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Sample records for european market liberalization

  1. Effects of a Liberalized European Gas Market

    International Nuclear Information System (INIS)

    Austvik, Ole Gunnar

    2003-01-01

    After World War II a position that for some time was called ''left-liberal'' tried to reconcile the values of individual freedom with social justice and a more egalitarian distribution of income. According to this perception, the government should let markets work if they satisfy social goals. However, if markets are non-competitive, either by nature or cartelization, often a public authority or a regulator must intervene in order to secure social goals, such as the provision of important goods and services, to avoid excessive pricing practices etc. If the results from competitive markets achieved either by actual competition or by public regulations bring about unacceptable injustice or inequality between persons, groups or regions, governments should intervene to correct this by redistributing income through taxes and subsidies, partnership schemes with the industry, and so on. For the functioning of natural gas markets, the most crucial element is the cost of, and access to, transportation. Cost of gas transportation is often characterized by strong elements of scale and scope economies, making transporting firms natural monopolies in the markets in which they operate. In Europe, many public utilities operating as natural monopolies were nationalized in the aftermath of World War II. Being monopolists by nature (but sometimes only by law) they were considered bottlenecks in the development of each nation's competitiveness. Probably the most frequently used argument explaining these firms' inefficient use of resources, has been the lack of competition. Liberalization of a market represents a departure from the ''one management'' approach. However, the particular aspect of by-nature non-competitive markets, such as major parts of the European gas market, is that the goals of competition cannot be achieved only by removal of trade barriers. If the most efficient operation of a market is done by one, or only a few, firms, these must be made to behave in a way that

  2. 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.

  3. European municipalities and the liberalized energy market

    International Nuclear Information System (INIS)

    2002-04-01

    Municipalities are directly affected by the liberalization of the energy markets. Because they all consume or even produce energy, whether it be for their own consumption or to resell it, they often distribute gas, electricity or heat, they plan urban areas and organize the energy networks on their territory, while in addition citizens expect municipalities to inform them and even protect them against the possible excesses of energy salesmen. Elected representatives administrations, local agencies, municipal companies, citizens' associations etc., all have to innovate. This supplement to Energie-Cites INFO is intended to provide you with practical information and further analyses of the liberalization process. (authors)

  4. Norway in a liberalized European energy market

    International Nuclear Information System (INIS)

    Aune, Finn Roar; Golombek, Rolf; Rosendahl, Knut Einar; Kittelsen, Sverre A.C.

    2000-01-01

    The authors study the short-term effects of a comprehensive liberalization of the gas and power markets in Europe. The analysis is based on a statically applied general equilibrium model which gives an overall and consistent treatment of the energy markets in Europe. The model preserves the structural features in the production, transport and consumption of gas and electricity in Europe, as well as the new competitive situation arising from the liberalization. It is found that the liberalization leads to a strong fall in the price of electricity. The fall in price reflects increased competition and that idle capacity in the power sector is used to increase the production of electricity. In comparison with the real observations in 1996 (the basis year of the model) the price to the end-user is cut in half. The liberalization also leads to a fall in the price of gas. The price fall reflects in part increased competition, in part the fact that falling prise of electricity reduces the demand for gas. However, the price reduction (in per cent) is not as great as for electricity. The model is also used to study the effects in Norway of increased gas production when the gas is either used in increased gas power production in Norway, or is exported. The main conclusion is that (1) the total emission of carbon dioxide goes down in Western Europe, (2) the reduction is greatest if the gas is burned as gas power in Norway

  5. 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)

  6. 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

  7. 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

  8. 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)

  9. 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.

  10. 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)

  11. 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)

  12. 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)

  13. Gas pricing in a liberalized European market; will the rent be taxed away?

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1997-01-01

    The European gas market will become 'more liberal'. Depending on in which segments competition is intensified and public interference takes place, prices in the gas chain will be affected. Rent may be redistributed among firms and prices will become more volatile. If supply overshoots demand for a long period, average consumer prices may also be pushed down. Rent may also end up as tax revenues for public authorities. This article argues that an active use of gas taxes as an instrument to derive public revenues increases the probability of a politically led liberalization process. The effect of these economic and political forces and actions may, however, be less new gas to the market. (author)

  14. A quick scan tool to assess the relative prospects of European regions for sustainable agriculture in a liberal market

    NARCIS (Netherlands)

    Vereijken, P.H.; Hermans, C.M.L.

    2010-01-01

    The European Union (EU) most likely will continue to adapt its Common Agricultural Policy (CAP) to a more liberal market policy. We assume that this process will take place in the next 20 years. A relevant question then is which European regions, under such conditions, have prospects to maintain a

  15. The liberalization of the European energy market from the perspective of the Austrian regional power company

    International Nuclear Information System (INIS)

    Sander, H.

    1999-01-01

    This dissertation addresses the liberalization of the European energy sector from an Austrian perspective, emphasizing its effect on a regional power company (KELAG). The energy market's changing conditions are creating new opportunities for consumers that allow them to optimize their ability to fulfill their power requirements. Decentralized solutions are now just as viable for large industrial customers as the ability to have all energy supplied through the utility network. In addition, partnerships with independent power producers (IPP's) or cooperation between the large customers in energy production can be considered. From a regional perspective, the central management concept of KELAG is the answer to an altered market situation, since this concept created tremendous potential for streamlining the management of energy production and operation of the network. The liberalization of the energy market for large industrial customers in Carinthia's electricity sector was preceded by a series of important decisions. The Verbundgesellschaft combine their generating facilities. In the future the power plants of Draukraft in Carinthia will be supervised and controlled remotely from KELAG's central control unit in Klagenfurt, as a result of which the central control unit becomes the primary energy control for Carinthia. (author)

  16. 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)

  17. Liberalization of energy markets

    International Nuclear Information System (INIS)

    2004-01-01

    During the last decade, the supply of electricity has been liberalized in the Nordic countries - first in Norway in 1991 and most recently in Iceland in 2003. After the liberalization process the consumers can freely choose the end-use supplier that offers the most attractive prices and conditions of supply. This development has opened up new opportunities for the consumer, but has also created new problems. The amount of kWh consumed and the composition of the electricity price determines the extent to which a consumer can influence annual expenses by being active on the market. After liberalization the consumer price is composed of: The market price for electricity; Transmission tariffs; Consumer and energy taxes. Only the market price can be influenced by an active consumer. Most consumer problems are a result of the system with indirect metering that was introduced to make it costless for small consumers to change supplier. An individual consumer's consumption is calculated according to the average consumption profile for all small consumers in the local distribution area and not according to her actual consumption. As metering is only taking place with intervals of one to several years many consumers have received invoices with large additional payments. Complaints are also common against distribution companies that have taken too long time to transfer the necessary information to the suppliers or have done it wrongly. The right solution would be to introduce intelligent meters that, in addition, could provide the consumers with new opportunities to monitor their electricity consumption. Such initiatives are now taking place in all four countries but it will take some years to provide intelligent meters to all consumers. Liberalization has caused an increasing number of consumer complaints. However, it has become less transparent to whom the complaint should be directed. When is it the distribution company and when the end-use supplier? This problem continues

  18. Liberalization of the European gas sector

    International Nuclear Information System (INIS)

    Schwark, B.; Finger, M.

    2006-01-01

    Natural gas is the fastest growing fossil fuel worldwide, and by 2030, natural gas will replace coal as the second largest fuel, after oil. In particular, the growing use of natural gas in electricity generation rises the demand and changes the image of gas as substitute for light oil for heating. Due to its complete supply dependency, Switzerland will be affected by the European gas market developments. A new market organization, which requires legal and entrepreneurial decisions in Switzerland, emerges from the liberalization process of the energy markets in the European Union. (author)

  19. European municipalities and the liberalized energy market; Les municipalites europeennes et le marche liberalise de l'energie

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2002-04-01

    Municipalities are directly affected by the liberalization of the energy markets. Because they all consume or even produce energy, whether it be for their own consumption or to resell it, they often distribute gas, electricity or heat, they plan urban areas and organize the energy networks on their territory, while in addition citizens expect municipalities to inform them and even protect them against the possible excesses of energy salesmen. Elected representatives administrations, local agencies, municipal companies, citizens' associations etc., all have to innovate. This supplement to Energie-Cites INFO is intended to provide you with practical information and further analyses of the liberalization process. (authors)

  20. Essays on liberalized energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Nese, Gjermund

    2003-07-01

    This thesis consists of four essays that aim at contributing to the understanding of some of the new challenges associated by the liberalized energy markets. More specifically the essays consider investments in energy generation projects; international trade of Green Certificates, market power in a Green Certificate system, and finally the behaviour of public firms in liberalized markets. Essay 1 considers energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost estimates of two different power plant types. Essay 2 presents an analytical equilibrium model for simultaneously functioning international markets for electricity and Green Certificates is formulated. The percentage requirement is perceived as the policy instrument affecting the level of green electricity in end-use consumption. In none of the cases considered does an increase in the country's percentage requirement necessarily result in an increase in the generation of green electricity in that country, but it may have a positive effect on the trading partner's generation of green electricity. Further, under quite realistic assumptions, a country maximizes its generation of green electricity by setting the percentage requirement to zero. In essay 3 an analytic equilibrium model for a simultaneously functioning electricity market and a market for Green Certificates is formulated. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results is that the certificate system faced with market power

  1. Essays on liberalized energy markets

    International Nuclear Information System (INIS)

    Nese, Gjermund

    2003-01-01

    This thesis consists of four essays that aim at contributing to the understanding of some of the new challenges associated by the liberalized energy markets. More specifically the essays consider investments in energy generation projects; international trade of Green Certificates, market power in a Green Certificate system, and finally the behaviour of public firms in liberalized markets. Essay 1 considers energy investment, when a choice has to be made between fossil fuel and biomass fired production technologies. A dynamic model is presented to illustrate the effect of the different degrees of input price uncertainty on the choice of technology and the timing of the investment. It is shown that when the choice of technology is irreversible, it may be optimal to postpone the investment even if it would otherwise be optimal to invest in one or both of the plant types. We provide a numerical example based on cost estimates of two different power plant types. Essay 2 presents an analytical equilibrium model for simultaneously functioning international markets for electricity and Green Certificates is formulated. The percentage requirement is perceived as the policy instrument affecting the level of green electricity in end-use consumption. In none of the cases considered does an increase in the country's percentage requirement necessarily result in an increase in the generation of green electricity in that country, but it may have a positive effect on the trading partner's generation of green electricity. Further, under quite realistic assumptions, a country maximizes its generation of green electricity by setting the percentage requirement to zero. In essay 3 an analytic equilibrium model for a simultaneously functioning electricity market and a market for Green Certificates is formulated. The major focus of the paper is the effect of market power in a Green Certificate system. One of the main results is that the certificate system faced with market power may

  2. The EU's major electricity and gas utilities since market liberalization

    International Nuclear Information System (INIS)

    Schuelke, Christian

    2011-06-01

    A major change has taken place in the company structure of the European electricity and gas markets. Twenty years ago, national or regional monopolies dominated the markets and there was strictly no competition between utilities. But since the liberalization of EU energy markets began in the 1990's, companies like E.ON, GDF Suez, EDF, Enel, and RWE have become European giants with activities in a large number of Member States. The advocates of market liberalization did not expect, or even intend, the emergence of a small number of large utilities that control an increasing part of the EU market. Some observers already claim that liberalization has led to an oligopoly with detrimental consequences for competition. Based on extensive background research, this book presents a fact-based analysis of the changes in the European utility sector since the 1990's. Case studies of the seven largest utilities illustrate how companies adapted their strategies to the changing market environment. The author underlines diverging choices and common trends like geographic expansion into new markets via mergers and acquisitions or diversification of business activities with the aim of using synergies between electricity and gas. Contents: Executive Summary. Introduction. Seven Case Studies of Changing Strategies of Major European Energy Utilities since Market Liberalization (E.ON, GDF Suez, EDF, Enel, RWE, Iberdrola, Vattenfall, Other European Utilities). Overview of Major National and Regional Electricity and Gas Market in the EU (Germany, France, United Kingdom, Italy, Spain, Nordic, Belgium and the Netherlands, Central and Eastern Europe). Conclusions. Annex. Bibliography

  3. Multivariate long memory processes: applications to the EDF producer problematic in the context of the european electricity market liberalization

    International Nuclear Information System (INIS)

    Diongue, A.K.

    2005-10-01

    Certain crucial financial time series, such as the interconnected european electricity market spot prices, exhibit long memory, in the sense of slowly decaying correlations combined with heteroskedasticity and periodic or none cycles. In modeling such behavior, we consider on one hand, the k factor GIGARCH process and additionally propose two methods to address the related parameter estimation problem. In each method, we explore the asymptotic theory for estimation. Moreover, the asymptotic properties are validated and compared via Monte Carlo simulations. On the other hand, we introduce a new multivariate long memory generalized model (k-factor MVGARMA) in order to model interconnected european electricity market spot prices. We suggest a practical framework to address the parameter estimation problem. We investigate the analytical expressions of the least squares predictors for the two proposed models and their confidence intervals. To finish, we apply the two proposed models to the french and german electricity market spot prices and a comparison is made between their forecasting abilities. (author)

  4. Liberalization of the Swiss electricity and gas market

    International Nuclear Information System (INIS)

    Cattin, J.

    1999-01-01

    The Swiss government intends to liberalize the electricity and gas market. Competition is to be introduced in the electricity sector first because the European Union is also giving priority to this industry. Moreover, electricity prices in Switzerland are too high. The principle of market liberalization is not contested, but the route to be taken to achieve this goal is a matter of heated controversy. Opinions on the power line network, non-amortizable investments, hydropower plants or the pace of market liberalization still differ too widely. Liberalization of the gas market is also in preparation, but the problems here are less complex. This is because competition already exists on the heating market. In addition, domestic gas prices are not much higher than those charged in other countries. (author)

  5. The liberalization of electricity markets

    International Nuclear Information System (INIS)

    Lepage, H.; Boucher, M.

    2001-01-01

    Since the end of the 1980s, the electric industry is changing. Privatization, vertical disintegrations, deregulation, restructuring, market openness are models which cause the world to question the regulated model inspired from natural monopolistic theories that are emerging in many parts of the industrialized world. Why are we witnessing these changes? What makes competitiveness possible in an industry where it was always assumed that market forces could not be relied upon? How do these markets function? On what basis and with what rules? What lessons can be learned from the experiments now taking place? This document updates this complex economic process, which proved irreversible, despite badly thought out deregulation in California and other locales. The authors explain the changes that have taken place in the electricity industry in the United States since the First World War and compares experiences with deregulation in Canada, Europe and Australia. The public monopoly being exercised by Hydro-Quebec in Quebec is examined in detail and avenues for changes in the context of liberalization of electricity markets in North America are discussed. refs., figs

  6. STIMULATING THE ATTRACTION OF INVESTMENTS IN THE PROCESSING SECTOR – A NECESSITY IN THE CONTEXT OF EUROPEAN MILK MARKET LIBERALIZATION

    Directory of Open Access Journals (Sweden)

    Mariana GRODEA

    2014-12-01

    Full Text Available A main challenge for the players on the world dairy market is to efficiently respond to the changes of the local markets characteristics, in the context of an increasingly fierce competition for the raw milk obtained on the farms. From the analysis, it results that the performance of the Romanian milk sector is seriously affected by the excessive fragmentation of supply, which reveals the subsistence and semi-subsistence phenomenon that persists in the milk sector, as the main factor that constrains competitiveness growth. In reference to the volume of investments in the dairy processing sector, it results that this had a slow growth rate in the investigated period, the share in total investments in the food sector ranging from 7.8% (2000 to 16.9% (2011. The investments in agriculture in total investments accounted for 4.9% in the year 2012. In order to adapt to the competition on the European Single Market, the Romanian sector has to receive support through investments, in the conditions in which there is a favourable global conjuncture for the consumption of dairy products, in which their prices are expected to raise on the basis of the increasing demand of the development regions.

