aid Law;
  • Energy Charter Treaty;
  • EU Directives;
  • International investment protection;
  • Dispute Resolution in the Energy Sector;
  • Energy Arbitration.

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: coursework + exam
The aim of this course is to propose an investigation of some key energy and environmental problems from the point of view of political economics. In particular, the course deepens the connection between energy, environment, income and population. Making use of an interpretative scheme based on the concept of externality, it explores the phenomena of environmental damage and the policy instruments used for dealing with them. Topics such as sustainable development, optimal level of pollution, energy and environmental taxes, environmental standards, tradable pollution permits, economic evaluation of externalities, renewable resources, climate change and Kyoto Protocol, environment and international trade are studied. The main objectives of the course can be summarized as follows: a) to study the relationships between energy, environment, income and population; b) to propose an overview of the main policy tools for dealing with environmental externalities and pushing an economic system towards the optimal level of pollution; c) to give the student a logical scheme which allows the interpretation and economic analysis of environmental phenomena; d) to stimulate the student’s critical reflection, his ability to investigate specific topics and to communicate his knowledge.
Learning outcomes

  • On completion of the course students will be able to:
  • understand the different dimensions of the sustainable development concept
  • understand the connections between energy-environment-income and population;
  • critically evaluate the link between economic growth and environmental protection
  • comprehend the relevance of the climate change issue and critically evaluate it
  • analyze the main techniques for evaluating environmental damages and benefits
  • comprehend the demographic and ecological transitions
  • analyze the main steps and key issues of the international climate change negotiations
  • critically evaluate the main policy tools to be used for managing the energy-environment link
  • understand the role of the carbon markets and the EU ETS
  • critically analyze the EU Roadmap 2050
  • understand the main elements and differences of energy and environmental policies of the main world’s countries


  • IPAT and Kaya identity;
  • Environmental Kuznets Curves;
  • Sustainable development;
  • Externalities and optimal level of pollution;
  • Coase Theorem;
  • Pigovian taxes and environmental standards;
  • Pareto and Hicks-Kaldor tests. Social Welfare Function.
  • Tradable environmental permits. EU ETS (Emissions Trading Scheme);
  • The Kyoto Protocol and the international climate change negotiation;
  • The decarbonisation of the economy and the role of renewable energy;
  • The EU, US and China energy and environmental framework;
  • Renewable resources: dynamics and rules of exploitation;
  • Sources, meaning and role of the discount rate.

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
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.
Learning outcomes
On completing the course students will be able to:

  • Understand the notion of geographical space as well as the different kinds of geographical space.
  • Understand the fundamentals of Geopolitics according to the prominent literature. The essential terminology: understanding the difference between Geopolitics,  Geo-strategy and Geo-propaganda.
  • Geopolitics through the prism of Systemic Geopolitical Analysis: a contemporary proposal for geopolitical analysis.
  • Understand the interactions between Politics, international relations, Economics, Technology; Demography and Geography and how these variables affect and are affected by the energy sector.
  • Analyze critically the strategies of the energy companies and their relations with companies of energy producing countries.
  • Understand the energy policy and trends affecting strategies.
  • Understand the concept of security of supply.
  • Analyze some case studies that allow to better understand Geopolitics as an instrument of analysis.


  • Fundamentals in Geopolitics
  • The Suez Canal Crisis as a paradigm of a new world in the decolonization process
  • The First Oil Crisis and the Yom Kippur War
  • The Second Oil Crisis and the Iranian Revolution
  • The Iran-Iraq war and the Oil Counter shock
  • The Gulf Wars: the Middle East reshaped from the end of Cold War to the September 11th2001
  • From Soviet Union to Russia: The role of energy in a new context of Russian leadership
  • The Turkish Hub and the Neo-Ottomanism
  • Asia Geopolitics: the China Sea Power and other Asian actors
  • Africa and Energy: A geopolitical challenge
  • Middle East.2: An Updated analysis

