Research document no. 24. The integration of european electric markets: from the national markets juxtaposition to the establishment of a regional market

International Nuclear Information System (INIS)

Finon, D.

2000-11-01

After the transcription of the electricity directive in national legislations, the European electricity market appears to be a vast set of juxtaposed markets which are weakly connected at the level of their wholesale contracts compartment. Referring to the technological peculiarities of electricity as a commodity, the paper identifies the direct conditions of regional integration of the electricity markets, those which would favour cross-border trade and allow to be near the normal functioning of a regional commodity market. The infrastructure network dependence and the need of a stringent technical coordination necessitate to unify the operation of the different systems and the rules of access, or at the least to come near this unification by strong coordination. A second major condition, which is not fully debated, is the increasing connexion of short-term markets, via daily physical trade and emergence of a European financial market, which could trade various standardised contracts referring to a single hourly spot price, or to prices in various delivery points. To reach such an integration, two paths are possible: either concentration into one single organised power exchange as the Nordic pool, or rules harmonization of the various power exchanges which would be a minimal requirement to allow arbitrations between them. (author)

The Political History of European Integration

DEFF Research Database (Denmark)

Schulz-Forberg, Hagen; Stråth, Bo

This book adopts a historical perspective to explore the tensions between the idea of a European democracy through a European market, and the observations that there are signs of increasing social disintegration, political extremism and populism in the wake of economic integration. It was shortli......This book adopts a historical perspective to explore the tensions between the idea of a European democracy through a European market, and the observations that there are signs of increasing social disintegration, political extremism and populism in the wake of economic integration...

European Integration and Globalization

Directory of Open Access Journals (Sweden)

Diana Bobica

2010-06-01

Full Text Available According to many, the term globalization is able to explain any phenomenon whatsoever, be it positive or negative, that takes place within the global social system. It seems like a sort of magical formula, which is to be found in the speeches of all sorts of people, be they economists, politicians, businessmen or sociologists. However this magical formula of globalization has its limitations, since it encompasses a certain amount of quibbling, beyond which not many can pass. In the context of globalization there appears the question on its role in the process of European integration. Is European integration a part of this global process or, quite on the contrary, does it present certain distinctive features, as it moulds itself differently from the globalization phenomenon? A clear-cut answer seems difficult because of the various aspects involved. Not only the general phenomenon of globalization, but also the economic integration on European level is based on the liberalization of markets and on the opening of national economies towards the exterior,having as direct consequence the intensification of trade exchanges. If from a global point of view one may talk of a market fundamentalism in that the market principles know no boundary, European integration on the other hand implies not only market economy, but also a guided and monitored action of Member Statesaccording to the needs of the whole entity, also taking into consideration - as far as possible – all aspects and consequences on social level.

Convergence of European spot market prices for natural gas. A Real-Time Analysis of market integration using the Kalman filter

International Nuclear Information System (INIS)

Siliverstovs, Boriss; Neumann, Anne

2005-01-01

This paper provides a textbook example of an econometric analysis of the integration between two commodity markets and the subsequent price convergence or absence thereof. We analyze price relations between spot markets for natural gas in Europe. The European market for natural gas is currently undergoing a liberalization process with the aim of creating a single, unified market. We use time-varying coefficient estimation models, applying the Kalman filter to test whether price convergence between different locations is really taking place. Our results reveal that the construction of a pipeline between the UK and Zeebrugge (Belgium) has lead to almost perfect price convergence between theses locations; on the other hand, liberalization on the European continent does not seem to be working so far. (Author)

The European electricity market

International Nuclear Information System (INIS)

1988-01-01

The creation of a single European market also will have its effects on the power and electricity sector. Expectations tied to this abandonment of borders on the electricity market are different: some hope for a reduction of energy costs, others fear safeguarded supplies to be at risk. It cannot be fully judged at present what the situation will be on a strongly integrated, European power and electricity market, and the brochure in hand is intended to present a first survey of the situation from the perspective of the power industry and energy policy, concentrating on main aspects. The survey is compiled in the form of reprints of journal articles written on this topic by a number of well-known German experts in the field. (orig./HP) [de

Financial Integration of European Money Market: from EMU to the Global Crisis and Beyond

OpenAIRE

Avadanei Andreea; Avadanei Anamaria; Ghiba Nicolae

2010-01-01

The scope of this article is to illustrate the general issues relevant for understanding the implications of the global crisis on European money market integration. We structured our paper on chapters that present the evolution of the considered market from the launch of euro until the financial turmoil, its main features in the actual context, and the central banks response to the rising tensions on the money market. Given its function of channeling funds to enable banks to cover their most ...

European Economic Integration

Science.gov (United States)

Huston, James A.

1971-01-01

Recounts the history and problems of European Economic Integration from the first post World War II organization, the OEEC, to the EEC (Common Market) and the EFTA. Suggestions for further reading are included. (JB)

Liberalising the European natural gas market

International Nuclear Information System (INIS)

Mulder, M.

2002-01-01

Europe's natural gas market is changing radically. The several national markets dominated by monopolistic suppliers are integrating into one European market in which production and trade are subject to competition, while transport through the networks will be unbundled and placed under regulatory influence. What will be the consequences of these changes on natural gas prices, supply security and the environment?

The role of power exchanges for the creation of a single European electricity market: market design and market regulation

International Nuclear Information System (INIS)

Boisseleau, F.

2004-01-01

The electricity sector worldwide is undergoing a fundamental transformation of its institutional structure as a consequence of the complex interactions of political, economic and technological forces. The way the industry is organized is changing from vertically integrated monopolies to unbundled structures that favor market mechanisms. This process in Europe, known as the liberalization process, has had a wide impact on the European electricity industry. The focus of this dissertation is an analysis of the role of electricity power exchanges in the recently liberalized electricity markets of Europe. In the context of creating a competitive electricity market at a European level, the key questions considered are the functioning of these power exchanges with respect to electricity characteristics, market design and regulatory framework. In Europe, very little attention has been paid to the role of these new marketplaces and to the issue of market design in general. Hence the main purpose of this work was to analyze how these marketplaces facilitate the trading of electricity and the role they can play in the construction of a pan-European competitive electricity market. An analysis of power exchange requires taking into account the 'double-duality' of such institutions. One, power exchanges are both a market and an institution. As a market they facilitate the trading of electricity and determine an equilibrium price. As an institution power exchanges have their own objectives and constraints, and play a role in the market design of the overall electricity market. Two, the relationship between electricity power exchanges and liberalization is neither linear nor one way: liberalization encourages the birth of such marketplaces yet marketplaces are more than the results of such process, they are also a driving force of the liberalization process. This thesis is divided into three parts. The current situation in Europe and different existing theoretical approaches in

European commission report on market opening

International Nuclear Information System (INIS)

Anon.

2005-01-01

Governments must step up their effort to implement measures relating to market opening within the framework of the directives on gas and electricity. Only greater integration of national markets will produce the improvements required from a competitive point of view on the domestic energy market. These are the main conclusions of the annual report on domestic electricity and gas market operation adopted by the European Commission at the beginning of January 2005. (author)

Natural gas supply strategies for European energy market actors

International Nuclear Information System (INIS)

Girault, Vincent

2007-06-01

The liberalization of the European energy markets leads to the diversification of supplies. Hence, we analyse the natural gas importation problem in a power producer point of view. Upstream and downstream natural gas markets are concentrated. In this oligopoly context, our topic is to focus on strategies which modify natural gas sourcing price. This by studying the surplus sharing on the natural gas chain. A European firm can bundle gas and electricity outputs to increase its market share. Therefore, a bundling strategy of a power producer in competition with a natural gas reseller on the final European energy market increases upstream natural gas price. Bundling also acts as a raising rival cost strategy and reduces the rivals' profit. Profits opportunities incite natural gas producers to enter the final market. Vertical integration between a natural gas producer and a European gas reseller is a way, for producers, to catch end consumer surplus. Vertical integration results in the foreclosure of the power producer on the upstream natural gas market. To be active on the natural gas market, the power producer could supply bundles. But, this strategy reallocates the rent. The integrated firm on natural gas gets the rent of electricity market in expenses of the power producer. Then, a solution for the power producer is to supply gas and electricity as complements. Then, we consider a case where vertical integration is not allowed. Input price discrimination by a monopolist leads to a lower natural gas price for the actor which diversifies its supplying sources. Furthermore, a bundling strategy increases the gap between the price proposed to the firm which also diversify its output and the firm which is fully dependent from the producer to supply natural gas on final market. (author)

A Comparative European View on African Integration

DEFF Research Database (Denmark)

Zank, Wolfgang

In this paper I compare African and European integration. Despite some important progress, so far African integration has not been as deep as the European one. Measured on the terms of intergovernmental versus supranational cooperation, the AU is essentially an intergovernmental arrangement...... resembles already a federal state, with increasing tendencies in this direction. The different degree of integration has been the cause of many factors. I highlight here the importance of two basic conditions for substantial progress at supranational integration. The first one is a consensus on basic...... European countries have been mixed economies with a public sector, but where economic activities were mainly coordinated by market forces. This opened the possibilities to use these market forces, e.g. by removing trade barriers, to strengthen cooperation at ground level and create pressures for further...

Independents in European Gas Markets after liberalisation - downstream integration of upstream oil and gas companies

International Nuclear Information System (INIS)

Eikeland, Per Ove

2005-01-01

A central objective of gas market liberalisation in Europe in the 1990s was to increase competition by opening end-use markets for independent suppliers. Upstream oil and gas companies in Europe reacted to this opportunity by announcing strategies to integrate forward in European gas markets. By late 2004, however, upstream companies still recorded generally weak downstream strategy implementation in Europe. The article concludes that this general implementation gap should be explained by political failure in EU member states to abolish gas market barriers to entry for independents. Variation between companies in degree of implementation should be explained by variation in conditions in the companies' home markets / wider business spheres and internal company factors. (Author)

INTEGRATED MARKETING COMMUNICATION IN POLITICS?

Directory of Open Access Journals (Sweden)

Ovidiu-Aurel GHIUŢĂ

2009-06-01

Full Text Available The current study has practical applicability in politic al domain and theoretical involvement at politicalmarketing communication level. The type of the research is a qualitative one, using as survey methods scientificobservation and documentary search. The aim of the research is to prove the applicability of marketing communicationconcept integrated in political marketing and global marketing communication. There are also exceptions, justanalyzing the industry – politics, in which integrated communication can’t be considered global communication.The subject of integrated marketing communication is relatively a new one in marketing (two decades, but itsapplicability in political domain and the specifications that assumes this application represents o new vision atEuropean and worldwide level. This study clearly presents the differences between the integrated marketingcommunication and global marketing communication.In documentary research, the author used studies belonging to Anglo – Saxons theoreticians and practitioners(Americans, Canadians, British but also Europeans (French, Belgians, Romanians. The main reason is the fact that inmarketing domain on extremely narrow scientific sections the visions belonging to these two main orientations aren’talways equable. Also, in scientific observation, t he research analyses political events from United States of America,France and Romania. Due to this reason, we can affirm that the current study has not only a regional applicability butalso a global one.

Integration and shock transmissions across European electricity forward markets

International Nuclear Information System (INIS)

Bunn, Derek W.; Gianfreda, Angelica

2010-01-01

New results are presented relating to the integration of the French, German, British, Dutch and Spanish power markets at day-ahead, week-ahead, one month-ahead and two month-ahead lead times. Overall, there is evidence of market integration, increasing over time, despite an underlying inefficiency in each market with respect to the forward and spot price convergence. The spatial analysis, on a financial dimension, is undertaken using causality tests, cointegration and impulse-response techniques, for both price levels and volatilities. In general we find less influence of the size and proximity of neighbouring markets than other studies, more integration at baseload than peak, and, surprisingly, less integration in forwards than spot prices. (author)

The European Financial Market Stress Index

OpenAIRE

Shaen Corbet

2014-01-01

This research constructs and develops a financial stress index based on European financial markets. The integration of numerous sovereign states has created difficulty identifying stress in any one single financial component, but incorporating twenty-three headline European stress indicators across equities, bonds and currencies, in terms of both spreads and levels offer substantial explanatory benefits. The incorporation of a logistical framework specifically analysing the levels, volatility...

The unavoidable increase in electricity prices in France: should the effects of the European market integration be corrected?

International Nuclear Information System (INIS)

Finon, D.; Glachant, J.M.

2008-01-01

The competitive reform will unavoidably generate a price increase for French consumers when the regulated price is removed. That increase is due to the competitive hourly rate formation system in the continental market. The system allows existing nuclear equipment of all European producers to generate a rarity income, without this triggering nuclear investment decisions due to political obstacles. The sacrifice of French consumers does not imply later price decreases failing such investments. The benefit sought by the integration of the market for European consumer benefit cannot be achieved. The rarity income from existing equipment only benefits the shareholders of companies holding existing low combustible cost equipment, including the historical French operator. This article details this nuclear rarity income analysis and reviews several compensation approaches to reconcile French consumers with the construction dynamics of a competitive European market. Such re-allotment systems need to be both simple and perceived as a compensation for potential price increase, and not alter drastically the operation of the new markets. (authors)

Management of electricity markets in European Union

International Nuclear Information System (INIS)

Zamfir, A.; Florescu, M.S.

2007-01-01

The challenges facing energy markets in Europe were discussed with particular reference to the need to integrate and interconnect national energy markets. The Romanian power market evolution since 2000 was also analyzed, taking into account the fact that the strategic objective of the Romanian Government is to assume the role of Regional Exchange in the South-East European region. A common approach to energy is needed to enable the European Union (EU) to compete in global markets, to improve sustainability in the EU and to secure energy supply. An overall framework is needed in order to achieve these objectives. This paper presented the general measures needed to complete the internal gas and electricity markets in Europe. It also proposed measures to ensure that the EU's internal energy market guarantees security of supply and solidarity between Member States. The guiding principles that an approach to information management and market transparency should be based on were described. The authors suggested that an integrated and competitive electricity and gas markets should be established to promote efficient energy services and diversify the energy mix. The measures needed in order to achieve the goal of a genuine single market at EU level were described along with the actions needed to stimulate investments in infrastructure and generation capacity. Measures to prevent or manage energy supply crises were also proposed. 4 refs., 1 tab

Integration of European Banking and Financial Markets

OpenAIRE

Marques Ibanez, David; Molyneux, Philip

2002-01-01

This paper investigates banking and capital market developments in Europe and the moves towards the creation of a single financial services market. A critical element in the integration process is the success of the EU's Financial Services Action Plan (FSAP). This seeks to introduce a wide range of legislation aimed at reducing barriers and promoting cross-border trade in financial services - especially for capital markets and retail / SME financial service areas. As was the case in 1992, it ...

Multi-agent simulation of competitive electricity markets: Autonomous systems cooperation for European market modeling

International Nuclear Information System (INIS)

Santos, Gabriel; Pinto, Tiago; Morais, Hugo; Sousa, Tiago M.; Pereira, Ivo F.; Fernandes, Ricardo; Praça, Isabel; Vale, Zita

2015-01-01

Highlights: • Definition of an ontology allowing the communication between multi-agents systems. • Social welfare evaluation in different electricity markets. • Demonstration of the use of the proposed ontology between two multi-agents systems. • Strategic biding in electricity markets. • European electricity markets comparison. - Abstract: The electricity market restructuring, and its worldwide evolution into regional and even continental scales, along with the increasing necessity for an adequate integration of renewable energy sources, is resulting in a rising complexity in power systems operation. Several power system simulators have been developed in recent years with the purpose of helping operators, regulators, and involved players to understand and deal with this complex and constantly changing environment. The main contribution of this paper is given by the integration of several electricity market and power system models, respecting to the reality of different countries. This integration is done through the development of an upper ontology which integrates the essential concepts necessary to interpret all the available information. The continuous development of Multi-Agent System for Competitive Electricity Markets platform provides the means for the exemplification of the usefulness of this ontology. A case study using the proposed multi-agent platform is presented, considering a scenario based on real data that simulates the European Electricity Market environment, and comparing its performance using different market mechanisms. The main goal is to demonstrate the advantages that the integration of various market models and simulation platforms have for the study of the electricity markets’ evolution

Towards a single European electricity market. A structured approach to regulatory mode decision-making

International Nuclear Information System (INIS)

De Jong, H.M.

2009-01-01

This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory mode (process) for dealing effectively with market integration issues. This unstructured approach to regulatory mode selection leads to several problems: - Today's trial-and-error strategy of shifting from one regulatory mode to another is time-consuming. - In the regulatory mode selection process, certain key principles of good governance are insufficiently considered. - European regulatory processes are experienced as vague, intransparent, and illegitimate by 'outside' stakeholders. This study develops a 'structured approach to regulatory mode decision-making' (STARMODE) based on the theory of decision modelling in policy management and a case study exploring three key market integration issues in the field of electricity markets: interconnector investment, congestion management and market transparency. The main objective is to present a systematic and comprehensive framework for analysing and improving regulatory mode decision-making in the context of the European Union, focusing on electricity market integration. The STARMODE approach is generally applicable to (and relevant for) European market integration issues in industries characterized by a natural monopoly and/or an essential service. The approach may also contribute to national regulatory mode decision-making and multi-state decision-making in other continents.

How to benefit from a common European electricity market design

International Nuclear Information System (INIS)

Ringler, Philipp; Keles, Dogan; Fichtner, Wolf

2017-01-01

The realization of an Internal Electricity Market in Europe is currently, on the one hand, progressing, in particular thanks to the wide-spread implementation of market coupling solutions for cross-border congestion management. On the other hand, diverging national market designs pose a threat to the continuation of this process. Given the challenges to electricity market design in a multi-regional context, we analyze how different design aspects, namely cross-border congestion management and capacity mechanisms, affect welfare and generation adequacy in Europe. In doing so, we rely on an agent-based simulation model for electricity wholesale markets which we apply within several numerical, computational case studies for the region of Central Western Europe (2012–2030). Our results confirm the benefits of market coupling in terms of welfare as well as generation adequacy. Furthermore, we find indications that coordinating market designs across regions supports these targets. Therefore, we recommend that European energy policy forms a stable, transparent regulatory framework with cross-border market coupling as an integral component. In this context, energy policy targets should be clearly defined and operationalized, which also needs to consider potential conflicts between them. Finally, electricity market designs need to be coordinated among states to benefit most from a common European market. - Highlights: • European electricity markets at crossroads given diverging market designs • Simulation of CWE Market Coupling using an agent-based model. • Welfare and adequacy gains from European market coupling and new interconnections. • Conflicts between energy policy targets to be considered in market design. • Coordination key to further strengthen integration of electricity markets in Europe.

Regionalism versus integration of the EU electricity market : An open debate from the comparative and prospective analysis of regulatory regimes in the central European countries

Energy Technology Data Exchange (ETDEWEB)

Engoian, Alda; Mouchart, Christel

2005-12-15

The failure of integration of 25 national energy markets into an unique one has been clearly expressed by the European Commission in its last benchmarking report. This working paper investigate the question of the more appropriate and realistic market design to limit perverse effects linked to the gaps between Western and Eastern European electricity markets. The paper consists in comparing electricity regulations per segment of the value chain in the CECs (Czech Republic, Hungary, Poland, Slovakia) characterized by industrial structures stemming from the socialism. Our regulatory approach and the example of South-East Europe support the idea of regionalism as an interim stage towards a final integrated European market. This regionalism based on the Standard Market Design concept, with flexible principles, and simultaneously combined to national reforms would seem to be a ''key of success''. (Author)

Regionalism versus integration of the EU electricity market : An open debate from the comparative and prospective analysis of regulatory regimes in the central European countries

International Nuclear Information System (INIS)

Engoian, Alda; Mouchart, Christel

2005-01-01

The failure of integration of 25 national energy markets into an unique one has been clearly expressed by the European Commission in its last benchmarking report. This working paper investigate the question of the more appropriate and realistic market design to limit perverse effects linked to the gaps between Western and Eastern European electricity markets. The paper consists in comparing electricity regulations per segment of the value chain in the CECs (Czech Republic, Hungary, Poland, Slovakia) characterized by industrial structures stemming from the socialism. Our regulatory approach and the example of South-East Europe support the idea of regionalism as an interim stage towards a final integrated European market. This regionalism based on the Standard Market Design concept, with flexible principles, and simultaneously combined to national reforms would seem to be a ''key of success''. (Author)

The design of tomorrow's European electricity market; Das europaeische Strommarktdesign der Zukunft

Energy Technology Data Exchange (ETDEWEB)

Kranner, Karl; Sharma, Stephan [Verbund AG, Wien (Austria). Geschaefststeuerung und Marketing

2013-01-15

In today's times of rising feed-in rates from renewable energy and competing market models, the need for an integrated European energy market is growing ever more urgent. The first phase of liberalisation of the European electricity markets was marked by the development of national sub-markets which differed in their degree of liberty. Due to network bottlenecks at the borders, substantial price differences were seen to arise between market regions, with the exception of those between Germany and Austria. This leads to the question as to how the integration of the internal European energy market can best be brought about. A six-point programme elaborated by Verbund AG banks on market mechanisms rather than regulation as a means of strengthening the electricity market.

Integrated Supervision of the Financial Market without the UK?

Directory of Open Access Journals (Sweden)

Michal Janovec

2018-02-01

Full Text Available This paper analyses the integration of financial market supervision at international level, particularly focusing on EU law and the actual processes taking place in this area considering Brexit as its part. Current legislative action at EU level has a significant impact on legislation in all member countries of European Union. This paper seeks, among other things, to find the causes of the increasingly ongoing process of integration of financial market supervision and determine whether or not the direction in which the international integration is going is the right one. The objective of this paper is to determine whether or not the process of integration increases the efficiency of financial market supervision itself and helps to develop the European single market, while simultaneously reducing systemic risk to financial market stability.

Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

International Nuclear Information System (INIS)

Balaguer, Jacint

2011-01-01

This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: → We exploit a model based on pricing-to-market behavior. → Price discrimination by Swiss exporters is found. → Nordic electricity markets are found to be already highly integrated. → Market integration was recently improved in continental area. → Results are consistent with reforms under the 'Second Legislative Package'.

Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

Energy Technology Data Exchange (ETDEWEB)

Balaguer, Jacint, E-mail: jacint.balaguer@eco.uji.es [Department of Economics, Universitat Jaume I, 12071 Castellon (Spain)

2011-09-15

This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: > We exploit a model based on pricing-to-market behavior. > Price discrimination by Swiss exporters is found. > Nordic electricity markets are found to be already highly integrated. > Market integration was recently improved in continental area. > Results are consistent with reforms under the 'Second Legislative Package'.

The Integration Role of European Defense Procurement in Achieving a More Competitive and Stronger European Defense Equipment Market

Science.gov (United States)

2015-06-01

and systems, even monopolistic ) essence of the supply side of the defense market . There are only a few suppliers that can meet today’s complex...DEFENSE PROCUREMENT IN ACHIEVING A MORE COMPETITIVE AND STRONGER EUROPEAN DEFENSE EQUIPMENT MARKET by Kiril O. Angelov June 2015 Thesis Advisor...COMPETITIVE AND STRONGER EUROPEAN DEFENSE EQUIPMENT MARKET 5. FUNDING NUMBERS 6. AUTHOR(S) Kiril O. Angelov 7. PERFORMING ORGANIZATION NAME(S) AND

Analysis and modelling of the fuels european market

International Nuclear Information System (INIS)

Simon, V.

1999-04-01

The research focus on the European fuel market prices referring to the Rotterdam and Genoa spot markets as well the German, Italian and French domestic markets. The thesis try to explain the impact of the London IPE future market on spot prices too. The mainstream research has demonstrated that co-integration seems to be the best theoretical approach to investigate the long run equilibrium relations. A particular attention will be devoted to the structural change in the econometric modelling on these equilibriums. A deep analysis of the main European petroleum products markets permit a better model specification concerning each of these markets. Further, we will test if any evidence of relations between spot and domestic prices could be confirmed. Finally, alternative scenarios will be depicted to forecast prices in the petroleum products markets. The objective is to observe the model reaction to changes crude oil prices. (author)

Marketing approaches at European level – The case of Southern-European countries

Directory of Open Access Journals (Sweden)

Bianca TESCAŞIU

2016-07-01

Full Text Available The specialization of Marketing refers not only on specific focus on some domains, but, also, to its adaptation on regional issues. During the globalization process, marketers adapted their activity to new trends, such as: standardization, integrated distribution, production transfer, comparative advantage, etc. The common aspects of some regional markets determined the marketers to approach differently some homogeneous regions in the World economy. In this sense, the article intends to establish the main differences and the common aspects of a very important area in the European economy – The South East of Europe.

The European market of renewable energies

International Nuclear Information System (INIS)

Anon.

2011-09-01

This market study on renewable energies presents: 1 - the different renewable energy industries for power generation: the field of renewable energies (hydropower, wind power, solar energy, geothermal energy and biomass power plants) and their common points, their characteristics, advantages and constraints; 2 - the political and regulatory context with its ambitious goals: main steps of worldwide negotiations, Europe and the management of CO 2 emissions, stiffening of the environmental regulation, the energy/climate package and the efforts to be borne by the different member states; 3 - Economy of the sector and the necessary public support: investment and production costs by industry, wholesale prices and competitiveness of the different power generation means, government's incentives for projects profitability; 4 - dynamics of the European market of renewable energies: energy-mix and evolution of the renewable energies contribution in the world and in the European Union, key-figures by country and by industry (installed capacity, production, turnover, employment); 5 - medium-term development perspectives: 2020 prospect scenarios, evolution of the energy mix, perspectives of development for each industry; 6 - the strengths in presence in the domain of facilities: main manufacturers, market shares, innovations, vertical integration, external growth; 7 - the strengths in presence in the domain of power facilities operation: main European operators, position and ranking, installed capacities, projects portfolio; 8 - medium-term perspectives of reconfiguration: best-positioned operators in a developing market, future of European manufacturers with respect to Asian ones, inevitable concentration in the operation sector. (J.S.)

EUROPEAN INTEGRATION FROM POLAND’S VIEWPOINT. SELECTED ISSUES

OpenAIRE

Iwona M. Pawlas

2014-01-01

It has been ten years since Poland joined the European Union in May 2004. Integration with the EU structures resulted in considerable economic, social and political advantages. On the other hand membership in the EU created new challenges for Poland, the Polish companies and the Polish citizens. The paper reviews selected issues of Poland’s integration with the European Union with special focus on net financial effect of membership, competitiveness of Polish goods on single European market, p...

European Electricity Markets in Crisis: Diagnostic and Way Forward

International Nuclear Information System (INIS)

Roques, Fabien

2013-01-01

The European electricity industry is going through a profound crisis as several factors combine to create a challenging operating environment for thermal plants. The key issue is that the regulatory and market framework create a climate of deep policy and regulatory uncertainty which will hamper investments and will not deliver on the long term objectives of decarbonization and competitiveness of the European economy. This report analyses both the short and long term challenges for the European electricity markets, and highlights some directions for reform. The report has three main parts. The first part describes the current status quo and challenges associated with the long term decarbonization of the European economy: Section 1 sets the scene by describing the current challenges for the European electricity industry and the challenges associated with the long term decarbonization of the European economy; Section 2 quantifies the investment challenge for the electricity industry and shows how the current regulatory uncertainty undermines investments and will likely not deliver on the stated policy objectives; The second part of the report focusses on the 'extrinsic' issues which affect electricity markets: Section 3 reviews the wider context for electricity market liberalization, which calls for a rethink of the European energy policy framework, including the recent developments in global energy markets, as well as the impact of rising energy prices on economic competitiveness; Section 4 presents the distortive effects of support policies for low carbon technologies and the issues with the European carbon Trading Scheme; The third and last part of the report concentrates on the 'intrinsic issues' with electricity markets: Section 5 details the experience to date with European electricity markets liberalization, and highlights the achievements as well as the shortcomings of the liberalization and integration process; Section 6 dwells into the 'intrinsic issues

Financial Integration Through Benchmarks: The European Banking Sector

NARCIS (Netherlands)

G.A. Moerman (Gerard); R.J. Mahieu (Ronald); C.G. Koedijk (Kees)

2004-01-01

textabstractEuropean banking regulation has been harmonized to a high degree over the last few decades. Nevertheless, the European banking industry remains fragmented as shown by the relatively high market shares of banks in their home countries. In this paper we concentrate on the integration

European Energy Integration in East European Countries: Real Necessity to Assure Fair Market prices for Energy Resources

Directory of Open Access Journals (Sweden)

Augustin IGNATOV

2016-06-01

Full Text Available In order to assure energy, and therefore, economic stability of East European States (hereafter EES there should be undertaken visible steps towards deeper energetic integration of the region under the coordination of EU. In such a way there will be considerably strengthened the regional economic security through creating functional mechanisms of solving current and potential energy issues including diversification of supplies and fairer market prices. Moreover, it will be possible to develop and implement more effectively energy infrastructure projects. Deeper and more functional energy integration in EES will create favorable preconditions of fostering the states’ economic development. Also, there will be considerably reduced the macroeconomic risks which could possible occur as a result of the struggle of interests of importing and supplying countries. The current paper is intended to underline the most important weaknesses in terms of energy security of EES and exemplify how efficient these problems could be tackled by cumulating common countries’ efforts in the sector. Also, it highlights the shortcomings of EU energy policy in EES and how these affect the economic prospective of the countries. Finally, it is remarked that EES need a common energy market in order to strengthen their negotiation positions in relation with supplying countries.

European oil demand and 1993 Common Market potential effects

International Nuclear Information System (INIS)

Chevalier, J.M.

1991-01-01

Unification of the energy european market will heavily enhance external energy dependence and inter-energy competition. In order to respond to these new challenges, petroleum industry will have to change, probably in the direction of an increased integration concentration. Petroleum market share, moreover, will depend largely from environmental trends in EEC politics and regulations

Integration project of regional markets in Europe (European directive)

International Nuclear Information System (INIS)

Gonzalez Fernandez-Castaneda, J. J.

2010-01-01

The article presents the current situation of the Day-Ahead electricity markets in the different countries and Regions along West Europe. It describes the different possibilities applied to congestion management in the borders between countries and price areas, and the options employed to couple Day-ahead markets to form regional markets in Europe. Finally, it presents the initiative to Price couple Regional markets (PCR) that is being developed by Nord pool spot, EPEX Spot and OMEL with the objective to advance towards the integration of the markets that they operate in the internal Electricity Market. (Author)

Market efficiency in the European carbon markets

International Nuclear Information System (INIS)

Charles, Amélie; Darné, Olivier; Fouilloux, Jessica

2013-01-01

In this paper, we study the relationship between futures and spot prices in the European carbon markets from the cost-of-carry hypothesis. The aim is to investigate the extent of efficiency market. The three main European markets (BlueNext, EEX and ECX) are analyzed during Phase II, covering the period from March 13, 2009 to January, 17, 2012. Futures contracts are found to be cointegrated with spot prices and interest rates for several maturities in the three CO 2 markets. Results are similar when structural breaks are taken into account. According to individual and joint tests, the cost-of-carry model is rejected for all maturities and CO 2 markets, implying that neither contract is priced according to the cost-of-carry model. The absence of the cost-of-carry relationship can be interpreted as an indicator of market inefficiency and may bring arbitrage opportunities in the CO 2 market. - Highlights: • We study the cost-of-carry hypothesis in the European carbon markets during Phase 2. • We apply cointegration tests with and without structural breaks on several maturities. • We find that futures contracts are cointegrated with spot prices and interest rates. • The cost-of-carry model is rejected for all maturities and carbon markets

Development of a model for integrated simulation of the European transmission networks and electricity markets

International Nuclear Information System (INIS)

Rathke, Christian

2013-01-01

The liberalisation of electricity markets and the increase of renewable energy generation actually causes dramatic changes for the whole European power industry. The transmission system operators in particular have to meet the challenge to ensure a stable and reliable system operation in the future. Significant changes in power generation will require a substantial extension to current inadequate original transmission grids to handle increased wide area power flows. This is the only way to avoid overloading the grid and to reduce the herefrom resulting limitations for the Pan-European cross-border trade of electricity. This work describes in detail the development of a Pan-European integrated grid and an electricity market simulation tool. For this purpose an overview about the today's structure of the European electricity industry is given initially. Afterwards the configuration of the transmission grid, the used equipment and different methods for the load flow and short circuit calculation are explained. Furthermore models for the calculation of local loads and the power plant dispatch are presented in the following chapters. Following on from this a detailed model of the European electricity industry is developed and the main functions are described by means of some exemplary simulations. The simulation tool developed in this work enables the user to calculate realistic power plant schedules and the consequent resulting physical effects on the European transmission grid. It combines a time series based simulation of the electricity market with a detailed model of the transmission grid. The highly detailing of the model offers the feasibility to execute a complete AC load flow calculation using the Newton Raphson algorithm.Therefore it is possible to identify the active as well as the reactive power flows in the grid. The results of the power flow calculation are the basis for further investigations (e. g. the short circuit calculation) and to decide on

Structural change in Europe's gas markets: three scenarios for the development of the European gas market to 2020

International Nuclear Information System (INIS)

Ellis, A.; Bowitz, E.; Roland, K.

2000-01-01

Against the background of the European Union's Gas Directive, and the emergence of new players and markets in Europe's gas sector, this paper explores how company actions could shape the future for the gas industry. Starting with an examination of company strategies this paper develops three scenarios for the future: a 'Gradual Transformation' scenario where a single European gas market develops that is essentially oligopolistic in nature; a 'Vertical Integration' scenario, where upstream and downstream gas companies merge to form a vertically integrated gas supplier; and a 'Pull the Plug' scenario, where the current market structure decomposes into a competitive market. These scenarios are examined in terms of their impact on gas prices, demand and the distribution of gas rent along the supply chain. The paper highlights the fact that the EU's gas Directive is not sufficient for the introduction of competition into Europe's gas markets, but that company actions will be the key determinant, and they may favour alternative market structures. (Author)

Secondary markets for transmission rights in the North West European Market. Position Paper of the North West European Market Parties Platform

International Nuclear Information System (INIS)

Van Haaster, G.

2006-06-01

The most important way to acquire cross border transmission rights in the North West European electricity market is through explicit auctions. Although market driven flexibility and therefore efficiency can be further enhanced. One way to this is to introduce a secondary market for transmission rights. In this paper the North West European Market Parties Platform (NWE MPP) proposes a model that is developed and preferred by the market parties. The paper will provide a converging contribution to the congestion management discussions in the North Western European region

The globalization and Europeanization of mortgage markets

NARCIS (Netherlands)

Aalbers, M.B.

2009-01-01

Do globalization and Europeanization lead to the deterritorialization of European mortgage markets? Neither economic globalization nor EU policies have resulted in one European mortgage market. The various European mortgage markets are still quite different from one another in many respects. In most

The current situation and mid-term prospects for European electricity markets

International Nuclear Information System (INIS)

Helm, Dieter

2013-01-01

This analysis of the current situation and mid-term prospects for European electricity markets presents: the objectives of energy policy, the historical legacy, the attempts at European integration and the Internal Energy Market (IEM), the coming of the Climate Change Package, the impact of the world economic and Euro-zone crises, the impact of shale gas and the new world of fossil fuel abundance, the impact of renewables on emissions, the impact of renewables on electricity markets, the EU emissions trading system (EU ETS) and the renewables and the electricity markets, the coming of capacity crunch in some cases, the capacity markets, the return of central buyers and national energy policies, and what is to be done for the world electricity markets

Developments in the European methanol market

International Nuclear Information System (INIS)

Speed, J.