  7. Electricity costs in liberalized market

    International Nuclear Information System (INIS)

    Barkans, J.; Junghans, G.

    2006-01-01

    In the liberalized electricity market the flexible demand determines the operation of power plants. Under market conditions the producers are forced to compete, and their power plants are normally loaded in order of increasing prices. The electricity costs consist of fixed and variable components, and the competition among producers simulates minimization of both the components. Considering the fixed costs (including maintenance, depreciation, capital costs and other permanent costs not depending on production) to be known, the total electricity costs in different operating conditions are based on the economic characteristics and the equipment load of a power plant. The paper describes the method for determination of electricity costs for condensing thermal power plants with permanent steam take-off for regeneration purposes and adjustable steam take-off for the needs of local heat energy consumers. The marginal costs for CHP plants are determined considering a number of different steam take-off from a turbine. At the electricity cost determination, auxiliary services also are taken into account. These can be reduced by adjusting the rotational speed of electric motors. The paper also shows how to determine the electricity costs for gas turbines, combined cycle gas turbines, and nuclear power plants. The position of hydro power plants among other PPs in the free market is also analysed. (authors)

  8. SELECTED MODELS OF RAIL MARKETS IN THE CONTEXT OF LIBERALIZATION OF THE RAIL MARKET IN EUROPE

    Directory of Open Access Journals (Sweden)

    Krystian Pietrzak

    2016-09-01

    Full Text Available In the paper author has made an attempt at presenting problems of the operation of European railway transport market against the background of changes taking place in the European Union transport market. These changes are the result of processes aimed at liberalizing the market. In addition, this article defines the conditions of reforms in the Eu-ropean rail market by highlighting various models of its functioning.

  9. Powernext and the liberalization of the French power market

    International Nuclear Information System (INIS)

    Conil-Lacoste, J.F.

    2003-01-01

    The 1996 European Directive concerning the opening of the power market to competition was transposed in France in February 2000, allowing the creation of a real power market. On November 26, 2001, Powernext launched standard hourly contracts with delivery of power on the French hub the day after trading. The market model chosen guarantees the liquidity, the transparency and the settlement of the transactions thanks to a very close cooperation with Clearnet and RTE. Since November 26, 2001, the volume traded on Powernext has increased on a regular basis reaching the 20 GWh daily plateau in February 2003. The liberalization of the electricity market involved the creation of new exchanges in Europe, by facilitating the power flow from one market to the other, and by causing a reduction of price spreads. Powernext's objective is to accompany the liberalization of the French and European electricity market by offering to its members products adapted to this new environment. (author)

  10. Competition ambiguities. Electricite de France and the electricity market liberalization

    International Nuclear Information System (INIS)

    Boiteux, M.

    2007-04-01

    The European Union decided to open the electricity market to the competition and the last step will be in July 2007. Meanwhile the first part, the opening to big consumers, is a deception. The market saw an increase of the electricity prices. The author explains the effects of the liberalization, presenting the inevitable limits of the competition, the disappointing evaluation, the historical aspects of the electric market facing the today situation. (A.L.B.)

  11. The EU's Major Electricity and Gas Utilities since Market Liberalization

    International Nuclear Information System (INIS)

    Schulke, Ch.

    2010-01-01

    A major change has taken place in the company structure of the European electricity and gas markets. Twenty years ago, national or regional monopolies dominated the markets and there was strictly no competition between utilities. But since the liberalization of EU energy markets began in the 1990's, companies like E.ON, GDF Suez, EDF, Enel, and RWE have become European giants with activities in a large number of Member States. The advocates of market liberalization did not expect, or even intend, the emergence of a small number of large utilities that control an increasing part of the EU market. Some observers already claim that liberalization has led to an oligopoly with detrimental consequences for competition. Based on extensive background research, this book presents a fact-based analysis of the changes in the European utility sector since the 1990's. Case studies of the seven largest utilities illustrate how companies adapted their strategies to the changing market environment. The author underlines diverging choices and common trends like geographic expansion into new markets via mergers and acquisitions or diversification of business activities with the aim of using synergies between electricity and gas. (author)

  12. Technology mix configuration in liberalized electricity market

    International Nuclear Information System (INIS)

    Castro-Rodriguez, F.

    2007-01-01

    This paper analyzes the evolution of technology mix in the electricity industry when investment choices are left to private investors. In particular, possible failures and investment biases in recent liberalized electricity markets are presented. In addition, the main regulatory mechanisms used in practice and their effects are analyzed. Finally, this paper explores the government intervention in technology choices in the Spanish electricity market from the beginning of the liberalization process. While some regulatory rules have adequacy complemented the market functioning, others have distorted the electricity price, which is the reference to signal right investments. (Author) 13 refs

  13. Decentralized energy supply on the liberalized market

    International Nuclear Information System (INIS)

    Pauli, H.

    1999-01-01

    Starting in 2001, the electricity market is to be progressively liberalized. The process will be completed by the year 2006. What role will decentralized power generation using combined cycle power plants play on a liberalized market ? The background conditions are essentially favourable: both the new energy act, which has been in force since 1 January 1999, and the planned energy levy suggest that this technology will become increasingly widespread. In addition, the price trend for combined cycle plants components together with low energy costs are having a favourable impact. On the other hand, great uncertainty is being created by the process of liberalization and the current flood of investments in power generation. However, electricity supply is unlikely to be in surplus for long in a context of sustained economic growth. (author)

  14. Uranium trade and global liberalization of markets

    International Nuclear Information System (INIS)

    Elagin, Yu.P.

    2003-01-01

    Present state of nuclear fuel market is reviewed. Political and economical aspects of nuclear fuel trade, traditional schemes of gain of nuclear fuel, tendencies and last innovations are treated. Price mechanisms, increase in part of traders, price indicators are discussed. Under the liberalization conditions the uranium market and common tendencies on the stages of nuclear fuel cycle as well as prospects of gain and sale of nuclear fuel, electronic trade are considered [ru

  15. Liberalization of electricity markets and energy security

    International Nuclear Information System (INIS)

    Yajima, Masayuki

    2004-01-01

    Liberalization of electricity markets begun in England in 1990 and became the trends of the times. Its effects on the energy security and atomic power generation are discussed. On the effects on energy security, change of construction of fuel of power generation, decrease of fuel feed by high efficiency of power generation, decrease of fuel stock by pressure of cost-cutting, increase of import rate of electricity, increase of power consumption with decrease of power cost, flexibility of supply contract, diversification of service, international cooperation on energy security and mutual dependence relation by international investment are discussed. On the effects of liberalization on the electricity markets, characteristics of nuclear power generation, risk of investment, effects of introduction of competition on development of the existing and new nuclear power generation, relation between development of nuclear power generation and market failure and what the government should do for development of nuclear power generation are discussed. (S.Y.)

  16. France liberalizes its power supply market

    International Nuclear Information System (INIS)

    Anon.

    2004-01-01

    The French market of power supply to companies is now free. This means that Electricite de France (EdF), the first world electric utility now has competitors in its domestic market. This is an important challenge for EdF because 3 millions of clients (70% of the French power consumption) are now concerned by the opening of the power market. According to A. Merlin, head of the energy transportation network (RTE), the opening of the market does not increase the risk of black-out, it just makes the operation of power networks more complex. The implementation of a single power transportation company (RTE) simplifies the mastery of networks safety but the development of investments is necessary to ensure the maintenance of 400 kV power lines. A comparison of the situation of power market liberalization is made for 6 countries (Germany, UK, Spain, US, Netherlands and Italy). Short paper. (J.S.)

  17. Are households better off in liberalized electricity markets

    DEFF Research Database (Denmark)

    Olsen, Ole Jess; Johnsen, Tor Arnt; Pakkanen, Merja

    wholesale market. Norway was first (1991), then came Finland and Sweden (1996) and Denmark was last (2000). Together with the UK the Nordic countries are now considered the avantgarde with respect to implementation of the European electricity market directives. The purpose of liberalization is to increase...... utilities mostly acted under very little surveillance and the authorities only intervened in specific cases of abuse. The separation of operational and regulatory functions was far from clear-cut - state and municipal agencies often had both functions. Today much more detailed principles of regulations...... administrated by independent regulatory agencies have been developed. The purpose of this paper is to analyze the situation for Nordic household consumers after liberalization of the electricity supply industry. A number of new regulatory principles have been introduced and some of them with particular regard...

  18. Successful diversification strategies of electricity companies: An explorative empirical study on the success of different diversification strategies of German electricity companies in the wake of the European market liberalization

    International Nuclear Information System (INIS)

    Mueller, Ralf; Steinert, Martin; Teufel, Stephanie

    2008-01-01

    Based on the EC directive 96/92, the liberalization of electricity markets is forcing electricity companies, to rethink their product and market strategy. However, neither the level of the initiated diversification efforts of former monopolies, nor their direction or their success are known or have been analyzed before. Therefore, Mueller [2006. Diversifikationsstrategien von Stromversorgungsunternehmen: Handlungsempfehlungen fuer schweizerische Stromversorgungsunternehmen auf der Basis einer empirischen Analyse des liberalisierten deutschen Strommarktes. IIMT University Press, Fribourg] has quantitatively determined the extent and direction of the diversification efforts in the electricity sector. Additionally, based on an exploratory case study research, successful diversification strategies have been identified and incorporated into 73 observations which form the basis of a set of normative recommendations for diversifying electricity companies. Since the analyses are based on the German electricity market, which fully liberalized earlier than most of its continental European counterparts, the results may especially guide other European electricity companies in their strategic diversification decisions. This paper publishes both the quantitative analysis on the degree and extents of diversification (sample time frame 1995-2000) as well as the qualitative analysis on the success of diversification strategies (sample time frame 1995-2003). Additionally, based on the obtained explorative observations, the diversification strategy of an idealized-electricity company is firstly presented for practitioners as normative recommendation, and secondly for academics, as starting point for future quantitative analysis framework. (author)

  19. Effects of liberalizing the natural gas markets in Western Europe

    Energy Technology Data Exchange (ETDEWEB)

    Golombek, R [Stiftelsen for Samfunns- og Naeringslivsforskning, Oslo (Norway); Gjelsvik, E; Rosendahl, K E [Statistisk sentralbyraa, Oslo (Norway)

    1994-08-01

    The aim of this paper is to examine the impact of liberalization of the West-European natural gas markets within a numerical model. The authors study profit maximizing Cournot producers facing an ideal third party access for gas transport in Western Europe. In each country there are two types of end-users, small consumers in the residential, commercial and public sector and large users in the manufacturing industry and in the electric power supply. The analysis proceeds in stages. First the case where no traders exploit arbitrage possibilities and some producers have limited access to the markets is examined. In this equilibrium net prices differ across markets. These differences disappear in the second case where traders are introduced. The third case focuses on a complete European market for natural gas in which traders exploit all arbitrage possibilities and all producers are in a position to sell gas in all markets. The impact on the complete European market of changes in costs of production, costs of transport and costs of distribution is studied. Finally, the impact of banning gas sales consortia in Western Europe is studied. It is shown that this measure increases welfare in Western Europe, whereas profits to non-European producers decrease. 31 refs., 12 tabs.

  20. Effects of liberalizing the natural gas markets in Western Europe

    International Nuclear Information System (INIS)

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

    1994-01-01

    The aim of this paper is to examine the impact of liberalization of the West-European natural gas markets within a numerical model. The authors study profit maximizing Cournot producers facing an ideal third party access for gas transport in Western Europe. In each country there are two types of end-users, small consumers in the residential, commercial and public sector and large users in the manufacturing industry and in the electric power supply. The analysis proceeds in stages. First the case where no traders exploit arbitrage possibilities and some producers have limited access to the markets is examined. In this equilibrium net prices differ across markets. These differences disappear in the second case where traders are introduced. The third case focuses on a complete European market for natural gas in which traders exploit all arbitrage possibilities and all producers are in a position to sell gas in all markets. The impact on the complete European market of changes in costs of production, costs of transport and costs of distribution is studied. Finally, the impact of banning gas sales consortia in Western Europe is studied. It is shown that this measure increases welfare in Western Europe, whereas profits to non-European producers decrease. 31 refs., 12 tabs

  1. Liberalization turns energy market upside down

    International Nuclear Information System (INIS)

    Lousberg, H.H.J.

    2002-01-01

    The consequences of free energy trade are discussed, i.e. the changes caused by liberalization of the energy market. The ability to purchase energy freely, thus creating competition between sources of energy, is changing the relationships between gas and electricity prices. The implications are very significant for building services contractors and energy companies and also for the selection of technical concepts. It also, of course, has implications for the environment. liberalization also gives certain customers the opportunity to consider their energy supply on an integrated basis. Who is going to supply me with energy, rather than who supplies electricity and who supplies gas? For example, the customer wants heating, cooling and electricity, and the conversion methods are not immediately relevant. This creates the possibility of offering, or outsourcing, a total 'energy' package [nl

  2. Liberal intolerance in European education debates

    DEFF Research Database (Denmark)

    Olsen, Tore Vincents

    2017-01-01

    The reaction against non-western immigrants and especially Muslims has been analysed both in terms of an exclusionary civic nationalism and in terms of an assertive liberalism. Similar to exclusionary civic nationalism, assertive liberalism purports to defend liberal democratic principles...... by subdividing it into four categories of liberal intolerance and demonstrates this by analysing six national debates on the accommodation of cultural and religious diversity in education. The analysis indicates that the nature of liberal intolerance understood as the combination of the four categories...

  3. The liberalization of gas markets in Europe

    International Nuclear Information System (INIS)

    Lecarpentier, A.

    2006-01-01

    On June 22, 1998 all EU Member States unanimously approved Directive 98/30/EC, the so-called Gas Directive, which paved the way for far-reaching changes in the European gas sector and for the establishment of an internal gas market. Five years have elapsed since it was transposed into national law and although markets have started to open up, their rate of progress varies. The next milestone in achieving a fully competitive European market is July 1, 2007, but there are still many obstacles to overcome. (author)

  4. The liberalization of gas market in Europe

    International Nuclear Information System (INIS)

    Lecarpentier, Armelle

    2006-01-01

    On June 22, 1998, all EU Member States unanimously approved Directive 98/30/EC, the so-called Gas Directive, which paved the way for far-reaching changes in the European gas Sector and for the establishment of an internal gas market. Five years have elapsed since it was transposed into national law and although markets have started to open up, their rate of progress varies. The next milestone in achieving a fully competitive European market is July 1, 2007, but there are still many obstacles to overcome [it

  5. Prices and tariffs in a liberalized electricity market

    International Nuclear Information System (INIS)

    Rijkers, F.; Wals, A.; Battjes, C.; Scheepers, M.

