The MSc in Energy and Finance Programme is being offered by the School of Science & Technology of the University Center of International Programmes of Studies of the International Hellenic University. The programme aims to provide postgraduate level education in the fields of energy and finance and is targeted towards University graduates including professionals who wish to acquire specialized knowledge in these fields. Given the continuously and steadily increasing global demand for new energy supply infrastructure, financing these projects will be an unprecedented challenge for banks, governments, regulators and capital markets. It is apparent that the need for a coherent interdisciplinary training in the fields of energy and finance/economics is more than imperative. Towards this direction, the International Hellenic University offers a carefully-structured interdisciplinary graduate programme the MSc in Energy and Finance. The MSc in Energy and Finance delivers to its participants all these skills that are essential for managerial, advisory and academic positions in the financial and the energy sector. The graduates of the programme will develop the ability to execute in depth research, to critically evaluate and to synthesize their own ideas, on the frequently encountered energy-related financial issues. At the same time, great emphasis is placed on the practical aspects of all topics covered by the programme, examining real-world problems using data analysis in the energy and financial industry. The MSc in Energy and Finance is designed for university graduates (who wish to gain further expertise in the financial and economic aspects of the energy sector) with the following academic backgrounds: Business/Economics, Engineering, Geotechnical as well as Natural Sciences. Leading academics from prestigious academic institutions from Greece and abroad, together with instructors from public authorities and key players from energy and financial related organizations, teach in the programme. The courses of the programme are taught exclusively in English. The academic staff comes from Universities in Greece and abroad. Official Government Gazette: Re-establishment PDF (in Greek) Regulation PDF (in Greek)
Key facts

Start date: October 2021

Application deadline: September 2021 or until places are filled

Campus: Thermi, Thessaloniki

Duration/Mode: 14 months (full-time) or 26 months (part-time)/ weekdays evenings

Taught language: English

Entry requirements: An undergraduate degree from an accredited University

Language requirements: IELTS (academic 6.5 and above), TOEFL (IBT, 90 and above) or TOEIC (850 and above) score, or a recognised by the Greek State certificate of proficiency in English

Fees: 4,000€ (total)

How to apply: Programme announcement 

Panagiotis Bardas
MSc in Energy Systems
I believe in a prosperous future, because IHU has given me the opportunity to do so

Who can apply

To be considered for the programme, candidates are required to have:

  • an undergraduate degree from a recognized University (University graduates of  Business/Economics, Engineering, Geotechnical as well as Natural Sciences departments)
  • proof of English competence [a recognised certificate of proficiency, recently acquired IELTS (academic 6.5 and above), or TOEFL (IBT, 90 and above) or TOEIC (850 and above) score]

Course content

During the first term, students are required to follow five mandatory core courses. During the second term, students are required to follow three mandatory core courses tailoring their programme further by two elective courses. Finally, in the third semester, work is dedicated exclusively to the Master’s dissertation. The dissertation provides an opportunity to apply theory and concepts gained during the year to a real-world problem.

The core courses

1st Term Core Courses

2nd Term Core Courses

The elective courses

During the second term students tailor their programme further by choosing elective courses. The choice of elective courses must sum up to 12 ECTS (2 courses). Some of the elective courses may not be offered, depending on student demand. 2nd Term Elective Courses

The Dissertation

During the third semester, students work on their Master’s Dissertation project, the thematic area of which is relevant to their programme of studies and their interests. The dissertation is the opportunity to apply theory and concepts learned in different courses to a real-world problem or research question. Students are supervised throughout their projects by a member of the academic faculty and the academic assistants of the School. After submission of the dissertation, students present their projects to classmates and faculty at a special event. In collaboration with our academic associates and their supervisors, several students in the past have managed in publishing their dissertation projects in peer-reviewed journals, working papers series or presenting them at international conferences. An indicative list of student publications includes:

  • Apergis, N. and Vouzavalis (2018). Asymmetric pass through of oil prices to gasoline prices: Evidence from a new country sample. Energy Policy114, 519-528.
  • Missiou, O.and D. Psychoyios (2017). Estimating the size of Shadow Economy with Electricity Consumption Method. Proceedings of the European Financial Management Association 2017 Annual Meetings June 28- July 1, 2017 Athens, Greece.
  • Charalampous, G.and R. Madlener (2013). Risk Management and Portfolio Optimization for Gas- and Coal-fired Power Plants in Germany: A Multivariate GARCH Approach. FCN Working Papers 23/2013, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN).
  • Charalampous, G.and R. Madlener (2013). Risk Management and Portfolio Optimization for Gas- and Coal-fired Power Plants in Germany: A Multivariate GARCH Approach.  Proceedings of 14th IAEE European Energy Conference, Rome, Italy.
  • ChristofidouΤ. Dergiades and R. Madlener (2012). The Nexus between Natural Gas Spot and Futures Prices at NYMEX: Do Weather Shocks and Non-Linear Causality in Low Frequencies Matter? FCN Working Papers 17/2012, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN).

Duration of studies

The MSc in Energy and Finance (full-time) is a 14-month programme taught over three terms. Lectures mainly take place on weekday evenings. The MSc in Energy and Finance is also available in part-time mode over 26 months for those who cannot commit to a full-time programme either for work or other reasons.