1995-01-01

In the late eighties/early nineties the World Methanol Market was basically divided into three regional markets--America, Asia Pacific and Europe. These markets were interrelated but each had its own specific characteristics and traditional suppliers. Now the situation has changed; in the mid nineties there is a Global Methanol Market with global players and effective global pricing and the European market is governed by events world-wide. Europe is however a specific market with specific characteristics which are different from those of other markets although it is also part of the Global Market. Hence before the author focuses on Europe he looks at the World Market. The paper discusses world methanol production and consumption by region, world methanol consumption by end use, world methanol supply demand balance, the west European market, western European methanol production, methanol imports to W. Europe, the Former Soviet Union supplies, W. European methanol consumption by end use, MTBE in Europe, duties on methanol imports into W. Europe, investment in Europe, the effect of the 1994/95 price spike, and key issues for the future of the industry

IMPACT OF EUROPEAN INTEGRATION ON COMPETITIVENESS OF CZECH REGIONS

Directory of Open Access Journals (Sweden)

Dušan Litva

2017-12-01

Full Text Available Economic integration supports removal of all obstacles (in economy, trade, tax, administration or industrial area and establishment of common rules for market competition. Basic benefit of economic integration is thus occurrence of real or potential competitiveness effects. European integration can influence competitiveness of firm, regions or countries. There are existing agglomeration forces causing space and economic concentration and disperse forces working just opposite way. Both effects are influenced by access to a single market and removal of trade barriers. As a consequence, agglomeration effects are expected to dominate. European Commission established RCI (Regional Competitiveness Index to enable comparison of competitiveness of European regions. Aim of this study is exploration of changes in competitiveness of Czech regions after accession to the European Union as there are no studies analysing regional competitiveness in Czech Republic as a consequence of European integration process via index based approach. Analysis of z statistics of primarily data published by European Commission is used to evaluate theoretical concept of disperse and agglomeration forces. Based on RCI analysis are obvious growing discrepancies with dominant position of Prague and Central Bohemia in comparison with other Czech Regions. Significant differences can be seen in areas of innovations, business sophistication and education. On the opposite, positively can be evaluated lower variability of competitiveness between Czech regions in indicators of infrastructure, institutions and technological readiness. Those indicators could be influenced by European cohesive and regional politics. Decisions on governmental level should follow Europe 2020 strategy and transformation to knowledge based economy.

The Integration of Immigrants Into the Labour Markets of the EU. IAB Labour Market Research Topics.

Science.gov (United States)

Werner, Heinz

Integration of foreign workers into European Union (EU) labor markets was evaluated. Three indicators of labor market integration were analyzed: unemployment rate, employment rate, and self- employment rate. Results were drawn from the Labor Force Survey data compiled by Eurostat. Findings indicated that, in all EU countries, the unemployment rate…

European Integration between Equity, Efficiency and Welfare

Directory of Open Access Journals (Sweden)

Gabriela Marchis

2012-05-01

Full Text Available Throughout this article I tried to highlight the path for improving the Europeans standards ofliving. Poverty, inequality and efficiency are the key concepts of the welfare economic. Similar to many otherarticles about equity, efficiency and welfare, this article offers an account of the challenges facing theEuropean Union welfare in a context of global economy assessing the ability of different components of thewelfare governance to respond to these challenges. The welfare of European Union is analyzed under themultidimensional aspects of integration, such as: internal versus external integration and multilevelintegration. Aging, changes in the labor market, increased mobility are particular aspects that characterize EUand under the fundamental reform of Europe 2020 Strategy, welfare economic becomes a priority even if thepolitical integration comes first to the economic one. As Europe grows more diverse, the welfare economictranslates from desire to necessity.

Economic and financial integration in emerging markets: A European policy

Directory of Open Access Journals (Sweden)

Theodoropoulos Theodore E.

2005-01-01

Full Text Available This paper extends to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of "emerging markets". This work finds signs that, contrary to other emerging markets, this does not happen: for the future member states financial integration, similarly to the outcome observed in mature market economies, reduces cyclical volatility both in the short and in the long run. Weak indications are found that this may happen partially due to the anchoring of expectations provided by the EU Accession, and to the more robust institutional framework imposed by this process onto the countries in question.

Market forces in european soccer

NARCIS (Netherlands)

Haan, M.; Koning, Ruud H.; Witteloostuijn, A. van

2002-01-01

Recent decades have witnessed major changes in the market for European soccer. The most profound were the Bosman ruling, which lifted restrictions in the European labor market for soccer talent, and the introduction of the Champions' League, a high-profile international competition that generates

Adoption of the Objectives of the Monetary and Economic Union and European Financial Integration

Directory of Open Access Journals (Sweden)

MĂDĂLINA RĂDOI

2014-05-01

Full Text Available The European concerns, with old traditions in forming multinational financial markets, developed in the integration of the financial markets and of the European banking systems which allowed the investors from any European country to follow the orders on the best market, through the best beneficiary, benefitting from the most effective financial-banking services. This market offers sophisticated and modern financial tools, which cope with the needs of the invertors, portfolio managers, transnational companies and traders, having an impact over the balanced economic development of the European countries and unemployment reduction.

Transmission capacities and competition in Western European electricity market

International Nuclear Information System (INIS)

Spiridonova, Olga

2016-01-01

The integration of national electricity markets into a single European one is expected to reduce the ability of dominant players to exercise market power. This paper investigates whether or not existing transmission capacities of cross-border interconnectors are sufficient to achieve this result and create vigorous competition in the market. A model with two decision levels is used. On the first level profit maximizing generators play Cournot game against each other. On the last level the system operator clears the market and determines flows in the network to maximize social welfare subject to a set of physical constraints. As each strategic generator anticipates her impact on equilibrium prices and congestion in the system, her optimization problem is subject to equilibrium constraints from the system operator's problem. The analysis demonstrates that interconnector capacities in Western Europe are insufficient for integration alone to reduce the exercise of market power. I compare several possible competition-enhancing policies: expansion of interconnectors and different scenarios of national markets’ restructuring. I show that although increase of line capacity is a useful tool to stimulate competition in an integrated market, it is not a substitute for the restructuring of large players. - Highlights: •The ability of integration to reduce market power depends on transmission capacities. •In the model firms compete in quantities, know their impact on prices and congestion. •In Western Europe integration will not diminish market power. •Line extension stimulates competition but is not a substitute for the regulation.

The European automotive LPG market

International Nuclear Information System (INIS)

Anon.

1998-01-01

The European automotive LPG market could reach at least 4 % of the European fuel market in 2005 versus 1 % in 1990. This would represent a rise of about 35 % in automotive LPG sales (from 2,4 million tonnes in 1997 to 7 million tonnes estimated for 2005). This was underlined by Alain Deleuse, Primagaz group's Marketing Director, in the paper he delivered at the AEGPL Budapest Convention. We publish large excepts of this paper. (author)

Congestion management in the European electricity market; Engpassmanagement im Europaeischen Strommarkt

Energy Technology Data Exchange (ETDEWEB)

Dieckmann, Birgit

2008-11-24

The author of the contribution under consideration reports on an assessment of methods of congestion management employed in Europe with respect to their effectiveness and identify possible reasons for the misallocation of cross-border transmission capacity. For this, generation structures of European countries and the resulting prices and load flows are analysed. Different power plants and bottlenecks in the transmission network currently cause structural price differences due to a low degree of integration of European electricity markets. By means of congestion management, the formation of a uniform electricity market will be created.

SUSTAINABILITY OF SUSTAINABLE PALM OIL: A MARKET INTEGRATION ANALYSIS

Directory of Open Access Journals (Sweden)

Diana Chalil

2016-07-01

Full Text Available Crude Palm Oil (CPO is the biggest consumed vegetable oil in the world. The increase in CPO production raises concern on the environmental impact even outside the producing countries. As a response to this matter, the EU has made a requirement to only import certified CPO (CSPO. India and China, the two biggest importers in the world, are less restrictive to the environmental issues, and their demands are more influenced by CPO price levels. These countries are the main export markets for Indonesia and Malaysia, the two biggest CPO exporters in the world. This research using monthly price data from the Netherlands, Germany, Italy, EU28, India, China, Indonesia and Malaysia. Market integrations are tested with Cointegration Test, Vector Error Correction Model and Seemingly Unrelated Regression. The results show that these markets are integrated, but European countries are unlikely to lead the price movement. Therefore, the concern on sustainable certification from the European countries still slowly spreads to other main importers, resulting in low absorption of CSPO. Keywords: market integration; sustainable palm oil; seemingly unrelated regression; vector Error correction model

Russia's and the European union's gas interdependence. What balance between the market and geopolitics

International Nuclear Information System (INIS)

Finon, D.

2006-01-01

The purpose of this paper is to review the interdependence relation-ship between Russia and the European Union in the area of gas, by distinguishing the Russian seller's power risk from the issue of short term security, which are often mistaken one for the other The goal is to measure the economic risk associated with the seller's dominant position in the European market to appreciate the relevance of responses that can be made by European countries or the European Union. Firstly, the basically different nature of Russia and of the European Union is described, as well as the role played by its energy resources in the assertion of Russia's political power Secondly there is an analysis of the Russian seller's elements of dependence on the European market, before reviewing, thirdly, the risk of exercising Gazprom's market power in Europe. In closing is a review of the relevance of possible actions by the European Union and member countries to reduce that risk by facilitating the densification of the Pan-european Network, the establishment of entry points and market integration. (author)

Integration Policies and Immigrants’ Labor Market Outcomes in Europe

Directory of Open Access Journals (Sweden)

Irena Kogan

2016-06-01

Full Text Available This article assesses whether two integration policy measures (labor market training and counseling reach the immigrants who need them and whether these policies improve immigrants' labor market situations. We first examine the comprehensiveness of integration policies by linking Migration Integration Policy Index scores of immigrants' labor market mobility with levels of immigrant participation in labor market training and counseling in 15 European countries. We find that provision with labor market training does not entirely correspond to policy intentions, whereas labor market counseling more closely achieves policies' proclaimed aims. Second, we carry out propensity score matching analysis to estimate the effectiveness of immigrants' integration policies. We find that labor market training and counseling do not improve immigrants' employability or job status in three of the four analyzed countries, which lends weak support to the productivity skills argument, emphasizing instead the validity of the signaling and selection perspectives.

Research document no. 24. The integration of european electric markets: from the national markets juxtaposition to the establishment of a regional market; Cahier de recherche no. 24. L'integration des marches electriques europeens: de la juxtaposition de marches nationaux a l'etablissement d'un marche regional

Energy Technology Data Exchange (ETDEWEB)

Finon, D

2000-11-01

After the transcription of the electricity directive in national legislations, the European electricity market appears to be a vast set of juxtaposed markets which are weakly connected at the level of their wholesale contracts compartment. Referring to the technological peculiarities of electricity as a commodity, the paper identifies the direct conditions of regional integration of the electricity markets, those which would favour cross-border trade and allow to be near the normal functioning of a regional commodity market. The infrastructure network dependence and the need of a stringent technical coordination necessitate to unify the operation of the different systems and the rules of access, or at the least to come near this unification by strong coordination. A second major condition, which is not fully debated, is the increasing connexion of short-term markets, via daily physical trade and emergence of a European financial market, which could trade various standardised contracts referring to a single hourly spot price, or to prices in various delivery points. To reach such an integration, two paths are possible: either concentration into one single organised power exchange as the Nordic pool, or rules harmonization of the various power exchanges which would be a minimal requirement to allow arbitrations between them. (author)

Russian natural gas policy and its possible effects on European gas markets

International Nuclear Information System (INIS)

Quast, O.; Locatelli, C.

1997-01-01

There is a growing perception among Western European gas experts that Russia has developed a considerable gas surplus - the Russian gas bubble. Thus, the question clearly arises how much gas is available for export and how much gas, over the next 15 to 20 years, can the Russian quasi-monopolist Gazprom market in Western Europe. We consider that Gazprom's export strategy mirrors the approach of Russia's natural gas policy towards the Western European market. In this paper, we will focus on the characteristics of Gazprom's export strategy, its underlying logic, and its impact on Western European gas markets. As a consequence of Gazprom's export strategy, the Russian gas company faces today a price quantity dilemma. Gazprom's problem is to place as much gas as possible in the growing Western European gas market, without destroying downstream gas prices. We argue that Gazprom has adopted a market share expansion and downstream vertical integration strategy, aimed at capturing a part of the downstream gas rent. Although this strategy appears to have initiated a form of gas to gas competition in a number of European consumer markets, this strategy is not based on an aggressive price policy. However, in order to live up to its ambitions, there is a chance that Gazprom will have to somewhat relax traditional contract clauses, such as contract length, indexation terms and take or pay conditions. (author)

The liberalisation of the European electricity market : an unstructured restructuring process?

International Nuclear Information System (INIS)

Boisseleau, F.; Hakvoort, R.

2005-01-01

The European Union (EU) directive 96/92/EC defines common rules for the generation, transmission and distribution of electricity, paving the way for the liberalization of the electricity markets of EU member states. Member states are obliged to open their national electricity supply markets, meaning that eligible customers can choose their own suppliers. This paper discussed the process by which the countries of the EU have restructured their electricity markets, arguing that the process has focused on legal and organizational issues, rather than specific prescriptions for the economic design of the market. Although the objective of the EU directive was to create a competitive market, restructuring has led to 15 or more fragmented markets, each liberalized to a different degree and shaped following a wide range of different principles. Areas where the EU has failed to provide a coherent market view were discussed. Issues concerning short-term market arrangements, congestion management and long-term investment were examined. Section 1 of the paper focused on policy issues in the liberalization process, while section 2 emphasized the importance of market design. Section 3 addressed the need for market monitoring and the issue of market power. It was concluded that liberalization is only one step in the process that alone cannot deliver the expected benefits of single integrated European-wide market. At present, the European electricity market is hindered by a lack of proper design and sufficient transparency. 32 refs., 3 tabs., 4 figs

European market integration for gas? Volume flexibility and political risk

International Nuclear Information System (INIS)

Asche, Frank; Tveteras, Ragnar; Osmundsen, Petter

2002-01-01

Long-term take-or-pay contracts regulating gas exports to the Continent are described and analyzed. We thereafter examine whether the German gas market is integrated. Time series of Norwegian, Dutch and Russian gas export prices to Germany in 1990-1998 are examined. Cointegration tests show that that the different border prices for gas to Germany move proportionally over time, indicating an integrated gas market. We find differences in mean prices, with Russian gas being sold at prices systematically lower than Dutch and Norwegian gas. Among the explanatory factors for price discrepancies are differences in volume flexibility (swing) and perceived political risk

Central European gas market perspectives

International Nuclear Information System (INIS)

Vanous, Jan

1999-01-01

This presentation deals with (1) Definition of the Central European market, (2) Factors driving up consumption of natural gas in Central and Eastern Europe, (3) Role of natural gas in regional energy consumption, (4) Position of natural gas in individual country markets, (5) Future sources of imported natural gas into the region. The Central European market are the eleven countries Albania, Bulgaria, Croatia, Czech Republic, Hungary, Macedonia, Poland, Romania, Serbia and Montenegro, Slovakia, and Slovenia, with a total population of 121 million. This market is comparable to combined France and Italy in terms of population, but only 30% of its size in terms of GDP

The Integrative Dimension of the Economic Globalization in European Space

Directory of Open Access Journals (Sweden)

Daniela Mariana Alexandrache

2010-06-01

Full Text Available We believe that globalization and its socio-economic implications of the world and world economic crisis is one of the most debated issues from several years. The publication "The Economist’’ named globalization as the most used word of the century. The most relevant dimension of globalization is the economy with the more dynamic factors: technological development, the hegemony of liberal conceptions (closely linked to the triumph of the ideology of market economy and explosive development of countries or regions. Economic globalization has manifested a series of visible effects such as: the emergence of new markets and foreign trade (interconnected at global level, the appearance of: transnational companies, multilateral agreements on trade, broadening the scope of WTO, transformation of multinational companies in transnational companies and the emergence of global economic markets. Regionally, we noticed that the trendof concentration of economic activity is more pronounced and advanced in the European continent. Expanding globalization in Europe was achieved because of the fall of communism, and the neoliberal reformation which took place in Western European countries. Events like the fall of the Berlin Wall, followed by the fall of communism eradicated many political, economic, religious or cultural barriers. There were born new relations between state and market, public and private. European Union is, in our view, a regional office ofglobalization, representing the best performing integrative system in the world (by creating free trade area, customs union, common market, the Economic and Monetary Union. In terms of the European Commission,European model is a third way towards globalization, a middle path between protectionism and uncontrolled economy. To understand why the EU is an advanced approximation of globalization, perhaps a regional model of globalization, we must first understand the link between globalization and regional

Adequate intraday market design to enable the integration of wind energy into the European power systems

Energy Technology Data Exchange (ETDEWEB)

Weber, Christoph [University Duisburg-Essen, Chair for Energy Economics and Management Sciences, Universitaetsstrasse 12, 45 117 Essen (Germany)

2010-07-15

This contribution analyses the European electricity markets with respect to their aptitude to absorb large amounts of wind energy. Thereby in a first step the market designs of the major European power markets in France, Germany, Scandinavia, Spain and UK are reviewed, with a particular focus on liquidity in the spot and intraday markets. Then some key features of the short-term adjustments required by wind energy are discussed and the necessity of sufficient liquidity in intraday markets is highlighted. For the example of the German market subsequently the discrepancy between the physical short-term adjustment needs and the traded volumes on the intraday market is analyzed. This leads to an evaluation of proposals for improving the liquidity on the short-term market, including the use of continuous spot trading like in UK or the use of intraday auctions like in Spain. (author)

The single European energy market: the electricity supply sector

International Nuclear Information System (INIS)

Halliwell, A.A.

1991-01-01

The completion of the Internal Market in the Community by the end of 1992 has become a key objective and the focal point of the revival of the European Community. Within this overall objective, the development of the Single European Energy Market, the Internal Energy market, is a major element. The energy objectives for the Community, adopted in 1986 by the Council of Ministers and relating to targets in the energy sector to be achieved by 1995, contain what are effectively the aims of the Internal Energy Market. This is in a reference to the need for greater integration, free from barriers to trade, of the Internal Energy Market with a view to improving security of supply, reducing costs and improving economic competitiveness. In the light of these aims, the Commission drew up, in 1988, an inventory of potential obstacles to the achievement of the Internal Energy Market. This was accepted by the Council, together with a list of suggested priority areas of work, and has formed the basis of the Commission's efforts to move forward as quickly as possible in the development of the Internal Energy Market, in all branches of the energy sector. The impact on the electricity sector, in particular, is considered here. (author)

Integral or integrated marketing

Directory of Open Access Journals (Sweden)

Davčik Nebojša

2006-01-01

Full Text Available Marketing theorists and experts try to develop business efficient organization and to get marketing performance at higher, business integrated level since its earliest beginnings. The core issue in this paperwork is the dialectic and practical approach dilemma should we develop integrated or integral marketing approach in the organization. The presented company cases as well as dialectic and functional explanations of this dilemma clearly shows that integrated marketing is narrower approach than integral marketing if we take as focal point new, unique and completed entity. In the integration the essence is in getting different parts together, which do not have to make necessary the new entity. The key elements in the definition of the integral marketing are necessity and holistic, e.g. necessity to develop new, holistic entity.

Management and Marketing Elements in Maritime Cruises Industry. European Cruise Market

Directory of Open Access Journals (Sweden)

Romeo Boşneagu

2015-05-01

Full Text Available European cruises market has a major impact on all aspects of maritime industry: boarding ports, ports of call, shipbuilding, ship maintenance, supplies, sales and marketing, ship crews and administrative facilities. While in 2013, fiscal and economic conditions in Europe have continued to have a constraint to increasing demand for cruises, the number of passengers, Europeans or visitors of European ports, has grown moderately. For the next years, a higher growth of Europena market cruises is expected.

Volatility Spillover Effects in European Equity Markets

NARCIS (Netherlands)

Baele, L.

2003-01-01

This paper quantifies the magnitude and time-varying nature of volatility spillovers from the aggregate European (EU) and US market to 13 local European equity markets.I develop a shock spillover model that decomposes local unexpected returns into a country speciffic shock, a regional European

BUCHAREST HOTEL MARKET IN THE EUROPEAN CONTEXT

Directory of Open Access Journals (Sweden)

Silvia Patricia DODU

2014-12-01

Full Text Available The European hospitality industry currently sees an increase in all specific indicators, a fact that shows, on one hand, the ability of this sector to overcome the economic turbulences of recent years, but also the real perspectives for future growth. Today’s hotel industry can no longer rely on the traditional growth methods, and needs to prepare for the major confrontation with the next-generation technological developments that generate modern marketing channels but, by default, incur significantly higher costs for simply „being” on the market. The Bucharest hotel market is no exception; in the recent past, it has witnessed a slight upwards trend generated by the increase of demand in the business tourism area, while also facing the challenge of integration of modern technologies in the hotel business.

Book Review: Diversity in European Marketing

OpenAIRE

Hana Machková

2012-01-01

The case book “Diversity in European Marketing” is the result of the scientific cooperation of the CEMS Marketing Faculty Group. Prestigious Central European Universities - Corvinius University of Budapest and University of Economic, Prague - are members of CEMS - the Global Alliance in Management Education of 26 leading business schools and 70 multinational companies. Four authors from these two Universities share in this book their experience of Central European Marketing specifics.

Effects of a Liberalized European Gas Market

International Nuclear Information System (INIS)

Austvik, Ole Gunnar

2003-01-01

improves efficiency. In fact, an increase in the number of actors in such markets, per se, may increase cost, and, thus, represent a waste of resources. Usually, but not necessarily, state owned firms are privatised (even though the government may hold a significant share, or control over, the ownership), the operation of vertically integrated services are separated (''unbundled''), competition is established when possible and regulation introduced when necessary (when competition does not work). In the case of natural gas, the U.S. and Canada liberalized their markets in the mid 1980s. Later, gas markets in the U.K., and then Australia and New Zealand, followed. Now, in the European natural gas industry, both market growth and infrastructural developments, as well as political decision making, forcing competition on to firms, is now creating a more competitive environment. In order to analyze these issues in relation to Norway as a major natural gas exporter we have studied the development of EU energy policies, price effects of liberalism, energy taxation, the economics of non-renewable (exhaustible) resources and regulatory economics as well as foreign policy issues concerning security-of-supply issues. The complexity and interdisciplinary insights needed to analyze the European gas market makes it even more complex than analyses of the global oil market. In the European gas market, the problem of choosing the right in-depth level and correct parameters and discipline to apply, becomes particularly apparent and challenging. For most analysts and policy makers, it seems to be an overwhelming task to describe exactly how a liberalized European gas market works, how it should be organized and will develop. In this analysis of the political economy of European gas, we will nevertheless try to shed some light on the causes and effects of what may happen

The European Natural Gas Market

NARCIS (Netherlands)

Correlje, A.F.

The European Union started the introduction of competition in the European market for natural gas. Today, mid-2016, the process of restructuring is still going on. In parallel, important changes in geopolitical, environmental and technological determinants can be observed in the European and global

TradeWind. Integrating wind. Developing Europe's power market for the large-scale integration of wind power. Final report

Energy Technology Data Exchange (ETDEWEB)

2009-02-15

Based on a single European grid and power market system, the TradeWind project explores to what extent large-scale wind power integration challenges could be addressed by reinforcing interconnections between Member States in Europe. Additionally, the project looks at the conditions required for a sound power market design that ensures a cost-effective integration of wind power at EU level. In this way, the study addresses two issues of key importance for the future integration of renewable energy, namely the weak interconnectivity levels between control zones and the inflexibility and fragmented nature of the European power market. Work on critical transmission paths and interconnectors is slow for a variety of reasons including planning and administrative barriers, lack of public acceptance, insufficient economic incentives for TSOs, and the lack of a joint European approach by the key stakeholders. (au)

EUROPEAN INTEGRATION: A MULTILEVEL PROCESS THAT REQUIRES A MULTILEVEL STATISTICAL ANALYSIS

Directory of Open Access Journals (Sweden)

Roxana-Otilia-Sonia HRITCU

2015-11-01

Full Text Available A process of market regulation and a system of multi-level governance and several supranational, national and subnational levels of decision making, European integration subscribes to being a multilevel phenomenon. The individual characteristics of citizens, as well as the environment where the integration process takes place, are important. To understand the European integration and its consequences it is important to develop and test multi-level theories that consider individual-level characteristics, as well as the overall context where individuals act and express their characteristics. A central argument of this paper is that support for European integration is influenced by factors operating at different levels. We review and present theories and related research on the use of multilevel analysis in the European area. This paper draws insights on various aspects and consequences of the European integration to take stock of what we know about how and why to use multilevel modeling.

Cooperation or Localization in European Capacity Markets? A Coalitional Game over Graph Approach

Directory of Open Access Journals (Sweden)

Giorgos Stamtsis

2018-06-01

Full Text Available Capacity markets, as a means to address the capacity adequacy issue, are constantly becoming an important part of the European internal electricity market. The debate focuses on how the capacity markets will be smoothly integrated in one Pan-European power market, without resulting in multiple national fragmentations and consequently in economic efficiency losses. Cross-border participation and regional cooperation are considered as two sine qua non conditions in this respect. The present paper provides a coalitional game theoretical approach aiming to facilitate the cooperation of neighboring countries, when it comes to the security of electricity supply and the necessity of establishing a capacity market. Such an approach can support respective decisions about capacity markets cooperation as well as stress-test the benefits considering all cooperation possibilities.

Towards a single European electricity market : A structured approach to regulatory mode decision-making

NARCIS (Netherlands)

De Jong, H.M.

2009-01-01

This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory

Integration of the market of the European Community and the change of the industrial structure; EC shijo togo to sangyo kozo no henka

Energy Technology Data Exchange (ETDEWEB)

Nakamura, T; Uno, K; Tanimoto, T; Yamashita, T [Osaka Sangyo University, Osaka (Japan). Institute for Industrial Research

1994-11-22

This paper describes progress of the cooperation as to the integration of EC market and the change of industrial structure. For the structural change in the industry and economy accompanied by the integration of EC, effects of the Maastricht Treaty on the economic structure of EC are described. It is considered that the EC countries are affected by the political and economical restrictions due to the agreement of this treaty. For the change in the distribution structure accompanied by the integration of EC, obstruction factors of the deregulation of EC transportation market are especially investigated. Differences in the distribution capacity, various regulations and standards, and labor condition among individual countries are pointed out as the obstruction factors. For the unity of Germany and its economical and administrative influence, various problems are pointed out as to the economical confusion, progress in the de-nationalization of enterprises, management of real estate and land, etc. For the structural change in the road freight market in the member nations of EC, the structure of road freight market is made clear for the previous West Germany before the integration of European market. It is confirmed that the internationalization of the German domestic market is being promoted.

Integration of Capital Markets from Central and Eastern Europe: Implications for EU Investors

Directory of Open Access Journals (Sweden)

Alexandra HOROBET

2014-04-01

Full Text Available Our paper investigates the extent of capital market co-movements between three emerging markets Czech Republic, Hungary and Poland and three developed markets from the European Union – Austria, France and Germany. We test whether an increase in correlations between the six markets took place in recent years, as revealing higher integration of capital markets in the region. We find a statistically significant positive trend in cross-market correlations between 1999 and 2008, before the emergence of the global financial crisis. Movements in national stock markets are not fully synchronized, but increases in market volatilities lead to increases in cross-country correlations. There is a long-term relationship between some of these countries capital markets, and information is transmitted from one market to the other. Our findings confirm previous studies and lead to the conclusion that stock markets from Central and Eastern Europe became more integrated with the developed markets in European Union.

International market integration for natural gas? A cointegration analysis of prices in Europe, North America and Japan

International Nuclear Information System (INIS)

Siliverstovs, Boriss; L'Hegaret, Guillaume; Neumann, Anne; Hirschlausen, Christian von

2005-01-01

This paper investigates the degree of integration of natural gas markets in Europe, North America and Japan in the time period between the early 1990s and 2004. The relationship between international gas market prices and their relation to the oil price are explored through principal components analysis and Johansen likelihood-based cointegration procedure. Both of them show a high level of natural gas market integration within Europe, between the European and Japanese markets as well as within the North American market. At the same time the obtained results suggest that the European (respectively, Japanese) and the North American markets were not integrated. (Author)

The impact of European integration on U.S. companies

International Nuclear Information System (INIS)

Ludolph, C.M.

1992-01-01

This paper reports that the European Market for Minerals, particularly coal has been growing rapidly. The primary sources of demand are electrical production which for a variety of environmental and energy policy reasons has become the energy source of choice in the European community in the 1990s. The EC integration process will increase demand for electrical energy and coal in the north since this is the primary source of energy and alternatives like nuclear have stabilized for at least the next ten years. Coal and electricity demand in the south of Europe should increase even more rapidly because new markets are opening as electricity use intensifies

THE STEEL EUROPEAN STOCK MARKET EFFICIENCY

Directory of Open Access Journals (Sweden)

Viorica CHIRILA

2015-12-01

Full Text Available Testing the hypothesis of informational efficiency is a permanent preoccupation of researchers because the theories and the models of modern finance are based on it. This paper presents the results obtained after testing the efficiency hypothesis, in the weak form, for the European stock market of the companies that belong to the economic steel sub-sector. Following the use of both linear and non-linear tests of autocorrelation of returns we can conclude that the European stock market in the economic steel sub-sector is inefficient from an informational point of view and the investors in these stocks may obtain better results than those of the European market in general.

THE QUANTIFICATION OF THE EUROPEAN INTEGRATION DEGREE OF ROMANIA’S BANKING SYSTEM

Directory of Open Access Journals (Sweden)

Mădălina RĂDOI

2014-05-01

Full Text Available There are many methodologies described in the literature for approaching the integration process of financial markets in a given area (a comprehensive study of this subject can be found in Adam K, Jappelli T, Menichini A, Padula M, Pagano M (2002. Financists Emiris (1, Stulz (2, Ferson and Harvey (3 focus their work on the integration of capital markets. Other works look at financial integration from the angle of benefit and cost (4, from a legislative perspective (5, 6, or studying various segments of financial markets (7. In this paper, the subject of convergence is approached first of all by analysing interest rates in the Romanian interbank market, which are on a converging trend to similar values in the EU. In the second part, we propose a model for testing both the mobility of Romanian banking capitals and the European integration process of Romania’s banking sector. The model is based on the idea of maximising the Sharpe index in the portfolio theory. Furthermore, knowing that the Romanian economy and its macroeconomic variables have been a function of the American currency more than the European one, we deemed it useful to study whether and to which extent the Romanian banking sector has any converging trend to the American currency market.

Electricity and gas interconnections in France. A tool for the construction of an integrated European market

International Nuclear Information System (INIS)

2016-06-01

The French Energy Regulator (CRE) is publishing its report on French electricity and gas interconnections. The report makes two main conclusions: French electricity and natural gas networks are well interconnected with their counterparts in neighbouring countries and the use of interconnections has been significantly improved over the last 10 years. In terms of electricity, France's average export capacity is 13.5 GW, i.e. more than 10% of its production capacity. France is very well integrated in the European gas market and is a transit country to Spain and Italy. It has boosted its interconnection capacity in gas by 40% in 10 years. Interconnections are vital to the internal energy market and help trade between Member States. They enable European consumers to benefit from cost-effective energy by diversifying sources of supply. Since it was created, the CRE has played a leading role in this area, by fostering the development of interconnections at the French borders and by making them more efficiently used. After major efforts, the question of creating new interconnections (which constitute complex and costly projects) is now being raised. In terms of gas, the Midcat Project (a new gas interconnection between France and Spain) provides a good illustration of this question. The project will cost almost 3 billion Euros, two billion of which is being funded by France, and the decision to launch it should not be taken lightly without robust cost-benefit analyses. These studies must, in particular, identify and quantify the benefits for each country concerned as well as for the European Union, and organise the project funding in relation to these benefits. As concerns the interconnection project in the Bay of Biscay between France and Spain, overcoming technical uncertainties is an essential prerequisite before commenting on the opportunities it offers in terms of the costs and benefits that it might generate. In compliance with the law, the CRE acts on behalf of

Integrated energy markets and varying degrees of liberalisation: price links, bundled sales and CHP production exemplified by Northern European experiences

International Nuclear Information System (INIS)

Jacobsen, H.K.; Fristrup, P.; Munksgaard, J.

2006-01-01

Liberalisation of energy markets has during the last 20 years been gradually introduced in many countries. The liberalisation has led to concerns regarding the markets' state of competition and fears that market power existence can result in less efficiency gains than what is expected from liberalisation. Concerns have also been raised as to whether specific consumer groups will be affected by limited competition in markets. Much of the concern has been concentrated on the electricity markets, but the development of energy sectors with integration of activities within natural gas, electricity and the oil sector creates the need to examine market power aspects across these markets. This paper examines the concentration trends in the Northern European markets for electricity and natural gas, combined with regional district heating aspects, especially with respect to the situation in Denmark. The situation with natural gas companies supplying to both small-scale CHP and to retail heat customers is discussed, for instance, which changes of regulatory regime for domestic heating customers should be considered when the natural gas market is being liberalised? The interlinked nature of the energy markets is described and examples of impacts from one market with limited competition to other markets with seemingly well-functioning competition are given. The specific case of large CHP production facilities with output on the regulated district heating market and the competitive Nordic electricity market is examined. How much of the fluctuations in price experienced in electricity markets should be reflected in the price of heating supplies? To which degree do the heating customers have to bear the burden of low-electricity market prices? Regulation of liberalised markets is discussed focusing on the interaction between one regulated market and the related energy markets that are liberalised. Existing regulation on the markets are compared to a situation where liberalisation

Integrated energy markets and varying degrees of liberalisation: Price links, bundled sales and CHP production exemplified by Northern European experiences

International Nuclear Information System (INIS)

Klinge Jacobsen, Henrik; Fristrup, Peter; Munksgaard, Jesper

2006-01-01

Liberalisation of energy markets has during the last 20 years been gradually introduced in many countries. The liberalisation has led to concerns regarding the markets' state of competition and fears that market power existence can result in less efficiency gains than what is expected from liberalisation. Concerns have also been raised as to whether specific consumer groups will be affected by limited competition in markets. Much of the concern has been concentrated on the electricity markets, but the development of energy sectors with integration of activities within natural gas, electricity and the oil sector creates the need to examine market power aspects across these markets. This paper examines the concentration trends in the Northern European markets for electricity and natural gas, combined with regional district heating aspects, especially with respect to the situation in Denmark. The situation with natural gas companies supplying to both small-scale CHP and to retail heat customers is discussed, for instance, which changes of regulatory regime for domestic heating customers should be considered when the natural gas market is being liberalised? The interlinked nature of the energy markets is described and examples of impacts from one market with limited competition to other markets with seemingly well-functioning competition are given. The specific case of large CHP production facilities with output on the regulated district heating market and the competitive Nordic electricity market is examined. How much of the fluctuations in price experienced in electricity markets should be reflected in the price of heating supplies? To which degree do the heating customers have to bear the burden of low-electricity market prices? Regulation of liberalised markets is discussed focusing on the interaction between one regulated market and the related energy markets that are liberalised. Existing regulation on the markets are compared to a situation where liberalisation

THE EMERGENCE OF THE EUROPEAN COUNTERFEIT MARKETS

Directory of Open Access Journals (Sweden)

Loredana Maftei

2013-07-01

Full Text Available The European market of counterfeit goods has become a subject of increasing concern for businesses, private firms and policymakers. With a growing demand in consumption for this kind of goods, each sector is damaged from the toy industries to the pharmaceuticals industry. This article is aimed to expose the dynamic of the European counterfeiting markets, to highlight the main factors of production, the main providers, the smuggling routes, the overall profit, the main counterfeit products and also to offer a general perspective on the affected European markets.