    2000-01-01

    First, it is described how prices and tariffs were determined before the introduction of the liberalization. Next, a brief overview is given of the transfer to the liberalized market and how the situation is on this market at present. Special attention is paid to the pricing of electricity in a free market, which is determined by competition between electricity producers in the Netherlands and abroad. Finally, a comparison is made between the expected prices and tariffs in a liberalized market and the prices before the liberalization

  6. Security of supply in the liberalized energy market

    International Nuclear Information System (INIS)

    Boffa, Federico

    2007-01-01

    The incentive schemes in the liberalized energy markets do not ensure short-term security of supply. The paper analyzes the regulatory measures suitable to tackle the issue, and evaluates their effects on market power [it

  7. Managing congestion and intermittent renewable generation in liberalized electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Kunz, Friedrich

    2013-02-27

    This dissertation focuses on selected aspects of network congestion arising in liberalized electricity markets and their management methods with a special weight placed on the integration of increased renewable generation in Europe and Germany. In a first step, the theoretical concepts of congestion management are introduced complemented by a review of current management regimes in selected countries. In the second step, the European approach of managing congestion on international as well as national transmission links is analyzed and the benefits of an integrated congestion management regime are quantified. It is concluded that benefits can be achieved by a closer cooperation of national transmission system operators (TSOs). Thirdly, the German congestion management regime is investigated and the impact of higher renewable generation up to 2020 on congestion management cost is determined. It is shown that a homogeneous and jointly development of generation and transmission infrastructure is a prerequisite for the application of congestion alleviation methods and once they diverge congestion management cost tend to increase substantially. Lastly, the impact of intermittent and uncertain wind generation on electricity markets is analyzed. A stochastic electricity market model is described, which replicates the daily subsequent clearing of reserve, day ahead, and intraday market typical for European countries, and numerical results are presented.

  8. LIBER MARC Harmonization Task Force - Format activities in European countries

    Directory of Open Access Journals (Sweden)

    Renate Gömpel

    2004-03-01

    Full Text Available The LIBER MARC Harmonization Task Force has its origins in an initiative of the past President of LIBER, Professor Elmar Mittler from the Göttingen State and University Library. Professor Mittler asked Dr Elisabeth Niggemann from Die Deutsche Bibliothek to take part in the meeting of the MARC Harmonization Coordinating Committee in Ottawa in May 2001. Following that meeting the LIBER MARC Harmonization Task Force was founded at the LIBER Annual Conference in July 2001 in London. The LIBER MARC Harmonization Task Force held its first meeting on 14 January 2002 at Die Deutsche Bibliothek Frankfurt am Main, with the aim of gaining an overview of format activities in Europe. The group's aim was to concentrate on European developments and to build up stronger cooperation in the library world in order to strengthen Europe's international influence. The LIBER MARC Harmonization Task Force held a second meeting at the IFLA 2002 Conference in Glasgow and discussed the first draft of its report and recommendations to LIBER. After final discussion within the group, this report has been further revised and was submitted to LIBER. The aim of the report is to give an overview of format activities in European countries and to make recommendations to LIBER regarding the use and development of data formats in Europe. The annex includes reports on migration activities from different countries. The report is based on information on data formats collected and compiled on the basis of a questionnaire distributed to the Conference of European National Librarians (CENL. Cataloguing issues were further discussed at the 1st IFLA Meeting of Experts on an International Cataloguing Code held in Frankfurt in July 2003. Further meetings will be held at the IFLA conferences in Buenos Aires (2004 and Seoul (2006.

  9. 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

  10. 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

  11. In view of unified market how liberalize the natural gas market

    International Nuclear Information System (INIS)

    Cavicchia, V.

    2000-01-01

    A liberalization to make in parallel with a electric market. That separate clearly the operations of retail and transport, that liberalize the access to stock, clear directions of prices structure avoid cartel agreement among transport managers [it

  12. Can new units start up in liberalized markets?

    International Nuclear Information System (INIS)

    Kidd, S.

    2005-01-01

    Power market liberalization had stimulating effect on the nuclear power engineering. It is shown that the operating nuclear power plants blended well into the market medium. Nevertheless the success of the new nuclear power unit is not clear in this market medium [ru

  13. Liberalization of the Flemish market for electricity and natural gas

    International Nuclear Information System (INIS)

    2002-01-01

    In this first report of the Flemish Regulating Institute for the Electricity and Natural Gas Market (VREG) only attention is paid to the market for electricity. Every 3 months a state of the art will be given of the liberalization process of the energy market in Flanders [nl

  14. Liberalization of the electricity market. A success story in Austria

    International Nuclear Information System (INIS)

    Boltz, W.

    2002-01-01

    With effect from October 1,2001, every electricity consumer in Austria - from industrial consumer to private household - is now free to choose his own electricity supplier. Prior to this date only industrial consumers were able to benefit from the liberalization of the market initiated in the year 1999. Freedom of choice means increased competition between the various suppliers. Electricity consumers are the winners in the liberalization process, benefiting not only from lower prices, but in particular from greater customer care, various add-on offers and special additional facilities. All the signs are that the liberalization of the Austrian electricity market will continue to be a positive development in the future. (author)

  15. The New Spirit of Capitalism in European Liberal Arts Programs

    Science.gov (United States)

    Claus, Jakob; Meckel, Thomas; Pätz, Farina

    2018-01-01

    The following paper suggests a connection between recent developments in the justification of the capitalist system and contemporary European Liberal Arts programs. By looking at Luc Boltanski's and Eve Chiapello's study on "The New Spirit Of Capitalism" and Gilles Deleuze's term of "societies of control" we highlight a pivot…

  16. 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

  17. The EU's Major Electricity and Gas Utilities since Market Liberalization

    Energy Technology Data Exchange (ETDEWEB)

    Schulke, Ch.

    2010-07-01

    A major change has taken place in the company structure of the European electricity and gas markets. Twenty years ago, national or regional monopolies dominated the markets and there was strictly no competition between utilities. But since the liberalization of EU energy markets began in the 1990's, companies like E.ON, GDF Suez, EDF, Enel, and RWE have become European giants with activities in a large number of Member States. The advocates of market liberalization did not expect, or even intend, the emergence of a small number of large utilities that control an increasing part of the EU market. Some observers already claim that liberalization has led to an oligopoly with detrimental consequences for competition. Based on extensive background research, this book presents a fact-based analysis of the changes in the European utility sector since the 1990's. Case studies of the seven largest utilities illustrate how companies adapted their strategies to the changing market environment. The author underlines diverging choices and common trends like geographic expansion into new markets via mergers and acquisitions or diversification of business activities with the aim of using synergies between electricity and gas. (author)

  18. A way of Dukovany NPP to privatization and liberalized market

    International Nuclear Information System (INIS)

    Kouklik, I.

    2001-01-01

    This presentation describes the current situation in the Dukovany NPP with two main upcoming future phenomena - privatization of CEZ company and preparation for liberalized electricity market. Considerations about level of safety, investment costs and competitiveness of Dukovany Nuclear Power Plant in liberalization process is described together with a comparison of some safety features of the world's NPPs. Results of this comparison are used for consideration and evaluation of some require modifications effectiveness. (author)

  19. Liberalization of power generation sector in the Croatian electricity market

    International Nuclear Information System (INIS)

    Viskovic, Alfredo

    2005-01-01

    The electricity market liberalization and the restructuring of power utilities eventually leads to the establishment of a single electricity market in Europe, which is especially important for efficiency gains in electricity generation coupled with increased security of supply, economic competitiveness and fulfillment of environmental requirements. The European electricity market Directives as well as the Energy Community Treaty for South East Europe (legislative Menu) have remarkable impact on the restructuring of the Croatian power sector and the development of electricity generation. The Croatian model of restructuring includes legal un bundling (in the ownership of one holding company - Hrvatska Elektroprivreda (HEP)). The operation of HEP Group and its subsidiaries in the conditions of partially opened electricity market in an important element that shapes the interactions of competitive activities and regulated activities in the environment influenced by exogenous factors a thirteen percent electricity are controlled by the Energy Market Operator (MO), the Transmission System Operator (TSO) and the Energy Regulatory Agency (CERA). The introduction of eligible procedures and newly created operative procedures for power system operation, are creating completely new conditions for competition in the power generation sector, where almost all power plants are owned by HEP. New generating capacities in Croatia can be built through tendering and licensing procedures carried out by the Regulator. Electricity prices are still regulated by the Government (below the cost reflective level), there is a small share of industrial consumers and the annual electricity production is 12 TWh, with relatively large share of hydro plants. All these have implications on the development of the power generation sector in Croatia as well as on electricity market operation. The subject matter of this paper is an impact of power system restructuring and electricity market opening on the

  20. Liberalization and enlargement: effects of the industrial organisation of natural gas markets in Eastern Europe

    International Nuclear Information System (INIS)

    Pirovska, M.

    2005-01-01

    After half a century of political division within the European continent, and of State control over national energy industries, a new industrial and political organisation model aiming at creating a single natural gas market tends to emerge currently within the enlarged European Union. Yet new member countries are former centrally planned, socialist economies, with very different industrial structures for natural gas. However, those countries should adjust to the institutional framework applicable in the European Union, including bringing their gas industries into compliance with the liberalization process that old member countries initiated years ago. In that unprecedented context, one basic issue is whether the gas industry liberalization, in the framework of the enlargement, will have expected results in terms of competition, efficiency and profits for Eastern countries, whether new members or candidates for membership. The objective of the research work behind this article was to analyse the effects of that complex trend on the industrial organisation of gas markets in eastern Europe. (author)

  1. Liberalization of electricity markets in Quebec and France: crossed prospects

    International Nuclear Information System (INIS)

    Caron, Jocelyn

    2011-01-01

    This essay focuses on the liberalization of electricity markets in Quebec and France. As in most Western states, Quebec and France have undertaken reforms to liberalize their domestic electricity markets. Starting from a similar arrangement, namely occupied by a state monopoly, the French and Quebecois markets have evolved into a more or less liberalized model. What were the changes brought about by these reforms? What reasons have motivated them? What is the functioning of the model in place in both states? What are the prospects for these markets? To identify the issues of these reforms, this essay will be divided into four chapters. The first chapter will discuss the organization of markets in Quebec and French before the liberalizing reforms: in addition to the organization as such, this chapter will address the reasons why the two states have chosen a market controlled by the state. It emerges from this chapter that both states nationalized and regulated the electricity market to promote economic development and quality standards for a service considered public. The second chapter will examine the genesis of liberalization reforms, the different models of market organization and a summary of selected experiences of liberalization that took place both before those of Quebec and France ones. The diversity of market models and the pitfalls have lived through some states raised the fact that successful liberalization reforms is a complex process. The third chapter will analyse the reforms that changed markets in Quebec and France and more specifically, the organization of the market that has resulted. It is established that if the two markets have been forced to reform themselves by forces outside the two states, the paths that were taken differ greatly. Finally, the fourth chapter will conduct an initial assessment of the reforms and provide some forecast for the future. The reforms that have taken place in both states have produced satisfactory results taking

  2. THE UK ELECTRICITY MARKET EVOLUTION DURING THE LIBERALIZATION PROCESS

    Directory of Open Access Journals (Sweden)

    Delia Vasilica Rotaru

    2013-07-01

    Full Text Available This paper offers an insight on the liberalization process that took place in the United Kingdom starting with 1990 until now. The electricity market in the United Kingdom made incredible progress in the road to reaching a full level of liberalization where customers are free to choose between suppliers and services. An analysis of the most important indicators for the electricity market evolution such as electricity price, the market share of the largest generator, the energy efficiency indicator shows that the liberalization process brought many advantages starting with 2001. Also, UK has to face new challenges in order to keep the development of the industry on the right path, challenges that are presented in the final part of the paper.

  3. Congestion management in liberalized market environment

    International Nuclear Information System (INIS)

    2006-01-01

    This paper is based on the survey conducted by WG C5.4 on congestion management. It describes market conditions and institutional arrangements in the 18 countries participating in the survey, and internal and cross-border congestion management. The interaction with the electricity market is discussed, considering allocation of transmission capacity, market schedule, congestion management tools and payment for the costs incurred. The survey shows that there is a tendency towards the use of market-based methods. (author)

  4. The Liberating Power of Commercial Marketing

    DEFF Research Database (Denmark)

    Anker, Thomas Boysen; Kappel, Klemens; Sandøe, Peter

    2010-01-01

    The aim of this paper is to explore the impact of commercial marketing on personal autonomy. Several philosophers argue that marketing conflicts with ideals of autonomy or, at best, is neutral to these ideals. After qualifying our concept of marketing and introducing the distinctions between (i...

  5. Energy management in the patrimonial buildings of European territorial organizations in the framework of markets liberalization. Economic study of financial incentive mechanisms in favor of energy efficiency investment

    International Nuclear Information System (INIS)

    Gayral, L.

    2005-12-01

    The territorial and patrimonial components of energy savings are not well developed because many barriers - political, organisational and financial - prevent investments in energy efficiency. Although investing in the improvement of the energy efficiency of their public buildings is a rational process, the local authorities are far from systematically carrying out this type of investment. Their limited investment capacity, associated to the lack of spare capital to finance their projects leads them to a 'vicious circle of energy wasting'. Our thesis analyzes the economic and financial tools a local authority can use to invest and enter a 'virtuous circle of energy efficiency'. Our topic deals with the financing of energy efficiency investments at a local level. We describe with details the functioning of each financial mechanism indexed. We illustrate their implementation within European municipalities through many case studies. Finally, we suggest recommendations for their broad reproducibility within French local authorities. (author)

  6. The cultural impact of market liberalization

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

    The European Union gas directive will bring about major changes of a legal, financial and commercial nature. It will also have a strong impact on gas utilities, their organisation and corporate culture. At the first Round Table during the French gas associations's annual conference, four European pipeline companies (German, British and French) reviewed their own deregulation experience

  7. COMPETITION FOR THE MARKET AND LIBERALIZATION: THE FRENCH EXPERIENCE

    Directory of Open Access Journals (Sweden)

    Bruno Lassere

    2014-12-01

    Full Text Available Progressing from a state controlled economy to a fully liberalized market economy takes considerable efforts. Depending on the specificities of the markets and the sectors regulated, the opening of markets to competition can take different forms. Competition on the market is considered to be the traditional form of competition. Certain economic sectors, however, are not prone to this traditional form of competition, specifically in situations where natural monopolies seem to be the only viable solutions. This is where competition for the market can be a good substitute.Competition for the market implies that a bidding process is organized to select the operator, which will be allowed to serve demand on a given market for a given time. Going through this bidding process is meant to introduce market mechanisms or, in other words, ex ante competition. As such, competition for the market contributes to put competitive pressure on monopolists, which is beneficial to consumers and users not only in terms of price and service quality, but also in terms of adjustment between supply and demand and access to information.Experience has shown, however, that several factors can hinder the expected benefits derived from competition for the market. In light of these difficulties, the French Competition Authority de la concurrence has developed solutions to unleash the full potential of competition for the market.Naturally, once markets are liberalized, comes the time for regulation through enforcement actions as well as continued advocacy efforts toward government, incumbent operators and new market players.

  8. Risk and investment management in liberalized electricity markets

    DEFF Research Database (Denmark)

    Lemming, Jacob Kjærgaard

    2005-01-01

    markets affects the nancial risk related to different decision problems within the areas of risk management and investments in liberalized electricity markets. Focus is on applied microeconomics and analyzes of the interplay between market design parameters and the technical characteristics...... of the electricity system. Theory, literature and introduction to speci c problem areas related to risk management and investments is provided in two separate introductory chapters. Contributions to research within specific problems areas is then subsequently provided by five research papers. The two topics...... are relatively broad, however the two chapters and ve papers all share analyzes of nancial risk in liberalized electricity markets as a common underlying theme. The risk management part of the thesis focusses on modelling and measurement of financial risk in electricity markets. Key topics are electricity price...

  9. Kyoto and liberalization ongoing transformation of the energy market

    International Nuclear Information System (INIS)

    Minett, S.