The Academic Faculty

Faculty Members

Dr Eleni Heracleous Dr Eleni Heracleous Associate Professor Dean
Professor Panayiotis Bozanis Professor Panayiotis Bozanis +30 2310 807501 pbozanis@ihu.gr
Professor Periklis Chatzimisios Professor Periklis Chatzimisios +30 2310 807501 pchatzimisios@ihu.gr
Dr Maria Drakaki Dr Maria Drakaki Associate Professor +30 2310 807524 mdrakaki@ihu.gr
Dr Christos Tjortjis Dr Christos Tjortjis Associate Professor +30 2310 807576 c.tjortjis@ihu.edu.gr
Dr Vassilios Peristeras Dr Vassilios Peristeras Assistant Professor +30 2310 807539 v.peristeras@ihu.edu.gr
Dr D.Tzetzis Dr Dimitrios Tzetzis Assistant Professor +30 2310 807548 d.tzetzis@ihu.edu.gr

Other Research and Teaching Personnel

Dr Christos Berberidis Dr Christos Berberidis Research and Teaching Staff +30 2310 807534 c.berberidis@ihu.edu.gr
Dr Dimitrios Baltatzis Dr Dimitrios Baltatzis Research and Teaching Staff d.baltatzis@ihu.edu.gr
Dr Stavros Stavrinides Dr Stavros Stavrinides Research and Teaching Staff s.stavrinides@ihu.edu.gr
Dr Georgios Martinopoulos Dr Georgios Martinopoulos Academic Associate +30 2310 807533 g.martinopoulos@ihu.edu.gr
Image not available Dr Leonidas Akritidis Academic Associate
Image not available Dr Dimitrios Karapiperis Academic Associate
Image not available Dr Katerina Tzafilkou Academic Associate

Visiting Faculty

Dr Nikolaos Apergis
University of Piraeus
Dr Constantinos Evagellinos
Associate Professor
University of Aegean
Dr Estelle Lucienne Anna Herlyn
FOM University of Applied Sciences for Economy and Management
Dr Dimitrios Kanellopoulos
Public Power Company Renewables S.A. (PPC)
Natural Resources Evaluation & Certification Department Director and Solar Energy Department Acting Director
Professor Athanasios G. Konstandopoulos
Aristotle University of Thessaloniki
Centre for Research and Technology (CERTH) Director
Professor Reinhard Madlener
RWTH Aachen University, Germany
Dr Isaac A. Meir
Associate Professor
Ben-Gurion University of the Negev, Israel
Professor Nikos Nomikos
Professor of Shipping Risk Management,  Director of MSc Shipping, Trade and Finance, Cass Business School
City University, London UK
Dr Theodore C. Panagos
Former Vice Chairman
Regulatory Authority for Energy, Greece
Professor Agis Papadopoulos
Aristotle University of Thessaloniki
Dr Panos Pouliasis
Senior Lecturer in Energy/Commodities and Finance, Cass Business School
City University, London UK
Dr Dimitrios Psychoyios
Associate Professor
University of Piraeus
Professor Franz Josef Radermacher
University of Ulm, IHU Honorary Doctorate
Professor Matheos Santamouris
National and Kapodistrian University of Athens
Professor Eftichios S. Sartzetakis
University of Macedonia
Professor Rudolf Schilling
Former Vice Chairman
Technical University of Munich, Germany
Professor Jürgen Schmude
Chair for “Economic Geography and Tourism Research” Department for Geography, Ludwig-Maximilians University (LMU), Munich
Dr George Skevis
Senior Researcher
Centre for Research and Technology Hellas (CERTH)
Professor Marcus Wagner
University of Augsburg, Chair for Management
Professor Anastasios Xepapadeas
Athens University of Economics and Business
Dr Theodoros Zachariadis
Associate Professor
Technical University of Cyprus, Cyprus


Students make extensive use of our recently set up Energy Lab. Facilities include a brand new computer-controlled Photovoltaic system, a computer-controlled Solar Thermal system, a computer controlled PEM Fuel cell, a computer controlled stirling engine, a 15kW organic Rankine cycle, a wind tunnel as well as an IR camera and environmental meters that students use during their studies and dissertation research.

Fees & Financing


The programme fees for the MSc in Energy and Finance is 4000€. 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 0,45% – 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 Science & Technology 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.

Programme announcement – Admissions

Next MSc in Energy and Finance class starts in October 2021. Interested parties are invited to submit their application by September 2021 or until places are filled, by following instructions at the page ‘Apply to UCIPS’.

Programme announcement

Ideal Career path

After the completion of the MSc programme in the Energy and Finance students may apply into positions in the energy and financial sector as well, which call for:

  • Energy financial analyst
  • Trading energy commodities
  • Forecasting future energy markets trends
  • Financial Modeling
  • Monitoring and managing risk exposure
  • Statistical analysis of energy related data
  • Energy policy, research and analysis

In addition to technical skills gained through study, our students benefit from the University’s excellent Careers Office in order to attain essential Soft Skills (e.g. communication skills, interview preparation, CV writing etc.) to better prepare for the job market.


The MSc in Energy and Finance takes place in the facilities of the School of Science & Technology of the University Center of International Programmes of Studies of the International Hellenic University in Thermi-Thessaloniki.


Postal address: School of Science & Technology Department of School of Science & Technology University Center of International Programmes of Studies 14th km Thessaloniki – Nea Moudania 570 01 Thermi, Thessaloniki, Greece Tel: +30 2310 807 526/529 Email: : infotech@ihu.edu.gr