NATGAS. A Model of the European Natural Gas Market

International Nuclear Information System (INIS)

Mulder, M; Zwart, G.

2006-02-01

The NATural GAS model is an integrated model of the European wholesale gas market providing long-run projections of supply, transport, storage and consumption patterns in the model region, aggregated in 5-year periods, distinguishing two seasons (winter and summer). Model results include levels of investment in the various branches, output and consumption, depletion of reserves and price levels. The NATGAS model computes long-term effects of policy measures on future gas production and gas prices in Europe. NATGAS is an equilibrium model describing behaviour of gas producers, investors in infrastructure (pipeline, LNG capacity, as well as storage), traders and consumers. NATGAS covers the main European demand regions, including the United Kingdom, Germany, the Netherlands and Italy. Moreover, it covers the main origins of supply on the European market, such as Russia, Norway, Algeria, the Netherlands, the United Kingdom and LNG. In this memorandum, we first discuss the theoretical background as well as the model specifications. Afterwards, we describe the data we used, present some results and assess validity by computing sensitivities and comparing with current developments

European Integration and Outward FDI from Central and Eastern Europe

DEFF Research Database (Denmark)

Jindra, B.; Hassan, S. S.; Gunther, J.

2015-01-01

countries (CEECs) within the EU 27 (1996-2010). We find that the EU integration process is related with increasing importance of market access and less emphasis on labour cost advantages. We find heterogeneity in the valuation of foreign knowledge-related assets. The location probability within the EU15......The European Union (EU) Member States in central and eastern Europe (CEE) witnessed a surge in outward foreign direct investment (OFDI) between 2000 and the start of the global financial crisis. This article investigates whether the European integration process altered the relative importance...

The European gas market at the 2008 prospects

International Nuclear Information System (INIS)

2004-11-01

Because of the opening of European energy markets to competition and to the dynamism of gas consumption, the natural gas market has become very attractive. In parallel, the development of infrastructures (in particular for the LNG industry) offer setting up possibilities to newcomers. Moreover, the synergies linked to the gas/electricity convergence diminish the boundary between electricity and gas markets. In this context, the historical operators of European gas markets have to face the offensive of oil and electric power companies. This study tackles the following questions: what are the gas demand evolution prospects? What are the most attractive consumption areas? How gas prices will change in mid-term? What is the competitive intensity of national markets? Which commercial positioning is to be adopted? What future for dual offers? What is the advantage of regulated activities for operators? Who are the best positioned actors? What will be the mid-term role of Gazprom? What are the mid-term prospects of European market reconfiguration? This study analyses the strategy and positioning of the main European gas operators and shows their forces and weaknesses. It includes a financial comparison of the 20 main groups present in the European natural gas market. This analysis allows to propose 4 scenarios of mid-term evolution for this market. (J.S.)

Russian gas in the west European market

International Nuclear Information System (INIS)

Nikitin, B.A.

1996-01-01

The paper relates to the Russian supply of natural gas to the west European market. Following themes are discussed: The resource basis of the gas industry; analysis of the European gas market; projects for Russian gas supply to Europe; international co-operation

Dis-harmony in European natural gas market(s). Discussion of standards and definitions

Energy Technology Data Exchange (ETDEWEB)

Karasz, Michael [The Energy House GmbH, Muenchen (Germany); Pustisek, Andrej [Hochschule fuer Technik, Stuttgart (Germany); Drasdo, Peter

2013-06-15

The European Union attempts to harmonise the European natural gas market(s). In general, this is supported on national levels. Nevertheless, such harmonisation is not yet fully accomplished: neither for the rules nor for the quality specifications nor for the physical quantities and their units. Even if the current economic impact of such dis-harmony is negligible, i.e. that market participants for the time being do not have to bear additional costs caused by the lack of harmonisation, participants in the commodity market are exposed to contractual risks. Potentially, this might lead to reduced competition and reduced liquidity of each single and the European internal market for natural gas. However, as the costs for a potential harmonisation of European gas markets are estimated to be significant, the dilemma is evident and the 'political' solution of the 'harmonisation problem' will necessarily deviate from the traders' one. (orig.)

The capacity of smes with export-import activity from Bihor county to face the challenge of integration on the european single market in euro-regional context

Directory of Open Access Journals (Sweden)

Dodescu Anca

2008-04-01

Full Text Available Starting from the premises that the competitive capacity of the SMEs is determined by their nature: some of them having rapidly growing capacity, others being totally dependent on local or regional markets, the present paper aims to investigate the capacity of SMEs from Bihor county, which carry out export and import activity, to face the challenges of integration in the European Single Market, with the purpose to guide them towards that initiatives and measures that correspond to their nature, by exploiting the possibilities offered by structural funds. The paper presents the general situation of the SMEs from Bihor county focused on those which are part of intra-communitary trade, and, on the base of a questionnaire applied to a number of 50 of them, their perceptions regarding the threats and opportunities of the European Single Market, in order to increase the absorption of structural funds and to design a Euroregional strategy for the SME sector with direct benefits for the economic agents and communities from Romania and Hungary. The paper is based on the preliminary research results of the project called “The encouragement of SMEs which carry out import-export activity from Bihor county regarding the integration in the European Single Market through the development of cross-border business services”, financed by the PHARE CBC 2005 Programme. The data used have been offered for the mentioned project by Local SMEs Council, Oradea.

A bargaining model of regulated markets' integration with an application to electricity supply market

International Nuclear Information System (INIS)

Wei Jingyuan; Smeers, Y.; Canon, E.

1995-01-01

An integrated market organized by regulated electric utilities is modelled. It is assumed that, given a price vector for the exchange of electricity between each pair of neighboring utilities, utilities independently maximize their own domestic social welfare subject to the zero profit constraint. An equilibrium price vector for exchanges among utilities is defined as the one which clears the exchanges for all pair of business partners. A single piecewise linear model is formulated for computing market equilibria. The model is used to simulate the electricity supply market organized by 11 western European countries

Essays on European bond markets

NARCIS (Netherlands)

Cheung, Y.C.

2005-01-01

This dissertation focused on a number of issues that are of importance in the current European bond market. In the past years, the fiscal policy of the Eurozone members, advances in the technology of trading platforms and the introduction of a single currency have reshaped the fixed income markets

European internal electricity market. What next?

International Nuclear Information System (INIS)

Petrov, K.; Hewicker, C.; Boisseleau, F.; Nabuurs, P.

2007-01-01

2006 has been a very active year in the development of electricity markets worldwide. In Europe the liberalisation process was moving forward driven by the European Directives implemented in the EU states. Together with security of supply and environmental protection, implementation of competitive energy markets has also been one of the main objectives of EU energy policy. A competitive internal market for electricity has been progressively implemented across the European Union since 1999-2000. This process aims at increasing competition in electricity generation and supply leading to enhanced efficiency, which is closely associated with lower production costs and ultimately lower electricity prices. The sector inquiry and the country reviews conducted by the European Commission (EC) during 2006 showed that progress has been achieved. However, there are still a number of issues that need to be resolved in order to achieve an adequately operating internal electricity market. The EC energy package from 10th January 2007 is a set of concrete proposals for action in the energy field and arises in reaction to the Green Paper published on 8th March 2006. The Green Paper 'A European Strategy for Sustainable, Competitive and Secure Energy', on the one hand, identified the main problems that the European energy sector faces and, on the other hand, suggested possible actions to meet key objectives, including security of supply, environmental sustainability and competitiveness towards a unified European Energy Policy. The motivation of the EC package is the need to identify new measures or a strengthening of existing measures to reach the targets and their underlying objectives. The EC package deals with the main issues on energy policy (renewable electricity, internal electricity and gas market, sector competition, sustainable power generation from fossil fuels, nuclear energy, gas and electricity infrastructures and energy technology) and an action plan for energy

The players on the European gas market - 2008 edition

International Nuclear Information System (INIS)

Lecarpentier, Armelle

2008-02-01

In a context of growing dependence on extra-European sources, a growth potential in gas use for power generation and the acceleration of the liberalization process, the 2008 Edition of 'The Players on the European Gas Market' offers a unique detailed review of the positioning of players in both the upstream (production, reserves) and downstream (wholesale and retail supply) sectors of the gas chain. This 140-pages report, includes 55 tables and 29 figures, and presents an in-depth description of the European gas industry by country. The Survey 'The Players on the European Gas Market' provides: - The analysis of new upstream areas and production growth prospects, - Company rankings in terms of reserve and production volumes, - The complete overview of the whole European gas market (market characteristics, supply sources, consuming outlets, effective competition), - Strategies and key facts of the wholesale suppliers to Europe, - An in-depth review of national market structures, - The detailed positioning and analysis of national market power of the numerous companies involved in gas supply

Centre of the European gas market. The European Autumn Gas Conference

International Nuclear Information System (INIS)

Van Hasselt, F.; Van der Wal, W.; Ruinen, H.

1998-01-01

From the results of the 1997 European Autumn Gas Conference in Barcelona, Spain, it appears that the European gas industry is mainly focused on the liberalization of the European energy market. The main topic of the Conference was 'dealing with surplus'. A brief overview is given of the natural gas trade developments in the European countries. 1 ill., 1 tab. 2 ills

A FRAMEWORK ANALYSIS OF EUROPEAN LABOUR MARKET POLICIES

Directory of Open Access Journals (Sweden)

Graţiela Georgiana Carica

2011-03-01

Full Text Available The purpose of the paper is to analyse European labour market policies and their integrated guidelines, by highlighting various measures that need to be adopted in order to increase labour productivity, with positive effects on long-term economic development. The paper methodizes the main conditions complied by structural reforms in order to encourage labour employment and the policies that frame a more efficient unemployment insurance system crucial to increase security while encouraging the unemployed to look for a job and to accept a job offer, respectively on flexicurity policies. We found that employment rates are generally associated with large expenses on labour market policies and with an increased number of participants to programs developed within these types of policies. The degree of influence and strong dependence between outcome and labour market policies are illustrated in various ways and discussed within the paper.

Independent regulatory authorities in European electricity markets

International Nuclear Information System (INIS)

Larsen, Anders; Pedersen, Lene Holm; Sorensen, Eva Moll; Olsen, Ole Jess

2006-01-01

Liberalisation of the electricity market has taken place in most European countries within the last decade. It is considered a precondition of successful liberalisation to establish so-called independent regulatory authorities. In this article, we compare the status and practice of them in 16 European countries, and discuss the relationship between the organisation of the regulation and the market outcome

Portfolio Diversification in the South-East European Equity Markets

Directory of Open Access Journals (Sweden)

Zaimovic Azra

2017-04-01

Full Text Available Diversification potential enables investors to manage their risk and decrease risk exposure. Good diversification policy is a safety net that prevents a portfolio from losing its value. A well-diversified portfolio consists of different categories of property with low correlations, while highly correlated markets have the feature of low possibilities for diversification. The biggest riddle in the world of investments is to find the optimal portfolio within a set of available assets with limited capital. There are numerous studies and mathematical models that deal with portfolio investment strategies. These strategies take advantage of diversification by spreading risk over several financial assets. Modern portfolio theory seeks to find the optimal model with the best results. This paper tries to identify relationships between returns of companies traded in South-East European equity markets. A Markowitz mean-variance (MV portfolio optimization method is used to identify possibilities for diversification among these markets and world leading capital markets. This research also offers insight into to the level of integration of South-East European equity markets. Principal component analysis (PCA is used to determine components that describe the strong patterns and co-movements of the dataset. Finally, we combined MV efficient frontier and equity, which represent PCA components, to draw conclusions. Our findings show that PC analysis substantially simplifies asset selection process in portfolio management. The results of the paper have practical applications for portfolio investors.

The EU as a global ecological power: The logics of market integration

International Nuclear Information System (INIS)

Laurent, Eloi; Le Cacheux, Jacques

2010-05-01

In this paper, we try to show how the EU became a global ecological power, i.e. a power that influences environmental policies throughout the world. While the existing literature stresses the significance of normative power, regulatory politics and multi-level governance in this process, we highlight the importance of what we call the logics of market integration. By that we mean the decisive role of Single market integration in fostering convergence of environmental policies at the European level as well as in extending European influence at the global level. We illustrate our approach with the case of climate policy, detailing the EU's influence on economic instruments developed worldwide to mitigate climate change. (authors)

A GLANCE AT THE EUROPEAN ENERGY MARKET LIBERALIZATION

Directory of Open Access Journals (Sweden)

Delia Vasilica Rotaru

2013-03-01

Full Text Available This paper offers a presentation on the liberalization process on the energy markets that started two decades ago and takes place across Europe in the attempt to create a single European energy market. Several benefits are expected following the deregulation process such as higher competition, market transparency, lower prices, increased efficiency and product development in the clients favour. Three very different energy markets are analyzed before and after the liberalization process – UK, Germany and France – a short insight on the current Romanian energy market is also offered. The aim of this paper is to provide a better understanding on liberalizing European energy markets.

The European market of renewable energies; Le marche europeen des energies renouvelables

Energy Technology Data Exchange (ETDEWEB)

Anon.

2011-09-15

This market study on renewable energies presents: 1 - the different renewable energy industries for power generation: the field of renewable energies (hydropower, wind power, solar energy, geothermal energy and biomass power plants) and their common points, their characteristics, advantages and constraints; 2 - the political and regulatory context with its ambitious goals: main steps of worldwide negotiations, Europe and the management of CO{sub 2} emissions, stiffening of the environmental regulation, the energy/climate package and the efforts to be borne by the different member states; 3 - Economy of the sector and the necessary public support: investment and production costs by industry, wholesale prices and competitiveness of the different power generation means, government's incentives for projects profitability; 4 - dynamics of the European market of renewable energies: energy-mix and evolution of the renewable energies contribution in the world and in the European Union, key-figures by country and by industry (installed capacity, production, turnover, employment); 5 - medium-term development perspectives: 2020 prospect scenarios, evolution of the energy mix, perspectives of development for each industry; 6 - the strengths in presence in the domain of facilities: main manufacturers, market shares, innovations, vertical integration, external growth; 7 - the strengths in presence in the domain of power facilities operation: main European operators, position and ranking, installed capacities, projects portfolio; 8 - medium-term perspectives of reconfiguration: best-positioned operators in a developing market, future of European manufacturers with respect to Asian ones, inevitable concentration in the operation sector. (J.S.)

The European Gas Market. A Reality Check

International Nuclear Information System (INIS)

Parmigiani, Laura

2013-01-01

With the approach of the 2014 deadline for the completion of a truly European liberalised energy market, there is growing concern on the adequacy of the market structure with the changed economic and geopolitical environment. Market-based and short-term approaches have been fostered for both gas and electricity markets. Energy and climate policies have therefore a primary function in designing the basic rules for these markets to develop. This study addresses two key issues related to the market design envisaged for the gas sector in Europe. The first raises questions about the adequacy of the market design proposed for the gas market with respect to security of supply. In fact, despite a higher dependence to external gas sources, the gas system has been developing all over Europe and it is becoming a key component of the European energy mix, in particular thanks to its back-up role for intermittent electricity generation and its lower content of CO 2 emissions with respect to coal. The external dimension of the gas market is thus taking a greater place in the approach to gas supply strategies. Security of supply is a key component in the gas sector and cannot be ignored in the creation of a European gas market. Moreover, the oligopolistic characteristic of the supply side has to be carefully assessed as it is well recognized that two countries (Norway and Russia) provide up to almost 60% of total external supplies. The study therefore investigates to what extent the gas market design and its implementation rules take into consideration this dimension. It will be argued that the gas target model envisaged by regulators and the EC, by aiming at increasing the number of market exchanges based on market hubs or virtual exchange points, will not significantly contribute to security of supply. On the contrary, a greater concentration could be an undesired outcome of this process. The second issue thus relates to the more practical on-going reforms that establish common

The integration of Chinese and European renewable energy markets: The role of Chinese foreign direct investments

International Nuclear Information System (INIS)

Lv, Ping; Spigarelli, Francesca

2015-01-01

In the renewable energy (RE) sectors, foreign direct investments are becoming an important mean of regional integration between China and Europe, as a result of the combined effect of Europe–China dialog on energy issues; Chinese energy policy; and Chinese Go Global policy. Using a firm level data set from the Chinese Ministry of Commerce, we perform an analysis on location choice by Chinese RE firms from 2004 to 2013, within Europe. We depict a map of “where to where” (home province vs. host country) and “who to where” (firm level characteristics vs. host country), to find out how characteristics of home and host regions affecting the integration of Chinese and European RE markets. Main results are the following. Investment pairs in RE sectors reflect a duality: firms tend to seek countries with similar institutional environment, compared with their origin regions. Countries with weak and immature institutions are attractive for immature and inexperienced Chinese firms. Main features of Chinese investors are the following: private, non-listed firms, entering through greenfield, focusing on sales. Market-seeking investors tend to enter countries with both well-developed institutional environment and industry development base. R&D-oriented investments are more likely to flow to countries with well-developed institutional environment. -- Highlights: •A map of Where to Where of Chinese investments in Europe is depicted. •Characteristics of home and host regions affect Chinese integration in Europe. •Investment pairs in renewable energy sectors reflect a duality. •Chinese firms localize in EU countries with similar institutional environment. •Through a Who to Where analysis, key features of Chinese investors are outlined

Effects of internalising external production costs in a North European power market

International Nuclear Information System (INIS)

Munksgaard, J.; Ramskov, J.

2002-01-01

The aim of integrating national power markets is to improve the overall efficiency thereby making a potential for reducing electricity prices. However, efficiency is not necessarily improved if external environmental protection costs are neglected. In this paper, we analyse the effects of regulating an integrated power market by using environmental producer taxes based on external production costs. The analysis is based on an empirical equilibrium model for the North European power market. The results show that internalising costs will increase electricity producer prices by 40-50% in the period from 1995 to 2020. Further, demand for electricity will be reduced by 10%. We conclude, however, that in order to achieve the national Kyoto targets of reducing CO 2 emissions, further regulation is needed, such as national CO 2 taxes or cost efficient mechanisms like tradeable permits and joint implementation. (author)

European Research Reloaded : Cooperation and Integration Among Europeanized States

NARCIS (Netherlands)

Holzhacker, Ron; Haverland, Markus

2006-01-01

European integration has had an ever deepening impact on the member states. The first wave of research concerned the process of institution building and policy developments at the European Union (EU) level. The second wave, on Europeanization used the resulting integration as an explanatory factor

Identifying Lead Markets in the European Automotive Industry

DEFF Research Database (Denmark)

Cleff, Thomas; Grimpe, Christoph; Rammer, Christian

2015-01-01

for automobiles and national markets differ considerably in their lead market potential. The German market is found to be most promising to serve as a lead market, while other European countries with a strong automotive tradition like France, Italy, the UK, and Sweden score lower. Our findings suggest that firms......This paper presents an indicator-based methodology to identify lead markets in the European automotive industry. The lead market approach tries to explain why certain countries are better positioned than others for developing and launching new products. While much research stresses the role...... of excellence in technology and interaction among users and producers, the lead market approach focuses on the role of demand characteristics. Based on the concept of innovation design, a lead market is defined as a country where customers prefer that design which subsequently becomes the globally dominant...

Examining market power in the European natural gas market

International Nuclear Information System (INIS)

Egging, R.G.; Gabriel, S.A.

2006-01-01

In this paper, we develop a mixed complementarity equilibrium model for the European natural gas market. This model has producers as Cournot players with conjectured supply functions relative to their rivals. As such, these producers can withhold production to increase downstream prices for greater profits. The other players are taken to be perfectly competitive and are combined with extensive pipeline, seasonal, and other data reflecting the current state of the market. Four market scenarios are run to analyze the extent of market power by these producers as well as the importance of pipeline and storage capacity. (author)

Examining market power in the European natural gas market

International Nuclear Information System (INIS)

Egging, Rudolf G.; Gabriel, Steven A.

2006-01-01

In this paper, we develop a mixed complementarity equilibrium model for the European natural gas market. This model has producers as Cournot players with conjectured supply functions relative to their rivals. As such, these producers can withhold production to increase downstream prices for greater profits. The other players are taken to be perfectly competitive and are combined with extensive pipeline, seasonal, and other data reflecting the current state of the market. Four market scenarios are run to analyze the extent of market power by these producers as well as the importance of pipeline and storage capacity

The interdependence of major european stock markets: evidence for Greece

OpenAIRE

Καινούργιος, Δημήτριος Φ.; Σαμίτας, Αριστείδης Γ.

2003-01-01

This paper provides new evidence on the relationship between the Greek "blue chip" stock market and the six relative European markets by applying cointegration tests. The time period examined is 1998 to 2000, which marks the entry of Greece to the European Exchange Rates Mechanism II. The empirical results indicate that the Athens Stock Exchange has no considerable links, except for one case, with any other European developed markets examined. These findings have some significa...

MAPPING EUROPEAN CAPITAL MARKETS TENDENCIES

Directory of Open Access Journals (Sweden)

Andreea Avadanei

2011-01-01

Full Text Available The scope of this paper is to analyze the main tendencies influencing European capitalmarkets development. In order to point out their implications, we structured our study onfour chapters. The first one illustrates the consolidation of stock exchanges at the Europeanlevel; the seconds presents some considerations about the deregulation/re-regulation of EUcapital markets; the third section highlights the globalization implications on their evolutionand the fourth one indicates the effects of financial innovation. The progressive integrationof European capital markets over the past decade contributed to the lowering of capital costas a result of increased risk diversification opportunities and reduced transaction costs dueto the specialization of financial system provisions. Moreover, the expansion of thesemarkets improved firms financing decisions, leading to an increased share of non-bankfunding sources.

Political Psychology of European Integration

DEFF Research Database (Denmark)

Manners, Ian James

2014-01-01

The chapter engages in a survey of what political psychology and European integration have to say to each other in the understanding of the European Union. The chapter draws on five strands of political psychology as part of this engagement – conventional psychology, social psychology, social...... construction, psychoanalysis, and critical political psychology. Within each strand a number of examples of scholarship at the interface of political psychology and European integration are examined. The chapter argues that the study of the EU has much to benefit from political psychology in terms of theories...... and methods of European identity and integration, but it also argues that political psychology can benefit from the insights of European integration by rethinking the processes that drive the marking of inside and outside, interior and exterior, belonging and otherness....

The European Energy Regulators Group and the realization of the internal energy market

International Nuclear Information System (INIS)

Lavrijssen, S.A.C.M.

2006-01-01

The role of the European Energy Regulators Group (ERGEG) in the realization of the internal energy market is discussed. It is concluded that the ERGEG has already achieved significant results in dealing with several complex technical and legal problems that hamper market integration in the energy sector. However, it is a fundamental problem that the ERGEG is neither an EU institution nor a national institution, resulting in a lack of its democratic accountability and in the legal protection against the actions taken by the ERGEG. Therefore, the future success of the ERGEG will depend on the ability of the European legislator to find answers to the question how to ensure that the ERGEG fulfils its tasks in a legitimate way [nl

Analysis of stock market returns of American and European stock market from the view of an American and a European investor

Directory of Open Access Journals (Sweden)

Oldřich Šoba

2005-01-01

Full Text Available The paper is focused on the analysis of stock market returns of American and European stock market for different investment horizon from the view of an American and European investor. The paper also partly resumes, in the part of analysis of USD/EUR exchange rate influence on market returns of mentioned stock market, research paper REJNUŠ, O., ŠOBA, O.: Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a European and of an American investor. ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRU- NENSIS, Vol. LII, No. 6, 2004, pg. 145–159, ISSN 1211-8516.The development of both American and European stock market is put on the development of two, structure-similar Standard & Poor’s exchange indexes, particularly S&P 500 and S&P Europe 350. According to the USD/EUR exchange rate, there were used the values published by FED, with the oldest data there were accepted the count ECU to EUR. The data were taken both from the weekly closing values of mentioned stock indexes and weekly closing values of USD/EUR exchange rate.The analysis was done with using the methods of quantification of „running market returns“ (recount to the average annual values of indexes from the view of both investors within the set investment horizon. The elemental statistical level characteristic – simple average, median and statistical characteristic of variability – standard deviation and variation coefficient were quantified from this time series of annual running market returns. The analysis, which was purposely oriented to six basic different long investment horizon (1 year, 2 years, 3 years, 5 years, 7 years, 10 years, has approved that in focused term of 1980–2004 the market returns of picked stock market from the view of both investors (American and European was generally higher in longer investment horizon than in the shorter investment horizon. The values of variation coefficient in

Labour Market Institutions and Labour Market Performance in the European Union

OpenAIRE

Michal, Tvrdon

2008-01-01

The presented article deals with labour market institutions and labour market performance in the European Union. The first chapter is devoted to theoretical and methodological background of labour market performance. Theoretical literature has created a set of institutional aspects such as employment protection legislation, structure of wage bargaining, taxation of labour, active labour market policy, the system of unemployment and social benefits. All these aspects determine the institutiona...

ANALYSIS OF LABOUR MARKET IN ROMANIA AND THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Tanase Diana

2013-07-01

Full Text Available The paper aims at analysing the labour market, one of the most complex forms of market in economy. The present work forwards a comparative survey regarding the labour market in Romania and in the other European Union member states. The paper starts by highlighting general aspects related to labour market and continues by the presentation of the European Union countries’ ranking according to the labour market efficiency, top elaborated on the basis of the World Economic Forum data. Furthermore, the paper analyses labour productiveness, employment rate and unemployment rate both in Romania and in the other countries of the European Union. In the end the authors forward conclusions regarding the possibilities of increasing competitiveness on Romania’s labour market.

The liberalisation of the continental European electricity market : lessons learned

International Nuclear Information System (INIS)

Haas, R.; Auer, H.; Keseric, N.; Glachant, J.M.; Perez, Y.

2006-01-01

Before 1990, nearly all electricity supply companies in continental Europe (CE) were vertically integrated in a franchise market, either state-owned or under price-regulated mixed private-public ownership. In 1996, the European Commission (EC) issued a directive for a common electricity market, which launched the liberalisation of the electricity market in continental Europe (CE). The ultimate objective was to lower electricity prices throughout Europe by promoting competition in generation and supply through price deregulation and privatization. The intention of the EC was to create one common European electricity market. This paper analyzed the evolution of this market along with conditions needed to enhance competition in the long term. It also presented background information with major data on electricity supply and demand in the CE markets and outlined EC and national governments' market liberalisation initiatives and the major changes that countries have made. Currently, there are at least 7 distinct sub-markets separated by partly insufficient transmission capacity and differences in access conditions to the grid. In 2004, the total demand in the CE area was 2300 TWh. This paper also summarized generation capacity and load in CE; imports and exports between CE countries; past and current transmission issues; political issues for restructuring; providing non-discriminatory access to the market and to the grid; the new institutional and regulatory environment and the promotion of renewables. The performance of the market was also reviewed with particular reference to market access, mergers, acquisitions, market concentration, and the evolution of both wholesale and retail electricity prices. It was concluded that in order to bring about effective competition in the long run, the following conditions would be required: complete ownership separation of the transmission grid from generation and supply in all countries and sub-markets; adequate capacity margin in

The liberalisation of the continental European electricity market : lessons learned

Energy Technology Data Exchange (ETDEWEB)

Haas, R.; Auer, H.; Keseric, N. [Vienna Univ. of Technology, Vienna (Austria). Energy Economics Group; Glachant, J.M.; Perez, Y. [Paris-Sud Univ., Paris (France). ADIS-Group Reseaux Jean-Monnet

2006-10-01

Before 1990, nearly all electricity supply companies in continental Europe (CE) were vertically integrated in a franchise market, either state-owned or under price-regulated mixed private-public ownership. In 1996, the European Commission (EC) issued a directive for a common electricity market, which launched the liberalisation of the electricity market in continental Europe (CE). The ultimate objective was to lower electricity prices throughout Europe by promoting competition in generation and supply through price deregulation and privatization. The intention of the EC was to create one common European electricity market. This paper analyzed the evolution of this market along with conditions needed to enhance competition in the long term. It also presented background information with major data on electricity supply and demand in the CE markets and outlined EC and national governments' market liberalisation initiatives and the major changes that countries have made. Currently, there are at least 7 distinct sub-markets separated by partly insufficient transmission capacity and differences in access conditions to the grid. In 2004, the total demand in the CE area was 2300 TWh. This paper also summarized generation capacity and load in CE; imports and exports between CE countries; past and current transmission issues; political issues for restructuring; providing non-discriminatory access to the market and to the grid; the new institutional and regulatory environment and the promotion of renewables. The performance of the market was also reviewed with particular reference to market access, mergers, acquisitions, market concentration, and the evolution of both wholesale and retail electricity prices. It was concluded that in order to bring about effective competition in the long run, the following conditions would be required: complete ownership separation of the transmission grid from generation and supply in all countries and sub-markets; adequate capacity

The European natural gas market

International Nuclear Information System (INIS)

Hagland, Jan

2001-01-01

An increasing amount of natural gas is flowing into continental Europe, one of the largest gas markets in the world. There are three main sources of gas: Africa, Russia and Norway. Norway is an important supplier of gas, but may be vulnerable to competition. The demand for gas is increasing on a global basis and the largest increase is expected in Asia, followed by America and Europe. It is expected that Norwegian gas deliveries will be a principle source of natural gas for North Europe in the next years and that they will take an increasing part of the British market as the gas deliveries from the British shelf is going down. The European gas market is likely to become liberalized according to the EU's competition- and gas directives. This will not necessarily be a problem, and Norway may be able to increase the export of gas to Great Britain considerably from the year 2010, perhaps up to 40 billion standard m3 per year. Russia is expected to take an increased share of the European gas market, especially in East- and Central Europe, Germany and North Italy. But large investments in existing fields, new developments and new strategic pipelines are necessary

Implementing transparency in an Eastern European office market: preparing Warsaw for global investments

Directory of Open Access Journals (Sweden)

Nadine Bitterer

2012-11-01

Full Text Available In the aftermath of an increasing integration of property and financial markets, the real estate industry is subject to soaring internationalization processes. Since international institutional investors appeared, transnational real estate investments have increased tremendously. In recent years, Central and Eastern European countries have been becoming more attractive to institutional investors and are therefore being integrated into international market structures. Within these countries, Warsaw emerged as the most dynamic and important real estate market. But what are the mechanisms and practices through which the real estate market of Warsaw becomes international? Which networks, intermediaries and frames are necessary to constitute a mature real estate market? The article argues that international real estate consultants are playing a crucial role in the underlying internationalization process. They are acting at the interface between investors, developers, construction companies and tenants and are therefore becoming a crucial hinge between real estate actors. With the example of the Warsaw real estate market we argue that international real estate consultancies are key drivers of the transformation process from a local to a global market. They transfer global knowledge, competence and practices and implement transparent and professional structures in the emerging Warsaw real estate market.

Competition in the European electricity markets – outcomes of a Delphi study

International Nuclear Information System (INIS)

Makkonen, Mari; Pätäri, Satu; Jantunen, Ari; Viljainen, Satu

2012-01-01

Internal European electricity markets are a target set by the European Union (EU) and under development at present. This article presents the findings of a Delphi study focusing on the prospects of European electricity markets. The main aim is to report the obstacles that participants in the survey felt were the most critical ones affecting competition in the European electricity markets of the future. The respondents were European electricity market specialists, and the themes of the survey ranged from transmission networks and electricity trade to demand flexibility. One of the key findings was shared concern over the adequacy of transmission network capacity in Europe. It was considered that technical issues, such as existing transmission network bottlenecks, are most likely to form obstacles to creating common European electricity markets if new capacity is not built quickly enough. It was seen by the panellists that electricity trading arrangements, whilst important, are unlikely to form a barrier to the development of an internal electricity market. It was noted that electricity trading issues have recently been the subject of development work in the EU. - Highlights: ► The internal electricity market is a priority of the European Union. ► The Delphi method was used to study competition in the European electricity markets. ► The congested grid hampers the development of internal electricity markets in Europe. ► The significance of a transmission network will be emphasised in the future. ► Electricity trading arrangements are likely to be solved.

A Market for Company Incorporations in the European Union?

DEFF Research Database (Denmark)

Birkmose, Hanne Søndergaard

2005-01-01

The article discuss the European market for company incorporation in light of the recent decisions of the European Court of Justice; Centros (1999 E.C.R. at I-1487), Überseering (2002 E.C.R. at I-9919) and Inspire Art (2003 E.C.R. at I-10155)......The article discuss the European market for company incorporation in light of the recent decisions of the European Court of Justice; Centros (1999 E.C.R. at I-1487), Überseering (2002 E.C.R. at I-9919) and Inspire Art (2003 E.C.R. at I-10155)...

Renewable Energies and European Union Law: between (internal) market and general interest

International Nuclear Information System (INIS)

Alvesdu, Carlos Manuel

2014-01-01

The various legislative instruments of the European Union related to renewable energy illustrate the complex relationship between the market and the public interest in the EU. How does the European public power articulate the public interest and the market? Such European laws are united by the way of a dialectical common approach. Firstly, it is about using the market to achieve the public interest, namely the protection of the environment. Therefore, the promotion of renewable energies, as a public interest goal, largely depends on the market. However, the market can do wrong. When the market is insufficient, fallible, the European Union will not hesitate to intervene to inflect it, in the name of the public interest

Natural gas and deregulation in the European Market

International Nuclear Information System (INIS)

Anon.

2000-01-01

The gas market is progressively moving towards new organizations under the effect of deregulation initiated in the United States, the United Kingdom and transposed to other countries, particularly in Europe, at least for the member countries of the European Union. Within the framework provided by this overall trend, Cedigaz proposes a study titled 'Natural Gas and Deregulation' in order to describe the main developments affecting these markets on account of deregulation. This report is structured on the basis of three main topics (market organization, marketing modes, pricing) which appears to be the most cogent in terms of deregulation. This grouping by major topics accordingly offers a relatively synthetic view of the main trends which could be observed in the European market, for example. The analysis is largely based on the example of the American market and, to a lesser extent, on the British situation. Incidentally, it has adapted the terms 'regulated market' to define conventional markets and 'deregulated market' to define markets which have incorporated the principle of Third Party Access (TPA). This is obviously a mere convention, since in both cases, the gas market, a network market, is regulated either by the State or by an independent agency. Also noteworthy is the diversity of the regulation methods for the network markets. While an underlying principle prevails throughout, particularly the introduction of TPA, political and energy considerations alike are liable to condition strongly the final structure of a given market. The apparently comparable British and American experience thus display substantial differences. In other words, one should not imagine a sudden transposition of either case to the European market. The different States preserve considerable leeway to guide market developments in one direction or another. On the whole, deregulation is not a frozen process, but has to adapt permanently to developments in a market stage-managed by

Th european market of the electric power

International Nuclear Information System (INIS)

2001-01-01

This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

The European Gas and Oil Market: The Role of Norway

International Nuclear Information System (INIS)

Harbo, F.