Teaching hours and credit allocation: 30 hours, 6 credits
Course assessment: exams
The overall aim of the course is to provide students with a basic understanding of the most important types of contracts in the international oil and gas industry. The course discusses the main principles relating to energy investments and trade in reference to established energy agreements. The focus is particularly on energy agreements such as 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 the execution of exploration and production activities to a foreign oil company while the latter provides the technical and financial services required for the execution of the undertaken activity. 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 will be closely examined is JOAs. The oil and gas industry is facing increasing challenges with regard to project execution, inertia in procurement and overall supply, thus culminating in the use of a larger number of independent oil and gas servicing companies. The parties enter a JOA in order to conduct joint-operations and consequently establish a common contractual framework. The course also discusses energy investments protection. The focus will be on the main principles of WTO/GATT and the Energy Charter Treaty (ECT) but will also address the issue of investment protection provided by several bilateral investment treaties (BITs). The purpose of these treaties 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.


  • 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


The aim of this course is to introduce to students to the theory and practice of Project Management as applied to renewable energy and energy efficiency projects. This will be accomplished by using a systems analysis and case-study approach. It will further enable students to explore financial considerations for sustainable energy projects, as well as a variety of funding mechanisms. This course will also highlight the responsibilities, policies, and practices involved with managing the built environment to achieve sustainable goals. An overview analysis of the potential benefits of three key renewable technologies: solar, biomass and hydrogen/fuel cells will be discussed.

Learning outcomes

On completing the course, students are expected to be able to:

  • understand the renewable energy schemes and the strict low pollution targets
  • understand how power systems design, power systems management and economics, power systems simulation and power conditioning work
  • understand the facilities of operation, maintenance, architectural blueprint interpretation, health & safety awareness, and occupant engagement
  • explore current strategies and issues in the industry today such as sustainability, productivity, green buildings and environmental factors


  • Introduction to Energy Project Management
  • Financial aspects of sustainable energy projects
  • Funding mechanisms
  • Sustainable goals
  • Responsibilities, policies, practices
  • Benefits of renewable technologies

Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams


The course introduces to students the legal principles that control the allocation and protection of the most crucial natural resource, water, including surface and groundwater rights, management approaches. Emphasis will be given on current legal and policy debates in Europe and the USA; on the rights and obligations of water supplies, planning and regulatory agencies. The course will also focus on surface and groundwater rights, water management, environmental approaches, the difficulties and policy dilemmas involved in creating integrated water management institutions. Institutional development, norms and guiding principles, implementation strategies, and public participation mechanisms at the local, European Union level and globally will be discussed.

Learning outcomes

On completing the course, students are expected to be able to:

  • critically analyze the history of water development
  • assess the alternative means of responding to the growing worldwide demand for water
  • 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


  • Introduction to water law and policy
  • EU water Directive
  • Legal control of water resources
  • Water policy and Markets
  • Implications of deficiency management policies
  • Aspects of National and Transnational water management
  • The Human Right to water
  • Institutional Perspectives on water policy

Teaching hours and credit allocation: 16 hours, 3 credits
Course assessment: exams


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)


  • 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


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


  • 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


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 law at EU and global levels while at the same time showcasing the advantages, similarities, differences and shortcomings of the each respective legal regime. 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. The course equips students with a broad expertise which will be of outmost value in careers in government departments and agencies, international organisations, non-governmental 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 etc.)

Learning outcomes

On completing the course students will be able to:

  • have a 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 decisions on 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 and techniques, in analyzing a new problem in energy policy, and in devising, evaluating and justifying options for intervention
  • develope their skills in finding and using arguments and information; in critically evaluating such material
  • practice strategy and accountability. Students manage meetings, plan teamwork, and help clients choose policy options that strengthen or protect environmental law
  • learn research and 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; and
  • Cultivate communication skills. Students hone their visual and narrative presentation skills


  • general aspects of international and European environmental law
  • problems related to climate change, nature conservation, water management etc.
  • the interplay between the various levels of law
  • 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 regulation

Teaching hours and credit allocation: 16 hours, 3 credits

Course assessment: exams


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


  • 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


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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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).

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.

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.


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


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.


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).


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 (

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 (non-Greek applicants) / 30 September 2024 (Greek applicants) or until places are filled, by following instructions at the applications page.

Programme announcement: ENG | GR


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.


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