MSc Energy and Economics

The course

Full-time, Part-time, Per course
Course type
Entry date

MSc Energy and Economics is an innovative, new degree programme grounded in the cutting-edge, industry recognised, economic research carried out by Heriot-Watt University on behalf of the energy sector.


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MSc Energy and Economics is an innovative, new degree programme grounded in the cutting-edge, globally recognised, economic research carried out by Heriot-Watt University on behalf of the energy sector.

This programme provides a detailed overview of current energy issues, teaching you to apply core tools of economic analysis to the conversion and use of energy resource.

You will develop a bespoke set of skills that will enable you to effectively measure and interpret the environmental and socio-economic impacts of the energy sector. You will also learn how to effectively analyse, appraise and design energy policy, systems and equipment from an economic perspective. You will gain highly-employable specialist knowledge that is crucial within the energy industry.

This Energy and Economics Master's Degree will prepare you for a dynamic career as an energy consultant, or for a graduate job in energy economics across: business, government regulation and environmental NGOs.

The dual-focused programme is ideally suited to graduates with an engineering or strong analytical background in subjects such as mechanical engineering, mathematics or economics.

It has been developed with numerous distinctive features which will aid your success in future roles:

Industry links

The Economics department at Heriot-Watt has close links to industry-leading organisations such as the World Bank and British Petroleum (BP). You will have access to a number of key industry figures such as Spencer Dale (Chief Economist at BP) who delivers guest economics lectures at Heriot-Watt.

Experts in energy economics

Economists and academics with expertise in the fields of energy, the environment and developing economies will lead your learning. They bring extensive real world experience to the programme from their work with business and global policy makers.

Each year our researchers and academics work closely with BP preparing data for their annual BP Statistical Review of World Energy. This is a highly regarded document used by energy experts, industry leaders, academics and journalists all around the world.


This specialist programme allows you to shape your learning to best meet the needs of your personal career-development. It is intentionally flexible. You will complete two mandatory courses and choose six further options from a suite of over 20 specialist energy and economics courses.

Topping the rankings for Economics 

National Student Survey 2018: Highest level of satisfaction with teaching in Scotland

Guardian University Guide 2018: 1st in Scotland and 3rd in the UK

It is widely considered that Heriot-Watt University offers some of the best Economics degrees in Scotland and the UK.

The student experience at Heriot-Watt is no-doubt boosted by the unique setting of our campus. Immersed in the Scottish countryside, our student experience offers the best of both worlds thanks to its location just outside the UK's second largest financial hub: Edinburgh, which was recently voted the ‘best city in the UK to live' for the third year running (National Newspaper Poll: The Telegraph).

Our excellent reputation for Economics is primarily the result of our dedication to fine-tuning the details of our programmes.

Our programmes are underpinned by the latest research from our three dedicated research centres for Economics. For example, much of the course content on our Energy and Economics MSc is directly informed by the research carried out by Heriot-Watt's Centre for Energy Economics Research and Policy (CEERP). This ensures that MSc Energy and Economics maintains its position as a cutting-edge, industry-focused Master's degree.

CEERP has been established in partnership between Heriot-Watt University and BP PLC to provide research support to BP and to conduct long-term research into energy economics and markets.

We are at the forefront of innovation among UK universities when it comes to the promotion and communication of energy research activities. This is thanks to our Energy Academy, a virtual learning centre used to connect all energy related research across the university. This gives our Postgraduate students direct access to the latest research carried out across Heriot-Watt University's three dedicated energy research centres which study: Energy Generation, Conversion and Storage; Intermittency of Supply, Storage and Control; and Energy Policy and Strategy.

September 2024 entry

The deadline for applications from UK students is 30 August 2024. For EU and overseas applicants, we guarantee to consider applications submitted by 2 August 2024.

Course content

Core courses:

  • Foundations of Energy
  • Environmental and Energy Economics

Students will also complete a masters dissertation: an individual research project led by a research active member of economics staff on a current research theme. 

Optional courses:

  • Electrical Power Systems
  • High Voltage
  • Sustainable Processing
  • Process Intensification
  • Renewable Energy Technologies
  • CFD and Heat Transfer
  • Demand Management and Energy Storage
  • Heat Transfer and Heat Exchangers
  • Strategic Project Management
  • Financial Analysis
  • Quality Management and Engineering
  • Project Management
  • Systems Things and Analysis
  • Emerging Financial Markets
  • Energy Systems and Buildings
  • Development Economics 
  • Ventilation and Air Conditioning
  • Research Methods
  • Critical Analysis and Research Project Planning

Entry requirements

A good Honours degree (first or second class) in Mechanical Engineering, another Engineering degree, Economics, Mathematics, or a degree in another quantitative discipline.

English language requirements

If your first language is not English, or your first degree was not taught in English, we'll need to see evidence of your English language ability.

The minimum English language requirement for entry to this programme is IELTS 6.5 (or equivalent) with no component lower than 6.0.

If you do not have IELTS 6.5, we offer a range of English language courses to help you meet the English language requirement for this programme prior to commencing your studies:

  • 14 weeks English (for IELTS of 5.5 with minimum of 5.0 in all skills)
  • 10 weeks English (for IELTS of 5.5 with minimum of 5.5 in reading & writing and minimum of 5.0 in speaking & listening)
  • 6 weeks English (for IELTS of 5.5 with minimum 5.5 in all skills)


Tuition fees for entry
Status Full-time Part-time Per course
UK £9152 £4576 £1144
Overseas £20376 £10188 £2547


  1. Your residency 'status' is usually defined as the country where you have been ordinarily resident for the three years before the start of your course. Find out more about tuition fees.
  2. Fee per course (module). Refer to the Course Content to see how many courses comprise the full programme.
  3. Overseas includes applications from European Union countries who do not hold Pre-Settled or Settled status in the UK. Read more about the application process for EU nationals.

Scholarships and bursaries

We aim to encourage well-qualified, ambitious students to study with us and we offer a wide variety of scholarships and bursaries to achieve this. Over £6 million worth of opportunities are available in fee and stipend scholarships, and more than 400 students benefit from this support.

View our full range of postgraduate scholarships.