2008-01-01

The research question of this paper is related to the role of Norway in the European gas and oil market. This study aims to give a presentation of the energy policy in Norway and Norwegian participation at the European level. The first chapter will introduce Norwegian relations with Europe. For the purpose of my research, I will focus mainly on Norwegian energy policy in the second chapter, presenting Norway's oil industry in chapter 2.1.; Norwegian gas production in chapter 2.2.; and the Norwegian electrical power system in chapter 2.3. The sub-chapter 2.4. will analyse in detail the activity of the largest Norwegian oil and gas company, StatoilHydro. The third chapter will be dedicated to Norway's green energy policy (wind, sun and water), etc. The fourth chapter looks at the European perspective and will examine the European strategic gas and oil market in a globalized world. The fifth chapter will present Norway's participation in the European gas and oil market. Such strategic research must also include a look at the European Union's (EU) energy market development between Russia and Norway, which will be presented in chapter six. And finally, Norway's contribution to the development of an EU energy policy in fighting climate change will be emphasised in chapter seven. This research will analyse the following central issues: - Norwegian oil industry, - Norwegian gas production, - Norwegian electrical power system, - Norwegian challenges in the European gas and oil market. (author)

European integration dimension of Republic of Moldova as development path in a globalization setting

Directory of Open Access Journals (Sweden)

Natalia ANTOCI

2015-12-01

Full Text Available In a global market economy, the opening towards outward, standard harmonization and convergence of national economies can create the necessary synergy in order to address the challenges of globalization. Republic of Moldova needs to develop partnership relations with European Union (EU countries, which have experience in relation to commodity markets, and without which it is difficult to modernize the economy and diversify its export. Moldova's integration into the European Union allows increasing dynamism and sustainability of the economic system of our country and allows implementing a new model of economic growth according to EU Member States' experience.

Efficiency of European emissions markets: Lessons and implications

International Nuclear Information System (INIS)

Krishnamurti, Chandrasekhar; Hoque, Ariful

2011-01-01

While prior studies have shown that emission rights and futures contracts on emission rights are efficiently priced, there are no studies on the efficiency of the options market. Therefore, this study fills the gap. We examine empirical evidence regarding the efficiency of the options market for emissions rights in Europe. We employ the put-call parity approach to test the efficiency of options on emission rights traded in the European market. This implies that firms can trade options on emission rights in addition to other existing strategies in order to manage their greenhouse gas emissions. - Highlights: → Efficiency of the European options market for emissions. → Design implications for the development of emissions trading schemes in other countries. → Governance issues pertaining to emissions trading.

Priority for import capacity. The fear of the European Union for a free European energy market

International Nuclear Information System (INIS)

Roggen, M.

2002-01-01

Brussels (the seat of the European Union in Belgium) is worried about the performance of the liberalized European energy market. The natural gas and electricity networks are suffering from chronic congestion. Some areas are largely or even entirely cut off from the European energy infrastructure. Those problems must be addressed to realize the internal market. A package of reforms has been put forward by the European Commission the end of 2001 and 12 priority projects are identified and briefly discussed in this article [nl

Market integration in the crustaceans market

DEFF Research Database (Denmark)

Ankamah-Yeboah, Isaac; Bronnmann, Julia

2018-01-01

are substitutes. Price determination processes for the shrimp markets vary with the level of the value chain. The results imply that the wild and farmed crustaceans markets are interacting through substitution effects. Hence, the markets have the capability to shield volatile and rising prices that would emanate......In this paper the price dynamics and the degree of market integration in the German crustaceans market is examined using cointegration methods. The study focuses on wild caught cold water shrimp, farmed warm water shrimp as well as lobster and derives implications for the fisheries sector....... In the analysis, both the import market and the retail market price reactions are distinguished. Therefore, it is evaluated how price changes affect competing commodities within and between the value chain of a given crustaceans commodity. Evidence of partial market integration is found for all species under...

European gas market developments. Opportunities and threats

International Nuclear Information System (INIS)

Van Oostvoorn, F.

1998-09-01

The paper is based on two studies conducted by ECN, namely a study entitled 'An analysis of the West-European gas market: a company approach' and another entitled 'Developments of gas markets across Europe' to be published in November 1998. The paper addresses the past driving factors responsible for the increasing share of gas in the EU energy demand. Furthermore it very briefly discusses the rising dependency of the European Union (EU) on gas imports from non-EU sources such as Russia and the expected gas-to-gas competition in a large number of EU countries in the next decades. 25 refs

Towards a Pan-European energy balancing market : exercise on coupling the United Kingdom and continental Europe

NARCIS (Netherlands)

Escudero Concha, C.; Haan, de J.E.S.; Virag, A.; Gibescu, M.; Kling, W.L.

2014-01-01

Increasing levels of wind power generation in the coming years will displace conventional generation, impacting the need for balancing reserves. The upcoming integration of pan-European balancing markets seeks to increase collaboration between areas for optimal provision of services. The challenge

The European gas market from a Belgian point of view

International Nuclear Information System (INIS)

Bouma, J.W.J.

1993-01-01

The European gas distribution industry will be faced with real challenges during the coming ten years. Additional import of natural gas from non-European Community countries will be required in view of the growing demand and the concomitant decrease in gas production in the European Community. This implies that facilities for the long-distance transport of gas will have to be built and that considerable investments are required. It is argued that the recommendation for the liberalization of the gas market by the Commission of the European Communities is unsuited to face future developments of the European gas market. (A.S.)

The Integration of Corporate Non-Market and Market Strategies

DEFF Research Database (Denmark)

Xie, Peihong; Li, Xin; Xie, Xuemei

2014-01-01

Purpose: This paper aims to systematically examine the key notion of integration of non-market and market strategies in the increasingly popular study of corporate non-market strategies. Design/methodology/approach: This paper is based on a brief literature review of the non-market strategy (NMS...... explore how to seamlessly coordinate non-market and market strategies in order to gain maximal synergies. Originality/value: This paper is the first to examine the key notion of integration in a systematic manner. It is the first to propose a three-question solution to systematic understanding......) research that shows the existing literature does not offer a clear and systematic account of the key notion of integration. It suggests any systematic account of integration should address at least three interrelated questions, i.e. why, what and how to integrate non-market and market strategies? Findings...

The single European market - a Schumpeterian event?

OpenAIRE

Siebert, Horst

1989-01-01

It is now four years after the White Paper launched the project on the completion of the internal market [Commission, 1985]. 300 steps were packaged and sold in a manner by Delors and Lord Cockfield that "caught on". The basic strategy is simple: abolish or reduce market segmentations that still exist, facilitate free market access, as well as establish the free movement of people, goods, services, and capital (the so-called four freedoms). Will the single European market prove to be an insti...

The development of European gas markets. Environmental, economic and political perspectives

International Nuclear Information System (INIS)

Estrada, J.; Moe, A.; Martinsen, K.D.

1996-01-01

By reviewing past history and developments in the European gas markets and European energy policy, this book identifies the driving forces for future market development. Topics covered include future gas demand and potential supplies, inter-fuel competition and the likely structure of gas markets in Europe in the future. (UK)

Integration of wind energy in the Dutch electricity system in the context of the Northwestern European market for electricity. Final report

International Nuclear Information System (INIS)

Benz, E.; Hewicker, C.; Moldovan, N.; Stienstra, G.; Van der Veen, W.

2010-04-01

A study was conducted of the integration of large volumes of wind energy in the Dutch electricity system in the context of a Northwest European electricity market for the year 2020. This study contributes to answering the questions that are at the centre of the project 'Fuel mix'. The following aspects are addressed: the capacity to combine large volumes of wind energy in the Dutch electricity system with the use of CHP; the impact of electricity costs; the influence on CO2 emissions and fuel use; the correlation between the electricity production of CHP units; wind parks and coal-fired plants. In this study the Dutch electricity system is simulated in connection with the framework of the regional electricity market in Northwest Europe for the year 2020. The conducted simulations are based on perfect competition with the marginal cost price of the production units as offer price in the electricity market. To this end the chronological production simulation model (PLEXOS) was used, which takes into account the dynamic operational management and limitations of the electricity plants and the transmission grid. [nl

The Western European Mobile Service Market

DEFF Research Database (Denmark)

Henten, Anders; Tadayoni, Reza; Hjarup, Søren

The aim of the paper is to analyse the development of the structure in the Western European mobile services market, based primarily on technological and economic parameters. The focus of the analysis is on the market consolidation process, taking place horizontally, i.e. among the mobile network...... operators, and on the new companies entering the mobile field vertically, delivering, e.g., content and portal services, as convergence with Internet develops....

French dissatisfactions on the European electricity market

International Nuclear Information System (INIS)

Glachant, J.M.

2007-01-01

The author first notices that the French electricity professional consumers are dissatisfied with the results of the creation of the European domestic electricity market in 1997: price increase either on bills or on the wholesale markets, and even more price increases are to come. The author proposes to examine several issues: what has been done during the 6 or 7 past years, that is since the California crisis in 2000-2001, to put the European electrical reforms on a virtuous track? Have the basic market economy principles been respected to protect competitiveness of all energy consumer professionals? How and why the French government or EDF will make us pay gas, coal or CO 2 emission permits like in England or Germany whereas the French electricity production has mainly (90 or 95 per cent) a nuclear or hydraulic origin?

The Political Psychology of European Integration

DEFF Research Database (Denmark)

Manners, Ian James

2015-01-01

express for the EU and fellow Europeans, and the passion with which supporters of the EU argue for greater integration and enlargement are today central to understanding European integration. Being mindful of Europe - reflecting on the ways in which psychology and politics are deeply implicated in under......In an era of European crises over political legitimacy, economic austerity, and collapse of confidence in the EU the topic of European integration has be-come a very emotional subject. The anger which protestors demonstrate against economic austerity, the hate which nationalist far-right parties...

European energy markets deregulation observatory. Winter 2002/2003 period

International Nuclear Information System (INIS)

Anon.

2004-01-01

Launched in 2002, the European energy markets deregulation observatory (EEMDO/OELME) aims at actualizing the main energy market indicators and at observing the advance of deregulation within the European countries. While for most of these markets, the deregulation of electricity has preceded the deregulation of gas, the natural gas market is at the evidence a key-market in Europe. For this reason, the 4. edition of the observatory (October 2003) takes into consideration for the first time the specific elements of gas markets, in addition to those of electricity markets. This article presents some excerpts of this last edition, published by Cap Gemini Ernst and Young, and synthesizes the present day situation of gas supplies and the conditions of network access by third parties. The informations reported in the EEMDO come from organizations like UCTE, Nordel, Eurelectric or from energy stock exchanges. (J.S.)

How to make a European integrated market in small and isolated electricity systems? The case of the Canary Islands

International Nuclear Information System (INIS)

Perez, Yannick; Ramos Real, Francisco Javier

2008-01-01

This paper presents a geographic dimension not often studied in the dynamics of creating an internal market for electricity within the European Union, namely the case of small European electricity systems like those found on the Greek islands of Cyprus and Crete. Our question, then, is how to achieve a suitable internal market for electricity in small and isolated systems. To address this issue, we identify the main problems to be overcome by introducing a methodology in which the Canary Islands experience is taken as a case study for understanding the challenges in creating an 'EU-like market for electricity'. Our results show that the design of the vertical industrial structure and the figure of the grid operator and its attributes are key features for the proper operation of any electrical system. We also stress the minor roles of other possible options to achieve this EU-compatible market by highlighting first, in the wholesale market, the call-for-tender solution to introduce more generation and the risk of using safety requirements as barriers to entry in these small markets, and second, in the supply activities, the potential problems of an improperly regulated tariff scheme. (author)

Political Psychology of European Integration

OpenAIRE

Manners, Ian James

2014-01-01

The chapter engages in a survey of what political psychology and European integration have to say to each other in the understanding of the European Union. The chapter draws on five strands of political psychology as part of this engagement – conventional psychology, social psychology, social construction, psychoanalysis, and critical political psychology. Within each strand a number of examples of scholarship at the interface of political psychology and European integration are examined. The...

Natural gas industry in European Community and european single market

International Nuclear Information System (INIS)

Cadoret, I.

1992-01-01

Common Market of natural gas is dominated by some companies. In several Member Countries, one company only manages the whole industry. European Economic Community thinks this type of structure induce hindrances to free circulation of natural gas in Europe. 10 refs

Analysis and modelling of the fuels european market; Analyse et modelisation des prix des produits petroliers combustibles en europe

Energy Technology Data Exchange (ETDEWEB)

Simon, V

1999-04-01

The research focus on the European fuel market prices referring to the Rotterdam and Genoa spot markets as well the German, Italian and French domestic markets. The thesis try to explain the impact of the London IPE future market on spot prices too. The mainstream research has demonstrated that co-integration seems to be the best theoretical approach to investigate the long run equilibrium relations. A particular attention will be devoted to the structural change in the econometric modelling on these equilibriums. A deep analysis of the main European petroleum products markets permit a better model specification concerning each of these markets. Further, we will test if any evidence of relations between spot and domestic prices could be confirmed. Finally, alternative scenarios will be depicted to forecast prices in the petroleum products markets. The objective is to observe the model reaction to changes crude oil prices. (author)

European Energy Markets Observatory. 2007 and Winter 2007/2008 Data Set

International Nuclear Information System (INIS)

2008-11-01

Launched in 2002, with the primary objective to assess the progress of deregulation in the European Member States, the report now tackles all the major issues faced by the Utilities industry and analyses its main indicators. This allows to monitor the supply and demand balance, measure the progress in establishing a European integrated market and follow the advancement of competition. The report scans all the segments of the value chain and analyses the hot topics of the moment (impact of the crisis on the sector, increase of the energy prices, nuclear, security of supply, renewables, climate change issues, CO2 emissions, end-users' tariffs, etc.), to identify the key trends of the electricity and gas industries. This is the 10th edition.

European Energy Markets Observatory. 2008 and Winter 2008/2009 Data Set

International Nuclear Information System (INIS)

2009-11-01

Launched in 2002, with the primary objective to assess the progress of deregulation in the European Member States, the report now tackles all the major issues faced by the Utilities industry and analyses its main indicators. This allows to monitor the supply and demand balance, measure the progress in establishing a European integrated market and follow the advancement of competition. The report scans all the segments of the value chain and analyses the hot topics of the moment (impact of the crisis on the sector, increase of the energy prices, nuclear, security of supply, renewables, climate change issues, CO2 emissions, end-users' tariffs, etc.), to identify the key trends of the electricity and gas industries. This is the 11th edition.

European Energy Markets Observatory. 2009 and Winter 2009/2010 Data Set

International Nuclear Information System (INIS)

2010-11-01

Launched in 2002, with the primary objective to assess the progress of deregulation in the European Member States, the report now tackles all the major issues faced by the Utilities industry and analyses its main indicators. This allows to monitor the supply and demand balance, measure the progress in establishing a European integrated market and follow the advancement of competition. The report scans all the segments of the value chain and analyses the hot topics of the moment (impact of the crisis on the sector, increase of the energy prices, nuclear, security of supply, renewables, climate change issues, CO2 emissions, end-users' tariffs, etc.), to identify the key trends of the electricity and gas industries. This is the 12th edition.

Market liberalization in the European Natural Gas Market. The importance of capacity constraints and efficiency differences

Energy Technology Data Exchange (ETDEWEB)

Brakman, S. [University of Groningen, Faculty of Economics, Department of International Economics and Business, P.O. Box 800, 9700 AV Groningen (Netherlands); Van Marrewijk, C.; Van Witteloostuijn, A. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)

2009-06-15

In the European Union, energy markets are increasingly being liberalized. A case in point is the European natural gas industry. The general expectation is that more competition will lead to lower prices and higher volumes, and hence higher welfare. This paper indicates that this might not happen for at least two reasons. First, energy markets, including the market for natural gas, are characterized by imperfect competition and increasing costs to develop new energy sources. As a result, new entrants in the market are less efficient than incumbent firms. Second, energy markets, again including the market for natural gas, are associated with capacity constraints. Prices are determined in residual markets where the least efficient firms are active. This is likely to lead to price increases, rather than decreases.

Market integration and market concentration in horizontally differentiated industries

OpenAIRE

Eckel, Carsten

2001-01-01

This paper derives the impact of market integration on equilibrium firm size and market concentration in horizontally differentiated industries. We show that market concentration (measured by the number of firms) can rise as a consequence of market integration if firms engage in R&D competition. We also demonstrate that whether concentration occurs or not depends on the R&D production function and on consumer preferences. This result implies that the welfare effects of market integration are ...

From the ecological niche to the mass market with 'Green Power Marketing' - 1st European Conference on Green Power Marketing 2001

International Nuclear Information System (INIS)

2001-01-01

This report summarises the information presented at the European Conference on Green Power Marketing held in 2001 in St. Moritz, Switzerland. It takes a look at the market chances of ecologically produced electricity for use in Switzerland and for export. The opinions of experts from the areas of research, business, politics, marketing and non-governmental organisations that were presented at the meeting are summarised. European perspectives and trends in the USA are discussed and examples of green power marketing in the USA and Holland are given. Marketing issues and price policies are discussed, as are labelling strategies and customer perception of 'Green Power' issues. Also, sales issues including e-marketing, power-market rules and certificate trading are dealt with

Competition on European energy markets

International Nuclear Information System (INIS)

Lijesen, M.; Speck, S; Mulder, M.

2003-01-01

The launch of the Directives on Electricity and Gas in the late 1990s was the starting point for creating common and competitive energy markets in the European Union. The main goal of this process was to increase efficiency of allocation of resources and, hence,enhance consumer welfare. More specifically, increasing competition within the energy markets should lead to a reduction of energy prices and to a convergence of prices among EU member states. Within a year from now, end-users in the Netherlands will be free to choose their own supplier, thus finalising the deregulation of Dutch energy markets. What lessons may be learned from the experience thus far? What are the results of the liberalisation process up to now? How have prices developed,and can these developments be explained? How afraid should we be for the lights to go out in a competitive electricity market?

Norwegian gas supplies for the European market

International Nuclear Information System (INIS)

Hansen, B.L.

1994-01-01

The conference paper deals with the Norwegian key role in the European gas market with increasing market shares. The supply capacity in a long-term perspective can be 65-70 bcm/year or more if export prices support the development of new and more costly gas resources. The main challenges for the Norwegian shelf are discussed. 5 figs

RE-Shaping. Shaping an effective and efficient European renewable energy market. D20 Report. Consistency with other EU policies, System and Market integration. A Smart Power Market at the Centre of a Smart Grid

Energy Technology Data Exchange (ETDEWEB)

Neuhoff, K.; Boyd, R.; Grau, T. [Climate Policy Initiative, German Institute for Economic Research (DIW Berlin), Berlin (Germany); Hobbs, B.; Newbery, D. [Electricity Policy Research Group, University of Cambridge, Cambridge (United Kingdom); Borggrefe, F. [University of Cologne, Cologne (Germany); Barquin, J.; Echavarren, F. [Universidad Pontificia Comillas, Madrid (Spain); Bialek, J.; Dent, C. [Durham University, Durham (United Kingdom); Con Hirschhausen, C. [Technical University of Berlin, Berlin (Germany); Kunz, F.; Weigt, H. [Technical University of Dresden, Dresden (Germany); Nabe, C.; Papaefthymiou, G. [Ecofys Germany, Berlin (Germany); Weber, C. [Duisberg-Essen University, Duisburg-Essen (Germany)

2011-10-15

The core objective of the RE-Shaping project is to assist Member State governments in preparing for the implementation of Directive 2009/28/EC (on the promotion of the use of energy from renewable sources) and to guide a European policy for RES (renewable energy sources) in the mid- to long term. The past and present success of policies for renewable energies will be evaluated and recommendations derived to improve future RES support schemes. The core content of this collaborative research activity comprises: Developing a comprehensive policy background for RES support instruments; Providing the European Commission and Member States with scientifically based and statistically robust indicators to measure the success of currently implemented RES policies; Proposing innovative financing schemes for lower costs and better capital availability in RES financing; Initiation of National Policy Processes which attempt to stimulate debate and offer key stakeholders a meeting place to set and implement RES targets as well as options to improve the national policies fostering RES market penetration; Assessing options to coordinate or even gradually harmonize national RES policy approaches. In the EU, at least 200 gigawatts (GWs) of new and additional renewable electricity sources may be needed by 2020. The aim of this report is to analyse whether the current electricity market and system design is consistent with such an ambitious target. Using an international comparison, we identify opportunities to improve the power market design currently in place across EU countries so as to support the large scale integration of renewable energy sources.

Market integration of local energy systems: Is local energy management compatible with European regulation for retail competition?

NARCIS (Netherlands)

Eid, C.; Bollinger, L.A.; Koirala, B.P.; Scholten, D.J.; Facchinetti, E.; Lilliestam, J.; Hakvoort, R.A.

2016-01-01

The growing penetration of distributed energy resources is opening up opportunities for local energy management (LEM) – the coordination of decentralized energy supply, storage, transport, conversion and consumption within a given geographical area. Because European electricity market liberalization

The European Gas Market Looking for its Golden Age?

International Nuclear Information System (INIS)

Aoun, Marie-Claire; Cornot-Gandolphe, Sylvie

2015-10-01

The EU gas policy has to deal with a new landscape on the supply and demand sides. This study examines five major recent evolutions of the EU gas market: the relations with Russia, LNG coming back to Europe, the decrease of Groningen production, the contrasted evolutions of shale gas and the perspectives of EU natural gas demand. The European energy market has to face numerous challenges to achieve a successful energy transition, preserve its competitiveness and ensure its security of supply. While the EU Communication on Energy Union published in February 2015 has today given new impetus to Europe's gas policy, this policy has to deal with a new environment both in terms of supply and demand. On the supply side, the new strategy must henceforth deal with complex relations with Russia. Tensions between Russia and Ukraine along with economic sanctions against Russia have led Gazprom - the EU's leading supplier - to review its strategy towards Europe. While the 'Power of Siberia' project is already underway, Russia's own pivot towards Asia as announced by Vladimir Putin is turning out to be more difficult than expected: China and Russia have still not been able to find an agreement on the Western route. For some time, Gazprom seemed to want to cut its involvement in European gas assets significantly, due to problems with market liberalization rules. Today, Moscow is sending mixed messages to Europe, first by announcing the Turkish Stream project to deliver gas to Europe's gates, and then by extending the Nord Stream pipeline. The renewed interest in the EU market by Gazprom is indicative of the importance of this market, which provides the Russian company with the bulk of its gas revenues. Europe also has to deal with faster than expected declines in its own output. The Groningen field in the Netherlands, the EU's main gas producer, has suffered major restrictions since January 2014, due to significant earthquake risks. The Dutch government has to ensure the safety

Why (and how) to regulate power exchanges in the EU market integration context?

International Nuclear Information System (INIS)

Meeus, Leonardo

2011-01-01

The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: → Market integration is leading to increasingly monopolistic electricity market infrastructures. → Regulation can help tempering the market power of these so-called power exchanges in Europe. → Cost-of-service regulation for all power exchanges could however be counterproductive. → More promising is to subject cooperation among power exchanges to quality of service regulation.

Flight to Safety from European Stock Markets

DEFF Research Database (Denmark)

Aslanidis, Nektarios; Christiansen, Charlotte

-return trade-off is positive and during flight-to-safety episodes it is negative. The effects of flight-to-safety episodes on the risk-return trade-off are qualitatively similar for own country flight-to-safety episodes, for flight from own country stock market to the US bond market, and for US flight......This paper investigates flight-to-safety from stocks to bonds in seven European markets. We use quantile regressions to identify flight-to-safety episodes. The simple risk-return trade-off on the stock markets is negative which is caused by flight-to-safety episodes: During normal periods, the risk...

Market Integration of Fish in Europe

NARCIS (Netherlands)

Nielsen, M.; Smit, J.G.P.; Guillen, J.

2009-01-01

This paper examines market integration between fish species in Europe, taking international market integration into account. Based on Juselius (2006), market integration is found both on the fresh and frozen markets. The Law of One Price is in force on the fresh market within the segments of

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

OpenAIRE

Anoop S Kumar; Bandi Kamaiah

2014-01-01

This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the marke...

European Integration and Postcolonial Sovereignty Games

DEFF Research Database (Denmark)

observation, textual, legal and institutional analysis for a new theoretical approach to understanding the strategic possibilities and subjectivity of non-sovereign entities in international politics. Bringing together research on European integration and postcolonial theory, European Integration...

A game theoretic model of the Northwestern European electricity market-market power and the environment

International Nuclear Information System (INIS)

Lise, Wietze; Linderhof, Vincent; Kuik, Onno; Kemfert, Claudia; Ostling, Robert; Heinzow, Thomas

2006-01-01

This paper develops a static computational game theoretic model. Illustrative results for the liberalising European electricity market are given to demonstrate the type of economic and environmental results that can be generated with the model. The model is empirically calibrated to eight Northwestern European countries, namely Belgium, Denmark, Finland, France, Germany, The Netherlands, Norway, and Sweden. Different market structures are compared, depending on the ability of firms to exercise market power, ranging from perfect competition without market power to strategic competition where large firms exercise market power. In addition, a market power reduction policy is studied where the near-monopolies in France and Belgium are demerged into smaller firms. To analyse environmental impacts, a fixed greenhouse gas emission reduction target is introduced under different market structures. The results indicate that the effects of liberalisation depend on the resulting market structure, but that a reduction in market power of large producers may be beneficial for both the consumer (i.e. lower prices) and the environment (i.e. lower greenhouse gas permit price and lower acidifying and smog emissions)

European airlines enter the biofuels market. Business Project Report

Energy Technology Data Exchange (ETDEWEB)

Van den Heuvel, E.

2011-06-15

Biofuels might offer opportunities for achieving improved balance of power to the European airlines in their market environment. The aviation sector in Europe is a high competitive market. It faces high rivalry and increasing fuel costs due to rising oil prices. Moreover, from 2012 the sector will be subject to stringent rules with respect to maximum allowed carbon emissions. Investigating the competitive forces in the aviation sector and executing a strategic group analysis maps the competitors and the major players in the supply chain and the options they have for using alternative fuels for low carbon performance. Both the market and non-market strategies of several European airlines have been studied. It appears that airlines are aiming at first mover advantage by moving upstream in the biofuel value chain. They search for collaboration with other stakeholders to change government regulation to their benefit and influence public opinion and research agendas. Airlines are late entrants in the biofuels market. This research has shown that biofuels can improve the market power balance for European airlines. Biofuels are key to improve the carbon performance of airlines. However, this implies that airlines take position at the resource side of the value chain for biojetfuels. This has the advantage of controlling the security of supply and managing biofuels production complying to ruling sustainability criteria.

European Market Portfolio Diversification Strategies across the GFC

NARCIS (Netherlands)

D.E. Allen (David); M.J. McAleer (Michael); R.J. Powell (Robert); A.K. Singh (Abhay)

2014-01-01

markdownabstract__Abstract__ is paper features an analysis of the effectiveness of a range of portfolio diversification strategies as applied to a set of daily arithmetically compounded returns on a set of ten market indices representing the major European markets for a nine year period from the

Changing patterns of competition in European gas markets

International Nuclear Information System (INIS)

Heren, P.

1996-01-01

Despite a period of statism in the European natural gas market, the author argues that economic, political and regulatory pressures are approaching which will force dramatic change in the market, and identifies factors relating to pipeline capacity, competition, prices and market changes and fuel use which will drive the changes. A historical perspective is used as a framework to explain the inevitability of these changes. (UK)

A snapshot of the European energy service market in 2010 and policy recommendations to foster a further market development

International Nuclear Information System (INIS)

Marino, Angelica; Bertoldi, Paolo; Rezessy, Silvia; Boza-Kiss, Benigna

2011-01-01

As of 2010, the energy service market in Europe is still far from utilising its full potential. Wide-scale peer-reviewed studies investigating the development and up-to-date status of the European ESCo market are scarce. This article presents a comprehensive insight of the European ESCo industry based on the results from a large-scale survey carried out 2009-2010 in 39 European countries. The observed market development during the period 2007-2010, trends in business practices, and factors influencing the ESCo industry evolution are described. Finally, having considered the remaining barriers and the supporting factors as well as the successful experiences in Europe, policy measures that could further promote ESCo activities are proposed. - Highlights: → ESCo markets in Europe continue to show diverse stages of development. → Between 2007 and 2010 the European ESCo market underwent a slow growth. → European states have introduced favourable legislative framework for energy conservation. → Loan guarantees recognising the ESCo contractual model increase the access to finance. → Establishment of quality standards and certification schemes for ESCos are essential.

Multiple Hub Network Choice in the Liberalized European Market

Science.gov (United States)

Berechman, Joseph; deWit, Jaap

1997-01-01

A key question that so far has received relatively little attention in the germane literature is that of the changes at various airports as a result of the EU liberalization policies. That is, presently, most major European airports still benefit from the so-called home-carrier phenomenon where the country's publicly or semi-publicly owned carrier uses the country's main airport as its gateway hub and, consequently, the home-carrier is also the principal user of this airport (in terms of proportion of total aircraft movements, number of passengers transported, connections, slots ownership, etc.). The country's main airport has substantially benefited from these monopoly conditions of airline captivity, strongly determined by the bilateral system of international air transport regulation. Therefore, European major airports were used to operate in essentially different markets, compared to the increasingly competitive markets of their home based carriers. This partly explains relative stability of transport volumes and financial results of European major airports compared to the relatively volatile financial results of most European national airlines. However, the liberalization of European aviation is likely to change this situation. Market access is open now to all community carriers, i.e. carriers with majority ownership and effective control in the hands of EU citizens. Ticket prices are free, governments can only intervene in case of dumping or excessive pricing. A community airline can choose its seat in any of the 15 member states. Licensing procedures are harmonized between member states. In the last few months community carriers have had unrestricted route access within the EU. Most probably this development will be extended to countries inside and outside Europe. Last year the European Commission got the mandate to start negotiations with 10 other European countries. In the meantime the EC has also started negotiations with the USA on so-called soft rights

European Globalisation Adjustment Fund-Assistance in the Labour Market

Directory of Open Access Journals (Sweden)

Ramona Mariana CALINICA

2016-12-01

Full Text Available The intensification of globalization and through intense manifestation of the effects on recent economic and financial crisis, employment market has been affected, and at European Union level was considered increasingly necessary granting support for counter of the negative effects of the two phenomena on this market. European Globalisation Adjustment Fund is designed for a rapid reintegration of fired workers and increase of the employment potential of the workforce, after mass dismissals linked to the two phenomena mentioned above.

The European gen-set market: growth and consolidation mean joy and pain

International Nuclear Information System (INIS)

French, Ian

2000-01-01

The changes in the European gen-set market are discussed. In recent years the market has undergone a period of increasing consolidation: prices fell and some companies folded. However, the market is not dead and continued growth is expected over the next five years although the compound rate is forecast to be only 1.5%. The article is presented under the sub-headings of (i) current market situation; (ii) product lifecycle; (iii) shipments by technology; (iv) market deregulation; (v) technology overview (spark ignition, compression ignition and gas turbines) (vi) European market: national overview and (vii) key market challenges (competition, emissions and over capacity)

Norwegian gas on the European market

International Nuclear Information System (INIS)

Noreng, Oeystein

1999-01-01

Article. Norsk Hydro's acquisition of Saga has made the organization of Norwegian gas sales a very topical issue. Traditionally, Norwegian gas has been sold on long-term take-or-pay contracts where the sales volume is secured and the price is linked to the prices of other energy carriers, primarily oil. Norway has sold large volumes of gas to the continent and has an increasing share of the market. However, the long-term contracts place most of the price risk on the seller. Although the sale is guaranteed, earnings are low. Statoil, the largest seller of Norwegian gas, has so far earned much more by transporting the gas to the continent than by producing and selling it. The long-term take-or-pay contracts are no longer safe. In Germany, the power market is quickly opening for competition, implying falling prices and lapsing long-term contracts. A similar development is likely to occur in the gas market. From Norwegian quarters there has been little interest in establishing oneself in the gas markets on the continent, which worries the author. However, the traditional contracts will have to be renegotiated so that the prices will reflect the real competition in the market. It is argued that a sensible Norwegian strategy will be to prepare for a new world for gas, not to hold tight to historical positions. It is suggested that old plans to establish a gas transport company, Gassledd, should be revived. Such a company would be subject to the European Gas Directive and would have to admit a third party. It is likely that the Norwegian opposition to liberalization of the European gas market will one day appear poorly thought out, and that defensive considerations have overshadowed new opportunities

Efficient Market Hypothesis: Some Evidences from Emerging European Forex Markets

Directory of Open Access Journals (Sweden)

Anoop S Kumar

2014-06-01

Full Text Available This study attempts to analyze the presence of weak form efficiency in the forex markets of a set of select European emerging markets namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia using the monthly NEER data ranging from jan-1994 to Dec-2013. We employ a two step comprehensive methodology where in the first place we test for weak form efficiency using a family of individual and joint variance ratio tests. The results show that while the markets of Croatia, Czech Republic and Bulgaria may be weak form efficient at a shorter lag, the other six markets are not informationally efficient. In the next stage, we estimate a measure of relative efficiency to show the extent to which a market is weak-form inefficient. From the results, it is found that the forex markets of Croatia, Czech Republic and Bulgaria are least weak form inefficient compared to others. The findings of the study are of relevance as it shows that even after roughly two decades of free market economic policies, majority of the forex markets in the area remains informationally inefficient.

Relevant Market in Commercial Aviation of the European Union

Directory of Open Access Journals (Sweden)

Jakub Kociubiński

2011-06-01

Full Text Available The purpose of this paper is to provide a brief overview of the issue of definition of relevant market in civil aviation within the European Union. The liberalization of the market since the early 1990s has led to a rapid increase in the number of airlines operating in the EU. The increase in the competitiveness of the market has brought many positive changes for passengers, such as lower fares and a better network of connections. At the same time it has created a risk that the airlines, in order to gain a competitive edge, would infringe the rules of competition. This is especially important in the context of the phenomenon that is the development of the airline alliances, which could lead to an abuse of a dominant position. A clear definition of the relevant market is a first step in an assessment of whether such an abuse occurred. This paper focus on the elements that Internal Market regulator, the European Commission, takes into consideration when defining relevant market in the airline industry.

The liberalization of the European gas market and its consequences for Russia

International Nuclear Information System (INIS)

Finon, D.; Locatelli, C.

2002-01-01

Russia is the world biggest natural gas producer, with output of 581 bn m 3 in 2001, and is also a key supplier of the European gas market (around 30% of current European Union gas imports). Therefore gas exports rank with oil exports as an essential variable of Russian economic policy, and any institutional evolution of its gas export markets is crucial for Russia's economy as well as its gas industry. Liberalization of the European gas market will have major consequences for main suppliers, and therefore for Russia. (author)

The liberalization of the European gas market and its consequences for Russia

Energy Technology Data Exchange (ETDEWEB)

Finon, D.; Locatelli, C

2002-07-01

Russia is the world biggest natural gas producer, with output of 581 bn m{sup 3} in 2001, and is also a key supplier of the European gas market (around 30% of current European Union gas imports). Therefore gas exports rank with oil exports as an essential variable of Russian economic policy, and any institutional evolution of its gas export markets is crucial for Russia's economy as well as its gas industry. Liberalization of the European gas market will have major consequences for main suppliers, and therefore for Russia. (author)

Integration of Government Bond Market in the Euro Area and Monetary Policy

Directory of Open Access Journals (Sweden)

Lukić Velimir

2016-01-01

Full Text Available This paper combines analysis of evolution in euro area government bond market integration and interference of European Central Bank with functioning of respective market recently. Since the introduction of euro, government bond yields converged in the euro area, bonds of different countries have become close substitutes in the perception of investors, and overall integration of the market was rather high. At the end of 2008, dramatic shift occurred and ever since disintegrative forces were set in motion. The paper presents the following measures of integration of the government bond markets: yield spreads, dispersion in yield spreads and beta coefficient. All three measures suggest unprecedented market disintegration as of 2010. The paper highlighted relevance of sovereign bond market for the smooth functioning of the monetary policy transmission mechanism in a monetary union context. Three ECB’s programmes aimed at sovereign debt crisis resolution were analysed in details. They proved successful in lowering peripheral countries’ yields and spreads, and calming the markets. If one takes central bank function of the lender of last resort for banks, then these programmes may be viewed as the “buyer of last resort” device for government bonds. Although warranted by exceptional circumstances and need for swift response, a due caution should be paid to these programmes since they pose certain challenges for conduct of monetary policy and might even have unintended consequences.