    1998-01-01

    COGEN Europe believes that the single most important influence on the electricity sector in the future will be the policy response to climate change and that cogeneration offers one of the very best, prospects for cutting emissions in the power sector. In the EU, cogeneration was put at the head of the list of Policies and Measures laid down before Kyoto as the means of achieving its then progressive target of a 15% reduction in emissions by 2010 over 1990. COGEN Europe has estimated that EU-15 as a whole could reach a 30% cogeneration share of total electricity production by 2010. Indeed, three of the 15 countries have already reached 30% (Denmark, The Netherlands and Finland). On a conservative basis this would save 221 Mt of CO 2 /yr by 2010, or 46% of the EU 15% negotiating target agreed in 1997. This also represents 30% of the 'gap' between the achievement of the 15% target and the 8% increase in emissions anticipated for 2010 in the absence of abatement measures. Most, if not all, of these savings would be based on zero or negative cost investments. COGEN Europe supports the trend towards liberalization and the European Commission's efforts to introduce competition into electricity and gas markets for the simple reason that they provide the best means to remove market and monopoly barriers to the development of high efficiency cogeneration. This paper presents a COGEN Europe vision for meeting and overcoming the challenges of global climate change - and some suggestions for governments which can help them achieve that elusive double dividend: environmental improvement and economic competitiveness. Governments should: where possible use the market to achieve your environmental objectives; avoid detailed regulation; avoid subsidizing pollution; set clear and ambitious CO 2 objectives; redouble political pressure to achieve international consensus on internalization of environmental costs

  10. Baltic Pathways from Liberal Trade Model to Neo-Mercantilism in the European Union

    Directory of Open Access Journals (Sweden)

    Viljar Veebel

    2015-09-01

    Full Text Available The economic progress of the Baltic States after the restoration of independence has been closely related to the liberal ideology and values of their economies: openness to investments, simple tax system and low tax burden, liberal trade policy, and flexible labour market. Unlike the Baltic States, some of their main partners in the European Union (EU have focused on promoting their economic growth by the neo-mercantilist way of expanding exports, supported by the economic structure of these countries exporting high technology and capital goods. As a result, when the Baltic States are expecting that in a broader context the other eu member states share the same vision of the liberal market economy, their motives have not been fully understood among their regional trade and cooperation partners. Current study will debate whether the practical implementation and needs of the European neo-mercantilism meet the economic and social needs of the Baltic States. Additionally, the study focuses on the question whether in practice the Baltic countries should be ready for the European neo-mercantilist project in upcoming years.

  11. Poles apart. The liberalization of the Dutch energy market

    International Nuclear Information System (INIS)

    Koper, N.

    2003-01-01

    An overview is given of the political and decision making process of the energy market liberalization in the Netherlands, based on interviews with and opinions of former ministers, representatives of the Dutch parliament, administrators, and other highplaced representatives of local governments, associations and energy companies [nl

  12. Difficulties on the road to a liberalized energy market

    International Nuclear Information System (INIS)

    Koevoet, H.

    2001-01-01

    Starting January 1, 2002 about 55,000 consumers of electricity and 2,100 consumers of natural gas (small and medium-sized businesses) in the Netherlands can choose their own supplier. Some of the constraints and difficulties with respect to the liberalized energy market in the Netherlands are discussed

  13. 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.)

  14. 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

  15. Liberalization and regulation. European lessons and Colombian trends

    Directory of Open Access Journals (Sweden)

    Pedro Ignacio Bernal Forero

    2010-06-01

    Full Text Available This article reviews the consequences of liberalization and regulation processes on services of general interest in Europe, in the context of economic integration. It highlights the differences observed between network utilities like telecommunications, electricity and gas, on the one hand, and drinking water or services of a social nature, on the other hand. The article analyzes why the latter have enjoyed a rather special status when it comes to applying the rules of competition, and it discusses the legal treatment given by the European Commission to the public subsidies which these services receive. Finally, certain parallels have been drawn with public utilities in Colombia since the 1990s.

  16. Soheib Bencheikh: Liberal Model of the European Islam

    Directory of Open Access Journals (Sweden)

    Альбина Викторовна Михалева

    2011-12-01

    Full Text Available The article deals with socio-political views of one of the representatives of European Islam, popular in France religious leader and philosopher Soheib Bencheikh. Continuing to fulfill a function of «intellectual mediator», he has slightly lost his talent of the «excellent communicator» between different layers of French society. Meanwhile, liberal reformism has not exhausted its ideological and resource potential and interest in it will be retained. That is conditioned by both assimilation processes in the Europe and social instability in the Islamic world.

  17. Economic efficiency versus social equality? The U.S. liberal model versus the European social model.

    Science.gov (United States)

    Navarro, Vicente; Schmitt, John

    2005-01-01

    This article begins by challenging the widely held view in neoliberal discourse that there is a necessary trade-off between higher efficiency and lower reduction of inequalities: the article empirically shows that the liberal, U.S. model has been less efficient economically (slower economic growth, higher unemployment) than the social model in existence in the European Union and in the majority of its member states. Based on the data presented, the authors criticize the adoption of features of the liberal model (such as deregulation of their labor markets, reduction of public social expenditures) by some European governments. The second section analyzes the causes for the slowdown of economic growth and the increase of unemployment in the European Union--that is, the application of monetarist and neoliberal policies in the institutional frame of the European Union, including the Stability Pact, the objectives and modus operandi of the European Central Bank, and the very limited resources available to the European Commission for stimulating and distributive functions. The third section details the reasons for these developments, including (besides historical considerations) the enormous influence of financial capital in the E.U. institutions and the very limited democracy. Proposals for change are included.

  18. Trade Liberalization and Optimal Environmental Policies in Vertical Related Markets

    Directory of Open Access Journals (Sweden)

    Yan-Shu Lin

    2012-12-01

    Full Text Available This paper establishes a symmetric two-country model with vertically related markets. In the downstream market, there is one firm in each country selling a homogeneous good, whose production generates pollution, to its home and the foreign markets a la Brander (1981. In the intermediate good market, there is also one upstream firm in each country, supplying the intermediate good only to its own country’s downstream market. The upstream firms can choose either price or quantity to maximize their profits. With this setting, the paper examines the optimal environmental policy and how it is affected by the tariff on the final good. It is found that, under free trade, the optimal final-good output with imperfect intermediate-good market will have the same output level as that with perfect intermediate-good market after imposing the optimal emission tax. The optimal environmental tax is smaller and the optimal environmental policy is less likely to be a green strategy under trade liberalization if the market structure in the intermediate good market is imperfect than perfect competition. On the other hand, the optimal environmental tax is necessarily higher if the upstream firm chooses price than quantity. Moreover, the optimal environmental policy is less likely to be a green strategy under trade liberalization if the upstream firms choose quantity than price to maximize their profits.

  19. Synergies of the Liberalization of the Railway Transport Market

    Directory of Open Access Journals (Sweden)

    Panák Michal

    2017-01-01

    Full Text Available The liberalization of transport market brings various effects, which in the context of the assessment of synergies can affect in different ways the company, a customer as such, and transport undertakings operating on the railway transport market as well. This paper provides an innovative perspective on the relationship between liberalization and synergy, defining new types of synergies that have not yet been monitored in the conditions of railway transport. This approach is interesting because of the possibility of assessing the operation of railway undertakings in the open transport market. The eminent is characteristic of integration type synergies and emergence type synergies in relation to railway transport, as well as the breakdown of synergies in relation to the customer and carrier.

  20. Risk and investment management in liberalized electricity markets

    International Nuclear Information System (INIS)

    Lemming, J.

    2003-09-01

    Electricity markets around the world are currently undergoing a liberalization process that changes the way electricity is traded and priced as a commodity. The electricity system has unique technical characteristics and the importance of electricity in today's information society is significant. The liberalization will not change the fact that politicians and regulators will be held responsible for keeping electricity on reasonable costs. What changes is the tool used by regulators to accomplish this task. The introduction of competitive markets implies that market participants will be held financial responsible for their decisions. System operators remain responsible for the physical balancing, thus electricity markets will remain strongly regulated even after liberalization. The hypothesis of this thesis is that the relevance of financial tools for electricity market risk management depends critically on the technical characteristics of electricity assets and on the demands placed by the stakeholders in the electricity sector. In many cases such technical characteristics and stakeholder demands will imply a need for revised and renewed tools compared to those used for portfolios of financial assets. (BA)

  1. Natural gas supply in Denmark - A model of natural gas transmission and the liberalized gas market

    International Nuclear Information System (INIS)

    Bregnbaek, L.

    2005-01-01

    In the wake of the liberalization of European energy markets a large area of research has spawned. This area includes the development of mathematical models to analyze the impact of liberalization with respect to efficiency, supply security and environment, to name but a few subjects. This project describes the development of such a model. In Denmark the parallel liberalization of the markets of natural gas and electricity and the existence of an abundance of de-centralized combined heat and power generators of which most are natural gas fired, leads to the natural assumption that the future holds a greater deal of interdependency for these markets. A model is developed describing network flows in the natural gas transmission system, the main arteries of natural gas supply, from a technical viewpoint. This yields a technical bounding on the supply available in different parts of the country. Additionally the economic structure of the Danish natural gas market is formulated mathematically giving a description of the transmission, distribution and storage options available to the market. The supply and demand of natural gas is put into a partial equilibrium context by integrating the developed model with the Balmorel model, which describes the markets for electricity and district heat. Specifically on the demand side the consumption of natural gas for heat and power generation is emphasized. General results and three demonstration cases are presented to illustrate how the developed model can be used to analyze various energy policy issues, and to disclose the strengths and weaknesses in the formulation. (au)

  2. Integration of European Bond Markets

    DEFF Research Database (Denmark)

    Christiansen, Charlotte

    2014-01-01

    I investigate the time variation in the integration of EU government bond markets. The integration is measured by the explanatory power of European factor portfolios for the individual bond markets for each year. The integration of the government bond markets is stronger for EMU than non-EMU memb......I investigate the time variation in the integration of EU government bond markets. The integration is measured by the explanatory power of European factor portfolios for the individual bond markets for each year. The integration of the government bond markets is stronger for EMU than non...

  3. 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

  4. 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

  5. Do 'liberal market economies' really innovate more radically than 'coordinated market economies'? Hall & Soskice reconsidered

    NARCIS (Netherlands)

    Akkermans, D.H.M.; Castaldi, C.; Los, B.

    2009-01-01

    In Varieties of Capitalism; The Institutional Foundations of Comparative Advantage, Peter A. Hall and David Soskice (H&S) argue that technological specialization patterns are largely determined by the prevailing "variety of capitalism". They hypothesize that "liberal market economies" (LMEs)

  6. Do 'liberal market economies' really innovate more radically than 'coordinated market economies'? Hall and Soskice reconsidered

    NARCIS (Netherlands)

    Akkermans, Dirk; Castaldi, Carolina; Los, Bart

    In Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, Peter A. Hall and David Soskice (H&S) argue that technological specialization patterns are largely determined by the prevailing "variety of capitalism". They hypothesize that "liberal market economies" (LMEs)

  7. 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)

  8. A critical look back over 15 years of the liberalization of the electricity markets

    International Nuclear Information System (INIS)

    Audigier, P.

    2004-01-01

    Various analyses are now available concerning the successes and woes of the policies for the liberalization of the electricity market implemented around the world for some 15 years. The author offers us an overview of these documents, focusing on the results obtained when considered in light of the arguments put forward by those favouring liberalization. The problems observed more recently in the liberalized markets have certainly had local causes. They nevertheless all have several things in common. Their attributes (non-storability, inelasticity of demand, etc.), have made the electron a raw material (commodity) such as the markets are not very efficient. Solutions can always be found, but these solutions, each more ingenious than the last, all have a price. This is particularly the case for the household market segment, with the paradox here being that it is precisely at the very moment when experts are beginning to doubt the value (cost/profit) of extending competition to this market segment that the European Union decides to authorize such an extension. (authors)

  9. How to Organize Electricity Savings in a Liberalized Electricity Market

    DEFF Research Database (Denmark)

    Nørgaard, Jørgen

    1998-01-01

    The basic idea of Integrated Ressource Planning is described and it is demonstrated how this is in conflict with the sub-optimizing necessary in a liberalized market. Afterwards are outlined how the measuring of savings energy consumption constitutes a fundamental problem. Finally are dicussed...... the future actors in the electricity sector and their roles in implementing electricity savings, followed by some proposals for an energy policy....

  10. Liberalism

    OpenAIRE

    Pabst, Adrian

    2013-01-01

    Until the global economic crisis struck in 2008, liberalism was the dominant ideology of our time and undoubtedly the most influential political philosophy of the last 300 years or so. Its origins, evolution and meaning are deeply contested by liberal and non-liberal thinkers alike. Many contemporary historians and political philosophers claim that liberal thought first emerged in the late sixteenth or early seventeenth century and evolved into a distinct philosophical tradition during the Ag...

  11. 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

  12. 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

  13. Liberalization and enlargement: impacts on the industrial organisation of natural gas markets in Eastern Europe

    International Nuclear Information System (INIS)

    Pirovska, M.

    2004-01-01

    In 2004, the EU has opened its commercial natural gas industry to competition, while eight former socialist countries have become member states. This ongoing institutional evolution is expected to have a great impact on the industrial organisation of the East European natural gas markets. Specificities and rigidities of the transport networks, as well as strong import dependency may in fact weaken the security of supply and confirm that natural gas is strongly affected by geopolitical constraints. By levering on an analysis of structure and strategies across natural gas markets in Eastern Europe, this dissertation explores the stakes of integration and liberalization on the industrial organisation of European natural gas and reveals the risk of an emerging oligopoly, and the cooperation between dominant players. Our main contention is that this evolution could possibly hinder network interconnection thereby thwarting the achievement of an integrated and single competitive natural gas market in the Union. (author)

  14. 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

  15. European gas oil markets

    International Nuclear Information System (INIS)

    Long, D.

    1991-04-01

    The developments over the past five years of the bulk markets for gas oil in Europe are examined using advanced econometric techniques to study the related issues of pricing efficiency and hedge efficiency. The study attempts to preserve the fluctuations of the actual data as these provide insights into the process of price discovery. The markets studied include the spot, forward and futures markets and looks for evidence of differentiated markets. (UK)

  16. Competitiveness of nuclear power in Japanese liberalized electricity market

    International Nuclear Information System (INIS)

    Abe, Y.

    2006-01-01

    The liberalization of Japanese electricity market expanded to customers of over 50 kV on April 1, 2005 and more than 60% of the market has been already open. The discussion about the assistance measures of nuclear power generation in Japanese liberalization of electricity market has come to grow warmer gradually. The opinions on the competitiveness of nuclear power are inconsistency among the supporters of nuclear power. Some says that nuclear power is the most competitive, others says nuclear power require some sort of financial or political assistance in the deregulation of electricity market. In this study, based on financial statements of each Japanese electric power company, the constitution of generation cost of nuclear power is illustrated and various financial and economic characteristics, including ''merit of scale'' and the impact of new nuclear power plant construction on the finance of electric power company, are discussed. In addition, the economic features of nuclear power generation are compared with those of thermal power generation through the analysis of financial statements. Finally, support policies for nuclear power required in deregulation of electric utilities are examined in terms of fairness of competition and security of electricity supply

  17. The development of market power in the Spanish power generation sector: Perspectives after market liberalization

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Nasirov, Shahriyar; Silva, Carlos

    2016-01-01

    This paper provides a comprehensive analysis of the market power problem in the Spanish power generation sector and examines how and to which extent the market has developed in terms of market power concerns after the market liberalization reforms. The methodology applied in this study includes typical ex-post structural and behavioral measures employed to estimate potential for market power, namely: concentration ratios (CR) (for the largest and the three largest suppliers), the Herfindahl–Hirschman Index (HHI), Entropy, Pivotal Supply Index, the Residual Supply Index and Residual Demand Elasticity (RDE). The results are presented for the two largest Spanish generating companies (Endesa and Iberdrola) acting in the Iberian Electricity Market (MIBEL), and in the Spanish Day-ahead electricity market. The results show evidence that these companies have behaved much more competitively in recent periods than in the beginning of the market liberalization. In addition, the paper discusses important structural and regulatory changes through market liberalization processes in the Spanish Day-ahead electricity market. - Highlights: •Competition and regulation in the Spanish electricity market. •The methodology applied in this study: ex-post structural and behavioral measures. •Key dominant companies behaved more competitively in recent periods. •Important structural and regulatory changes in the Spanish electricity market.