Why (and how) to regulate power exchanges in the EU market integration context?

Energy Technology Data Exchange (ETDEWEB)

Meeus, Leonardo, E-mail: leonardo.meeus@eui.e [Florence School of Regulation, Robert Schuman Centre for Advanced Studies, European University Institute, Via Boccaccio 151, Florence (Italy); Electrical Engineering Department (ESAT-ELECTA), KULeuven, Kasteelpark Arenberg 10, Heverlee (Belgium)

2011-03-15

The European Union (EU) market integration is leading to increasingly monopolistic electricity market infrastructures, which has opened a debate on the regulation of these so-called power exchanges. In this paper, we start by stating that there are two types of power exchanges in Europe, i.e. 'merchant' and 'cost-of-service regulated' power exchanges. We then discuss how regulation can be used to better align their incentives with the main power exchange tasks. We conclude that adopting the cost-of-service regulated model for all power exchanges in Europe could be counterproductive in the current context, but that regulation can help ensure that the benefits of the EU market integration materialize. Promising regulatory actions include tempering the reinforced market power of power exchanges, and quality-of-service regulation for the ongoing cooperation among power exchanges to organize trade across borders. - Research highlights: {yields} Market integration is leading to increasingly monopolistic electricity market infrastructures. {yields} Regulation can help tempering the market power of these so-called power exchanges in Europe. {yields} Cost-of-service regulation for all power exchanges could however be counterproductive. {yields} More promising is to subject cooperation among power exchanges to quality of service regulation.

Integrated marketing communications at solar energy equipment market

OpenAIRE

I.L. Litovchenko; I.A. Shkurupskaya

2013-01-01

The aim of the article. The article is devoted to the development of the concept of «integrated marketing communications», as well as its adaptation to a specific market of solar energy equipment. The theoretical development of foreign and domestic scholars in the field of IMC is considered. The aim of the article is to define the concept of «integrated marketing communications» and use them in the market of solar еnergy equipment in an information economy. The author's definition of the c...

Labour Market Integration of young EU Migrant Citizens in Germany and the UK

DEFF Research Database (Denmark)

Spreckelsen, Thees; Leschke, Janine; Seeleib-Kaiser, Martin

This papers examines the quantitative and qualitative labour market integration of recent young EU migrant citizens in Germany and the UK, separately for citizens from Central and Eastern Europe (CEE), Romania and Bulgaria, and Southern European countries. It estimates weighted-proportions from...... market outcomes of all migrants, ignoring a potential double-labour market disadvantage of migrant youth. Routinely, EU migrants’ labour market outcomes are compared for EU-15 and CEE countries, rather than separately and against third country nationals. This paper finds two things:  a high labour force...... participation of young EU migrants  a labour market segmentation for young EU migrant citizen from CEE and Bulgaria, who experience more precarious work in both Germany and the UK....

The electricity prices in the European Union. The role of renewable energies and regulatory electric market reforms

International Nuclear Information System (INIS)

Moreno, Blanca; López, Ana J.; García-Álvarez, María Teresa

2012-01-01

The European Union electricity market has been gradually liberalized since 1990s. Theoretically, competitive markets should lead to efficiency gains in the economy thus reducing electricity prices. However, there is a controversial debate about the real effects of the electricity liberalization on electricity prices. Moreover, the increased generation of electricity from renewable energies RES-E (Electricity from Renewable Energy Sources) is also integrated in wholesale market reducing wholesale prices, but the final effect over household prices is not clear. In order to contribute to this debate, this paper provides an empirical investigation into the electricity prices determinants. In fact we develop econometric panel models to explore the relationship between the household electricity prices and variables related to the renewable energy sources and the competition in generation electricity market. More specifically we use a panel data set provided by Eurostat and covering 27 European Union countries during the period 1998–2009. Our results suggest that electricity prices increase with the deployment of RES-E and with the expansion of greenhouse gas emissions produced by energy industries- as a European Union CO 2 emission trading scheme exists. Results also reveal that country's characteristics can affect household electricity prices. -- Highlights: ► Electricity liberalized markets should lead to reduce electricity prices. ► The use of renewable energies (RES) reduce wholesale electricity prices. ► However, household electricity prices are increasing in European Union. ► Panel data models are developed to investigate the effect of RES and electricity competition on household electricity prices. ► We find that the deployment of RES increases prices paid by consumers in a liberalized market.

The market microstructure of the European Climate Exchange

OpenAIRE

Mizrach, Bruce; Otsubo, Yoichi

2011-01-01

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. 2009 Trading volumes total ?22 billion and are growing, with EUA transactions doubling, and CER volume up 61%. Spreads range from ?0:02 to ?0:06 for EUA and from ?0:07 to ?0:18 for CER. Market impact estimates imply that an average trade will move the EUA market by 1.08 euro centimes and the CER mark...

Product Market Integration, Comparative Advantages and Labour Market Performance

DEFF Research Database (Denmark)

Andersen, Torben M.; Rose Skaksen, Jan

2003-01-01

Product Market Integration, Comparative Advantages andLabour Market Performance@*In a two-country model with trade driven by comparative advantages, it is considered howimperfectly competitive labour markets are affected by lower frictions in international goodstrade. Easier goods trading...... is equivalent to increased mobility of employment acrosscountries and thus a change in the trade-off between wages and employment faced by wagesetters. While the effects of product market integration on the trade-off between wages andemployment in general is ambiguous, it is shown that product market...... integration works like ageneral improvement in productivity via the specialization it allows through trade.Unambiguously, real wages and employment and welfare improve upon reductions in tradefrictions, and therefore workers are better off irrespective of whether the market power ofunions is enhanced or muted...

Distributed generation in European electricity markets. Current challenges and future opportunities

Energy Technology Data Exchange (ETDEWEB)

Ropenus, S. (Technical Univ. of Denmark, Risoe National Lab. for Sustainable Energy. Systems Analysis Div., Roskilde (Denmark))

2010-07-01

This Ph.D. thesis studies the role of distributed generation in European electricity markets. It focuses primarily on the interactions of economics and policy with the aim of contributing to the understanding of how distributed generation is embedded in the present regulatory and market framework, which barriers exist, and which role it may possibly play in the future. To capture the interdisciplinarity of the topic, a combination of qualitative and quantitative methods is applied. Subsequent to the identification of barriers, this thesis turns to the microeconomic perspective on the interplay of vertical structure, regulation and distributed generation. This is done through the application of quantitative methods in the form of partial equilibrium models focusing on the effects induced by the vertical structure of the network operator, either a combined operator or a distribution system operator, in a market with small distributed producers. In areas where the promotion of renewable energy sources and combined heat and power has induced a substantial increase in distributed generation, new challenges in system integration arise. In particular, high levels of generation from intermittent energy sources, such as wind, add to the complexity of network operation and control, which can hardly be tackled with the present 'fit and forget' approach. The conclusion is that distributed generation has great potential to enhance competitiveness, sustainability and security of supply in European electricity markets. A prerequisite is the removal of market and regulatory barriers, taking the interdependencies of vertical structure, support mechanisms and network access into account. In the future, higher penetration levels of distributed generation necessitate changes in the power system and the adoption of new technologies, where hydrogen production by grid connected electrolysis constitutes one example. (LN)

Solidarity and its limits for economic integration in the EU’s internal market

DEFF Research Database (Denmark)

Butler, Graham

2018-01-01

Solidarity is applicable to multiple strands of Union law, including in the fostering of an internal market. Whereas the internal market has always held constitutional status, the objects that underlie it came about much later. The question of how solidarity, as a principle, value, and concept...... of the internal market, but also for the purposes of economic integration. The article demonstrates that solidarity in law can be a reason or justification for measures to promote the treaty-based aim of the internal market. Yet simultaneously, it finds that solidarity is not an all-encompassing principle, value......, or concept in absolute terms, and has limits for utilisation in the spirit of European integration. Conclusively, by demonstrating the limits of solidarity as a ‘legal’ principle, value, or concept, the article asks whether it is time to reassess the role that solidarity should play in Union law...

European bond markets: do illiquidity and concentration aggravate price shocks?

NARCIS (Netherlands)

Boermans, M.A.; Frost, Jon; Steins Bisschop, Sophie

2016-01-01

We study the effects of market liquidity and ownership concentration of European bonds on price volatility during periods of market stress. Specifically, using security-by-security data from euro area investors we examine if market illiquidity and concentrated holdings explain the large price shocks

Market, Country and World Effects on Regional Equity Market Integration

Directory of Open Access Journals (Sweden)

Chee Wooi Hooy

2014-08-01

Full Text Available This study explores the fundamental driving forces of regional equity market integration in a trading bloc. The determinant factors are categorized into market attribute, economic fundamentals and world information. Our sample consists of 26 equity markets of ive regional trading blocs, namely AFTA, CER, EFTA, EU and NAFTA over the period of January 1999 to  August  2005.  We  measure  market  integration  based  on  pricing  errors  as  proposed  by Korajczyk (1996 and Levine and Zervos (1998. Using panel regressions, our results show that  equity  integration  in  these  trading  blocs  is  driven  internally,  where  only  individual-market  volatility  and  economic  fundamentals  play  a  signiicant  role  in  the  process.  Intra-bloc  trade  is  found  to  enhance  regional  equity  market  integration,  supporting  the  notion that  regional  convergence  extends  beyond  the  trade  sector  that  is  promoted  in  the  trade agreements.  We  also  document  regime  shifting  effects  during  stock  market  crises,  where most  of  these  markets  became  strongly  integrated  after  a  regional  crisis,  but  integration was signiicantly weakened during a crisis that affected the world markets. Also, the level of equity market integration differs across trading blocs, where the blocs with a smaller number of country members are relatively more integrated. ";} // -->activate javascript

Symbolism in European Integration

DEFF Research Database (Denmark)

Manners, Ian

2011-01-01

Ernst Haas observed over fifty years ago that ‘United Europe' is a resilient, adaptable, unifying, and yet unspecified symbol'. It is precisely this adaptability and ambiguity that has ensures the continuing importance of European studies as a means of understanding ‘the remarkable social...... of social transformation involved' (Calhoun 2003: 18). This article will consider the role of symbolism in European integration as part of answering Craig Calhoun's call for a means of transcending specific regimes of analysis in order to advance European studies....

The emergence of distributed generation in a liberalizing european electricity market

International Nuclear Information System (INIS)

Habay, P.; Pariente David, S.

1999-01-01

The liberalization, of the European electricity market accelerates the market entry of innovative small scale power generation and communication technologies applicable for a competitive power supply offering. The pressure of competition will push incumbent utilities as well as new entrants to tap any source of economic efficiencies in order to secure a competitive advantage and sufficient margins. The integration of a power generation unit on site or close to end-user premises without additional constraint for end-user is a potential source of economic efficiency. These systems enable to meet the needs of end-users at an attractive price and, beyond this, to free capacities for power exchange through the grid. These new practices lay the basis for distributed generation business which should experience significant growth in Europe over the next decade assuming that technologies meet efficiencies as announced. (authors)

Investing in European market real property through reits

Science.gov (United States)

Adamuscin, A.

2010-03-01

For institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.

Organization and regulation of energy markets in the European Union

International Nuclear Information System (INIS)

Vasconcelos, J.

2002-01-01

The energy regulation policy and the organization of power matters in the European Union as well as the energy markets are discussed in this Keynote Paper. The Council of European Energy Regulators is introduced. The goal of the European Union regarding energy generation and consumption in the future are analyzed. (R.P.)

Norwegian Natural Gas. Liberalization of the European Gas Market

International Nuclear Information System (INIS)

Austvik, Ole Gunnar

2003-01-01

Leading abstract. This book focuses on issues that are important for Norway as a major gas exporter and to the development of a liberalized European market. Chapter 2 explains main features of the European gas market. Natural gas is sold in regional markets with independent pricing structure and particularities. In Europe, this has led to large investments for the producers and long-term contracts. The strong market growth and EU's actions to liberalize the market may change this. The organization of the Norwegian gas production and sale is discussed, as well as the reorganization taking place in 2001. Pricing mechanisms are discussed in Chapter 3, both in the ''old'' / existing structure and how a liberalization of the market may change price formation. The increased importance of energy taxation in EU countries is covered in Chapter 4. Even though natural gas is the most environmentally friendly of the fossil fuels, the use of natural gas may be taxed far harder in the future. The report discusses price effects of such a development. Chapter 5 discusses whether or not a gas producer, like Norway, necessarily must earn a resource rent. With the use of economic theory for exhaustible resources it is shown how prices to consumers may increase at the same time as prices to producers drop, where the difference is made up by higher gas taxes to the consuming countries. Transportation of natural gas involves considerable scale advantages and there are often scope advantages from production, storage and sale, as well. Chapter 6 discusses how competition and regulation may influence the functioning and social efficiency of the market, and the concentration of market power. When companies become large, they may exploit market power, supported by the authorities of their respective countries. Chapter 7 focuses on regulatory challenges for the EU, and how the transporters may change between conflicting and cooperation with the EU. Chapter 8 focuses on schedules for

European health systems and the internal market: reshaping ideology?

Science.gov (United States)

da Costa Leite Borges, Danielle

2011-12-01

Departing from theories of distributive justice and their relation with the distribution of health care within society, especially egalitarianism and libertarianism, this paper aims at demonstrating that the approach taken by the European Court of Justice regarding the application of the Internal Market principles (or the market freedoms) to the field of health care services has introduced new values which are more concerned with a libertarian view of health care. Moreover, the paper also addresses the question of how these new values introduced by the Court may affect common principles of European health systems, such as equity and accessibility.

Well-functioning balancing markets. A prerequisite for wind power integration

International Nuclear Information System (INIS)

Vandezande, Leen; Meeus, Leonardo; Belmans, Ronnie; Saguan, Marcelo; Glachant, Jean-Michel

2010-01-01

This article focuses on the design of balancing markets in Europe taking into account an increasing wind power penetration. In several European countries, wind generation is so far not burdened with full balancing responsibility. However, the more wind power penetration, the less bearable for the system not to allocate balancing costs to the responsible parties. Given the variability and limited predictability of wind generation, full balancing exposure is however only feasible conditionally to well-functioning balancing markets. On that account, recommendations ensuring an optimal balancing market design are formulated and their impact on wind generation is assessed. Taking market-based or cost-reflective imbalance prices as the main objective, it is advised that: (1) the imbalance settlement should not contain penalties or power exchange prices, (2) capacity payments should be allocated to imbalanced BRPs via an additive component in the imbalance price and (3) a cap should be imposed on the amount of reserves. Efficient implementation of the proposed market design may require balancing markets being integrated across borders. (author)

Price discovery in European natural gas markets

International Nuclear Information System (INIS)

Schultz, Emma; Swieringa, John

2013-01-01

We provide the first high-frequency investigation of price discovery within the physical and financial layers of Europe's natural gas markets. Testing not only looks at short-term return dynamics, but also considers each security's contribution to price equilibrium in the longer-term. Results show that UK natural gas futures traded on the Intercontinental Exchange display greater price discovery than physical trading at various hubs throughout Europe. - Highlights: • We use intraday data to gauge price discovery in European natural gas markets. • We explore short and long-term dynamics in physical and financial market layers. • Results show ICE's UK natural gas futures are the main venue for price discovery

Increased competition on the supply side of the Western European natural gas market

International Nuclear Information System (INIS)

Golombek, R.; Gjelsvik, E.; Rosendahl, K.E.

1998-01-01

This paper analyzes how the supply side of the Western European natural gas market may react if the demand side becomes competitive. The authors show--using a numerical model of the Western European natural gas market--that once the demand side of the market is liberalized, each gas-producing country has an incentive to break up its gas sellers. The model therefore suggests that there may be numerous producers in a liberalized natural gas market. Hence, in a liberalized market consumers will not be exploited by suppliers

Business process integration between European manufacturers and transport and logistics service providers

DEFF Research Database (Denmark)

Mortensen, Ole; Lemoine, W

2005-01-01

The goal of the Supply Chain Management process is to create value for customers, stakeholders and all supply chain members, through the integration of disparate processes like manufacturing flow management, customer service and order fulfillment. However, many firms fail in the path of achieving...... a total integration. This study illustrates, from an empirical point of view, the problems associated to SC integration among European firms operating in global/international markets. The focus is on the relationship between two echelons in the supply chain: manufacturers and their transport and logistics...... service providers (TLSPs). The paper examines (1) the characteristics of the collaborative partnerships established between manufacturers and their TLSPs; (2) to what extent manufacturers and their TLSPs have integrated SC business processes; (3) the IT used to support the SC cooperation and integration...

Liberalising European electricity markets: opportunities and risks for a sustainable power sector

International Nuclear Information System (INIS)

Ringel, M.

2003-01-01

The process of liberalising European electricity markets, encompassing a wide range of restructuring activities, has mainly been spurred by the attempt to increase the economic efficiency of the whole sector. This process might be used to trigger a development towards a sustainable power sector by increasing the use of renewable energy sources and enhancing energy efficiency on the supply and demand side. However, by taking a closer look at the current trends of the European electricity markets, it becomes obvious that the liberalisation not only implies opportunities but also risks for the creation of a sustainable power sector. Many of these risks are due to market distortions and imperfections caused by the delay in creating a fully functional single European market. Thus, in the short-term, the market liberalisation tends to constitute more risks than opportunities without government actions to prevent these risks. In the long run, though, the efficiency gains of the sector and the appearance of new market factors are likely to bring forth the opportunities of liberalisation and actively foster a transformation towards a sustainable electricity sector. (author)

Independent regulatory authorities in European electricity market

DEFF Research Database (Denmark)

Olsen, Ole Jess; Larsen, Anders; Sørensen, Eva Moll

2006-01-01

Liberalisation of the electricity market has taken place in most European countries within the last decade. It is considered a precondition of successful liberalisation to establish so-called independent regulatory authorities. In this article, we compare the status and practice of them in 16...

Competition for transparency as a carrier of competition. Transparency needs in the European wholesale electricity markets

International Nuclear Information System (INIS)

Jong, Hanneke de; Hakvoort, Rudi

2005-01-01

This paper analyses different transparency aspects regarding European wholesale electricity markets and discusses transparency issues to be solved. In Europe, currently some progress has been made with respect to market transparency but transparency issues related to transmission, system operation and regulation have received little attention so far. Transmission system operators (TSOs) and regulatory authorities need certain market information in order to secure efficient competition. However, TSOs and regulatory authorities need to communicate themselves in order to facilitate competition and decrease uncertainty among market participants. Furthermore, considering ongoing market integration both TSOs and regulatory authorities must exchange information amongst themselves in order to facilitate coordination and monitoring activities. The effect of a higher level of transparency on effective competition is depended on two categories of transparency aspects: aspects that are related to transparency in the sense of open and adequate communication (perspicuity) and aspects that are related to the easiness to understand (clarity). Transparency includes both aspects. Pursuing overall harmonization of the European transparency level is important to fully profit from a higher level of (international) harmonization. Effective harmonization requires harmonization on all communication aspects. For Europe, with its many immature markets, the dilemma remains whether it is preferable to have less transparency with a high level of harmonization or to have a higher level of transparency but a lower level of harmonization. (Author)

ASPECTS REGARDING THE ORGANIC FOOD MARKET IN SEVERAL EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

MANUELA-DORA ORBOI

2008-05-01

Full Text Available The global organic market is increasing constantly, organic sales reaching over USD 5 billion per year. Organic Monitor estimates that international sales amounted to about USD 38.6 billion in 2006, more than the double of USD 18 billion in 2000. The organic demand is concentrated in North America and Europe, these two regions comprising 97% of the global revenues. The European organic food and beverage market is the largest and most complex in the world, evaluated at USD 20 billion in 2006. Many European countries offer grants to organic farms to support organic production. This production-oriented strategy will have guaranteed success if the market structures and the marketing channels will be able to face the rapidly increasing demand and if the sellers adapt their products, sales channels and prices to the consumers’ demand.

European gas markets and Russian LNG. Prospects for the development of European gas markets and model simulations of possible new LNG supplies from year 2000

Energy Technology Data Exchange (ETDEWEB)

Eldegard, Tom [Foundation for Research in Economics and Business Administration, Bergen (Norway)

1996-07-01

The study aims at clarifying the framework for possible LNG exports from Northern Russia and focuses on the European natural gas markets. The first stage provides general background information on the market structure and related topics. In the second stage this information is used to develop a formal market model and subject it to simulations with various assumptions of the future gas supply. The model is described and results from simulations are given. In the first stage facts from the history of the European natural gas market are outlined. Underlying conditions for the development of natural gas markets in Europe are addressed. The EU has been promoting trade liberalisation in the energy sector but most counties resist freer gas trade across the boarders. New infrastructure development for natural gas are either underway or planned. Some important projects are mentioned. Gas in a global perspective is discussed. The cost structure of the LNG chain is mentioned and an overview of existing LNG export capacities world-wide and major reception terminals in Europe and the USA is given. The second stage employs a scenario analysis to evaluate the economic effects of hypothetical LNG deliveries from Northern Russia. The model is developed for the analysis of West European natural gas markets and designed to allow users to create a structural system of interconnected producers and market regions. Basic assumptions for the evolution of natural gas markets till 2005 is developed and base case scenarios calculated for the years 2000 and 2005 and used as a point of reference for the alternative scenarios considered. According to the analysis the introduction of a new LNG supplier in the European gas market will inflict a substantial loss upon all the existing producers. The primary keys to this result are the assumptions made for gas demand and supply capacity. The LNG alternative will hardly be approved for purely economic reasons as long as the Russians maintain

European gas markets and Russian LNG. Prospects for the development of European gas markets and model simulations of possible new LNG supplies from year 2000

International Nuclear Information System (INIS)

Eldegard, Tom

1996-01-01

The study aims at clarifying the framework for possible LNG exports from Northern Russia and focuses on the European natural gas markets. The first stage provides general background information on the market structure and related topics. In the second stage this information is used to develop a formal market model and subject it to simulations with various assumptions of the future gas supply. The model is described and results from simulations are given. In the first stage facts from the history of the European natural gas market are outlined. Underlying conditions for the development of natural gas markets in Europe are addressed. The EU has been promoting trade liberalisation in the energy sector but most counties resist freer gas trade across the boarders. New infrastructure development for natural gas are either underway or planned. Some important projects are mentioned. Gas in a global perspective is discussed. The cost structure of the LNG chain is mentioned and an overview of existing LNG export capacities world-wide and major reception terminals in Europe and the USA is given. The second stage employs a scenario analysis to evaluate the economic effects of hypothetical LNG deliveries from Northern Russia. The model is developed for the analysis of West European natural gas markets and designed to allow users to create a structural system of interconnected producers and market regions. Basic assumptions for the evolution of natural gas markets till 2005 is developed and base case scenarios calculated for the years 2000 and 2005 and used as a point of reference for the alternative scenarios considered. According to the analysis the introduction of a new LNG supplier in the European gas market will inflict a substantial loss upon all the existing producers. The primary keys to this result are the assumptions made for gas demand and supply capacity. The LNG alternative will hardly be approved for purely economic reasons as long as the Russians maintain

The characteristic of marketing macro environment of European developing countries and Ukraine for company's marketing activity

OpenAIRE

Peresadko, Galina; Bakastov, Ihor

2013-01-01

Іn the report the comparative analysis of different European macro-marketing in developing countries and Ukraine. The analysis of the demographic, economic, natural, technological, political and cultural factors. Also the perspectives for Ukraine's marketing macro environment.

[Is vocational integration in the competitive labor market a realistic goal for the chronically mentally ill?].

Science.gov (United States)

Hoffmann, H

1999-09-01

A wide range of sheltered jobs has been created in the second or special labour market with the aim of enabling the chronically mentally ill to participate in working life. However, having a job in the special labour market often precludes the chance of obtain-ing employment in the competitive labour market. To date, vocational integration programs enable only a small number of persons with psychiatric disabilities to attain reintegration into competitive employment. The predictors of successful vocational integration are subsequently discussed. A substantial increase in both sheltered and competitive jobs on the common labour market could be achieved for mentally ill and disabled people by adapting the "supported employment" model, as widely practised in the USA, to European labour market standards and appropriately funding its implementation. The utilisation of this model could serve to reduce the necessity of further expansion in the special labour market.

The European gaseous market deregulation and its consequences for Russia

International Nuclear Information System (INIS)

Finon, D.; Locatelli, C.

2002-07-01

Russia, the first world producer of gas in 2001 is also the main producer in the european gas market. In this framework the evolution of its gas exportations market is a major stake for the russian gas industry and for the country economy. The consequences of this gas market deregulation are analyzed in this document. (A.L.B.)

European energy market in 1980. Volume I

Energy Technology Data Exchange (ETDEWEB)

Ray, G; Robinson, C

1975-01-01

Three important general influences now affecting energy markets are: (1) exploitation of bargaining power by exporters of raw materials (especially oil); (2) changing attitudes in the developed world towards economic growth; and (3) the unprecedented combination of rapid inflation and serious recession. Fears of energy shortages helped precipitate the world crisis, but there is no energy famine imminent. The rise in energy prices resulted from use of OPEC's quasi-monopoly power rather than from real energy shortages. It is projected that European fuel markets in the next few years will be influenced by: poorer economic growth prospects, the increase in energy prices, oil-saving measures caused by consumers' adjustments over some years to the past huge oil price increases, and attempts by European governments to reduce dependence on OPEC oil. Possible substitutes for OPEC oil are their own various sources of crude oil, European natural gas, and electricity from nuclear fission. EEC's latest energy strategy calls for adequate supplies of cheap energy with minimum damage to the environment. Energy forecasts up to 1980 are given for the nine EEC countries and for Norway and Sweden. Data on energy demand, fuel consumption, and production are summarized. It is felt that, by 1980, Netherlands, United Kingdom, and Norway should be producing more energy than they consume. (MCW)

EU SINGLE FINANCIAL MARKET – PROSPECTS FOR CHANGES

Directory of Open Access Journals (Sweden)

Małgorzata Mikita

2012-04-01

Full Text Available The global financial crisis has revealed the weaknesses of the European financial market, which triggered the European Union (EU work on further integration of this market. The aim of this article is to present the direction of changes concerning the integration of the EU financial market. These changes are mainly related to the issue of supervising the EU financial market, regulating the institutions operating in this market, protecting customers, improving the effectiveness of the market, its transparency and liquidity, as well as improving management in crisis situations.

European conferences. Integration of renewable energies in buildings; Conferences europeennes. Integration des energies renouvelables dans le batiment

Energy Technology Data Exchange (ETDEWEB)

Bal, J.L. [ADEME, Agence de l' Environnement et de la Maitrise de l' Energie, 75 - Paris (France); Letz, T. [Asder, 73 - Saint Alban Leysse (France); Tuille, F. [Observ' er, 75 - Paris (France)] [and others

2001-07-01

This document comprises 2 parts. First part is a detailed program of the exhibition with a press dossier which presents the different topics discussed during conferences and round tables, the market of renewable energies, and a list of agencies and companies involved in renewable energies development and products. The second part is the abstracts of the lectures presented during the European conferences on the integration of renewable energies in buildings (solar-thermal and photovoltaic systems, wood fuel and biomass). (J.S.)

Perspectives for long-term competition in the central European electricity market

International Nuclear Information System (INIS)

Haas, Reinhard

2005-01-01

In this paper we focus on the Central European electricity market and analyse whether liberalization, deregulation, and privatization are sufficient to bring about real competition. Moreover, we discuss the relevance of the following conditions to bring about real competition and to avoid market power: 1) A rigorous correct un bundling; 2) excess capacities in transmission; 3) excess capacities in generation; 4) a large number of generators and suppliers; 5) the balanced existence of short-term (e.g. spot markets) and long-term markets (e.g. bilateral contracts, forwards); 6) full liberalization; Some major findings of this analysis are: 1) Currently, demand is continuously increasing while capacities are shut down. At least in 2009 demand will have caught up with generation capacities. This could lead to severe price spikes. 2) The Central European electricity market is separated from other markets by means of limited transmission capacities; 3) With respect to effective competition in Central Europe the major problems are: i) a very small (and continuously decreasing) number of generators, and ii) a lack of serious un bundling between generation and transmission mainly in Germany; This leads to cross-subsidization of generation by the network operation and to a heavy discrimination of other and new generators; 4) Moreover, a crucial condition for active competition is a sufficiently large transmission grid. Yet, currently especially at the border to the new EU member countries transmission capacities are rather scarce and there are no signs of extensions of the grid. This also limits the access of countries with potential excess capacities like Ukraine, Bulgaria, Romania to the Central European market The major conclusion of this analysis is: All conditions investigated above must be fulfilled simultaneously to bring about a competitive electricity market in Western Europe and the extended European Union. If only one of these conditions is missing, competition

Integrated marketing communications in sport organizations

OpenAIRE

Gašović Milan

2011-01-01

Integrated marketing communications represent the unification of organization's marketing and communication activities. Sports organizations have the emphasized need for effective communication with their environment (the public, the media, advertisers, sponsors, and other subjects interested in their offer). Elements of the integrated marketing communications are: advertising, personal selling, sales promotion, publicity, public relations, direct marketing, Internet communications etc. Each ...

Prices vs. quantities. Incentives for renewable power generation. Numerical analysis for the European power market

Energy Technology Data Exchange (ETDEWEB)

Nagl, Stephan

2013-02-15

In recent years, many countries have implemented policies to incentivize renewable power generation. This paper outlines the effects of weather uncertainty on investment and operation decisions of electricity producers under a feed-in tariff and renewable quota obligation. Furthermore, this paper tries to quantify the sectoral welfare and investments risks under the different policies. For this purpose, a spatial stochastic equilibrium model is introduced for the European electricity market. The numerical analysis suggests that including the electricity market price in renewable policies (wholesale price + x) reduces the loss of sectoral welfare due to a renewable policy by 11-20 %. Moreover, investors face an only slightly higher risk than under fixed price compensations. However, electricity producers face a substantially larger investment risk when introducing a renewable quota obligation without the option of banking and borrowing of green certificates. Given the scenario results, an integration of the hourly market price in renewable support mechanisms is mandatory to keep the financial burden to electricity consumers at a minimum. Additionally, following the discussion of a European renewable quota after 2020, the analysis indicates the importance of an appropriate banking and borrowing mechanism in light of stochastic wind and solar generation.

European Energy Markets Deregulation Observatory (EEMDO). Fourth Edition. Winter 2002/2003 data set

International Nuclear Information System (INIS)

2003-10-01

In this research publication (European Energy Markets Deregulation Observatory or EEMDO) the levels of deregulation across 17 European countries are assessed. Based upon publicly available quantitative data, analysed and commented, EEMDO provides an accurate overview of European energy markets. Short-term indicators such as liquidity, market volatility, fragmentation, availability of the offer or nature of the demand as well as long-term indicators such as present and future market impacts relative to generation and physical transportation capacities have been examined to provide a clearer picture of the electricity industry across Europe. The 4th edition of EEMDO covers the winter 2002/2003 period (October 2002 - March 2003), when we saw markets entering maturity as factors other than competition start to drive prices. In this edition attention is paid to the evolution of the main indicators designed for EEMDO and for the first time, gas data are included in addition to the traditional data on the electricity market

Time Varying Market Integration and Expected Rteurns in Emerging Markets

NARCIS (Netherlands)

de Jong, F.C.J.M.; de Roon, F.A.

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value

The unknown story of the European carbon market: an archaeology of the electrical sector

International Nuclear Information System (INIS)

Cartel, Melodie; Aggeri, Franck; Caneill, Jean-Yves

2017-01-01

In economic literature, the creation of the European carbon market is presented as a major institutional innovation that can be viewed as a direct application of economic theory. In this article, we propose another version of how the European carbon market came about that emphasizes the active role played by companies. For a period of three years, these companies designed and tested a prototype carbon market, while being observed by European experts. Drawing on archive documents, we analyze this experimentation process and examine in detail its influence on the European carbon market. We then discuss the role of companies in the processes of institutional innovation, a process that generally remains invisible. Finally it is explained how such experiments, conducted in protected spaces, can facilitate the design and testing of new concepts

Integration of the Romanian Industry into the European One

Directory of Open Access Journals (Sweden)

Codruţa Ligia Butucescu

2007-10-01

Full Text Available Romania’s integration into the European Union is an extremely complex process which has effects upon all sectors of the RomanianEconomy. Among the main principles that are at the basis of the development of economy and the reform in the present stage, the most importantposition is held by the restructuring and modernization of the Romanian industry, its reorganization and privatization with a view to ensuring adurable economic progress. The industrial policy of Romania has in view to create a framework which can ensure the development of a competitiveindustry, in accordance with the industrial structures of the European Union, which will lead to the reduction of the gap between Romania and theother countries of the European Union. The industry, as an important branch of the Romanian Economy, produces approximately 27% of the nationalraw produce and contributes by 1, 2-1,5 rate to its growth annually. The Government of Romania has approved of the document of the IndustrialPolicy of Romania between 2005 and 2008, stating that it is essential for the three basic parts of the durable development: the economic, social andenvironmental one, to be interconnected and to progress harmoniously. The main goals of the industrial policy of Romania are: the growth ofcompetition, the growth of the role of research, development and innovation, the promotion of a durable management of the resources and protectionof environment; the improvement of the professional training and occupation of labour. The post-integration strategy in the industrial sector will havein view, among others, the ending of the process of privatization of the commercial companies of the industry, the presentation of the remainingindustrial companies of the public property on the market, the promotion of the strategical cooperation of the holding type structures and of theeconomic groups with a view to connecting the Romanian industry to the process of globalization, the growth of the

Joint Efforts Towards European HF Radar Integration

Science.gov (United States)

Rubio, A.; Mader, J.; Griffa, A.; Mantovani, C.; Corgnati, L.; Novellino, A.; Schulz-Stellenfleth, J.; Quentin, C.; Wyatt, L.; Ruiz, M. I.; Lorente, P.; Hartnett, M.; Gorringe, P.

2016-12-01

During the past two years, significant steps have been made in Europe for achieving the needed accessibility to High Frequency Radar (HFR) data for a pan-European use. Since 2015, EuroGOOS Ocean Observing Task Teams (TT), such as HFR TT, are operational networks of observing platforms. The main goal is on the harmonization of systems requirements, systems design, data quality, improvement and proof of the readiness and standardization of HFR data access and tools. Particular attention is being paid by HFR TT to converge from different projects and programs toward those common objectives. First, JERICO-NEXT (Joint European Research Infrastructure network for Coastal Observatory - Novel European eXpertise for coastal observaTories, H2020 2015 Programme) will contribute on describing the status of the European network, on seeking harmonization through exchange of best practices and standardization, on developing and giving access to quality control procedures and new products, and finally on demonstrating the use of such technology in the general scientific strategy focused by the Coastal Observatory. Then, EMODnet (European Marine Observation and Data Network) Physics started to assemble HF radar metadata and data products within Europe in a uniform way. This long term program is providing a combined array of services and functionalities to users for obtaining free of charge data, meta-data and data products on the physical conditions of European sea basins and oceans. Additionally, the Copernicus Marine Environment Monitoring Service (CMEMS) delivers from 2015 a core information service to any user related to 4 areas of benefits: Maritime Safety, Coastal and Marine Environment, Marine Resources, and Weather, Seasonal Forecasting and Climate activities. INCREASE (Innovation and Networking for the integration of Coastal Radars into EuropeAn marine SErvices - CMEMS Service Evolution 2016) will set the necessary developments towards the integration of existing European

Capturing Talent: Generation Y and European Labor Markets

OpenAIRE

GAYLE ALLARD; Cristina Simón; RAQUEL MARTIN

2007-01-01

This study explores the challenge of capturing talent from both the political and the management level in Western Europe. It begins by identifying the special characteristics of Generation Y: those born since 1980 and recently joining national labor forces. It then evaluates the rigidity of labor markets in the European countries, dividing them into most and least regulated and exploring some of the labor-market characteristics that accompany those extremes. Finally, it identifies the employm...

Time-Varying Market Integration and Expected Returns in Emerging Markets

OpenAIRE

de Jong, Frank; de Roon, Frans

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market. The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely. Our empirical analysis for 30 emerging markets shows that there are stro...

Time Varying Market Integration and Expected Rteurns in Emerging Markets

OpenAIRE

Jong, F.C.J.M. de; Roon, F.A. de

2001-01-01

We use a simple model in which the expected returns in emerging markets depend on their systematic risk as measured by their beta relative to the world portfolio as well as on the level of integration in that market.The level of integration is a time-varying variable that depends on the market value of the assets that can be held by domestic investors only versus the market value of the assets that can be traded freely.Our empirical analysis for 30 emerging markets shows that there are strong...

Integrated Marketing Communications

Science.gov (United States)

Black, Jim

2004-01-01

Integration has become a cliche in enrollment management and student services circles. The term is used to describe everything from integrated marketing to seamless services. Often, it defines organizational structures, processes, student information systems, and even communities. In Robert Sevier's article in this issue of "College and…

THE ROLE OF THE COMPETITION POLICY IN FORGING THE EUROPEAN COMMON MARKET

Directory of Open Access Journals (Sweden)

Radu-Cristian Muşetescu

2008-12-01

Full Text Available The forging of the Single Market represents the most important dimension of the first pillar of the European Union, which is the European Community. It can be argued that, as compared to the other two pillars (the Common Foreign and Security Policy and the Police and Judicial Cooperation in the Criminal Matters, it has the most powerful impact on the welfare of European citizens. The European policy makers define however the Internal Market as not only an economic area where there are no more state-imposed barriers in the path of the freedom of movement of goods and services at the borders of the member-states but also a single business environment where there are a single currency, coordinated economic policies as well as homogeneous business practices of private undertakings. In this process, despite a large set of common policies, the competition policy has reached the status of the building block of the Common Market.

Integrated marketing communications in sport organizations

Directory of Open Access Journals (Sweden)

Gašović Milan

2011-01-01

Full Text Available Integrated marketing communications represent the unification of organization's marketing and communication activities. Sports organizations have the emphasized need for effective communication with their environment (the public, the media, advertisers, sponsors, and other subjects interested in their offer. Elements of the integrated marketing communications are: advertising, personal selling, sales promotion, publicity, public relations, direct marketing, Internet communications etc. Each of these elements has some specifics which marketing specialists in sports organizations need to understand.

The beef market in the European Union

DEFF Research Database (Denmark)

Nielsen, Niels Asger; Jeppesen, Lisbeth Fruensgaard

characteristics determining the consumers' value perception of a piece of meat appear to be fat, tenderness, taste and freshness. 7. The primary production of beef is fragmented in most European countries and the average number of cattle at a European cattle farm is only slowly rising. Two thirds of the cows...... of cattle going through markets is declining. 10. Product quality has been very difficult to control in the beef sector. The cattle supplied for slaughtering is of a very varying quality with regard to important consumer-oriented quality characteristics like tenderness and taste, and the lack...

The Scale and Geography of Collusion in the European Market

DEFF Research Database (Denmark)

Buch-Hansen, Hubert; Levallois, Clement

2015-01-01

Europe has a long history of cartels, but the changes in the scale and geography of collusion in the European market from the post-war decades until the present have not been systematically investigated. Using network analysis methods and an original dataset based on decisions in EU cartel cases......, this paper maps the developments in detected collusion in the European market from 1958 to 2008 and tentatively explains these developments. It appears that collusive activities increased during the 1960s and after the mid-1980s and that a long decline in the scale of collusion began in the mid-1990s...

Testing market integration for Kenyan pineapples. | Onyuma ...

African Journals Online (AJOL)

The market structure was found to be oligopsonistic in nature with aspects of collusion amongst the urban middlemen and local market traders thus barring further entry by other potential actors. There was little market integration between urban markets and producing markets, and very low or no integration between the ...

European Union gas market liberalization: a windfall effect for Russia?

International Nuclear Information System (INIS)

Riviere, Nicolas

2013-01-01

Natural gas has a growing importance in the European Union energy. However, because of the lack of resources in its territory, the EU is highly dependent on imports to meet its gas needs. In parallel, since 1998 the EU seeks the creation of a single and liberalized natural gas market. The aim of this thesis is to investigate whether the gas market liberalization can create a risk for importers' bargaining power and more widely to the gas security of supply of the EU. The first chapter provides an overview of the European gas market. It deals with the implementation of the process of gas market liberalization, the external dependency of the EU and the weakness of gas supply diversity. Using findings from the previous chapter, the second one proposes a model from the cooperative game theory to analyze the effects of the EU natural gas market liberalization on importers' bargaining power. It shows that the liberalization weakens importers' bargaining power vis-a-vis external suppliers, where Russia is the leader. It also shows that the implementation of a European gas purchasing agency offers a counter-power to the EU that balances bargaining power. The third chapter focuses on the development of LNG in the world and more specifically in the EU market. The development of LNG in Europe allows the entry of new operators on the upstream and, thus, increases competition among the EU's suppliers for the benefit of importers' bargaining power. The last chapter analyzes the impact of US shale gas development on the EU gas market. Thus, it shows that development is accompanied by an uncertainty about the future gas demand in the EU and by a reconsideration of the EU's long-term contracts. (author)

Product Market Integration, Comparative Advantages and Labour Market Performance

DEFF Research Database (Denmark)

Andersen, Torben M.; Rose Skaksen, Jan

2004-01-01

of the specialization gains are similar to anincrease in labour productivity, whereas the labour market reform effectis similar to an increase in the degree of competition in the labourmarket. Wages, employment and welfare increase as a result of furtherproduct market integration. It is interesting to note......In this paper, we set up a two-country general equilibrium modelwhere trade unions have wage bargaining power. We show that adecrease in trade distortions inducing further product market integrationgives rise to specialization gains as well as a labour market reformeffect. The implications...... that the labourmarket reform effect of product market integration is achieved despitean increase in the wage level.JEL Classification: F15, J30, J50.Keywords: Trade frictions, wage formation, employment, welfaregains....

Market integration of local energy systems: Is local energy management compatible with European regulation for retail competition?

OpenAIRE

Eid, Cherrelle; Bollinger, L. Andrew; Koirala, Binod; Scholten, Daniel; Facchinetti, Emanuele; Lilliestam, Johan; Hakvoort, Rudi

2016-01-01

The growing penetration of distributed energy resources is opening up opportunities for local energy management (LEM) – the coordination of decentralized energy supply, storage, transport, conversion and consumption within a given geographical area. Because European electricity market liberalization concentrates competition at the wholesale level, local energy management at the distribution level is likely to impose new roles and responsibilities on existing and/or new actors. This paper prov...

The role of Liquefied Natural Gas (LNG) in the European gas market

International Nuclear Information System (INIS)

Mahan, A.

2003-06-01

The purpose of this paper is to discuss the role that Liquefied Natural Gas (LNG) might play in the future EU gas market. LNG imports are not likely to have a place in the Netherlands soon, but they could make an important contribution to the volume and diversity of Europe's gas supplies. An important characteristic of LNG is its inherently high costs, throughout the whole chain, from the wellhead to the market. These costs are considerably higher than the costs of bringing oil to the market. Cost considerations, in combination with the rigidity of the gas market, have led to the use of long-term contracts as a basis for the business, as is the case for the long haul pipeline gas business. Costs have come down considerably and further cost reductions are 'in the pipeline'. While this does not alter the fundamentals of the business it has nonetheless helped to extend the reach of LNG. LNG from the Middle East to Europe has now become economically feasible. The high gas prices of recent years have further fuelled the expansion of the LNG business. Supported by a rapidly growing global economy at the turn of this century, many prospects are under development. The positive economic outlook has seen more speculative positioning in every segment of the LNG chain, while more vertical integration has been industry's response to market liberalisation. The more recent slowdown of the market economies has created a surplus of LNG, which is finding its way onto the markets through short-term and spot transactions. The short-term business will grow over the next few years as more LNG and shipping capacity comes on-stream. However, given underlying high costs and limited flexibility, it should be expected that new projects, currently under consideration, will only be developed on the basis of long-term contracts, thus returning to a balance between supply and demand. For these same reasons, LNG will not likely develop the same the liquidity as that of the oil market. The global

Financial market development in the Central and Eastern European countries

Czech Academy of Sciences Publication Activity Database

Berglund, T.; Hanousek, Jan; Mramor, D.

2006-01-01

Roč. 7, č. 4 (2006), s. 280-282 ISSN 1566-0141. [ Financial market development in the Central and Eastern European countries. Prague, 26.05.2006-27.05.2006] Institutional research plan: CEZ:AV0Z70850503 Keywords : financial markets * Central and Eastern Europe Subject RIV: AH - Economics

Consumers` Attitude towards Consumer Protection in the Digital Single Market, as Reflected by European Barometers

Directory of Open Access Journals (Sweden)

Doru Alexandru Pleşea

2014-05-01

Full Text Available The European Single Market is an ongoing project that will continue to further develop and adapt to changing realities. Traditional economic activities, and the administrative rules governing them, face the challenge of adapting to developments that blur the dividing lines, for example, between shop and online sales or between traditional media and Internet communication. Convergence of this type will lead to a European Digital Single Market. A genuine Digital Single Market would generate new types of growth and also sustainable economic and social benefits for all European citizens. There are still a number of barriers which impose obstacles for the development of the digital market in Europe. Obstacles which can be identified include national differences regarding data protection rules, e-commerce rules, consumer protection rules and other legislation pertaining to information flows. The paper brings in discussion the advantages of a Digital Single Market, the obstacles in developing it in connection with e-commerce regulations, consumer protection and information flows legislation and also the premises for implementing a Digital Single Market. Consumers’ trust in on-line commerce results as one of the driving factors in implementing a Digital Single Market. These are some of the main obstacles for the boosting consumers’ confidence in the European Single Market. Improving consumer confidence in cross-border shopping online by taking appropriate policy action could provide a major boost to economic growth in Europe. Empowered and confident consumers can drive forward the European economy. Starting from the results of the Flash Euro-barometer survey „Consumer attitudes towards cross-border trade and consumer protection this study analyzes consumer`s readiness for the European Digital Single Market

Integração européia e políticas de saúde: repercussões do mercado interno europeu no acesso aos serviços de saúde European integration and health policies: repercussions of the internal European Market on access to health services

Directory of Open Access Journals (Sweden)

Luisa Guimarães

2006-09-01

Full Text Available Com base em revisão, o artigo explora repercussões nas políticas de saúde da integração regional entre países na União Européia. O objetivo é revisar a regulação do acesso em outro país, com a efetivação do mercado único e da livre circulação (de pessoas, produtos, serviços e capital. Inicia-se com revisão de modalidades de integração e descreve-se o alargamento e a institucionalização de organismos comunitários. As repercussões da integração européia nas políticas e na regulamentação do acesso à saúde foram analisadas. Impactos do mercado na saúde resultam de diretivas dos Tratados e de ajustes de políticas decorrentes da livre circulação. O acesso às ações assistenciais é regulamentado gradualmente e garantido por jurisprudências. Projetos nas fronteiras ilustram dinâmicas em que disparidades são utilizadas a favor do cuidado integral. Na mais antiga experiência de integração, a regulamentação do mercado gerou impactos intencionais e não intencionais nas políticas de saúde dos Estados-Membros, independentemente do modelo de organização. O conhecimento e a análise desta trajetória sinaliza desafios ao Mercosul e contribui para o debate e decisões futuras.This article explores the health policy repercussions of countries' regional integration into the European Union. The aim is to review the regulation of access in other countries, with the conclusion of the single European market and the free circulation of persons, services, goods, and capital. The article begins by reviewing the various forms of integration and describes the expansion and institutionalization of Community agencies. The repercussions of European integration on health policies and regulation of access are analyzed. Market impacts on health result from Treaty directives and internal policy adjustments to free circulation. Health services access is gradually regulated and granted by rulings. Projects along borders

Shale gas. Opportunities and challenges for European energy markets

Energy Technology Data Exchange (ETDEWEB)

De Joode, J.; Plomp, A.J.; Ozdemir, O. [ECN Policy Studies, Petten (Netherlands)

2013-02-15

The outline of the presentation shows the following elements: Introduction (Shale gas revolution in US and the situation in the EU); What could be the impact of potential shale gas developments on the European gas market?; How may shale gas developments affect the role of gas in the transition of the power sector?; and Key messages. The key messages are (1) Prospects for European shale gas widely differ from US case (different reserve potential, different competition, different market dynamics); (2) Shale gas is unlikely to be a game changer in Europe; and (3) Impact of shale gas on energy transition in the medium and long term crucially depends on gas vs. coal prices and the 'penalty' on CO2 emissions.

Stock Market Integration Measurement: Investigation of Malaysia and Singapore Stock Markets

OpenAIRE

B. K. Yeoh; Z. Arsad; C. W. Hooy

2010-01-01

This paper tests the level of market integration between Malaysia and Singapore stock markets with the world market. Kalman Filter (KF) methodology is used on the International Capital Asset Pricing Model (ICAPM) and the pricing errors estimated within the framework of ICAPM are used as a measure of market integration or segmentation. The advantage of the KF technique is that it allows for time-varying coefficients in estimating ICAPM and hence able to capture the varying degree of market int...

The theoretical arsenal of the European industrial integration

Directory of Open Access Journals (Sweden)

Yevhenii Machok

2009-03-01

Full Text Available In this article there was researched the key theories of the European industrial integration, made a comparative analysis. There has been done a detailed analysis of the main approaches to study and explanation of the industrial complexes integration of the European Union member states. There were described the key principles of the following concepts: functionalism, neofunctionalism, federalism, functional confederalism, theory federalism, of transactionalism, international regime, interdependency theory, agreement system, dynamism theory of the European industrial policy, intergovernmentalism, theory of multilevel management, theory of networks policy, government-centrism, neoinstitutionalism, comparativism and others. The obtained results can be used as a theoretical basis for the further study of the industrial policies among European Union member states; their approximation in the context of the formation of the common European economic complex and integration process of the member states.

The design of European energy markets by means of decisions of commitment acceptance of the European Commission. Pt. 1; Die Gestaltung der europaeischen Energiemaerkte durch Verpflichtungszusagenentscheidungen der Kommission. T. 1

Energy Technology Data Exchange (ETDEWEB)

Gussone, Peter [Bundeskartellamt, Bonn (Germany). ECN-Koordinationsstelle

2011-03-10

The compartmentalization of national energy markets is the leitmotif of anti-trust against the greatest European energy utilities. With far-reaching commitments of the utilities the European Commission attempted a rapid end of abusive practices and a market opening. A discouragement of claim for damages under private law from customers has been accepted. There is a lack of a final reasoned statement of the behavior being in violation with competition law with a binding effect also for the courts. The impressive balance of the European Commission shows a partial failure of the regulation in the grid operation. E.ON (Munich, Federal Republic of Germany) has sold its high voltage network. RWE AG (Essen, Federal Republic of Germany) sold its transmission system. Eni Gas and Power GmbH (Duesseldorf, Federal Republic of Germany) will sell large portions of its international transmission system. The large vertically integrated utilities may not agree on long-term supply and resale restrictions.

Wholesale electricity markets in Europe

International Nuclear Information System (INIS)

Rios, J. L.

2010-01-01

Electricity Wholesale Markets provide efficient operation of power stations, facilitate hedging instruments for generators and retailers and deliver price signals for new investments. Despite having a common regulatory framework at European level whose last aim is a single electricity market, Wholesale markets have been unevenly developed in each Member State. The evolution form a spot-based market towards a forward-based market needs a certain level of liquidity, transparency and regulatory stability. Interconnections are the key element to promote the integration of electricity markets. To facilitate this, European Regional Initiatives have pushed regulatory harmonization between countries and market coupling projects. (Author)

Corporate strategies for European gas markets

International Nuclear Information System (INIS)

Chevalier, J.M.

1992-01-01

In January 1992, the Commission of the European Economic Community issued a proposal for accelerating the process of building up a single market for natural gas. After the first step, already taken, to introduce price transparency, the Commission is willing to introduce progressively Third Party Access (T.P.A.) and the freedom of establishment in all segments of the natural gas industry: L.N.G. terminals, storage facilities, transmission lines and public distribution. 1 tab

Experiencing European integration: transnational lives and European identity

NARCIS (Netherlands)

Kuhn, T.

2015-01-01

European integration has generated a wide array of economic, political, and social opportunities beyond the nation state. Scandinavians spending their retirement at the Mediterranean coast; Germans employing a Polish caretaker; international exchange students staying in Prague; Italian baristas

European integration in crisis? Of supranational integration, hegemonic projects and domestic politics

Science.gov (United States)

Bulmer, Simon; Joseph, Jonathan

2015-01-01

The European Union is facing multiple challenges. Departing from mainstream theory, this article adopts a fresh approach to understanding integration. It does so by taking two theoretical steps. The first introduces the structure–agency debate in order to make explicit the relationship between macro-structures, the institutional arrangements at European Union level and agency. The second proposes that the state of integration should be understood as the outcome of contestation between competing hegemonic projects that derive from underlying social processes and that find their primary expression in domestic politics. These two steps facilitate an analysis of the key areas of contestation in the contemporary European Union, illustrated by an exploration of the current crisis in the European Union, and open up the development of an alternative, critical, theory of integration. PMID:29708125

A Marketing Perspective on Mergers and Acquisitions : How Marketing Integration Affects Postmerger Performance

OpenAIRE

Homburg, Christian; Bucerius, Matthias

2004-01-01

Previous research on mergers and acquisitions (M&A) has neglected marketing issues by and large. This paper examines the effects of post merger integration (PMI) in marketing (ex tent and speed of marketing integration) on M&A performance mediated by integration outcomes (magnitude of cost savings and market-related performance). Results from a survey of 232 horizontal mergers and acquisitions show that market-related performance after the merger or acquisition has a much stronger impac...

In search of the perfect electricity market

International Nuclear Information System (INIS)

De Vries, L.; Correlje, A.

2008-01-01

Nearly twelve years after the first electricity directive (Directive 96/92/EC), the European electricity sector is still fragmented along national borders. Within national or regional markets, competition has generally not developed as much as had been expected. The authors argue that progress is possible, but that we also have to learn to accept the inevitable imperfections of the integration process. Two questions are addressed in this article: (1) Why is every market designed in a different way?; and (2) How can the integration of European power markets be furthered, given the current diversity of market designs?

Risk-Return Trade-Off for European Stock Markets

DEFF Research Database (Denmark)

Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher...

A complementarity model for the European natural gas market

International Nuclear Information System (INIS)

Egging, Ruud; Gabriel, Steven A.; Holz, Franziska; Zhuang, Jifang

2008-01-01

In this paper, we present a detailed and comprehensive complementarity model for computing market equilibrium values in the European natural gas system. Market players include producers and their marketing arms which we call 'traders', pipeline and storage operators, marketers, LNG liquefiers, regasifiers, tankers, and three end-use consumption sectors. The economic behavior of producers, traders, pipeline and storage operators, liquefiers and regasifiers is modeled via optimization problems whose Karush-Kuhn-Tucker (KKT) optimality conditions in combination with market-clearing conditions form the complementarity system. The LNG tankers, marketers and consumption sectors are modeled implicitly via appropriate cost functions, aggregate demand curves, and ex post calculations, respectively. The model is run on several case studies that highlight its capabilities, including a simulation of a disruption of Russian supplies via Ukraine

The Marketing Plan: An Integrative Device for Teaching Marketing Management.

Science.gov (United States)

Berdine, W. R.; Petersen, James C.

1980-01-01

The importance of the marketing plan is stressed as an integrative device for teaching marketing management, and a structure is presented to assist students in designing a marketing plan. Components of this plan include marketing objectives, targeting market and buying motives, external environment and competition, product, price, and promotion.…

United States natural gas markets, contracts and risks: What lessons for the European Union and Asia-Pacific natural gas markets?

International Nuclear Information System (INIS)

Talus, Kim

2014-01-01

The article examines the natural gas markets of the United States, the European Union and the Asia-Pacific region and their regulation and contractual structures. The article's main focus is on the United States natural gas markets. The European Union and Asia-Pacific markets are compared to this more developed market. By comparing the physical and ideological characteristics of, and differences between, the three main international gas markets, the article exposes the limits of regulatory and contractual transplants in this area of law and policy. Each of these markets is unique, which limits the opportunities for modelling certain market institutions on the basis of the more developed markets in the United States. This applies for both the EU and the Asia-Pacific region. - Highlights: • Differences in the physical markets impact regulation. • Regulatory transplants have risks. • The approach in energy policy should be based on “Law-in-Context” approach

The European electricity market. What are the effects of market power on prices and the environment? Keywords: Electricity market; liberalisation; market power; game theory; environmental impacts; Northwestern Europe

International Nuclear Information System (INIS)

Lise, W.

2005-07-01

This paper presents a static computational game theoretic COMPETES model. This model is used to study the economic and environmental effects of the liberalisation of the European electricity market. The COMPETES model takes strategic interaction into account. The model is calibrated to four European countries: Belgium, France, Germany and the Netherlands. To analyse the impact of emission trading, a fixed permit price per tonne CO2 emissions is introduced. The effects are studied under different market structures depending on the ability of firms to exercise market power. The results indicate that the effects of liberalisation depend on the resulting market structure, while a reduction in market power of large producers may be beneficial for the consumer (i.e. lower prices), this is not necessarily true for the environment (i.e. lower reduction in CO2 emissions)

Financial integration of stock markets among new EU member states and the euro area

Czech Academy of Sciences Publication Activity Database

Babetskii, Ian; Komárek, L.; Komárková, Z.

2007-01-01

Roč. 57, 7-8 (2007), s. 341-362 ISSN 0015-1920 Grant - others:GA ČR(CZ) GA402/05/2758 Institutional research plan: CEZ:AV0Z70850503 Keywords : financial integration * stock markets * European Union Subject RIV: AH - Economics Impact factor: 0.382, year: 2007 http://journal.fsv.cuni.cz/storage/1083_fau_7_8_2007_000000000039.pdf

The Microstructure of the European Sovereign Bond Market

DEFF Research Database (Denmark)

Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide

We explore the interaction between credit risk and liquidity, during the Euro-zone crisis, in the Italian sovereign bond market, using a unique tick-by-tick dataset, from the period June 2011-December 2012. We document a strong, dynamic relationship between changes in sovereign credit risk...... and market liquidity, conditional on the credit default swap (CDS) spread: When the CDS is above 500 basis points (bp), market liquidity adjusts more rapidly and signicantly to changes in the credit risk. Other global systemic factors also aect market liquidity, while, surprisingly, the specic credit risk...... of primary dealers plays only a modest role, especially under conditions of stress. Further, the Long-Term Renancing Operations (LTRO) by the European Central Bank (ECB) on December 8, 2012, clearly attenuated the relationship between credit risk and liquidity....

Increased demand-side flexibility: market effects and impacts on variable renewable energy integration

Directory of Open Access Journals (Sweden)

Åsa Grytli Tveten

2016-12-01

Full Text Available This paper investigates the effect of increased demand-side flexibility (DSF on integration and market value of variable renewable energy sources (VRE. Using assumed potentials, system-optimal within-day shifts in demand are investigated for the Northern European power markets in 2030, applying a comprehensive partial equilibrium model with high temporal and spatial resolution. Increased DSF is found to cause only a minor (less than 3% reduction in consumers’ cost of electricity. VRE revenues are found to increase (up to 5% and 2% for wind and solar power, respectively, and total VRE curtailment decreases by up to 7.2 TWh. Increased DSF causes only limited reductions in GHG emissions. The emission reduction is, however, sensitive to underlying assumptions. We conclude that increased DSF is a promising measure for improving VRE integration. However, low consumers’ savings imply that policies stimulating DFS will be needed to fully use the potential benefits of DSF for VRE integration

Power Markets. Creating a regional power market

International Nuclear Information System (INIS)

Beckman, K.; Belin, H.

2009-01-01

One article and one column in the section 'Power markets'. In the article attention is paid to the leading role of the Netherlands in the pursuit of a fully integrated North West European electricity market. the column 'View from Brussels' focuses on the 'Sustainable Energy Europe' campaign and the related EU Sustainable Energy Week in February 2009

Market opening: how will European gas supply evolve?

International Nuclear Information System (INIS)

Delon, Ch.

1999-01-01

With the implementation of the gas directive, European gas companies are facing many new challenges. Some concern the upstream gas sector in particular, notably with the new rules of competition in Europe, the changes in the structure of gas industries and their adaptation to the new Europe-wide market. For this first round table to the 116. gas conference, chaired by Sophie Mayeux, journalist and editor of the Est Eco journal, four representatives of major European companies and one representative of the banking sector examined the possible future scenarios for gas supply in Europe. (authors)

Renewable energy and energy efficiency in liberalized European electricity markets

International Nuclear Information System (INIS)

Wohlgemuth, Norbert

2000-01-01

Given the projected growth in global energy demand, renewable energy (RE) and energy efficiency (EE) play a crucial role in the attainment of the environmental dimension of sustainable development. Policy mechanisms to promote RE and EE have been justified on the rationale of market failure, which prevents price signals alone from being sufficient to induce consumers to implement the socially optimal level. The paper shows driving forces for increasing competition in the electricity supply industry and discusses the implication of electricity industry liberalisation on RE/EE activities. Policies of the European Commission to promote RE/EE are presented, including a more detailed description of the experience made in the United Kingdom. Conclusions are that the new market structure may be too short sighted to stimulate RE and EE activities and that the design of policies should be compatible with the new market-orientated structure of the electricity industry. If implemented properly, and compatible with the competitive market organisation, electricity supply liberalisation could pave the way for 'sustainable electricity' in the European Union. (Author)

Economic reform in Europe: integrating and liberalizing the market for services

International Nuclear Information System (INIS)

Newbery, David M.

2001-01-01

The European Union faces challenges in reforming the Gas and Electricity Directives to implement the single market in electricity and gas. The paper argues that there is unfinished business in the areas of regulation, restructuring, encouraging proper risk management through contracting, and designing markets and regulation to ensure effective and sustainable competition in the services supplied over the networks. Regulators often lack critical information and appropriate power to act. Restructuring is problematic, requiring forceful competition authorities with a clear agenda to achieve desirable structural reforms. A key issue is striking the right balance between complete liberalisation and ensuring adequate capacity and investment. Finally, proactive competition policies will be necessary to resist the powerful forces for vertical and horizontal integration visible in the Union. (Author)

Regulation of distributed generation. A European Policy Paper on the Integration of Distributed Generation in the Internal Electricity Market

International Nuclear Information System (INIS)

Van Sambeek, E.J.W.; Scheepers, M.J.J.

2004-06-01

In the SUSTELNET project criteria and guidelines have been developed that can create a level playing field in electricity markets between distributed generation (DG) and large scale power generation and will improve the network and market access of DG and electricity supply from renewable energy resources (RES). This report focuses on the European dimensions of DG regulation. The key findings of the SUSTELNET project are compared with the EU legislation, i.e. the current Electricity, Renewables and CHP Directives. Additional EU policy, regulation and initiatives are identified that can help Member States in developing future economically efficient and sustainable electricity supply systems

'Children and obesity: a pan-European project examining the role of food marketing'.

Science.gov (United States)

Matthews, Anne E

2008-02-01

Rising levels of obesity in school-age children across Europe are causing increasing concern. The 'Children, Obesity and associated avoidable Chronic Diseases' project sought to examine the effects of promotion within food marketing, given the influential role it plays in children's diets. A questionnaire and data-collection protocol was designed for the national co-ordinators, facilitating standardized responses. Co-ordinators collected data from within 20 European Union countries relating to food promotion to children. Results showed that unhealthy foods such as savoury snacks and confectionary were the most commonly marketed and consumed by children across all countries. Television was found to be the prime promotional medium, with in-school and internet marketing seen as growth areas. Media literacy programmes designed specifically to counterbalance the effects of food marketing to children were reported by only a few of the 20 countries. An ineffective and incoherent pattern of regulation was observed across the countries as few governments imposed tough restrictions with most preferring to persuade industry to voluntarily act with responsibly. Most health, consumer and public interest groups supported food marketing restrictions whilst industry and media groups advocated self-regulation. Recommendations include the amendment of the European Union's Television Without Frontiers Directive to ban all TV advertising of unhealthy food to children, the adoption of a commonly agreed European Union definition of an 'unhealthy' food, and the establishment of a mechanism for pan-European monitoring of the nature and extent of food marketing to children and its regulation.

YOUNGSTERS INSERTION ON THE LABOUR MARKET. A COMPARATIVE ANALYSIS ROMANIA - EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Dobre Mihaela Hrisanta

2008-05-01

Full Text Available The insertion of young people into the labor market represents an important issue amongst all the countries within the European Union and this process is studied differently from one country to another. At present the European Union counts about 75 million young people with the age between 15 and 24 years old. This article main objective is to study insertion rate of young people the labour market as well as it deals with their problems.

LABOR MARKET DEVELOPMENT UNDER ROMANIA'S INTEGRATION IN THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

NĂSTASIE MIHAELA – ANDREEA

2014-10-01

Full Text Available In all conditions of time and space, economic activity involving work objectively factor designed to exploit natural resources and monetary system in its interest. According to Adam Smith, the work is a primary factor, the original production was considered by him as the sole source of national wealth. This factor of production can be achieved through labor market that is in a competitive market economy. Transactions in this market have as their object or labor work. Employment policy work focus on boosting production and the flexibility of labor market through an easy tax for economic entities to make hiring, increasing the occupancy of the active population. In Romania, the pressures exerted on the labor market increasingly higher while the economy is subject to extensive qualitative transformations concerning privatization, restructuring and upgrading.

Reforming European electricity industries: to each, his own ''single market''

International Nuclear Information System (INIS)

Glachant, J.M.

2000-01-01

National transpositions of the European directive on domestic electricity markets have maintained a degree of diversity; and this also characterizes the other conditions for accessing national electricity markets (physical, commercial, industrial and capital access). As a look at the prices of electricity shows, these national markets do not operate in a single way Europe-wide. Furthermore, electricity companies - key actors in this competition - differ widely from each other in size, electrical potential, investment portfolios and strategies for growth. (authors)

DEEPENING SERVICES MARKET INTEGRATION - A CRITICAL ASSESSMENT

Directory of Open Access Journals (Sweden)

Jacques Pelkmans

2007-12-01

Full Text Available The greatest asset of the European Union is undoubtedly its internal market. However, the internal market is not completed: it suffers from a giant hole with respect to many services. The present contribution addresses the status of services in the internal market and, in particular, the horizontal liberalisation (or, the lack of it of services outside the two large sectors which greatly deepened market integration (6 modes of transport and 3 financial services markets. Because a horizontal perspective on services in the EU is still little understood, it is briefly summarized what services really are and how their regulatory logic in the internal market can help to classify them. The (strong economic case for deepening services market integration is built on recent empirical economic analysis as well as simulation. This is followed by a discussion, with flowchart, of the Bolkestein draft directive, against the backdrop of the frustrating lack of, or at best, selective progress on services for decades. A survey of economic impact studies of the draft directive is provided, too, underpinning its importance even when the infamous origin principle is taken out. Some light is subsequently shed on the tumultuous politicisation of the services debate. Emphasis is laid on the socio-economic context (which, it is submitted, sharpened the discussion at times into polarisation and a series of other factors such as the diversity of the national regulatory frameworks of services and the labour employed, the complexity of the draft directive, the potentially radical nature of the origin principle (especially for those not aware of the case law of the ECJ, the dominant role of the EP and the opportunism of leading national politicians. Finally, directive 2006/123 –meanwhile in force – is explained and briefly assessed. Apart from the conspicuous manifestation of 'Angst' in drafting the directive, the (de merits are set out. The conclusion is that a badly

Editorial European conference on integrated optics (ECIO'10)

NARCIS (Netherlands)

Williams, K.A.

2011-01-01

This Special Issue contains a selection of extended papers from the Fifteenth European Conference on Integrated Optics held on 7-9 April 2010. The First European Conference on Integrated Optics in the series was held in London, UK thirty years ago, and the conference has been held biannually across

Integration project of regional markets in Europe (European directive); Proyecto de integracion de mercados regionales en Europa (Directva europea)

Energy Technology Data Exchange (ETDEWEB)

Gonzalez Fernandez-Castaneda, J. J.

2010-07-01

The article presents the current situation of the Day-Ahead electricity markets in the different countries and Regions along West Europe. It describes the different possibilities applied to congestion management in the borders between countries and price areas, and the options employed to couple Day-ahead markets to form regional markets in Europe. Finally, it presents the initiative to Price couple Regional markets (PCR) that is being developed by Nord pool spot, EPEX Spot and OMEL with the objective to advance towards the integration of the markets that they operate in the internal Electricity Market. (Author)

European Schemes for Promoting Renewables in Liberalised Markets

DEFF Research Database (Denmark)

Meyer, Niels I.

2003-01-01

The paper describes possibilities and problems for penetration of supply systems based on renewable energy sources in liberalised markets. The analysis is based on recent development in EU with different models for support of installations based on renewable energy. These include feed-in models...... with guaranteed minimum tariffs, tender models for different bands of technologies, and green certificates trading models with obligatory consumer quota. The paper describes the market situation in selected European countries, including Germany, the UK, Holland and Denmark.An EU directive from September 2001 has...

Opportunities for Pellet Trade - Towards a Single European Pellet Market

International Nuclear Information System (INIS)

Pigaht, Maurice; Janssen, Rainer; Rutz, Dominik; Boehm, Thorsten; Vasen, Norbert; Vegas, Laura; Karapanagiotis, Nicolas

2006-01-01

The potential for Pellets trade in Europe was researched and assessed. Such trade is of key importance for the development of a European pellet market of sufficient supply, demand, price and quality standards. Three target markets were taken as case studies for the trade assessment: Greece, Spain and Italy. All three markets stand to profit greatly from international trade. For these markets, pellet imports could supply the basis for the development of a domestic boiler market. At the same time, pellet exports would allow the planning of larger pellet production plants. Whilst these additional costs amount to some 10-20% of the Pellets price, they are financially acceptable, especially for new markets and 'peaks' in the demand/supply of established markets

The Impact of Wind Power on European Natural Gas Markets

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-09-06

Due to its clean burning properties, low investment costs and flexibility in production, natural gas is often put forward as the ideal partner fuel for wind power and other renewable sources of electricity generation with strongly variable output. This working paper examines three vital questions associated with this premise: 1) Is natural gas indeed the best partner fuel for wind power? 2) If so, to what extent will an increasing market share of wind power in European electricity generation affect demand for natural gas in the power sector? and 3) Considering the existing European natural gas markets, is natural gas capable of fulfilling this role of partner for renewable sources of electricity?.