  18. 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

  19. 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.)

  20. Demand response in liberalized electricity markets - the Nordic case

    International Nuclear Information System (INIS)

    Bjoerndal, Mette; Lund, Arne-Christian; Rud, Linda

    2005-01-01

    The liberalization of the Nordic electricity markets started with the deregulation of the Norwegian market, and the later inclusion of Sweden, Denmark and Finland in The Nord Pool area has provided a truly international marketplace, where prices are quoted for all the Nordic countries except Iceland. The structure of the Norwegian supply side was a favorable starting point for the liberalization process with many independent (hydropower) producers and, following the Energy Act of 1991, the vertical separation of competitive production on the one hand and regulated transmission / distribution one the other hand (implemented as a requirement of separation of financial accounts). Moreover, since the mid 1990s (unregulated) retail competition has provided market based price-signals to customers, even to individual households. In this paper we will focus on the potential benefits of demand flexibility in order to enhance the performance of the electricity market in attaining optimal operation and development of the electricity system. These benefits will depend on the price elasticity of the demand. However, whether it is possible to act on price changes also depends on the information provided to and from the customers. Especially for short run flexibility, this may require two way communication devises for larger customer groups, which raises questions like who is to pay for the investments needed, and who will benefit from them. Demand response also depends on the marginal signals resulting from the different contracts offered to the customers. Today this includes ''variable'' price, spot price (based on Nord Pool Elspot) and fixed price contracts. Customer flexibility depends on the possibility of substitution for instance to other fuels / alternative energy provisions. Finally, flexibility will differ between customer classes, for instance households, industry, power intensive industry etc. In this paper we investigate demand response and customer flexibility in

  1. The Hopeful Liberal. Reflections on Free Markets, Science and Ethics

    Directory of Open Access Journals (Sweden)

    Giorgio Baruchello

    2013-06-01

    Full Text Available International crises and their dramatic outcomes notwithstanding, certain long-lived, deeply rooted beliefs are hard to die. Thus we keep hearing leading politicians and revered economic advisors who call for a return to growth and assert that structural reforms are imperative so that market confidence may be re-established and increased competitiveness achieved, without ever pondering upon the fact that these aims are precisely those that guided the global economy before the crisis. Could it ever be that endless growth, market confidence or competitiveness are misguided aims for the world’s economies? In these reflections of mine, I wish to address one of these resilient beliefs. Specifically, in the traditional philosophical way initiated by Socrates, I shall assess some logical knots arising from a hypothesis, that is, the commonplace liberal notion that the so-called “free market” possesses a unique capacity to generate prosperity.

  2. 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

  3. 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

  4. Agricultural protectionism of the European union in the conditions of international trade liberalization

    Directory of Open Access Journals (Sweden)

    Marković Ivan

    2014-01-01

    Full Text Available The key objective of agricultural protectionism is reflected in the protection and developing of agriculture sector. Integrated parts of this policy in the European Union are the initial model of agricultural protectionism and a new strategy of agricultural policy, which emerged as a response to the shortcomings of previously existing model. The paper presents the key reforms of agricultural policy, conditioned to internal problems and pressures in the negotiations of trade liberalization of agricultural and food products. Reform solutions for the period of 2014 to the 2020 will have similar goals. The priority will be to develop sustainable food production and sustainable management of natural resources. There is a widespread awareness of sustainable development that includes not only the economic component (which is reflected in the increase in productivity and production efficiency, but also an environmental component (the need to preserve the environment, as well as the social component of sustainable development (integrated rural development. Conducting negotiations in the framework of liberalization of agricultural and food products, there was a gradual reduction of restrictive measures in the field of domestic agriculture protection. However, the European food market is still highly protected from foreign competition because of the many features of the agricultural production sector and the importance of agriculture for the entire society. It is certain that the CAP will lose its narrow agricultural character.

  5. Outsiderness and Participation in Liberal and Coordinated Market Economies

    Directory of Open Access Journals (Sweden)

    Emanuele Ferragina

    2017-01-01

    Full Text Available The number of labour market outsiders in Europe has dramatically increased, especially among the youth, potentially influencing social and political participation. Using logistic regressions and comparable survey data – the British Household Panel (BHPS and the German Socio-Economic Panel (GSOEP – we connect insights drawn from Varieties of Capitalism and dualization literature with an investigation of individual level outcomes in Britain and Germany. First, we disentangle the impact of skills on outsiderness among the overall population and the youth. Second, we analyse the influence of skills and outsiderness on peo-ple’s social and political participation. We suggest that skills matter in protecting individuals from labour market outsiderness, but they do so in different ways across liberal and coordinated market economies and age groups. While the possession of specific skills reduces the likelihood of being a labour market outsider among young people, it has the opposite effect on political participation. In contrast, education fosters participation but does not reduce the risk of becoming an outsider in the same age cohort. Moreover, although there is no difference between insiders and outsiders when it comes to political par-ticipation, being an outsider may reduce social participation. Finally, young people are more likely to be excluded from social and political participation in Britain than in Germany as a consequence of different welfare and socio-economic systems

  6. 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

  7. Book Review: A Liberal Actor in a Realist World the European Union ...

    African Journals Online (AJOL)

    Abstract. Book Title: A Liberal Actor in a Realist World the European Union Regulatory State and the Global Political Economy of Energy. Book Author: Andreas Goldthau & Nick Sitter. Oxford University Press Oxford 2015. ISBN 9780198719595 ...

  8. Enhancing the Relevance and Value of Marketing Curriculum Outcomes to a Liberal Arts Education

    Science.gov (United States)

    Petkus, Ed, Jr.

    2007-01-01

    Could marketing coursework be part of the general education requirements for all college students? This article describes the ways in which the professional school marketing curriculum model (Schibrowsky, Peltier, & Boyt, 2002) can complement and enhance liberal arts education outcomes. First, the general relationship between liberal arts…

  9. The power to choose. Demand response in liberalized electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Highly volatile electricity prices are becoming a more frequent and unwanted characteristic of modern electricity wholesale markets. But low demand elasticity, mainly the result of a lack of incentives and consumers' inability to control demand, means that consumer behaviour is not reflected in the cost of energy. This study analyses the impact of price-responsive demand and shows how pricing, policy and technology can be used to inform consumer behaviour and choice. Informed choice and market-based valuation of electricity supply will ensure liberalized markets are competitive, efficient, less volatile and able to provide long term security of supply. Significant benefits will occur even if only 5% of customers become responsive to price-incentives and information. And customers will respond to well designed programs, thereby developing a role in ensuring efficient price formulation for electricity. This study analyses the economic, efficiency and security benefits and identifies the changes in electricity tariffs and the network infrastructure needed to achieve greater demand response

  10. 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

  11. Fuel mix diversification incentives in liberalized electricity markets: A Mean-Variance Portfolio theory approach

    International Nuclear Information System (INIS)

    Roques, Fabien A.; Newbery, David M.; Nuttall, William J.

    2008-01-01

    Monte Carlo simulations of gas, coal and nuclear plant investment returns are used as inputs of a Mean-Variance Portfolio optimization to identify optimal base load generation portfolios for large electricity generators in liberalized electricity markets. We study the impact of fuel, electricity, and CO 2 price risks and their degree of correlation on optimal plant portfolios. High degrees of correlation between gas and electricity prices - as observed in most European markets - reduce gas plant risks and make portfolios dominated by gas plant more attractive. Long-term power purchase contracts and/or a lower cost of capital can rebalance optimal portfolios towards more diversified portfolios with larger shares of nuclear and coal plants

  12. Fuel mix diversification incentives in liberalized electricity markets: A Mean-Variance Portfolio theory approach

    Energy Technology Data Exchange (ETDEWEB)

    Roques, F.A.; Newbery, D.M.; Nuffall, W.J. [University of Cambridge, Cambridge (United Kingdom). Faculty of Economics

    2008-07-15

    Monte Carlo simulations of gas, coal and nuclear plant investment returns are used as inputs of a Mean-Variance Portfolio optimization to identify optimal base load generation portfolios for large electricity generators in liberalized electricity markets. We study the impact of fuel, electricity, and CO{sub 2} price risks and their degree of correlation on optimal plant portfolios. High degrees of correlation between gas and electricity prices - as observed in most European markets - reduce gas plant risks and make portfolios dominated by gas plant more attractive. Long-term power purchase contracts and/or a lower cost of capital can rebalance optimal portfolios towards more diversified portfolios with larger shares of nuclear and coal plants.

  13. 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?

  14. Wind power and the conditions at a liberalized power market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    2003-01-01

    Wind power is undergoing a rapid development nationally as well as globally and in a number of countries covers an increasing part of the power supply. At the same time an ongoing liberalization of power markets is taking place and to an increasing extent the owners of wind power plants will themselves have to be responsible for trading the power at the spot market and financially handling the balancing. In the western part of Denmark (Jutland/Funen area), wind-generated power from time to time covers almost 100% of total power consumption. Therefore some examples are chosen from this area to analyse in more detail how well large amounts of wind power in the short-term are handled at the power spot market. It turns out that there is a tendency that more wind power in the system in the short run leads to relatively lower spot prices, while less wind power implies relatively higher spot prices, although, with the exception of December 2002, in general no strong relationship is found. A stronger relationship is found at the regulating market, where there is a fairly clear tendency that the more wind power produced, the higher is the need for down-regulation, and, correspondingly, the less wind power produced, the higher is the need for up-regulation. In general for the Jutland/Funen area the average cost of down-regulation is calculated as 1 2 c euros/kWh regulated for 2002, while the cost of up-regulation amounts to 0 7 c euros/kWh regulated. (author)

  15. 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.

  16. 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

  17. 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

  18. Understanding customer switching behavior in a liberalizing Service market : An exploratory study

    NARCIS (Netherlands)

    Wieringa, Jaap E.; Verhoef, Peter C.

    In recent decades, many service markets have been liberalized, which means incumbent service firms face new competitors and must address customer switching-which from a public policy perspective, is necessary to ensure that liberalization succeeds. In this article, the authors conduct an exploratory

  19. The Gendered Labor Market Impacts of Trade Liberalization Evidence from Brazil

    NARCIS (Netherlands)

    Gaddis, Isis; Pieters, Janneke

    2017-01-01

    This paper investigates the impact of Brazil's trade liberalization on gender differences in labor market outcomes, using difference-in-difference estimation that exploits variation in preliberalization industry composition across microregions. We find that trade liberalization reduced male and

  20. Understanding customer switching behavior in a liberalizing Service market : An exploratory study

    NARCIS (Netherlands)

    Wieringa, Jaap E.; Verhoef, Peter C.

    2007-01-01

    In recent decades, many service markets have been liberalized, which means incumbent service firms face new competitors and must address customer switching-which from a public policy perspective, is necessary to ensure that liberalization succeeds. In this article, the authors conduct an exploratory

  1. Competition ambiguities. Electricite de France and the electricity market liberalization; Les ambiguites de la concurrence. Electricite de France et la liberalisation du marche de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Boiteux, M. [Electricite de France (EDF), 75 - Paris (France)

    2007-04-15

    The European Union decided to open the electricity market to the competition and the last step will be in July 2007. Meanwhile the first part, the opening to big consumers, is a deception. The market saw an increase of the electricity prices. The author explains the effects of the liberalization, presenting the inevitable limits of the competition, the disappointing evaluation, the historical aspects of the electric market facing the today situation. (A.L.B.)

  2. 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

  3. Investments in electricity generation in Croatian liberalized market: energy option

    International Nuclear Information System (INIS)

    Androcec, I.; Viskovic, A.; Slipac, G.

    2004-01-01

    The Republic of Croatia should have enough capacities built on its own territory to cover system's peak load at any time for ensuring a long-term reliability of its operation. According to annual increasing of electricity consumption and progressive shutdown of the oldest generating plants, the security of future electricity supply depends on new investments. The market, i.e. a competitive generation, is the driving force in the construction of new power plants. The main stimulus for the construction is the possibility of definite return of invested capital and enabling potential investors to realize the expected revenues (profit). The construction of generating capacities is subject of authorisation procedure or tendering procedure, by approval of the Energy Regulatory Council. The electricity market opening in Croatia is parallel process with establishment of regional energy market in South East Europe where the decision of investment in new power plant will be defined by regional investment priorities, all in the aspect of European Union enlargement. In those liberalisation conditions it is necessary to realize all possible energy options according to the Strategy of Energy Development of Republic of Croatia and to the regional energy market requirements or European Union Directives. New power plant will be realized, because of objective circumstances, through construction of gas power plant or coal power plant and possible nuclear power plant, and in much smaller size through construction of hydro power plants or power plants on renewable energy sources. The possibility of any energy option will be considered in view of: investment cost, operation and maintenance cost, fuel price, external costs, public influence, and through investor's risk. This paper is aiming to analyse the possibility of nuclear power plant construction in Croatia as well as in other small and medium electricity grids. Nuclear option will be comprehensively considered in technical

  4. 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

  5. Some models for electric power price clearing in liberalized market area

    International Nuclear Information System (INIS)

    Chogelja, Goran; Pavlov, Risto

    2001-01-01

    This paper presents some of the basic models for electrical energy price clearing in liberalized market area and competition on level of consumption and level of production. As an example the Amsterdam power exchange APX (spot market) is given and some of another types of markets and methodology for pricing are presented. In detal 'clearing pricing mechanism in day athead market' from the Amsterdam power exchange is presented as well as the methodology for market balancing and financial clearing. (Original)

  6. From Paradoxes of Multiculturalism to Paradoxes of Liberalism: Sweden and the European Neo-Liberal Hegemony

    Science.gov (United States)

    Schierup, Carl-Ulrik; Alund, Aleksandra

    2011-01-01

    In this essay, the authors venture into the convoluted reality of a contemporary Europe, which they fear that intellectual enterprises, unwittingly, underpin: an incipient European "plural society" marked by a xenophobic cultural branding of "the Other", the erosion of citizenship, urban revolts among disadvantaged youth, an…

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

    International Nuclear Information System (INIS)

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

    1996-01-01

    This publication discusses the impact of breaking up national gas sales consortia in Western Europe. A numerical model of the Western European natural gas market is used to show that once the demand side of the market is liberalized, each producing country has an incentive to break up its national gas sales consortium. The situation is not stable, however, since each country has an incentive to increase the number of domestic producers in response to more competitors. Consequently the model suggests that there may be a large number of producers in a completely liberalized natural gas market. 19 refs., 1 fig., 3 tabs

  8. 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)

  9. Research on Simulation Requirements and Business Architecture of Automated Demand Response in Power Sales Side Market Liberalization

    Science.gov (United States)

    Liu, Yiqun; Zhou, Pengcheng; Zeng, Ming; Chen, Songsong

    2018-01-01

    With the gradual reform of the electricity market, the power sale side liberalization has become the focus of attention as the key task of reform. The open power market provides a good environment for DR (Demand Response). It is of great significance to research the simulation requirements and business architecture of ADR (Automatic Demand Response) in power sale side market liberalization. Firstly, this paper analyzes the simulation requirements of ADR. Secondly, it analyzes the influence factors that the business development of ADR from five aspects after power sale side market liberalization. Finally, Based on ADR technology support system, the business architecture of ADR after power sale side market liberalization is constructed.

  10. 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

  11. 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

  12. The Austrian and Upper Austrian electricity market and its restructuring affected by the liberalization based on the 'Elektrizitaetswirtschafts- und organisationsgesetz' (1999) as well as the 'Energieliberalisierungsgesetz' (2000)

    International Nuclear Information System (INIS)

    Grubich, C.; Krottenthaler, R.

    2001-07-01

    After an overview about the basics of electricity the thesis covers the history of the electricity market in Upper Austria from the very beginning including parallels to national activities and trends in this field. The historical part is therefore divided into three chapters: the development of the electricity supply in Austria, Upper Austria and Linz. In the following chapter the thesis discusses the legal basis for the structure of Austria' electricity market as well as the latest laws dealing with the liberalization of Austria' electricity market as well as the European legislative conditions regulating the liberalization of the European electricity market. The thesis furthermore deals with the effects on customers as well as on the suppliers that are yet affected by the ongoing liberalization in the various customer segments. It also covers the expected affects on Austria' private customers that will occur by the complete deregulation that starts in October 2001. The thesis covers also the actual strategic plans of Austria' public owned suppliers in the effort to strengthen their market positions. In contrary to the deregulated telecom market the electricity markets won' grow. Therefore, competition on the electricity market will get much harder. Suppliers will strain for cooperation and mergers in order to face this competition, which is underlined in this part of the thesis. The fourth chapter covers the ecological items of electricity production and consumption. It therefore deals with renewable and nuclear energy sources and their contributions to a sustainable economy. (author)

  13. More efficiency due to the liberalization of the market for electricity

    International Nuclear Information System (INIS)

    Huisman, R.; Huurman, C.I.

    2004-01-01

    The market for electricity in the Netherlands has become more efficient due to the liberalization. This can be deducted from the fact that prices at the so-called imbalance market have risen. Producers of electricity are stimulated to better estimate the demand for electricity [nl

  14. Trade Liberalization and Women's Integration into National Labor Markets: A Cross-Country Analysis

    Science.gov (United States)

    Meyer, Lisa B.

    2006-01-01

    This paper examines the effects of trade liberalization and the risks associated with participation in the global trading system on women's integration into national labor markets. Using data from 1970 to 1995, I identify two global determinants of the female share of national labor markets: trade openness and transnational corporate penetration.…

  15. 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.

  16. Consequences of Market Liberalization for the Operators of the Dairy Subsector in Morocco

    Directory of Open Access Journals (Sweden)

    M. T. Sraïri

    2007-01-01

    Full Text Available The Moroccan dairy subsector has gone through an eventful recent history. The initial situation, in the early 1970s, was characterized by a high level of State regulation. At that time, there was an increasing domestic demand associated to a low availability of milk products; therefore State authorities encouraged local production and processing. But at the beginning of the 1980s, a series of structural adjustment measures were implemented and all subsidies were progressively suppressed. These sudden successive changes seriously impacted on the organization of the dairy subsector, particularly at the level of dairy cattle farms, by markedly modifying production practices. Currently, another significant stage for the Moroccan dairy subsector is the ongoing negotiation of free trade agreement with the European Union. This will lead to the end of protection for domestic dairy products and to increased competition between local and imported dairy products. In a context of market liberalization associated with the price of agricultural inputs rising on international markets, it will be essential to upgrade productive tools and policies of the subsector, which will have consequences on all operators along the commodity chain. This will be vital for the upholding of milk production, collection and transformation activities in Morocco, under conditions favorable to their sustainable development: pursuit of optimal milk yield and quality, efficient irrigation water productivity, and fair distribution of incomes generated by the subsector to all operators, with an aim to adjust the price to the purchase power of consumers.

  17. 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.

  18. 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.)

  19. 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?

  20. Comparative analysis of Fiber-to-the-Home market liberalization in the EU

    DEFF Research Database (Denmark)

    Williams, Idongesit

    2017-01-01

    The penetration of Fiber-to-the-Home (FTTH) in the EU is low. This is because deploying FTTH is capital intensive. The liberalization of the FTTH market in three EU countries is studied in this paper. The aim is to identify the challenges that affect the growth of FTTH in the EU. This is a qualit......The penetration of Fiber-to-the-Home (FTTH) in the EU is low. This is because deploying FTTH is capital intensive. The liberalization of the FTTH market in three EU countries is studied in this paper. The aim is to identify the challenges that affect the growth of FTTH in the EU......, this paper concludes that competition at the wholesale market aspect of the FTTH market should be given more priority than competition at the retail section of the Fiber-to-the-Home market. This prioritization in regulating competition will enable greater market penetration of Fiber...

  1. 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.

  2. European Market Making and Policy Duplication

    DEFF Research Database (Denmark)

    Frankel, Christian

    2013-01-01

    This paper argues that private regulation has been essential to the making of the common European market. The distinction between negative and positive integration, usually used to understand the making of the common European market, only gives us part of the picture, as it focuses on public...... authorities and the regulation issued by them, and tends to ignore private authorities. A focus on private regulation is suggested to enlarge the focus on positive and negative integration, and this is used in an analysis of EU's removal of barriers to trade from 1958 to 2000. The paper shows that private...... regulation in the form of technical standardisation has become essential to European market making....

  3. 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)

  4. Practical consequences of the liberalization of the natural gas market in the Netherlands

    International Nuclear Information System (INIS)

    Koenis, F.T.C.; Rouwhorst, H.; Kop, L.

    2000-01-01

    In four articles a first overview is given of the consequences for the Dutch natural gas industry of the liberalization of the natural gas market in Europe. In the first article attention is paid to the consequences for the organization and operation of the natural gas sector. In article 2 some (new and mainly financial) services that can be offered by natural gas trading companies in a liberalized market are discussed. In the third article technical consequences for the organization and management of the natural gas distribution system are outlined, while in article 4 the subject is the development of an open standard for gas meters

  5. Using the decentralized and liberalized electricity market microworld (LEMM) as an educational tool

    International Nuclear Information System (INIS)

    Pasaoglu, Guezay

    2011-01-01

    Decentralized and liberalized electricity market involves a great deal of interdisciplinary concepts, including economic, commercial, environmental and technological issues. Consequently, the system is complicated. Accordingly, nowadays introductory courses focusing on the electricity market dynamics have been added to the curriculum at many universities. However, as the electricity market dynamics are complicated, it is not straightforward for students to understand. A teaching tool to assist students to better understand strategic behaviors in the market is thus in high demand. Due to these reasons, Liberalized Electricity Market Microworld (LEMM), incorporating a system dynamics based simulation model, is developed. The LEMM's contribution to the students learning and understanding of the decentralized and liberalized electricity market dynamics have been explored by organizing game sessions with the LEMM for totally 49 students who participated in 'Energy Policy and Planning' course in Bogazici University. The findings obtained from the exploratory study reveal that the students improved their understanding of the liberalized and decentralized electricity market through the game session with the LEMM. In this paper, the general characteristics of the LEMM and the underlying model are presented, the microworlds', particularly the LEMM's potential contribution to learning and teaching is discussed. - Research highlights: → LEMM describes realistically the dynamics of liberalized and decentralized electricity markets. → LEMM is a system dynamics based microworld used as a teaching tool in universities. → The study reveals that student's learning and understanding improves significantly using LEMM. → Future target groups of the LEMM are energy policy makers and decision makers. → To improve the performance of the training, microworld based game sessions should be used.

  6. 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

  7. Impacts of market liberalization on the electricity supply sector: a comparison of the experience in Austria and Germany

    International Nuclear Information System (INIS)

    Madlener, R.; Jochem, E.

    2001-01-01

    The impacts of market liberalization on the electricity supply sector depend on many different factors and boundary conditions. Comparing these impacts in Austria and Germany, two countries which both participate in the European internal market and have a central geographical location in Western Europe, and which both have borders and important trade relationships with Central and Eastern European countries, provides some important insights with regard to the following aspects: (a) the differences in the primary energy supply mix for electricity generation; (b) the substantial excess capacity, not only in the two countries analyzed but also in the EU as a whole, and its uneven reduction due to different market opening speeds within the Community and differences in the plant stock composition; (c) the utility company structure, including ownership and traditional energy supply and customer relations; (d) the changing situation faced by co-generation and small power producers; and (e) the relevant regulation of third-party access to the grid, electricity transmission, and prices for small/captive consumers. Last but not least, the paper also covers the influence of the expected increase in the volumes of electricity traded in the two countries, also with their Central and Eastern European neighbors (where the level of the playing field may not yet be equalized in the near future), and the concerns that this may lead to conflicts in the achievement of the energy policies, environmental policies, and climate change policies aimed for at the national and European level. (author)

  8. Liberalism - neoliberalism - market fundamentalism: from the concept of freedom to the totalitarian dogma

    Directory of Open Access Journals (Sweden)

    V. I. Chelischev

    2016-01-01

    Full Text Available The article further describes the ideological, historical, socio-political and economic circumstances, responsible for the specific direction of a new form of the ideology of liberalism - contemporary liberalism (neo-liberalism. The special attention, along with the analysis of the ideas of the founder of original theory of the state intervention in the economic life of the society of John Maynard Keynes (1883-1946, is given to “neoliberal” economic constructions of an ideological orientation of Friedrich August von Hayek (1899-1992 and Milton Friedman (1912-2006, defenders of a liberal principle of self-regulation of economy, free from any regalements. The author, on the basis of the analysis of primary sources and examples from a political and social life of some States, shows that in theory the resurgence of liberalism in the form of neo-liberalism personified the idea of the priority of the individual to society and the State, the market - before planning and regulation, the human rights - before the power authority and the team. However in practice this revival was accompanied by displacement of accents and growth of ideological tendencies. Thus, theorists and practitioners of neo-liberalism lined up quite utopian model not only of economic, but also of social relations. Article details the mechanisms by which the theoretical constructions of economists-neoliberals were emasculated by politicians who gradually reduced them to the primitive and convenient theses, justifying any actions of the authorities. Over time, these points have become “undeniable truths”, through which neo-liberalism became dogmatic, and its economic credo has got obvious fundamentalist character, having turned to market dogma of totalitarian type.

  9. The liberalization of the European electric and gas industries through the firms' M and A and investment strategies: propositions for a better energy security

    International Nuclear Information System (INIS)

    Benhassine, W.

    2009-04-01

    The electric and gas industries have been traditionally managed by public monopolies. The post World War II context was supportive to such an industrial organization. In fact, Europe was getting engaged in a long period of economic growth and was benefiting a favorable energetic context. At the end of the 90's, Europe decides to liberalize the national energy industries in order to create a unique European energy market. This liberalization has occurred in a context that as dramatically changed from the economic and energetic perspective. Indeed, the globalization phenomenon has strengthened the competitiveness of the emerging economies. The strong growth of the energy demand and the stagnation of the supply on the offer side have created tensions which have been increasingly frequent and important on the energy markets. Besides, facing greater budget restrictions and financial difficulties, the states have wished to get financially disengaged from these industries. Many factors show that the economic and energetic context will not get better in the next decades. Hence, in this new context, the liberalization of the energy industries should respond to two major stakes for the energy security of the European countries: the sustainability of the investments and the control of the energy demand. After having studied the merger and investment strategies of the energy firms, operating within a freshly liberalized sector, we make some propositions to draw up a new industrial organization which would allow a more efficient response to these two stakes. (author)

  10. Experiences of small-scale consumers in the market for natural gas. Visible results of liberalization

    International Nuclear Information System (INIS)

    Neeleman, J.

    2005-01-01

    The gas market, as the electricity market, has been fully liberalized for all consumers in the Netherlands since 1 July 2004. Was the market ready for this? What main changes have taken place? Health care institutions in the province of Zeeland have now had their first experiences with the liberalized gas market and the outcome has been a saving of 17%. A study of the tendering process for 86 care institutions reveals that not all the gas supply companies were ready to sign contracts with a combination of smaller and larger consuming organizations. Another conclusion is that these consumers expended some effort learning about the gas market, which appears to be nontransparent to outsiders. The latter is a striking observation because costs are the most important criterion for institutional consumers [nl

  11. Welfare Effects of Trade Liberalization with Intra-industry Reallocations: The Importance of Preferences and Market Failures

    DEFF Research Database (Denmark)

    Sørensen, Allan

    pref- erences, which ensures equivalence of the market equilibrium and the social planner solution. For other preferences this equivalence is broken and trade liberalization may reduce welfare by magnifying market failures. An exact condition for trade liberalization to reduce overall welfare...

  12. The integration of the periodic production in the liberalized electric power markets: from the technic expenditures to the economic taxes imposed by the operating rules of the markets

    International Nuclear Information System (INIS)

    Menanteau, Ph.; Finon, D.; Lamy, M.L.

    2003-03-01

    In the framework of the climatic change and the energy supply safety, the european directive aims to promote the renewable energy production in Europe. Some of the renewable energy sources, as the wind power or the micro-hydroelectric power, are naturally periodic. Their introduction in the electric networks will create problems because of this periodic nature, problems which are new for the electric network producers and managers. These problems generate technical expenditures, which may be compensate by the economic penalties of the electric power market operating. In this context the document details the expenditures associated to the periodicity, the economic penalties by an analysis of the british market and analyses the possibilities to limit these economic penalties in order to reduce the conflicts between the electric market liberalization and the promotion of the renewable energies development. (A.L.B.)

  13. 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

  14. The Effect of Pricing and Advertising on Customer Retention in a Liberalizing Market

    NARCIS (Netherlands)

    Polo, Yolanda; Javier Sese, F.; Verhoef, Peter C.

    This study investigates the drivers of customer retention in a liberalizing market. The authors address key, retention issues that allow them to contribute to existing retention research in several critical ways. They (1) examine the effects of pricing and mass advertising, (2) account for (new

  15. The Effect of Pricing and Advertising on Customer Retention in a Liberalizing Market

    NARCIS (Netherlands)

    Polo, Yolanda; Javier Sese, F.; Verhoef, Peter C.

    2011-01-01

    This study investigates the drivers of customer retention in a liberalizing market. The authors address key, retention issues that allow them to contribute to existing retention research in several critical ways. They (1) examine the effects of pricing and mass advertising, (2) account for (new

  16. Comparative study of liberalization process of passengers railway market in Spain and England

    Energy Technology Data Exchange (ETDEWEB)

    Fernandez Morote, G.; Ortuño Padilla, A.; Fernandez Aracil, P.

    2016-07-01

    This article provides an overview of the privatization of railway passengers market in Spain through a background to the most relevant cases studies in Europe, particularly the liberalization process in England. The English case study is a paradigmatic example to assess how the liberalization process was developed and its effect in the present. This assessment has been undertaken to analyse the railway franchise structure, ticketing measures, role of national and regional authorities, etc. and possible analogies to be adapted to the case of Spain. Firstly, this article reviews the origin of the privatization of the railway market in both Spain and England, describing every phase of the liberalization and the success of every stage. Secondly, a critical approach assessment exposes those market failures of the liberalization process in England that caused negative impacts on society. In addition, the role of the Government is analysed to measure their implication in order to solve that situation. Furthermore, the paper expounds a wide analysis of the rail ticketing in England, its effects on increased passenger number. Finally, this article proposes some measures to be followed on the privatization of passenger rail market in Spain, as well as some key concepts to guarantee its success as taken from the case studies that have been reviewed. (Author)

  17. Integration of wind power in the liberalized Dutch electricity market

    NARCIS (Netherlands)

    Ummels, B.C.; Gibescu, M.; Kling, W.L.; Paap, G.C.