Short-term versus long-term market opportunities and financial constraints

International Nuclear Information System (INIS)

Ferrari, Angelo

1999-01-01

This presentation discusses gas developments in Europe, the European Gas Directive, short term vs. long term, and Snam's new challenges. The European gas market is characterized by (1) The role of gas in meeting the demand for energy, which varies greatly from one country to another, (2) A growing market, (3) Decreasing role of domestic production, and (4) Increasing imports. Within the European Union, the Gas Directive aims to transform single national markets into one integrated European market by introducing third party access to the network for eligible clients as a means of increasing the competition between operators. The Gas Directive would appear to modify the form of the market rather than its size, and in particular the sharing of responsibility and risk among operators. The market in the future will offer operators the possibility to exploit opportunities deriving mainly from demands for increased flexibility. Opportunities linked to entrepreneurial initiatives require long-term investments characteristic of the gas business. Risks and opportunities must be balanced evenly between different operators. If everyone takes on their own risks and responsibilities, this means a wider distribution of the risks of long-term vs. short-term, currently borne by the gas companies that are integrated, into a market that tends to favour the short-term. A gradual liberalization process should allow incumbent operators to gradually diversify their activities in new gas market areas or enter new business activities. They could move beyond their local and European boundaries in pursuit of an international dimension. The market will have to make the transition from the national to the European dimension: as an example, Snam covers 90% of the Italian market, but its share of an integrated European market will be about 15%

Natural gas market - Market opening in Switzerland and a selection of European Union countries

International Nuclear Information System (INIS)

Wild, J.; Vaterlaus, S.; Worm, H.; Spielmann, Ch.; Finger, M.

2007-02-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) takes a look at the situation in Switzerland and Europe as far as the liberalisation of the natural gas market is concerned. Comparisons are made between the situation for natural gas and electricity markets. The report discusses the economical and technical characteristics of the gas business such as gas sources, transport, storage and trading as well as the associated investment risks. The gas and electricity supply systems are compared from the supply and demand viewpoints and as far as trading and the increasing of efficiency are concerned. The Swiss gas market is compared with those of selected European countries. Market structures and regulatory aspects are examined and the resulting effects on the market and gas prices are reviewed. The effects of market opening are discussed from both the supplier and consumer points of view

LABOUR MARKET INTEGRATION ISSUES RELATED TO MIGRANTS ARRIVING TO HUNGARY

Directory of Open Access Journals (Sweden)

Peter Miklos Komives

2016-07-01

Full Text Available The migration flows appearing in the recent years have gained central relevance in Hungary. Previously people were having no opinion about the current situation of issues related to migration but the increased media attention lead to the development of mixed attitudes among people. Some people feel sorry for the families who are coming from the war zones and lost their homes, others have fear of losing their position at work, or their families because of the acts they have heard from the media and they are hostile to the issue of integration whether it is about education or the labour market. According to the statistical data; in the third quarter of 2015, more than hundred thousand asylum-seekers arrived to Hungary, which dropped drastically in the fourth quarter caused by the significant transformation of the asylum process. This study is intended to serve two objectives: first describe the comprehensive picture of labour market attitudes towards migrants and secondly to identify factors that affect the employment of foreigners in Hungary using secondary data sources. Based on this analysis those questions can be formulated, which may constitute a basis for further labour market researches for the integration of migrants. From our point of view there are vital aspects of the migrants’ successful social integration; we have to integrate the migrants who are coming to our country and plan to stay for a longer time to the field of education and the labour market. The social integration of migrants in a country is closely linked to employment, to the integration into the labour market, and in many cases one of the obstacles in this regard is the prejudiced behaviour and negative attitudes towards migrants which manifests itself as the discrimination in the labour market. The results of the European Commission confirm that in Hungary the ethnicity as a variable appears to be the second on the list of the most serious discrimination factors

Multi-agent simulation of competitive electricity markets: Autonomous systems cooperation for European market modeling

DEFF Research Database (Denmark)

Santos, Gabriel; Pinto, Tiago; Morais, Hugo

2015-01-01

The electricity market restructuring, and its worldwide evolution into regional and even continental scales, along with the increasing necessity for an adequate integration of renewable energy sources, is resulting in a rising complexity in power systems operation. Several power system simulators...... have been developed in recent years with the purpose of helping operators, regulators, and involved players to understand and deal with this complex and constantly changing environment. The main contribution of this paper is given by the integration of several electricity market and power system models......, respecting to the reality of different countries. This integration is done through the development of an upper ontology which integrates the essential concepts necessary to interpret all the available information. The continuous development of Multi-Agent System for Competitive Electricity Markets platform...

IMPORTANCE OF THE EUROPEAN BANKING UNION NEW DIRECTIVES

Directory of Open Access Journals (Sweden)

MEDAR LUCIAN-ION

2014-10-01

Full Text Available European Banking Union has set new rules on monetary market especially for credit institutions and for financial banking groups in general. Economic and monetary union requires accomplishment of political and monetary union and democratic control of the European institutions on a single financial market. In this respect through its management organisms, EU has designed a series of unique mechanisms of financial union and called for a fiscal union. Union of European financial market is possible through a new regulation of the markets. In this project, monetary union of the EU member countries is possible by implementing single mechanism of supervision (Single Supervisory Mechanism and single mechanism of resolution (Single Resolution Mechanism. European Banking Union may be made by monitoring of a single banking supervisor based on a common system for managing and resolving banking crises and a uniform system of protecting people's savings. Romania opted for these unique mechanisms of macro-prudential supervision of the financial system. And by performing the real convergence criteria of integration, Romania will have all conditions of integration in the ,,euro area,,.

The opening up to competition of European electricity markets: genesis and perspectives of an ambitious project

International Nuclear Information System (INIS)

Pellion, Antoine

2007-01-01

This article first describes the European dynamic of the construction of electricity markets. It outlines the economic and competitive logics which are the base of the liberalisation of electricity markets, and do not aim at suppressing a public service. This encompasses the search for an optimal market as economic aim, and an incentive to the opening by community law. It describes the implementation of the liberalisation process with a harmonisation at the European scale, and still different and partitioned markets. It outlines that the expected price decrease did not occur. The electricity pricing is presented as a complex process, and the sustained increase of production costs is outlined. It also outlined that this market has strengthened structural imperfections: a scarcity rent largely accessible to market powers, a strong trend to short term investment behaviour. On the other hand, environmental efficiency has a positive assessment. The next part proposes an overview of possible actions for the development and regulation of European markets: a network to be expanded and densified with better performance and a more competitive market for the benefit of the consumer, a scarcity rent which requires a market framing, a new orientation for the use of this rent. The coordination of electricity production is outlined as a necessary element for a European energy policy

Germany's nuclear power plant closures and the integration of electricity markets in Europe

International Nuclear Information System (INIS)

Menezes, Lilian M. de; Houllier, Melanie A.

2015-01-01

This paper examines the potential implications of national policies that lead to a sudden increase of wind power in the electricity mix for interconnected European electricity markets. More specifically, it examines market integration before and after the closures of eight nuclear power plants that occurred within a period of a few months in Germany during 2011. The short- and- long run interrelationships of daily electricity spot prices, from November 2009 to October 2012, in: APX-ENDEX, BELPEX, EPEX-DE, EPEX-FR, NORDPOOL, OMEL and SWISSIX; and wind power in the German system are analysed. Two MGARCH (Multivariate Generalized Autoregressive Conditional Heteroscedasticity) models with dynamic correlations are used to assess spot market behaviour in the short run, and a fractional cointegration analysis is conducted to investigate changes in the long-run behaviour of electricity spot prices. Results show: positive time-varying correlations between spot prices in markets with substantial shared interconnector capacity; a negative association between wind power penetration in Germany and electricity spot prices in the German and neighbouring markets; and, for most markets, a decreasing speed in mean reversion. -- Highlights: •Associations between spot prices and wind power are time-varying. •Greater spot price and volatility associations across markets are observed. •In the long run, the German market is less integrated with neighbouring markets. •Policies on a local electricity mix can affect spot prices in connected markets

The Balkans: Between Economic Crisis And European Integration

Directory of Open Access Journals (Sweden)

Andrei RĂDULESCU

2012-06-01

Full Text Available The Balkans region (also known as the „Powder keg of Europe” has always been an European question, a Western question, as underlined by Arnold Toynbee, in 1922. At present, European Union is confronted with the fifth enlargement, also known as the “post-conflict” enlargement – the integration of Balkan states. Bulgaria joined European Union in 2007. Croatia signed the Accession Treaty in 2011 and is expected to become an EU member in 2013. The other countries encounter in different stages of European integration. However, this process presents several challenges and dilemmas, either for European Union, or for the Balkan enclave. The main challenge in the case of this enlargement is to reconcile the nation-state building and the European integration. From the economic point of view, the Balkans region is underdeveloped. Several factors determined this stance of the region: the poor endowment in terms of natural resources, the political situation over the centuries (the military conflicts – impeding the economic development, the cultural factors. At present, the region is confronted with the consequences of the worst economic and financial crisis o global economy since the end of World War II.

CROATIAN HONEY MARKET IN EUROPEAN ENVIRONMENT

Directory of Open Access Journals (Sweden)

Dragana Dukić

2004-06-01

Full Text Available This examination is based on comparison of honey production, in countries of European Union, transition countries and The Republic of Croatia. The situation in Croatia is shown with all information about honey production. All data are compared with already managed European countries. In comparison with registrated number of beekeepers and hives, Croatia belongs to transition countries with the smallest number of beekepers and hives. On the other hand, values, such as, number of hives per beekeper and average honey production by hive, classify Croatia ahead of transition countries. There are very few professional beekepers in Croatia, as well as in other transition countries, but not countries of The European Union. Honey production in Croatia has been increasing last seven years and in the last few it increased more than 50%. Export of honey in the last 2 years is half of the complete honey production, which accomplish conditions for export enlargement. At the same time, import of honey is considerable reduced. Conditions for export can be better with production of biological clean honey (eco-honey, since Croatia has great resources for it. Also, cost of Croatian honey on the foreign market, will be considerable higher.

International Product Market Integration, Rents and Wage Formation

DEFF Research Database (Denmark)

Sørensen, Allan

including product market rents and the possibility that jobs may be relocated across national labour markets. Possibilities and threats, however, will not in general be uniformly distributed across firms and therefore groups in the labour market. These issues are explored in a Ricardian trade model......International product market integration enhances both export possibilities through easier access to foreign markets, but also the import threat arising from foreign firms penetrating into the domestic market. These mechanisms affect wage formation and employment creation through many channels...... with imperfect competition, heterogeneity in the labour market, and decentralized wage-bargaining. The Paper analyses how product market integration affects wage formation, and identifies characteristics of winners and losers in the integration process....

Integrating Ethics into the Marketing Curriculum.

Science.gov (United States)

Martin, James H.

1990-01-01

Describes how John Carroll University successfully integrated ethics into existing marketing courses. Provides a summary of the current literature on marketing ethics, discusses the educational goals that are met by integrating ethics into the curriculum, examines available curricular options, and details the design and implementation of a segment…

Patterns and Regularities in the European Marketing Academic Community

DEFF Research Database (Denmark)

Krystallis Krontalis, Athanasios; Ormrod, Robert P.; Christensen, Katrine

2011-01-01

Recent years have seen a growing interest in the nature of scientific collaboration, as researchers have become interested in how knowledge is generated in research communities. The aim of the current paper is to provide insights into the structure of the European Marketing Academy (EMAC...... partners is socio-cultural and geographical) proximity rather than marketing sub-discipline, pointing towards a very systematic tendency for EMAC members to be organised around institutions in the same or culturally related countries....

Gas transportation tariffs in the european union market

International Nuclear Information System (INIS)

Bianchi, A.

2001-01-01

In a liberalised market, it is an indubitable competitive advantage for a firm to accede at the gas grid with a low cost. The comparison among gas transportation tariffs of 18 European gas transportation companies for a big industrial consumer, shows that Italy is in the medium-high position of the ranking [it

Foreign news and spillovers in emerging European stock markets

Czech Academy of Sciences Publication Activity Database

Hanousek, J.; Kočenda, Evžen

2011-01-01

Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 Institutional research plan: CEZ:AV0Z70850503 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

Research network on capital markets and financial integration in Europe : results and experience after two years

OpenAIRE

European Central Bank ; Center for Financial Studies (CFS)

2008-01-01

In April 2002 the European Central Bank (ECB) and the Center for Financial Studies (CFS) launched the ECB-CFS Research Network to promote research on “Capital Markets and Financial Integration in Europe”. The ECB-CFS research network aims at stimulating top-level and policy-relevant research, significantly contributing to the understanding of the current and future structure and integration of the financial system in Europe and its international linkages with the United States and Japan. This...

ROMANIAN SME-S AFTER INTEGRATION IN EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Corina Ana BORCOŞI

2010-03-01

Full Text Available According with the White Charter of Romanian SME-s 2007, Romanian integration in European Union was considered a great opportunity for the 46,67% of SME-s, just 9,18% of SME-s consider it like a major threatening. Romanian integration in European Union gave us much benefits and big responsibilities for all participants to this complex and long action, which is integration. The influence of integration in EU for SME-s was manifested in some special directions like: human resource, quality and competitiveness, ethics in business.

Labour market in Poland and European Union in 2009-2011

Directory of Open Access Journals (Sweden)

Mariusz Florczyk

2013-12-01

Full Text Available Current economic circumstances have been dominated by changeability and turbulence. In consequence, the crisis phenomena – being the result of the market’s unpredictability – move between certain countries with an increasing intensity and, as the most explicit and fastest, the crisis’ first signals appear on labour markets. The effects of world’s economy breakdown in 2008-2009 were the reason of the necessity for most European countries to confront the alarming growth of essential market indicators. This occurrence influenced the increase of interest related to the issue of creating a more flexible labour market and, in connection to that, a comprehensive political strategy, which would enable to challenge the crisis’ impact on employment and social life. The purpose of this article is an attempt to present and compare the values of the most important indicators concerning the situation on the Polish and European Union’s labour market during the post-crisis time (2009-2011. On the basis of that, the directions of activities taken in this period to prevent the effects of world crisis and favour mitigating dangerous tendencies were being discussed.

Do Decision 2003/54/EC and Decision no. 1229/2003/EC result in a European market for electricity?

International Nuclear Information System (INIS)

Wenting, F.

2004-01-01

In the summer of 2003 the European Parliament and the European Council issued a new Directive with respect to the internal market for electricity (Directive 2003/54/EC of the European Parliament and of the Council of 26 June 2003 concerning common rules for the internal market in electricity) and Guidelines for trans-European networks in the energy sector (Decision no. 1229/2003/EC). The question is whether these decisions will lead to a European and free market for electricity. It is concluded that this is not yet the case [nl

Vertical integration and market power: A model-based analysis of restructuring in the Korean electricity market

International Nuclear Information System (INIS)

Bunn, Derek W.; Martoccia, Maria; Ochoa, Patricia; Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom

2010-01-01

An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.

Vertical integration and market power. A model-based analysis of restructuring in the Korean electricity market

Energy Technology Data Exchange (ETDEWEB)

Bunn, Derek W.; Martoccia, Maria; Ochoa, Patricia [London Business School, London (United Kingdom); Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom [Korean Electric Power Corporation, Seoul (Korea)

2010-07-15

An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration. (author)

Vertical integration and market power: A model-based analysis of restructuring in the Korean electricity market

Energy Technology Data Exchange (ETDEWEB)

Bunn, Derek W., E-mail: dbunn@london.ed [London Business School, London (United Kingdom); Martoccia, Maria; Ochoa, Patricia [London Business School, London (United Kingdom); Kim, Haein; Ahn, Nam-Sung; Yoon, Yong-Beom [Korean Electric Power Corporation, Seoul (Korea, Republic of)

2010-07-15

An agent-based simulation model is developed using computational learning to investigate the impact of vertical integration between electricity generators and retailers on market power in a competitive wholesale market setting. It is observed that if partial vertical integration creates some market foreclosure, whether this leads to an increase or decrease in market power is situation specific. A detailed application to the Korean market structure reveals this to be the case. We find that in various cases, whilst vertical integration generally reduces spot prices, it can increase or decrease the market power of other market generators, depending upon the market share and the technology segment of the market, which is integrated, as well as the market concentrations before and after the integration.

Intercultural aspects and success factors of European companies entering the Indian market

OpenAIRE

Pilný, Ondřej

2015-01-01

This bachelor thesis focuses on the Intercultural aspects and success factors of European companies entering the Indian market. Its main objective is to evaluate Intercultural aspects and success factors. Partial aims are to evaluate attractive-ness of chosen emerging segments in Indian market. Analyse external business environment in India. Recommend market entry strategy, business communica-tion and Intercultural management.

Creating a marketing channels strategy for European market entry: a case study for eloSpaces Oy

OpenAIRE

Babanina, Daria

2016-01-01

This thesis is produced as a case study for eloSpaces, Finnish-Chinese startup company based in Espoo, Finland. eloSpaces develops a unique capsule for people to do the focus work and enjoy privacy. The home market for eloSpaces is China and their current aim is to enter also European market in the nearest future. Therefore, the main objective for thesis was to identify the shortest and most efficient market entry strategy for the full product launch in Europe with highest impact on profits. ...

Implementation of the European directive for the market of negotiable CO2 emission permits

International Nuclear Information System (INIS)

Coussy, P.

2004-01-01

The European directive 87/2003/CE, establishing a system of exchange of greenhouse gas emission quotas, was adopted on July 22, 2003. Before the opening of the gas market on July 1, 2005, the industrialists will have to integrate in their strategic development plan the existence of a new financial asset: the CO 2 quota. At a time when all member states are preparing their 'climate plan', a given number of CO 2 emission quotas will be assigned to industrialists. They will have to stay below these quotas otherwise financial sanctions will be imposed. (J.S.)

The strategy of players on the European gas market

International Nuclear Information System (INIS)

Lecarpentier, A.

2006-01-01

One result of opening up the European gas market to competition has been to increase the number and diversity of the players involved, whether producers, suppliers or electric utilities. However, while the gas on offer is still controlled by a handful of market players given the increasing importance of state-owned companies from exporting countries outside Europe, the downstream gas sector continues to show a strong concentration of incumbent operators seeking a dominant position in the supply of gas. (author)

The strategy of players on the European gas market

Energy Technology Data Exchange (ETDEWEB)

Lecarpentier, A

2006-07-01

One result of opening up the European gas market to competition has been to increase the number and diversity of the players involved, whether producers, suppliers or electric utilities. However, while the gas on offer is still controlled by a handful of market players given the increasing importance of state-owned companies from exporting countries outside Europe, the downstream gas sector continues to show a strong concentration of incumbent operators seeking a dominant position in the supply of gas. (author)

Time-varying long term memory in the European Union stock markets

Science.gov (United States)

Sensoy, Ahmet; Tabak, Benjamin M.

2015-10-01

This paper proposes a new efficiency index to model time-varying inefficiency in stock markets. We focus on European stock markets and show that they have different degrees of time-varying efficiency. We observe that the 2008 global financial crisis has an adverse effect on almost all EU stock markets. However, the Eurozone sovereign debt crisis has a significant adverse effect only on the markets in France, Spain and Greece. For the late members, joining EU does not have a uniform effect on stock market efficiency. Our results have important implications for policy makers, investors, risk managers and academics.

Interest Organisations and European Integration

DEFF Research Database (Denmark)

Pedersen, Ove K.

This paper examines the influence of European integration on the relationship between state administration and private interests in the four Nordic countries - Sweden, Denmark, Norway and Finland. By private interests I mean interest organizations, private corporations and independent experts....... The paper focuses exclusively on the national policy processes that are involved with managing European Union (EU) issues. More specifically, this paper discusses two aspects of multi-level governance. First is the important role of private interests in the coordination of decision making at the national...... level preceding their government's representation of national interests in the European Council of Ministers and other EU organizations. Second is the effect of all this on national democratic systems....

THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

OpenAIRE

Dragoş Mînjină; Andrei Stănculescu

2007-01-01

The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

[Policies encouraging price competition in the generic drug market: Lessons from the European experience].

Science.gov (United States)

Puig-Junoy, Jaume

2010-01-01

To describe alternative policies aimed at encouraging price competition in generic drug markets in countries with strict price regulation, and to present some case studies drawn from the European experience. Systematic literature review of articles and technical reports published after 1999. The shortcomings in consumer price competition observed in some European generic markets, including Spain, may be reduced through three types of public reimbursement or financing reforms: policies aimed at improving the design of current maximum reimbursement level policies; policies aimed at monitoring competitive prices in order to reimburse real acquisition cost to pharmacies; and, more radical and market-oriented policies such as competitive tendering of public drug purchases. The experience of recent reforms adopted in Germany, Belgium, Holland, Norway, and Sweden offers a useful guide for highly price-regulated European countries, such as Spain, currently characterized by limited consumer price competition and the high discounts offered to pharmacy purchases. Direct price regulation and/or the generic reference pricing systems used to reduce generic drug prices in many European countries can be successfully reformed by adopting measures more closely aimed at encouraging consumer price competition in generic drug markets. Copyright 2009 SESPAS. Published by Elsevier Espana. All rights reserved.

Intraday price discovery in emerging European stock markets

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Kočenda, Evžen

-, č. 382 (2009), s. 1-35 ISSN 1211-3298 R&D Projects: GA ČR(CZ) GA402/08/1376; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : price discovery * stock markets * intra-day data * European Union * macroeconomic news Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp382.pdf

Labour Market Effects of Parental Leave: A European Perspective

NARCIS (Netherlands)

Akgündüz, Y.E.; Plantenga, J.

2011-01-01

We investigate the aggregate-level effects of parental leave legislation on various labour market outcomes of women in 16 European countries for the period since 1970. The paper updates and extends previous findings in the literature. Results show increases in participation rates that diminish with

Price dynamics in European petroleum markets

International Nuclear Information System (INIS)

Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

2009-01-01

This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

Role of National Support Policy in the large-scale integration of DER into the European electricity market

DEFF Research Database (Denmark)

ten Donkelaar, Michael; Klinge Jacobsen, Henrik

2008-01-01

This report concerns a study of the DER support schemes in the different EU Member States, their effectiveness and if necessary how these might be moulded to become more cost-effective in the future to integrate much larger shares of DER in the European electricity supply system. The report is pa...

The relationship between the political authorities and the commercial actors in the European natural gas market

International Nuclear Information System (INIS)

Mjelde, Jarle Christian

1998-01-01

In summarizing the reasons for the fall of the Roman empire one has found about 210 significant ones. Without too much comparison the Roman empire and the EU natural gas market have similarities in connections between political authorities and the commercial actors in the European natural gas market. The area has consisted of several independent markets with different solutions that from 1988 has been tried integrated in an inner energy market. Several governmental and private actors have interest in this sector and both inhabitants and businesses are affected by alterations in a national natural gas market. This process is not yet finished. The thesis gives a broad description of the topic by including as many as possible of the EU member states. The topic is large and complex and the author has had to make a choice which parts to emphasize. There are chapters on the theoretical basis, the natural gas industry, what factors may explain the relationship between the political authorities and the commercial actors in the national natural gas market in each EU member and how does the EU Commission goals regarding free competition in the energy market affect the relationship between the political authorities and commercial actors in the national natural gas market

Best Practice: Integrated Marketing Communications

OpenAIRE

Schultz, Don; Macdonald, Emma K.; Baines, Paul R.

2012-01-01

Integrated marketing communications can substantially improve target audience reception, message resonance, and positive behavioural response but, to reach its true potential, the process requires a strong focus on data integration/customer insight.

A study on the effects of marketing communication using integrated marketing communication

Directory of Open Access Journals (Sweden)

Solmaz Sellahvarzi

2014-07-01

Full Text Available Integrated Marketing Communication (IMC is one of the needed concepts in competitive edge. IMC is defined as a cross functional process for creating and nourishing profitable relationships with customers and other stakeholders by strategically controlling or impacting all messages sent to these groups. It ensures that all forms of communications and messages are carefully linked together. This study investigates the effectiveness of marketing communication in an Iranian automaker named Khodro using IMC system. The study tries to audit the rate of marketing relationship integrity and its outcome on organization performance. The study designs a questionnaire and distributes it among 384 randomly selected people who use this firm’s services and Cronbach alpha has been calculated as 0.974. Hypotheses of this survey are exanimated by Pearson correlation test as well as pairwise t-student tests. The results show the effects of integrated marketing Communication on organization performance. In addition, there is a significant positive correlation relationship between integrated marketing communication with mission marketing, Cross functional Strategic Planning and Interactivity. Finally, there is a significant positive correlation relationship between dimensions of IMC.

Defining European Wholesale Electricity Markets. An 'And/Or' Approach

International Nuclear Information System (INIS)

Dijkgraaf, E.; Janssen, M.C.W.

2009-09-01

An important question in the dynamic European wholesale markets for electricity is whether to define the geographical market at the level of an individual member state or more broadly. We show that if we currently take the traditional approach by considering for each member state whether there is one single other country that provides a substitute for domestic production, the market in each separate member state has still to be considered a separate market. However, if we allow for the possibility that at different moments in time there is another country that provides a substitute for domestic production, then the conclusion should be that certain member states do not constitute a separate geographical market. This is in particular true for Belgium, but also for The Netherlands, France, and to some extent also for Germany and Austria. We call this alternative approach the 'and/or' approach.

Thesis: the ''evolutions of the long term European gas market - organisation and costs''

International Nuclear Information System (INIS)

Ouvry, V.

1998-01-01

This paper presents the main conclusions of the thesis defended by the author on January 30, 1998: recalls of some characteristics of the European gas market, the stakes of the gas market liberation, the regulatory aspects, the tariffs problem, the competition in the gas marketing segment, and different possible modeling of the gas market evolution (contracts, costs, competition). (J.S.)

How much room is left for European gas incumbents?

Energy Technology Data Exchange (ETDEWEB)

Schwark, Bastian

2007-07-01

In the context of the liberalization of the European natural gas market former monopolists face a challenge to react to market opening by realigning their strategies. Three major groups of companies can be identified that are capable to influence the European gas market significantly each with a distinctive competitive advantage. They consist of the historical gas incumbents, the power incumbents moving into gas as well as the integrated oil and gas producers moving downwards the supply chain by enlarging their supply division. The aim of the paper is to identify the strategic opportunities of the aforementioned three groups and to asses their success. The analysis is done by means of 22 selected companies that are highly active in the EU gas market. An assessment of their market data and comparisons between the three groups will be done. The firms will be matched according to the potential strategic groups and an outlook given in terms of the development of competition in the European gas market. The results sustain the assumption that the playing field for European gas incumbents is going to decrease as both electricity incumbents and integrated oil and gas producers have significant competitive advantages in their potential moves. (auth)

The European Market for Seasonal Gas Storage

International Nuclear Information System (INIS)

Mahan, A.

2006-02-01

European demand for gas will grow in the years to come. Simultaneously, gas production in Europe will decrease and imported gas will be needed to replace indigenous production. Gas demand is not constant during the year. There are variations in demand on different timescales ranging from seasonal to hourly. Variations in demand are characterised by two main parameters: working volume and deliverability. Working volume - the amount of gas that can be supplied above the baseload production volume during a long (cold) period- is primarily needed to cope with the summer-winter pattern of gas consumption. Most of the summer-winter pattern comes from the temperature sensitive gas consumption by households and service industries. Gas usage by industry and the power sector are more evenly spread throughout the year and need less working volume. Deliverability - the amount of gas per hour that can be generated on a (very) cold day above the baseload capacity - is the ability to produce large volumes during short periods, e.g. for extremely cold days, or during peak periods during a day. In this paper we argue that a large amount of additional working volume will be required over the coming years. First, flexible European production will be replaced by long-distance import gas, and second, the gas market is expected to grow further. Todays market appears focus mainly on cavems for storage volume. Cavems have little working volume but are ideal for trading purposes. Consequently, Europe may be facing a deficit in working volume, i.e. the ability to cope with seasonal changes in demand. This paper aims to widen the discussion of this matter and give rise to this concern by setting out a broad analysis, exploring the market drivers for seasonal storage and identifying the public interest issues for this market. Chapter 2 gives an overview of demand for and supply characteristics of gas flexibility. Chapter 3 describes the role of gas storage facilities in the gas market

MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

Directory of Open Access Journals (Sweden)

Cn#259;pun#351;an Rn#259;zvan

2012-07-01

Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

2nd European Conference on Green Power Marketing 2002

International Nuclear Information System (INIS)

2002-01-01

This report summarises the information presented at the European Conference on Green Power Marketing held in 2002 in St. Moritz, Switzerland. It takes a look at the market chances of ecologically produced electricity for use in Switzerland and for export. The opinions of experts from the areas of research, business, politics, marketing and non-governmental organisations that were presented at the meeting are summarised. International perspectives and trends are discussed and strategies and management issues are examined. Product and price policies are discussed, as are instruments for the communication of 'Green Power' issues. Also, issues concerning customer needs, renewable energy sources, climate change and sustainability are dealt with and the situation in Australia is looked at

Commercial Aquaponics Approaching the European Market: To Consumers’ Perceptions of Aquaponics Products in Europe

Directory of Open Access Journals (Sweden)

Vesna Miličić

2017-01-01

Full Text Available The first commercial aquaponics companies are starting up in Europe. The main focus has been on solving technology issues and optimizing production. However, increasing attention is now being paid to certification and regulations linked to aquaponics, as well as the marketing of products and services. The paper presents the results of a study whose main aim was to estimate consumers’ knowledge about aquaponics and their acceptance of aquaponics products in different European regions. An on-line questionnaire was administered to the general public through the aquaponics network of Food and Agriculture COST (European Cooperation in Science and Technology Action FA1305 “The EU Aquaponics Hub—Realising Sustainable Integrated Fish and Vegetable Production for the EU” in 16 European countries. The methodology includes univariate and multivariate statistical techniques. The results show that, on average, attitudes towards aquaponics were positive, showing no significant differences between those who already knew about aquaponics and those who only heard about it through the survey. More than 50% of respondents had never heard of aquaponics, whilst more than 70% had already heard of hydroponics. No more than 17% of respondents were willing to pay more for aquaponically produced products and no more than 40% more when compared to the price of products from conventional farming. The results confirm three different clusters of potential consumers of aquaponics products. They also suggest an urgent need for implementing integrated and holistic approaches involving all stakeholders in aquaponics, in order to define a marketing plan and efficient communication strategies. This COST action, other projects and public decision makers must invest in educating consumers about aquaponics through the organization of guided tours, thematic workshops and tastings of aquaponics products in order to raise their awareness about this new technology. It is

Modelling the role of transmission companies in the downstream European gas market

International Nuclear Information System (INIS)

Boots, M.A.; Rijkers, F.A.M.

2000-07-01

This paper describes the empirical model GASTALE and shows several analyses of the European gas market using this model. These analyses are mainly focused on the role of the downstream transmission companies. Producers of natural gas are assumed to form an oligopoly throughout the paper. Considering an oligopolistic transmission structure our model results show that the level of transmitters' profits strongly depends on the possibilities of discrimination on the border prices. If price discrimination by producers is allowed, these producers collect the main part of the margins on end-use prices. Without price discrimination the transmission companies collect most of the margins. Assuming an oligopolistic downstream structure, end-use prices converge to prices corresponding to perfect competition when the number of transmitters increases. Given the oligopolistic structure of the upstream industry, it is of importance to prevent (or abolish) monopolistic structures in the downstream gas market. In the case where oligopolistic competition between downstream gas companies cannot be prevented, vertical integration should be supported (or at least not be discouraged). 14 refs

Liberalisation versus national protectionism: the European liberalised postal market: finalisation by whom?

NARCIS (Netherlands)

Versteegh, L.

2010-01-01

The new European Postal Directive of 2008 provides the postal market with new opportunities as it allows for the gradual development of competition of services of general interests in Europe. However, the directive leaves room for uncertainties and the full opening of the postal market is hampered

A game theoretic model of the Northwestern European electricity market-market power and the environment

NARCIS (Netherlands)

Lise, W.; Linderhof, V.G.M.; Kuik, O.; Kemfert, C.; Ostling, R.; Heinzow, T.

2006-01-01

This paper develops a static computational game theoretic model. Illustrative results for the liberalising European electricity market are given to demonstrate the type of economic and environmental results that can be generated with the model. The model is empirically calibrated to eight

The Impact of European Economic Integration on Migration in the European Union

Directory of Open Access Journals (Sweden)

Simionescu Mihaela

2018-05-01

Full Text Available The recent enlargement of the EU (since 2004 and the United Kingdom's decision to leave the European Union have prompted a growing research interest in the political and academic environment because of the causes and consequences of migration between the CEE countries and those in the Western Europe. In this study, the effects of European economic integration on the number of EU-15 immigrants from the newly integrated EU countries were assessed by econometric techniques. According to panel data models, in the period 2000-2015, the number of migrants from the new member states of the EU has increased, in average, with more than 2200 people only due to their EU membership. This result reflects the positive impact of European economic integration on the number of emigrants from the CEE countries that chose the EU-15 states as destination countries. Moreover, according to some ridge Bayesian regressions, during the period 2004-2015, the EU-15 immigrants coming from the EU-13 states did not negatively affect the economic growth of the EU-15 countries.

Supply prospects and network integration in the European natural gas sector

International Nuclear Information System (INIS)

Bergmann, B.

1998-01-01

At least for the next 10-15 years, natural gas will be the fastest growing energy form in Europe, with a higher rate of growth in consumption (from a lower base) in central Europe than in western Europe. Although most of the prospective demand until 2010 is covered by signed import contracts and indigenous production, important additional gas supply capacity still has to be developed out of a plenitude of reserves within and (in the long run primarily) outside western and central Europe. The real problem is how to mobilise the reserves economically and direct them towards the European market, in competition with other markets. Europe has a sophisticated transmission system whose development has gone hand-in-hand with long-term import agreements. Among the missing links is the Interconnector, which, at the end of 1998, is due to integrate the UK and Ireland into mainland Europe. This is expected to enhance security of supply in both areas, to balance prices and maybe also to foster ideas of liberalisation. Overall, the European gas industry is in an excellent position to develop the supply of gas in an environmentally benign way. The future belongs all the more to natural gas, the fewer the mistakes that are made when it comes to matters of legal frameworks and taxation

Market status of organic products in the countries of the European Union

Directory of Open Access Journals (Sweden)

Tananeva Zhivka

2010-01-01

Full Text Available Organic production of foods is strictly regulated industry, which is different from the private market-gardening. The organic foods make up 1-2% of global food selling. The European Union and Bulgarian government nowadays encourage the transition to the organic farming and they grant resources to the farmers and food producers, which turn to it. Presently, 90 % of the organic food produced in Bulgaria is exported to richer European states. Bulgarian organic food is basically fruits: nuts, herbs and spices, as organic plant oils, tobacco, vegetables. There is lamb and veal on the market, as organic jam and honey. .