    2006-01-01

    Wind power is becoming a large-scale electricity generation technology in a number of European countries, including the Netherlands.Owing to the variability and unpredictability of wind power production, large-scale wind power can be foreseen to have large consequences for balancing generation and

  18. A clash of civilizations? Examining liberal-democratic values in Turkey and the European Union.

    Science.gov (United States)

    Dixon, Jeffrey C

    2008-12-01

    Turkey's proposed entry into the European Union (EU) has been undermined by Europeans' perceptions of Turkish-European cultural differences, particularly regarding the liberal-democratic values that the EU promotes (democracy, rule of law, and respect for and appreciation of minority/human rights). Yet, cross-national research on values has not focused on Turkey, the EU, and these liberal-democratic values, leaving assumptions of cultural differences and their explanations untested. Through analyses of World and European Values Survey data (1999-2002), this article asks whether people in Turkey have the same values regarding democracy, rule of law (versus religious and authoritarian rule), and minority/human rights as people in EU member and candidate states (as of 2000)? What factors explain these values? I find that people in Turkey support democracy to the same extent as people in EU member and candidate states, but people in Turkey are more supportive of religious and authoritarian rule and are less tolerant of minorities. Although the 'clash of civilizations' thesis expects liberal values to be ordered according to countries' religious traditions, with western Christian the most supportive and Islamic the least, only for tolerance of minorities values is this pattern found. Instead, economic development most consistently explains differences between Turkey and EU member and candidate states in support for these values. I conclude with calls for theoretical refinement, particularly of the clash of civilizations thesis, along with suggestions for future research to examine more Muslim and Orthodox countries; I discuss the debate over Turkey's EU entry.

  19. The Norwegian state as a natural gas entrepreneur : the impact of the EEA agreement and EU gas market liberalization

    Energy Technology Data Exchange (ETDEWEB)

    Austvik, Ole Gunnar

    2009-07-01

    This study focuses on how the European Economic Area (EEA) agreement and European Union (EU) natural gas market liberalization processes have challenged and changed the Norwegian state's natural gas entrepreneurship since the 1990s. The point of departure is that the Norwegian petroleum industry was developed as a political entreprise by the Norwegian state from the early 1970s. As a political entrepreneur, the state was engaged in the industry as production entrepreneur, as well as being a political and economic risk-taker. As a political entrepreneur the state could define social goals for activities and use regulative, legal and political measures to reach goals that private entrepreneurs do not have at their disposal. As a political entrepreneur the Norwegian state did not limit itself to the regulation of activities on the Norwegian Continental Shelf (NCS), but instead took on the role of innovator and leader of economic change and development. Natural gas activities and their relations to the infantile, imperfect and international European gas market demanded additional political efforts compared to oil activities. The Norwegian state used several instruments in a combination to reach goals set up: regulations, direct participation and political interventions, and preferential treatment of Norwegian companies. Policies were developed with high ambitions with regard to national sovereignty and control of the industry, an optimal resource management, and to capture as much rent as possible. In addition to being the regulator, law and policymaker the state became itself an industrial actor, and in periods a substantial financial contributor to developments. Government policy and industrial structures changed as the industry matured, and markets, international affairs and technology changed. The state not only ensured the establishment of the industry, but maintained its role as a driving force looking after and contributing to change and evolution, to the

  20. Electricity and gas: does market liberalization change something?

    International Nuclear Information System (INIS)

    Anon.

    2005-01-01

    Since mid-2004, all professional consumers in France can change of gas and power supplier. Even if Electricite de France (EdF) and Gaz de France (GdF), the historical French electric and gas utilities, have lost some market shares, no heavy drain on their train of clients has occurred. The new intervening parties focus their offer and target 'the most profitable clients' with a mix which combines attractive prices and new services. This article explains what has changed with the deregulation of energy markets in terms of organization, prices and tariffs. (J.S.)

  1. The Impact of Total Liberalization of Domestic Air Transport on the Social Welfare and on the Dynamic of Competition: Comparison Between the United States and the European Union

    Science.gov (United States)

    Zbidi, Karim

    2003-01-01

    Since the lst of April 1997 date of the implementation of the third package of the liberalization, air transport, within the european Union has become totally liberalized. In the United States the deregulation of domestic air traffic was earlier and faster since it took place in October 1978 after the adoption of the only act of deregulation. This paper, in its first part, deals with the liberalization of the industry of air traffic in the european union. After a comparison with US system based on market demand, fare policy and network restrictions, we present our descriptive results coming from treatments on the OAG data. These results present several aspects such as the evolution of the competitive structure of the intra-european routes, the level of airport dominance and the growth of hub structure. The second part of the paper presents models of entry in the airline industry. As profitability" of route flown explains correctly decisions taken by airlines to serve or not a route, the paper focuses on the specification and the estimation of the determinants of city, pair profitability in the european union. Treatments done on the OAG data show a rapid development of leasing space agreement (partial and total) and code sharing practices between 1995 and 2000 in Europe that's why we differentiate first between the two type of competitive strategy of entry(direct entry and leasing space agreement) and second between the competitive strategy of entry and the alliance strategy of code sharing. So the estimation of model will be able to answer the question if the european air transport market is contestable and in case not to see if the decision of entry is more directed by the level of airport dominance (as in the domestic United States market)or essentially by the competitive structure of the routes. We try to explain the nature of entry(directleasing or code sharing) by the different levels of these two determinants.

  2. Costs and remuneration of renewables in liberalized market

    International Nuclear Information System (INIS)

    Pezzaglia, M.

    2008-01-01

    The massive introduction of financial incentives schemes of production of energy from renewable sources result a rapid development of technology production and the market. The production costs are strongly influenced by types of technology. This studies have yet to track the costs of production [it

  3. The German energy market: chronicle of a promised liberalization

    International Nuclear Information System (INIS)

    Heuraux, Ch.

    2002-01-01

    This book treats of: the German energy sector, its historical evolution since its creation during the second industrial revolution, the German energy market, the nuclear energy policy and its debate in the public opinion, and the present day trend towards the development of renewable energy sources. (J.S.)

  4. Monopolies, liberalization, energy turnaround. (Dis)continuities in the electricity market design

    International Nuclear Information System (INIS)

    Grashof, Katherina; Zipp, Alexander; Jachmann, Henning; Wille-Haussmann, Bernhard; Lechtenboehmer, Stefan

    2015-01-01

    After a long period of stability, the electricity industry is in the past 15 years, in a major state of flux. First, the switching of state-monitored and regulated regional monopolies to liberalized producer and consumer markets. At the moment we are in a similar change from conventional to renewable energy production. Below the main question will be addressed whether the paradigms of the individual phases are compatible, which still have their place and which should be modified. Moreover, it is shown that the current market design of the future cannot be designed on a blank sheet, but existing structures have to be considered. Given the stage of monopolies, the liberalization and the started energy turnaround respectively in terms of their sector structure, dominant generation technologies, the interaction between production and load and characteristic elements of market design and regulation are presented. Subsequently, a preliminary answer is given to the question raised. [de

  5. 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

  6. General Equilibrium Analysis of Electricity Market Liberalization in Singapore: A Comparative Study

    Directory of Open Access Journals (Sweden)

    Fenglong XIAO

    2011-12-01

    Full Text Available The liberalization in electricity market in Singapore has being undertaken for more than 15 years. This paper evaluates the influence of competition policies by computable general equilibrium (CGE model. Instead of the direct measurement of the impact of competition policy, the benefit of liberalization is reflected by the simulation of a hypothetical regulatory condition. Comparing to the regulatory scenario, simulation result implies the current liberalization raises GDP and exchange rate significantly, but also leaves the tradeoff between higher national income and lower consumer welfare to government. If such choice of economic policy is necessary for political demand, a formal legal framework is required to enforce the restoration of the economy from regulatory restrictions.

  7. 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...

  8. Municipal energy and climate policy in a liberalized energy market

    International Nuclear Information System (INIS)

    Burger, H.

    2001-05-01

    Due to the ongoing process of liberalisation, Dutch municipal energy policy is undergoing significant changes. The probable privatisation of energy companies, the change from what used to be 'their' local energy company to what will become an energy company, results in a need for local administrations to build up energy knowledge, end-use information and financial resources that 'their' energy companies used to share but, because of operating in a competitive market, are now more reluctant to do so. On the other hand offers privatisation and the selling of shares the possibility for some local governments to collect a significant sum of money which can be addressed to energy policy. This process of growing responsibility of local administrations for their own energy policy coincides with the structural change of the nature of the energy supply in the Netherlands. The change towards a more decentralised energy supply results in more energy systems (e.g. PV and wind) coming under the influence of local regulations. Municipal governments will have to act more like actors in a complex policy network, playing different roles at different times in different situations, often stimulating and regulating at the same time. The growing popularity of platforms like energy agencies, bringing together parties like the local government, energy companies and commercial- and housing associations are examples hereof. In this report, another new role for local governments resulting from the liberalisation process is highlighted: the role of energy consumer. It is estimated that the aggregated electricity demand resulting from activities under direct municipal responsibility (e.g. municipal dwellings, traffic lights, public lighting) amounts to a fairly large share of the market. Due to the public interests vested in the local administrations, it is expected that an important part of this demand is demand for green electricity. Also, local governments can use the energy markets to act

  9. 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

  10. 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.

  11. 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

  12. 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)

  13. 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

  14. Aspect of the electrical power market in the condition on liberalization

    International Nuclear Information System (INIS)

    Nikolov, Marjan

    2003-01-01

    This paper comprise several topics of the electricity market area as investments and costs, production and efficiency, general issues on the market liberalization, with a discussion on the Macedonian specifics, as well as the market forces that drives the electricity trade. In this paper the main topic will be on the production and applied economics in this heavily engineering area. In the last years the traditional engineering approach requires synergy and wider approach including pure economic methods and techniques in order to derive efficient strategic decisions. The purpose here will be to illustrate simple examples of the economic thought in this area. (Original)

  15. Aspect of the electrical power market in the condition on liberalization

    International Nuclear Information System (INIS)

    Nikolov, Marjan

    2004-01-01

    This paper comprise several topics of the electricity market area as investments and costs, production and efficiency, general issues on the market liberalization, with a discussion on the Macedonian specifics, as well as the market forces that drives the electricity trade. In this paper the main topic will be on the production and applied economics in this heavily engineering area. In the last years the traditional engineering approach requires synergy and wider approach including pure economic methods and techniques in order to derive efficient strategic decisions. The purpose here will be to illustrate simple examples of the economic thought in this area. (Original)

  16. 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...

  17. Investments and price formation in a liberalized electric power market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    2005-05-01

    How will the electric power prices in the Nordic electric power market develop if the generation capacity in the coming 10 to 15 years is increased considerably? And what are the conditions for investors to initiate new investments in power plants? Briefly speaking - these are the issues for the project that is reported in this report. The basis for the project has been the Nordic electric power market model and its capability to handle the future extension of the necessary generating capacity. The main issue in the project has been a quantitative analysis of what the prices in the Nordic electric power market will be in the future, depending on the size of new investments in the power generating capacity. Using the Balmorel model, a basic scenario until the year 2020 is made which contains the present decisions about capacity extension only. Up to 2010 this basic scenario can be seen as a probable development. For the period 2010 to 2020, however, the calculations can primarily be seen as illustrations of how the prices may develop, provided that no further investments are made. Thus, for the period 2010 - 2020 it is a 'worst case' that has been analysed. In the basic scenario several cases for the year 2015 are analysed, among others the consequences of wet and dry years and an unusually cold winter. The project also analyses how the price development impacts the profitability of new investments in power capacity, depending on several exogenous events, like use of more wind power and the price on the carbon dioxide market. The analyses present three cases: 1) A single investor not owing other power plants, 2) a single investor owing a number of power plants in which case a new plant will compete with him self, 3) two competing investors investing in the same known power plants. In all cases investments are made in a natural gas combined cycle plant producing both electric power and heat. Furthermore, the investor's own possibility to time his investment has been

  18. 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

  19. 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....

  20. Liberalization of the natural gas market in Norway

    International Nuclear Information System (INIS)

    Van Uchelen, W.J.N.; Roggenkamp, M.M.

    2003-01-01

    During the last few years, the gas market in Norway has been subject to an impressive amount of regulatory reform. Such reform was driven by the necessity to liberalise and internationalise this market in relation to state participation, the abolition of centralised gas sales, and the implementation of the gas directive. The part privatisation of Statoil (in excess of 18%) has been an important step in enabling this company to transform into an international player, managed in alignment with private investors' requirements for cost effectiveness. In addition, the transfer from Statoil to Petoro of management responsibilities regarding the Norwegian state's direct economic interests in exploration and production activities enables a clearer division between private and public interests. Regardless of these changes, the ownership interests and influence of Statoil in the oil and gas industry remain considerable. The abolition of centralised gas sales has led to an obligation for all gas producers to sell their equity gas on an individual basis. This has created a foundation for more competition on the supply side. In order to be able to compete, most of the existing gas sales agreements have had to be renegotiated, the process of which is by now almost complete. A prerequisite for further competition is that more uncontracted gas will be produced. A number of further competition restraints relating to the transport of gas can now be dealt with through the application of a set of new rules, which form the implementation of the gas directive. These rules, together with the harmonised ownership structure of all main gas export pipelines (Gassled), can contribute to the effective utilisation of the upstream gas infrastructure, through independent operatorship (Gassco) and non-discriminatory access. In order for the rules to serve this purpose in practice, it will be necessary for Gassco to develop into a pro-active and visibly independent operator [nl

  1. 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...

  2. Deodorants on the European market

    DEFF Research Database (Denmark)

    Rastogi, Suresh Chandra; Johansen, J D; Frosch, Peter J

    1998-01-01

    allergens from the fragrance mix and 14 other commonly used fragrance materials. The deodorants were purchased at retail outlets in 5 European countries. It was found that in general, fragrance mix ingredients were more frequently present in vapo- and aerosol sprays than in roll-on products. The levels...... of the fragrance mix substances ranged from 0.0001-0.2355%. The products investigated contained cinnamic aldehyde and isoeugenol less frequently (17% and 29% respectively), and eugenol and geraniol most frequently (57% and 76% respectively). The 14 other fragrance materials were found in 40-97% of the deodorants...... could be drawn about the other fragrance mix constituents, as threshold levels in sensitized individuals have not been investigated. Furthermore, all of the fragrance materials investigated were frequently found in deodorants and, apart from the fragrance mix ingredients, the extent of problems...

  3. Global integration of European tuna markets

    Science.gov (United States)

    Jiménez-Toribio, Ramòn; Guillotreau, Patrice; Mongruel, Rémi

    2010-07-01

    This paper evaluates the degree of integration between the world market and the major European marketplaces of frozen and canned tuna through both vertical and horizontal price relationships. Spatial linkages are investigated horizontally in order to estimate the connection between the European market and the world-wide market on the primary stage of the value chain. One of the key results is the high level of market integration at the ex-vessel stage, and the price leadership of yellowfin tuna over skipjack tuna. The same approach is applied at the ex-factory level. Basically, the European market for final goods appears to be segmented between the Northern countries consuming low-priced canned skipjack tuna imported from Asia (mainly Thailand) and the Southern countries (Italy, Spain) processing and importing yellowfin-based products sold at higher prices. France appears to be an intermediate market where both products are consumed. The former market is found to be well integrated to the world market and can be considered to be competitive, but there is a suspicion of market power being exercised on the latter. Price relationships are therefore tested vertically between the price of frozen tuna paid by the canneries and the price of canned fish in both Italy and France. The two species show an opposite pattern in prices transmission along the value chain: price changes along the chain are far better transmitted for the “global” skipjack tuna than for the more “European” yellowfin tuna. The results are discussed, along with their implications for the fishing industry.

  4. The impacts of market liberalization on innovation processes in the electricity sector

    International Nuclear Information System (INIS)

    Markard, J.; Truffer, B.; Imboden, D.M.