Integration of the market of the European community and the change of the industrial structure. EC shijo togo to sangyo kozo no henka

Energy Technology Data Exchange (ETDEWEB)

Tanimoto, T; Uno, K; Nakamura, T; Yamashita, S [Osaka Sangyo University, Osaka (Japan). Institute for Industrial Research

1992-11-20

This paper considers problems in the change of the industrial structure as a result of the EC market integration, and the change of the physical distribution structure, mainly in cargo transportation. The market integration is being moved forward mainly on liberalization of flows in people, materials, and currencies, but the material flow liberalization has not progressed noticeably because of difficulty in deregulations. Changes in the transportation structure on the whole in the EC countries would not see a complete removal of barriers supported by the transportation licensing system because of issues in protecting domestic transportation markets and sharing the road expenses, even if the tariff barrier has been removed as a result of the market integration. Amid the predictions on deregulated legislations and intensified competition associated with the integration, the French trucking industry is indicated of its direction toward a two-layer structure comprising large-scale enterprises and medium-to-small companies. The German unification created problems in transferring from the socialistic command economy to the capitalistic market economy. The paper gives considerations on the real state of affairs in the privatization policy of the people-owned enterprises in the former East Germany, and its economic and managerial problems that should be solved amid the large-area EC market integration based on the mutualism over and above the economic system transition.

Economic potential of demand response at household level—Are Central-European market conditions sufficient?

International Nuclear Information System (INIS)

Prüggler, Natalie

2013-01-01

The aim of this paper is to show the economic potential of demand response (DR) on household level at Central European market conditions. Thereby, required economic benefits for consumers' participation, the realistic load shifting potential at household level and the estimation of essential intelligent infrastructure costs are discussed. The core of this paper builds a case-study applying spot market-oriented load shifting from the supplier's point of view by using Austrian electricity market data, household load profiles as well as a heat pump and e-car charging load profile. It is demonstrated which cost savings for suppliers can be derived from such load shifting procedure at household level. Furthermore, upper cost limits for intelligent infrastructure in order to break-even are derived. Results suggest to take a critical look at European discussions on DR implementation on household level, showing that at Central European market conditions the potential for DR at household level is restricted to significant loads and hence, the applied load shifting strategy is only beneficial with application to heat pumps. In contrast, the frequently discussed shifting of conventional household devices' loads (such as washing machines) economically does not add up. - Highlights: • Calculation of economic potential of domestic DR at Central European market conditions. • Model and case-study of spot market-oriented load shifting from supplier's perspective. • Derivation of supplier's cost savings and upper cost limits for ICT infrastructure. • Results show economic potential of domestic DR to be restricted to significant loads. • Shifting of washing machines economically does not pay off in contrast to heat pumps

Marketing. Market research, the key to success; Marketing. Erfolgsfaktor Marktforschung

Energy Technology Data Exchange (ETDEWEB)

Bongers, U. [VSE AG, Saarbruecken (Germany); Borch, G. [Berliner Kraft- und Licht (BEWAG)-AG, Berlin (Germany); Edelmann, H. [Vereinigte Elektrizitaetswerke Westfalen AG (VEW), Dortmund (Germany); Hermann, E. [Hamburgische Electricitaets-Werke AG, Hamburg (Germany); Nickel, M. [Vereinigung Deutscher Elektrizitaetswerke e.V. (VDEW), Frankfurt am Main (Germany)

1999-07-01

The brochure explains why market research has become an essential activity for the business management of electric utilities in the competitive market environment. The document gives advice on integrating information obtained from market research into the organizational planning of the marketing activities of electric utilities that are newcomers in the deregulated European energy markets. The brochure was elaborated by a working group for 'market research and organisational statistics' of the VDEW. (orig./CB) [German] Die vorliegende Broschuere stellt die neue Bedeutung der Marktforschung fuer die Informationsgewinnung und das Marketing der Stromunternehmen dar und gibt Hinweise auf die organisatorische Einbindung der Marktforschung. Sie wurde von einer Projektgruppe des VDEW-Fachausschusses 'Marktforschung und Unternehmensstatistik' erarbeitet. Die Broschuere ist vor allem fuer die Unternehmen gedacht, die ihre Marktforschung aufbauen oder ausbauen wollen. (orig./CB)

BUCHAREST HOTEL MARKET IN THE EUROPEAN CONTEXT

OpenAIRE

Ioana Cristiana PATRICHI

2014-01-01

The European hospitality industry currently sees an increase in all specific indicators, a fact that shows, on one hand, the ability of this sector to overcome the economic turbulences of recent years, but also the real perspectives for future growth. Today’s hotel industry can no longer rely on the traditional growth methods, and needs to prepare for the major confrontation with the next-generation technological developments that generate modern marketing channels but, by default, incur sign...

Market Integration Dynamics and Asymptotic Price Convergence in Distribution

NARCIS (Netherlands)

A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

2013-01-01

textabstractIn this paper we analyse the market integration process of the relative price distribution, develop a model to analyze market integration, and present a formal test of increasing market integration. We distinguish between the economic concepts of price convergence in mean and in

Milestones of European Integration: Which matters most for Export Openness?

DEFF Research Database (Denmark)

Hiller, Sanne; Kruse, Robinson

The European integration process has removed barriers to trade within Europe. We analyze which integration step has most profoundly influenced the trending behavior of export openness. We endogenously determine the single most decisive break in the trend, account for strong cross-country heteroge......The European integration process has removed barriers to trade within Europe. We analyze which integration step has most profoundly influenced the trending behavior of export openness. We endogenously determine the single most decisive break in the trend, account for strong cross...... and the Netherlands are the Euro introduction, the Maastricht Treaty, the Exchange Rate Mechanism I and the merge of EFTA and EEC to the European Economic Area, respectively. Our empirical results have important implications for inner-European economic development, as export openness feeds back into growth...

Government intervention and market integration in Indonesian rice markets

OpenAIRE

Ismet, Mohammad; Barkley, Andrew P.; Llewelyn, Richard V.

1998-01-01

Long-run spatial price relationships in Indonesian rice markets and factors affecting the degree of market integration are evaluated using multivariate cointegration tests with weekly price data for the 1982-1993 period. The analysis includes evaluation of pre-self-sufficiency and post-self-sufficiency periods as well as for the entire period. The cointegration tests for entire Indonesian rice market, represented by the nine most relevant price series, indicate that relative to the pre-selfsu...

Stock Market Integration: Are Risk Premiums of International Assets Equal?

Directory of Open Access Journals (Sweden)

Kusdhianto Setiawan

2014-02-01

Full Text Available This paper studies previous research on capital market integration and applies a simple international capital asset pricing model by considering the incompleteness in market integration and heteroscedasticity of the market returns. When we disregarded those two factors, we found that stock markets were integrated and the law of one price on risk premiums prevails. However, when the factors were considered, the markets were just partially integrated.

Co-Movements Of U.S. And European Stock Markets Before And After The 2008 Gloal Stock Market Crash

Directory of Open Access Journals (Sweden)

Meric Ilhan

2015-08-01

Full Text Available Empirical studies show that correlation between national stock markets increased and the benefits of global portfolio diversification decreased significantly after the global stock market crash of 1987. The 1987 and 2008 crashes are the two most important global stock market crashes since the 1929 Great depression. Although the effects of the 1987 crash on the comovements of national stock markets have been investigated extensively, the effects of the 2008 crash have not been studied sufficiently. In this paper we study this issue with a research sample that includes the U.S stock market and twenty European stock markets. We find that correlation between the twenty-one stock markets increased and the benefits of portfolio diversification decreased significantly after the 2008 stock market crash.

European Union energy policy integration: A case of European Commission policy entrepreneurship and increasing supranationalism

International Nuclear Information System (INIS)

Maltby, Tomas

2013-01-01

Focusing on gas, this article explores the role of the European Commission in the process of European Union energy security policy development, and the extent to which the policy area is becoming increasingly supranational. Situating the article within the literature on agenda-setting and framing, it is argued that a policy window was opened as a result of: enlargement to include more energy import dependent states, a trend of increasing energy imports and prices, and gas supply disruptions. From the mid-2000s, the Commission contributed to a shift in political norms, successfully framing import dependency as a problem requiring an EU-level solution, based on the institution’s pre-existing preferences for a diversified energy supply and internal energy market. Whilst Member States retain significant sovereignty, the Commission has achieved since 2006 creeping competencies in the internal, and to a lesser extent external, dimensions of EU energy policy. - Highlights: ► We examine the development of EU energy security policy, focusing on gas. ► We examine changes in European Commission competence in energy policy. ► The European Commission has gained increased competence in the internal market. ► In the external dimension of EU energy policy Member States retain competence. ► The European Commission has had qualified success as a policy entrepreneur

Market Integration Dynamics and Asymptotic Price Convergence in Distribution

NARCIS (Netherlands)

A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

2015-01-01

textabstractThis paper analyzes the market integration process of nominal prices, develops a model to analyze market integration, and presents a test of increasing market integration. A distinction is made between the economic concepts of price conver- gence in mean and variance. When both types of

Strategy 2020 and the European Social Policy

Directory of Open Access Journals (Sweden)

Radu Razvan Popescu

2013-08-01

Full Text Available Flexicurity is an integrated concept, resulted from the combination of two fundamental elements flexibility and security. The strategy was recognized as one of the key objectives for European Labour markets in the context of the European Employment Strategy and Lisbon Strategy. The implementation of flexicurity can only be specific, taking account of national and regional characteristics in spite of the fact that all labour markets in Europe are faced with similar challenges.

Time-varying convergence in European electricity spot markets and their association with carbon and fuel prices

International Nuclear Information System (INIS)

Menezes, Lilian M. de; Houllier, Melanie A.; Tamvakis, Michael

2016-01-01

Long-run dynamics of electricity prices are expected to reflect fuel price developments, since fuels generally account for a large share in the cost of generation. As an integrated European market for electricity develops, wholesale electricity prices should be converging as a result of market coupling and increased interconnectivity. Electricity mixes are also changing, spurred by a drive to significantly increase the share of renewables. Consequently, the electricity wholesale price dynamics are evolving, and the fuel–electricity price nexus that has been described in the literature is likely to reflect this evolution. This study investigates associations between spot prices from the British, French and Nordpool markets with those in connected electricity markets and fuel input prices, from December 2005 to October 2013. In order to assess the time-varying dynamics of electricity spot price series, localized autocorrelation functions are used. Electricity spot prices in the three markets are found to have stationary and non-stationary periods. When a trend in spot prices is observed, it is likely to reflect the trend in fuel prices. Cointegration analysis is then used to assess co-movement between electricity spot prices and fuel inputs to generation. The results show that British electricity spot prices are associated with fuel prices and not with price developments in connected markets, while the opposite is observed in the French and Nordpool day-ahead markets. - Highlights: • Electricity market integration policies may have altered EU spot electricity prices. • LACF is used to assess the changing nature of electricity spot prices. • EU electricity spot prices show both stationary and non-stationary periods. • Carbon and fuel prices have greater impact on British spot prices. • In continental Europe, electricity prices have decoupled from fuel prices.

Classifying Returns as Extreme: European Stock and Bond Markets

DEFF Research Database (Denmark)

Christiansen, Charlotte

whereby a shorter sample period is needed. For the bond markets the simultaneous extreme return variable (used for analyzing integration and contagion of financial markets) is not statistically different for the two schemes. For the stock markets there are differences, but they are disappearing......I consider the stock and bond markets of 14 EU countries. I use two classification schemes for defining extreme returns: One, the existing univariate classification scheme which considers each market separately. Two, the new multivariate classification scheme that considers all the markets jointly...

SOLID-DER. Reaching large-scale integration of Distributed Energy Resources in the enlarged European electricity market

International Nuclear Information System (INIS)

Van Oostvoorn, F.; Ten Donkelaar, M.

2007-05-01

The integration of DER (distributed energy resources) in the European electricity networks has become a key issue for energy producers, network operators, policy makers and the R and D community. In some countries it created already a number of challenges for the stability of the electricity supply system, thereby creating new barriers for further expansion of the share of DER in supply. On the other hand in many Member States there exists still a lack of awareness and understanding of the possible benefits and role of DER in the electricity system, while environmental goals and security of supply issues ask more and more for solutions that DER could provide in the future. The project SOLID-DER, a Coordination Action, will assess the barriers for further integration of DER, overcome both the lack of awareness of benefits of DER solutions and fragmentation in EU R and D results by consolidating all European DER research activities and report on its common findings. In particular awareness of DER solutions and benefits will be raised in the new Member States, thereby addressing their specific issues and barriers and incorporate them in the existing EU DER R and D community. The SOLID-DER Coordination Action will run from November 2005 to October 2008

NEW DIMENSIONS OF BENEFITS AND RISKS TO BUSINESSES IN THE EUROPEAN UNION MARKET

Directory of Open Access Journals (Sweden)

Dinu Ana-Maria

2013-07-01

Full Text Available The paper aims to identify the types of risks that a company faces when entering the European Union’s market. Risk may be defined as an uncertain event that may have a negative effect on achieving objectives and risk management can be defined as the process that identifies analyses and accept or mitigate the uncertainty in business decision-making. Well designed and implemented, risk management programs are the source of competitive advantage for businesses in the European Union market and this way the operating costs can be reduced, quality and product reliability can be improved, staff productivity can increase. It is very important for any company to be aware of potential risks as this will help to assess, to prioritise and to protect againt the risks that may arise. Some of the potential risk can destroy a business, while others can cause serious damage that can be costly and time consuming to repair. After the company have identified the risks, they must be prioritized in accordance with the companies assessment of their probability.The European Union expansion is ongoing and it is a major market place .Doing business on international level has always been about managing the unique risks which global markets pose. For many companies that intend to do business in Europe today, the risks are so varied and complicated that a risk management strategy is necessary and must be carefully tuned and revisited on a regular basis. There are many advantages when starting a business in the European Union. When participants and investors enter a new market should remain vigilant about risks.

Dynamics of Timber Market Integration in Sweden

Directory of Open Access Journals (Sweden)

Vishal Chandr Jaunky

2015-12-01

Full Text Available This paper addresses the performance of the timber markets (Scots pine, Pinus silvestris L. and Norway spruce, Picea abies (L. Karst. by evaluating the order of market integration in three Swedish regions (Central, Northern, and Southern. Quarterly data of delivery prices are employed over the period 1999Q1–2012Q4. Various unit root and cointegration tests have been computed. The results indicate that the variables are integrated of first order and co-integrated, especially after controlling for structural breaks. This supports the law-of-one-price hypothesis (LOP. However, the effects of structural shocks on forestry are arguably significant and these are controlled for while performing a vector error-correction mechanism (VECM-based Granger-causality test. Bi-directional causality between the Northern and central markets is uncovered in the short-run. In the long-run, a similar causal effect is detected between Northern and Southern markets while the central market emerges as the price leader. Further investigation is carried out using variance decompositions and impulse response functions and these approaches also tend to confirm the existence of a single market well, as price interdependence between markets.

Market integration of cold and warmwater shrimp in Europe

DEFF Research Database (Denmark)

Ankamah-Yeboah, Isaac; Ståhl, Lisa; Nielsen, Max

2017-01-01

) holds in three of the five cases. For processed shrimp, the LOP holds in three of four integrated cases, and for retail sales in the UK and Denmark, the LOP fails to hold in the presence of market integration. Unprocessed coldwater shrimp leads the market in northern Europe. Downstream, prices adjust......This study examines market integration between the cold and warmwater shrimp value chain in the UK, Denmark, Italy, Sweden, and Norway using cointegration methods. For all countries, market integration exists between cold and warmwater unprocessed shrimp imports, where the law of one price (LOP...

Mapping European Welfare Models: State of the Art of Strategies for Professional Integration and Reintegration of Persons with Chronic Diseases

Directory of Open Access Journals (Sweden)

Chiara Scaratti

2018-04-01

Full Text Available Background: Persons with chronic diseases (PwCDs often experience work-related problems, and innovative actions to improve their participation in the labor market are needed. In the frame of the European (EU Pathways Project, the aim of the study is to compare existing strategies (policies, systems, and services for professional (re-integration of PwCDs and mental health conditions available at both European and national level between different European welfare models: Scandinavian, Continental, Anglo-Saxon, Mediterranean, and “Post-Communist”. Method: The European strategies were identified by an overview of relevant academic and grey literature searched through Medline and internet searches, while national strategies were explored through questionnaires and in-depth interviews with national relevant stakeholders. Results: The mapping of existing strategies revealed that, both at European and national level, PwCDs are often considered as part of the group of “persons with disabilities” and only in this case they can receive employment support. European countries put in place actions to support greater labor market participation, but these differ from country to country. Conclusion: Strategies targeting “persons with disabilities” do not necessarily address all the needs of persons with chronic diseases. Countries should consider the importance of employment for all to achieve smart, sustainable, and inclusive growth.

Mapping European Welfare Models: State of the Art of Strategies for Professional Integration and Reintegration of Persons with Chronic Diseases.

Science.gov (United States)

Scaratti, Chiara; Leonardi, Matilde; Silvaggi, Fabiola; Ávila, Carolina C; Muñoz-Murillo, Amalia; Stavroussi, Panayiota; Roka, Olga; Burger, Helena; Fheodoroff, Klemens; Tobiasz-Adamczyk, Beata; Sabariego, Carla; Esteban, Eva; Gruber, Sonja; Svestkova, Olga; Halvorsen, Rune; Kadyrbaeva, Asel; Ferraina, Sabrina

2018-04-17

Background: Persons with chronic diseases (PwCDs) often experience work-related problems, and innovative actions to improve their participation in the labor market are needed. In the frame of the European (EU) Pathways Project, the aim of the study is to compare existing strategies (policies, systems, and services) for professional (re-)integration of PwCDs and mental health conditions available at both European and national level between different European welfare models: Scandinavian, Continental, Anglo-Saxon, Mediterranean, and “Post-Communist”. Method : The European strategies were identified by an overview of relevant academic and grey literature searched through Medline and internet searches, while national strategies were explored through questionnaires and in-depth interviews with national relevant stakeholders. Results : The mapping of existing strategies revealed that, both at European and national level, PwCDs are often considered as part of the group of “persons with disabilities” and only in this case they can receive employment support. European countries put in place actions to support greater labor market participation, but these differ from country to country. Conclusion : Strategies targeting “persons with disabilities” do not necessarily address all the needs of persons with chronic diseases. Countries should consider the importance of employment for all to achieve smart, sustainable, and inclusive growth.

Essays on financial market integration

NARCIS (Netherlands)

Pungulescu, C.

2009-01-01

The four essays in this dissertation address these main questions and alternate a general perspective with focused analysis on specific measures of integration and regions, providing several novel answers. First, new relevant proxies are proposed to measure financial market integration. They give

European standards of the civil service integrity

Directory of Open Access Journals (Sweden)

L. V. Prudyus

2016-09-01

It was offered for further implementation of the European standards of integrity to develop a new Code of integrity for civil servants and take measures, which contain Anti-Corruption Strategy: adopt a law on the protection of persons who honestly reported regarding corruption offenses (denunciators, in particular a law concerning conducting the inspection of public servants on integrity.

The competitiveness of Slovak foreign trade in the European market

Directory of Open Access Journals (Sweden)

Pavličková Viera

2013-01-01

Full Text Available The paper deals with the competitiveness of the Slovak Republic in its ability to succeed in foreign markets. It provides a complex view of Slovak foreign trade within the European Union using a sectoral classification of products. Several appropriate methods (Constant Market Share Analysis, Revealed Comparative Advantage, Michaely Index, and unit export and import values are applied to quantify the competitiveness of Slovak foreign trade and to identify the level and trend of its specialisation. The analysis uses the data provided by the Eurostat Comext database for the period 1999-2011. The results confirmed Slovakia as a former transition country to be a fast developing open economy. Its production is competitive in the European market, although mainly with prices. Labour- and capital-intensive commodities, along with the automotive industry, dominate Slovak foreign trade. Technology- and R&D-driven goods have a comparative disadvantage as a consequence of several factors, such as lack of innovation and creativity in the business sphere. A shift towards export of more sophisticated products would be beneficial in supporting long-term sustainable development; however, no significant change in Slovak commodity structure has occurred over the past years.

The European wind energy programmes

International Nuclear Information System (INIS)

Beurskens, H.J.M.; Lalas, D.

1993-01-01

A general review is given of national wind energy programmes in European countries. First, tendencies of the past wind energy programmes are described and linked to the present developments. Not only the separate aspects are reviewed (R+D, wind turbine development, market stimulation, utility involvement, regulatory issues and operational experiences), but also the synergetic aspects of their integration is addressed. The main conclusion is that the integration of R+D, industrial development and market stimulation works. 4 ills., 3 tabs

Analysis of the efficiency-integration nexus of Japanese stock market

Science.gov (United States)

Rizvi, Syed Aun R.; Arshad, Shaista

2017-03-01

This paper attempts a novel approach in analysing the Japanese economy through a dual-dimension analysis of its stock market, examining the efficiency and market integration. Taking a period of 24 years, this study employs MFDFA and MGARCH to understand how the efficiency and integration of the stock market faired during different business cycle phases of the Japanese economy. The results showed improving efficiency over the time period. For the case of market integration, our findings conform to recent literature on business cycles and stock market integration that every succeeding recession creates a break into integration levels resulting in a decrease.

Th european market of the electric power; Le marche europeen de l'electricite

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-07-01

This document presents the CRE (commission of the Electric power Control) progress report concerning the first july 2000 to the 30 june 2001. Three main subjects are discussed, illustrated by economic data and graphs: the electric power european market, the french market control and the CRE. A special interest is given to the deregulation of the market and its consequences. (A.L.B.)

Foreign news and spillovers in emerging European stock markets

Czech Academy of Sciences Publication Activity Database

Hanousek, Jan; Kočenda, E.

2011-01-01

Roč. 19, č. 1 (2011), s. 170-188 ISSN 0965-7576 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : emerging European stock market s * foreign news * intraday data Subject RIV: AH - Economics Impact factor: 0.631, year: 2011

Polskie Gornictwo Naftowe i Gazownictwo in a liberalized european market

International Nuclear Information System (INIS)

Kaminski, P.

2004-01-01

Polskie Gornictwo Naftowe i Gaxownictwo (PGNiG) is the leading operator in the Polish natural gas market. Following Poland's membership of the European Union, the company must now face up to the new challenges of a liberalized gas market. The firm is currently changing its organisational methods in order to adapt its company structure to the requirements of gas directive No. 2003/55/CE. In conformity with the European recommendations, the transportation activities have been separated off from the company structure. Work is being carried out in order to separate the company PGNiG Przesyl which is the operator of the transport system. Preparatory measures are underway in order to facilitate PGNiG's flotation on the stock market. A successful privatisation will enable the company to continue its expansion and to obtain the capital it needs to face up to its investment related expenditure. PGNiG aims to be a highly competitive company, not only in Poland but also in Europe. To achieve this, investments are being made aimed at boosting national gas extraction, which will make it possible to improve the company's competitiveness. The firm seeks to be a key player to discussions focusing on infrastructure for the transportation of natural gas towards Europe and is carrying out negotiations with partners concerning the construction of connections known as 'interconnections' between the gas pipeline systems of the respective European countries. The company's participation in the planned construction of the Bernau-Szczecin pipeline is similar in nature to the project for the delivery of compressed natural gas. (author)

Electricity market models and RES integration: The Greek case

International Nuclear Information System (INIS)

Simoglou, Christos K.; Biskas, Pandelis N.; Vagropoulos, Stylianos I.; Bakirtzis, Anastasios G.

2014-01-01

This paper presents an extensive analysis of the Greek electricity market for the next 7-year period (2014–2020) based on an hour-by-hour simulation considering five different RES technologies, namely wind, PV, small hydro, biomass and CHP with emphasis on PV integration. The impact of RES penetration on the electricity market operation is evaluated under two different models regarding the organization of the Greek wholesale day-ahead electricity market: a mandatory power pool for year 2014 (current market design) and a power exchange for the period 2015–2020 (Target Model). An integrated software tool is used for the simulation of the current and the future day-ahead market clearing algorithm of the Greek wholesale electricity market. Simulation results indicate the impact of the anticipated large-scale RES integration, in conjunction with each market model, on specific indicators of the Greek electricity market in the long-term. - Highlights: • Analysis of the Greek electricity market for the next 7-year period (2014–2020) based on hour-by-hour simulation. • Five different RES technologies are considered with emphasis on PV integration. • A power pool (for 2014) and a power exchange (for 2015–2020) are considered. • Various market indicators are used for the analysis of the impact of the RES integration on the Greek electricity market. • Two alternative tariff schemes for the compensation of the new ground-mounted PV units from 2015 onwards are investigated

HOUSING MARKETS IN SELECTED EUROPEAN COUNTRIES AND THE USA

Directory of Open Access Journals (Sweden)

Magdalena Gostkowska-Drzewicka

2012-04-01

Full Text Available The aim of this article is to present the changes taking place in housing markets in selected European countries and in the USA. The basic research period covers the years 1998-2009. However, wherever availability of data allowed so, we covered with our research also the years 1963-2010. The development of domestic housing markets is determined both by specific features of local markets and by macroeconomic factors influencing the economic situation. The availability of capital to finance investment is of primary importance for the changes taking place in housing markets. This factor can be expressed by the volume of mortgage debt related to GDP and inflation and the level of interest rates on mortgage loans. The evaluation of the changes occurring in domestic housing markets was based on the identification of such structural characteristics as: the volume of the housing stock, the number of ready-to-use flats, the number of issued building permits, the indices of housing prices, and the number of transactions concerning purchase of flats or houses.

On Chaotic Nature of the Emerging European Forex Markets

Directory of Open Access Journals (Sweden)

Anoop S Kumar

2014-06-01

Full Text Available This study attempts to analyze the presence deterministic chaos in the forex markets of select European countries namely Bulgaria, Croatia, Czech Republic, Hungary Poland, Romania, Russia, Slovakia and Slovenia. Monthly NEER data ranging from jan-1994 to Dec-2013 is used for the purpose of analysis. A two step methodology is employed where in the first step, non-linear dependence structure in the underlying time series is verified using BDS test. The results show that all the markets under study exhibit non-linear dependence. In the next stage, it is enquired whether this non-linear behavior is due to the presence of chaotic dynamics in the markets. This is achieved by estimating Lyapunov exponents for the time series under analysis. An EGARCH (1, 1 filter is applied to see if the non-linearity could be explained by a GARCH process. From the Lyapunov exponent values, it is found that the GARCH process is unable to explain the forex markets behavior in a satisfying manner. It is concluded that the forex markets under study exhibit deterministic chaotic behavior.

Big Data and Insurance: Advantageous Selection in European Markets

Directory of Open Access Journals (Sweden)

Francesco Corea

2017-06-01

Full Text Available Rothschild and Stiglitz (1976 argued that people signal their risk profile through their insurance demand, i.e. individuals with a high risk profile would buy insurance as much as they can, while people who are not going to buy any insurance are the ones with a lower risk profile. This issue is commonly known as adverse selection. Even if their prediction seems to work quite well in a lot of different markets, Cutler et al. (2008 proved that there exist some insurance markets in United States in which the expected result is completely different. In the wake of this study, we provide empirical evidences that there are some European insurance markets in which the low risk profile agents are the ones who buy more insurance.

The Empirical Evidence on Government Bond Market Integration in East Asia

Directory of Open Access Journals (Sweden)

Lian Liu

2016-03-01

Full Text Available This research intends to investigate the progress made in East Asian bond market integration thus far. Price-based measures (AAD indicator and beta-convergence measure, quantity-based measures and econometric techniques (co-integration test, error correction model based Granger causality test are employed in the analysis. Even though East Asian government bond markets have become more integrated since 2001, the differentials among the markets still remain significantly high. The bond market integration process seems slow. The convergence of bond markets sped up in 2003 and after the 2008 world financial crisis, implying the important role of government policies in integrating the regional bond markets. East Asian bond market integration may need more government-directed measures.

Time-zero efficiency of European power derivatives markets

International Nuclear Information System (INIS)

Peña, Juan Ignacio; Rodriguez, Rosa

2016-01-01

We study time-zero efficiency of electricity derivatives markets. By time-zero efficiency is meant a sequence of prices of derivatives contracts having the same underlying asset but different times to maturity which implies that prices comply with a set of efficiency conditions that prevent profitable time-zero arbitrage opportunities. We investigate whether statistical tests, based on the law of one price, and trading rules, based on price differentials and no-arbitrage violations, are useful for assessing time-zero efficiency. We apply tests and trading rules to daily data of three European power markets: Germany, France and Spain. In the case of the German market, after considering liquidity availability and transaction costs, results are not inconsistent with time-zero efficiency. However, in the case of the French and Spanish markets, limitations in liquidity and representativeness are challenges that prevent definite conclusions. Liquidity in French and Spanish markets should improve by using pricing and marketing incentives. These incentives should attract more participants into the electricity derivatives exchanges and should encourage them to settle OTC trades in clearinghouses. Publication of statistics on prices, volumes and open interest per type of participant should be promoted. - Highlights: •We test time-zero efficiency of derivatives power markets in Germany, France and Spain. •Prices in Germany, considering liquidity and transaction costs, are time-zero efficient. •In France and Spain, limitations in liquidity and representativeness prevent conclusions. •Liquidity in France and Spain should improve by using pricing and marketing incentives. •Incentives attract participants to exchanges and encourage them to settle OTC trades in clearinghouses.

Conceptions of "Nordic Democracy" and European Integration

DEFF Research Database (Denmark)

Jakobsen, Uffe

Reluctance towards European integration in the Nordic countries is doubtlessly more connected to ideas on democracy than elsewhere. This goes not only for the (empirical) practicability of democracy but also for the (normative) desirability of democracy in the EU. After the Second World War, when...... and reborn after the Second World War as genuine democracy. However, a third narrative developed in which democracy was seen as having its roots in the Nordic countries dating back to the Viking Age or earlier. In the period from the 1940s to the 1980s, a number of Nordic anthologies contained articles...... the process of contemporary European integration was approaching, and the concept of democracy at the same time was heavily contested in public debates and among academics, two conceptions of democracy were struggling: On one hand, democracy was recognized as a European value developing in the form...

Monopolistic Market Position and Losses from Monetary Integration

Directory of Open Access Journals (Sweden)

Paweł Młodkowski

2009-12-01

Full Text Available The objective of the paper is to show how a market position influences company’s gains and losses from monetary integration. The literature on monetary integration already features cost and benefit analysis. However the proposed examples of both results (negative and positive are not offered for different market structures and most often are macroeconomic in nature. The paper develops an idea that a monopolistic enterprise might be worse off because of monetary integration. The case discussed, shows that prior to monetary integration, a specific solution regarding pricing of imported goods allowed the company for: (1 hedging effectively from exchange rate risk, (2 benefiting from long-term appreciation trend of the domestic currency against the euro. Both goals were achieved due to privileged market position (legal monopoly of the company. The monetary integration and the expected full EMU accession is going to remove the need for hedging but simultaneously it will result in loosing the ability to achieve extra profits extracted so far. This is a basis for a claim that costs and benefits flowing from monetary integration could depend on market structure an entity operates in. We conclude that in a more monopolized economies, the microeconomic benefits achieved by households are at the cost of firms, while in a perfect competition gains are uniformly distributed across agents at supply and demand sides of markets. Therefore, producers in monopolized economies could be less prone to join a monetary union. The opposite hypothesis might also be true. In economies with fewer monopolies there are fewer incentives to oppose monetary integration. The comparison of the two extreme settings allows posting a hypothesis that the perfect competition is monetary integration-neutral and the monopoly is monetary integration-averse market structure. Data for the paper and the studied case are originating from one of the largest legal monopolists in Poland that

Integrated marketing communications paradigm in digital environment: The five pillars of integration

OpenAIRE

Rakić Beba; Rakić Mira

2014-01-01

This paper is focused on the paradigm of integrated marketing communications (IMC) in digital environment. The integration is analysed through five aspects. First, integration in terms of media; it means that IMC are performed through the mix of traditional media (print - newspapers, magazines; radio; television; direct-response media - telephone, direct mail, catalogue marketing; billboards; other 'specific media': product - especially brand, packaging; price; place; people; process; physica...

The electricity market and European integration from the point of view of the Federal Republic of Germany

International Nuclear Information System (INIS)

Bierhoff, R.

1989-01-01

The author discusses whether the cross-border exchange of current represents a criterion for developing a uniform internal European market for current and whether the present structure of power supply is really such an obstacle to cross-border exchanges. He examines the situation in various EC countries in an effort to predict the problems that will arise in moving towards uniformity. He concludes that if the uniformity required by the 1987 bill is to become reality, there must be a greater political will on the part of governments to set objectives for the industry more in keeping with present circumstances. (T.J.R.A.)

Design choices for electricity markets

Energy Technology Data Exchange (ETDEWEB)

De Vries, Laurens

2007-07-01

Ten years after the first European Electricity Directive, the goal of creating a single European electricity market has not been reached, despite concerted efforts by the EU and certain member states to continue with the reforms. The policy of subsidiarity for many aspects of market design has as a consequence that member countries are implementing a variety of different market designs and are implementing the reforms at varying speeds. The Florence regulatory process, which was intended to provide a bottom-up approach for coordination and harmonization, has effectively stalled and been replaced by a series of 'mini fora' in which smaller groups of countries work on integrating their markets. At the same time, the European electricity supply industry is facing some significant challenges. This paper investigates the different choices that can be made in the design of electricity markets, how they relate to each other and how they relate to the policy goals. (auth)

Market power across the Channel: Are Continental European gas markets isolated?

International Nuclear Information System (INIS)

Massol, Olivier; Banal-Estanol, Albert

2014-01-01

This paper examines the efficiency of the arbitrages performed between two regional markets for wholesale natural gas linked by a capacity-constrained pipeline system. We develop a switching regime specification to (i) detect if the observed spatial arbitrages satisfy the integration notion that all arbitrage opportunities between the two markets are being exploited, and (ii) decompose the observed spatial price differences into factors such as transportation costs, transportation bottlenecks, and the oligopolistic behavior of the arbitrageurs. Our framework incorporates a test for the presence of market power and it is thus able to distinguish between the physical and behavioral constraints to marginal cost pricing. We use the case of the 'Interconnector' pipeline as an application, linking Belgium and the UK. Our empirical findings show that all the arbitrage opportunities between the two zones are being exploited but confirm the presence of market power. (authors)

Eu-wide electric companies: a market model or an integrated model?

International Nuclear Information System (INIS)

Glachant, J.M.

2007-01-01

The European energy market has not arisen out of political decisions; it has been built by firms. The activities and domains of these firms have been europeanized. Nonetheless, political decision-making is necessary to orient this Europeanization by bringing national regulations closer and overseeing competition at the E.U. level. (author)

Market power in the European electricity market - The impacts of dry weather and additional transmission capacity

International Nuclear Information System (INIS)

Lise, Wietze; Hobbs, Benjamin F.; Hers, Sebastiaan

2008-01-01

This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness. (author)

Market power in the European electricity market-The impacts of dry weather and additional transmission capacity

Energy Technology Data Exchange (ETDEWEB)

Lise, Wietze [IBS Research and Consultancy, Agahamami Cadessi 1/6, Aga Han, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)], E-mail: wietze.lise@ibsresearch.com; Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Hers, Sebastiaan [Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)

2008-04-15

This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness.

Market power in the European electricity market - The impacts of dry weather and additional transmission capacity

Energy Technology Data Exchange (ETDEWEB)

Lise, Wietze [IBS Research and Consultancy, Agahamami Cadessi 1/6, Aga Han, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands); Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Hers, Sebastiaan [Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)

2008-04-15

This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness. (author)

Risk-Return Trade-Off for European Stock Markets

OpenAIRE

Aslanidis, Nektarios; Christiansen, Charlotte; Savva, Christos S.

2015-01-01

This paper adopts dynamic factor models with macro-finance predictors to revisit the intertemporal risk-return relation in five large European stock markets. We identify country specific, Euro area, and global factors to determine the conditional moments of returns considering the role of higher-order moments as additional measures of risk. The preferred combination of factors varies across countries. In the linear model, there is a strong but negative relation between conditional returns and...