    2004-01-01

    Market liberalization has triggered fundamental changes in the electricity sector with far-reaching economic, technical, organizational and ecological consequences. The paper examines how electricity market liberalization has influenced innovation processes at the level of electric utilities and in the electricity sector as a whole. The results are based on an empirical survey including two case studies, green power and fuel cells, in which utility innovation strategies were analysed. From the similarities in both cases and the aggregated effects of innovation strategies, we identify several indications for a general change of innovation processes in the sector: the innovation activity has increased, there is a greater variety of innovation projects, product innovations and organizational innovations have gained importance, innovation networks have become smaller and more specific, and the professionalism of innovation management is improving. (author)

  5. 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

  6. 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.)

  7. 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...

  8. Liberalization of the natural gas market, public interests and regulations urge

    International Nuclear Information System (INIS)

    Pisuisse, C.S.

    2004-01-01

    Developments in the last two years showed that liberalization of the gas market comes with all kind of new and complex regulation. Examples are rules regarding supply permits, the introduction of a supplier of last resort and planning and building obligations for network operators. In the article an oversight of these rules has been given. The regulations are mainly based on public services interests, especially security of supply. It becomes clear that politicians on the one hand are in favour of liberalization, but on the other hand won't accept the accompanying risks for especially the smaller consumers. Security of supply has to be guaranteed under all circumstances. It is obvious that this layer of new rules results in an administrative burden for the parties on the market. Moreover, as a result of these rules the possibilities for real competition, which are already limited due to the special characteristics of the Gas market, have become less and less. In the mean time, the question arises whether it is still realistic to speak of liberalization. It is also doubtful whether the households will still benefit from the possibilities of freedom of choice. Within the coming months the so called second Gas directive has to be implemented. Members of Parliament should realize that, during this implementation process there is no room left to build in additional certainties for consumers [nl

  9. Prices and costs of irregularity in renewable resources in the liberalized electricity markets

    International Nuclear Information System (INIS)

    Menanteau, Ph.; Finon, D.

    2004-01-01

    The problems raised by incorporating irregular production are of a technical nature (risk of non-availability during peak demand, the requirements for additional reserves) but the electricity markets methods of operation impose economic penalties, which greatly exceed these additional technical costs. In this document, the authors examine the nature of the technical problems posed by irregularity of production and the additional costs resulting from this, and then analyse the origins of the economic penalties that the operation of liberalized electricity markets impose, taking in particular the example of the British market, the New Energy Trading Arrangement (NETA). It would appear that the markets' operating rules may conflict, in certain cases, with the targets for promoting electricity generation from renewable resources. Two types of solutions can therefore be envisaged: a set of rules to limit the impact on irregular production or collective handling of the adjustment to production from renewable resources as already exists in the Nordic electricity markets. (authors)

  10. 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?

  11. Generic Virtual Power Plants: Management of Distributed Energy Resources under Liberalized Electricity Market

    DEFF Research Database (Denmark)

    You, Shi; Træholt, Chresten; Poulsen, Bjarne

    2009-01-01

    The emergence of Virtual Power Plant (VPP) can be attributed to the major boost of distributed energy resources (DER), which satisfies the changing needs of modern society on energy industry. Based on this concept, DER units disregarding the differences in each individualtechnology are loosely...... aggregated with a unique interface to the external grid and energy market. This paper gives a broad overview of state-of-the-art VPP concepts and proposes a detailed generic VPP (GVPP) model running in liberalized electricity market environment. An attempt is made to provide an outline of the main functions...

  12. 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

  13. 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...

  14. 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...

  15. 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.

  16. 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)

  17. The impact of electricity market liberalization in Turkey. 'Free consumer' and distributional monopoly cases

    International Nuclear Information System (INIS)

    Bahce, Serdal; Taymaz, Erol

    2008-01-01

    Electricity sector has grown substantially in Turkey since the early 1960s as a result of rapid industrialization and urbanization. The vertically integrated state-owned company had a legally established monopoly on the generation, transmission and distribution of electricity in Turkey. With the support and encouragement of international organizations like the World Bank, Turkey has initiated a comprehensive program to liberalize and privatize the electricity market in 2001. The liberalization of the electricity market in Turkey started in the distribution side of the market. The distribution network was divided into 21 distribution regions and in each of these, separate - initially state-owned - distribution companies have been authorized to distribute and sell electricity. The plan envisaged to complete privatization of all distribution companies until the end of 2006. This study compares the welfare implication of privatization of the distribution networks by comparing two extreme cases, a pure regional distributional monopoly case and a representative pure 'free' consumer case, with a benchmark case of administered price regulation. For this purpose, we develop a simulation model of the Turkish electricity system, and use the data on generation and distribution costs. Our simulation analysis shows that substantial welfare losses occur if the distributional companies behave as regional monopolists. Our findings reiterate the importance of regulation and market design. (author)

  18. Expensive, Frustrating and Perilous: Lessons Learned from Charting New Waters in Liberalized Markets

    Energy Technology Data Exchange (ETDEWEB)

    Hastings, Matthew T.

    2007-07-01

    By 2030 utilities will have spent billions in investment to maintain, upgrade and expand their infrastructure. To attract investment utilities operating in liberalized markets will increasingly be required to report, perform and operate in ways that are very different from the current. Market liberalization, or deregulation, of the electricity sector has been an ongoing process in the United States for almost two decades. Every single element of utility management, operations and finance has changed dramatically and irrevocably. Building and maintaining investor confidence in the utility sector will be an ongoing challenge for every individual player. The US experience has demonstrated that open markets are much less tolerant of management missteps and failures to reach stated goals and objectives. The US experience has resulted in a range of ''lessons learned'' that will be of interest to market players as they develop and implement strategies to build and maintain competitive position. This paper discusses elements of the US experience, and the pursuant opportunities for international players to benefit from, the expensive and often times painful ''lessons learned''. (auth)

  19. Policy instruments for regulating the development of wind power in a liberated electricity market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    1999-01-01

    Wind power is facing the dual challenge of entering a liberated electricity market and at the same time being one of the main contributors to the reduction of greenhouse gas emissions. The paper analyses the importance of the existing standard payment schemes in the development of wind power, and how this might be affected by the introduction of a liberated electricity market. The existing Danish standard payment scheme has strongly encouraged investments in wind turbines. It has been and still is very effective in promoting a high wind power capacity development, but at a high economic cost to the Danish Government. Different models of conditions for wind power at an electricity exchange do exist, but all seem to introduce a higher risk to the individual wind turbine owner than seen with the present payment scheme. In short it might be stated that going from the existing standard payment system to a market based system, the political uncertainty is converted to a market risk for the individual wind turbine owner. (au)

  20. Policy instruments for regulating the development of wind power in a liberated electricity market

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    1999-01-01

    Wind power is facing the dual challenge of entering a liberated electricity market and at the same time being one of the main contributors to the reduction of greenhouse gas emissions. The paper analyses the importance of the existing standard payment schemes in the development of wind power, and how this might be affected by the introduction of a liberated electricity market. The existing Danish standard payment scheme has strongly encouraged investments in wind turbines. It has been and still is very effective in promoting a high wind power capacity development, but at a high economic cost to the Danish Government. Different models of conditions for wind power at an electricity exchange do exist, but all seem to introduce a higher risk to the individual wind turbine owner than seen with the present payment scheme. In short it might be stated that going from the existing standard payment system to a market based system, the political uncertainty is converted to a market risk for the individual wind turbine owner. (author)

  1. Electric power market liberalization and demand-side management (DSM); Denryoku shijo jiyuka to DSM

    Energy Technology Data Exchange (ETDEWEB)

    Yajima, M. [Central Research Institute of Electric Power Industry, Tokyo (Japan)

    1997-01-30

    This paper explains effects of market liberalization which will lead to introducing competition in electric power business on demand-side management (DSM), by quoting examples mainly in the United States. The paper also describes the future outlook thereon. The DSM program in the United States has expanded for the period between 1989 through 1994. However, during the last few years, the movements of electric power market liberalization have come to force electric power business entities to change their management strategies and reduction in expense. This situation has resulted in reduction in the DSM budget. Future DSM programs are thought to diversify into the following types: a program such as load management which has effect of reducing expenses and investments in investment time periods of 5 to 10 years, a program effective for users such as high-efficiency motors which have effects of reducing expenses and improving efficiency in investment time periods of 3 to 5 years, a program which will be effective enough if market barriers are removed after the market conversions, but requires subsidies and purchase guarantees, and a social program intended for environmental effects and low-income users. 4 refs., 1 tab.

  2. Policy instruments for regulating the development of wind power in a liberated electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Morthorst, P E [Risoe National Lab., Roskilde (Denmark)

    1999-03-01

    Wind power is facing the dual challenge of entering a liberated electricity market and at the same time being one of the main contributors to the reduction of greenhouse gas emissions. The paper analyses the importance of the existing standard payment schemes in the development of wind power, and how this might be affected by the introduction of a liberated electricity market. The existing Danish standard payment scheme has strongly encouraged investments in wind turbines. It has been and still is very effective in promoting a high wind power capacity development, but at a high economic cost to the Danish Government. Different models of conditions for wind power at an electricity exchange do exist, but all seem to introduce a higher risk to the individual wind turbine owner than seen with the present payment scheme. In short it might be stated that going from the existing standard payment system to a market based system, the political uncertainty is converted to a market risk for the individual wind turbine owner. (au)

  3. Growth strategies of electric utilities in context of deregulation and liberalization of electricity market

    Directory of Open Access Journals (Sweden)

    Maria Đogić

    2017-01-01

    Full Text Available This paper identifies the growth strategies adopted by the electric utilities sector in the context of changes resulting from the deregulation and liberalization of the electricity market. Strategies pursued by the electric utilities sector were rarely the subject of research in the field of strategic management despite the fact that electricity is an indispensable element of everyday life and the economy as a whole. Therefore, a case study of the largest incumbent electric utilities in the Republic of Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia has been conducted, and differences in the degree of market liberalization and core features of these companies have been noted. Research findings have shown that the degree of deregulation can affect the growth strategies of electric utilities. In those countries where the degree of deregulation is lower, electric utilities focus on the domestic market. On the other hand, a higher level of deregulation enables electric utilities to achieve their growth through diversification or innovation. Given the fact that the analyzed electric utilities are operating within relatively small economies, they cannot compete with electric utilities in developed countries, and, apart from international electricity trading, are mostly focused on their domestic markets.

  4. Exporting EU Liberalism Eastwards

    Directory of Open Access Journals (Sweden)

    Lynn M. Tesser

    2009-07-01

    Full Text Available There is much more to liberalism in the post communist context than has been acknowledged. A sizeable effort has indeed emerged to transplant a relatively coherent liberal ideology to the region, one exported not merely through the conditionality of international financial institutions, but also through the conditionality and socialization of organizations like the NATO, OSCE, EU, and the Council of Europe. ‘EU liberalism’ includes the ‘standard’ liberal emphasis on individual rights, the rule of law, constitutional democracy, freedom, and market economics as well as support for minority rights, and a seemingly schizophrenic emphasis on economic integration that involves, first bringing down borders for the free movement of people, goods, capital, and services between member states, and second, market regulation to diminish the social downsides of capitalism. This paper outlines EU liberalism’s emergence and its application to Central and East European countries.

  5. The liberalization of the European gas sector and the strategic positioning of firms: A dynamic approach for corporate competence building

    International Nuclear Information System (INIS)

    Avadikyan, A.; Amesse, F.; Cohendet, P.; Heraud, J-A.

    2002-01-01

    A framework to explain how competitive changes occurring in one sector can affect both the dynamics of required competencies and the frontiers with adjacent sectors is proposed. When applied to the natural gas sector, the results provide a better understanding of how competencies in the sector evolve according to the new market structure and the strategic movements engaged in by the different players. The proposed framework combines the two approaches -- evolution and strategy -- to show that a firm's competencies define both membership in a specific sector and its distinctiveness from its competitors. To define the strategic positioning process the concept of core competencies is introduced, i.e. competencies developed by firms through their specific history which, when combined in a specific manner with new competencies could give them sustainable competitive advantage. Finally, the authors explain the concept of dynamic capabilities, which rely on a set of organizational and strategic processes needed to integrate, develop and create new competencies in order to initiate, or to adapt to market changes. The final conclusion is that the recent liberalization of the European gas and power sectors weakened institutional entry barriers, a phenomenon which compelled operators traditionally protected by regional or national monopolies to compete with other potential actors. With specific reference to the gas, power and oil industries it is stated that if they had relatively clear frontiers in the past, these frontiers have now become increasingly permeable. However, this weakening of institutional barriers has a beneficial consequence: it allows companies to deploy strategies to take advantage of new growth and rent appropriation opportunities. Examples of adaptation by European oil companies, power companies and natural gas firms are used to illustrate the principles embodied in the proposed framework. 18 refs., 1 fig

  6. 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...

  7. 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

  8. Technology choices for new entrants in liberalized markets. The value of operating flexibility and contractual arrangements

    International Nuclear Information System (INIS)

    Roques, Fabien A.

    2008-01-01

    New entrants in liberalized electricity markets which are not vertically integrated and do not operate a large and diversified portfolio of generation technologies are likely to favour technologies which offer the best prospects to manage fuel and electricity price risks through contractual arrangements and operating flexibility. Monte Carlo simulations of a discounted cash flow model of investment in combined cycle gas turbine (CCGT), coal and nuclear power plant are run to compare the impact of fuel and electricity price risks on these different technologies, as well as the value of operating flexibility and contractual hedges. In the absence of long-term fixed-price power purchase contracts, CCGT is the least risky option as its cash flow is 'self-hedged' given the high correlation between electricity and gas prices observed in many markets. Moreover, the value associated with operating flexibility and arbitrage between gas and power market is greater for CCGT plant. This makes CCGT particularly attractive to new entrants. (author)

  9. 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.

  10. 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

  11. The Spanish retail petroleum market: New patterns of competition since the liberalization of the industry

    International Nuclear Information System (INIS)

    Bello, Alejandro; Cavero, Sandra

    2008-01-01

    In this paper, we study the recent development of the Spanish automotive fuels market, in the context of a long process of liberalization and competition. Our aims are twofold. First, to overview the market's current patterns of competition, while taking into account the political, structural and strategic aspects that have marked the industry's recent evolution. Second, to study in depth one competitive strategy that nowadays significantly influences competition and final prices, the vertical relationships between operators and service stations. Our analysis draws attention to several indicators that may demonstrate the success of the opening and liberalization process. Increased levels of competition have stimulated the sector's growth, development and modernization, and given national firms an excellent platform for competing with newcomers. Furthermore, studying the vertical agreements has produced interesting results. We have found that relative price differences among brands increase in line with perceived quality differences, and that the vertical separation of refineries and retailers eases price competition in the final market. The empirical evidence was backed up with a database of 4164 Spanish service stations. (author)

  12. Liberalization of the energy market. Outline of the mushroom cultivation; Liberalisering energiemarkt. Verkenning champignonteelt

    Energy Technology Data Exchange (ETDEWEB)

    Van der Wel, A.J.; Bakker, R.

    2000-07-01

    As a result of a new Dutch Electricity Law and the liberalization of the natural gas market the mushroom cultivation business requires insight in the consequences of those developments for the energy costs. Also attention is paid to the consequences of the abolition of the limited exemption of the Regular Energy Levy (REB, abbreviated in Dutch). Finally, insight is given into the consequences of changes in the government policy on the so-called long-range agreements on energy efficiency (sector edible mushrooms)18 refs.

  13. The Impact of the Agricultural Trade Liberalization on the Elements of the Marketing Mix of Fruit and Vegetables in BIH

    OpenAIRE

    Dončić, Dalibor; Nastić, Rade

    2013-01-01

    In this paper, we analyzed in detail elements of the marketing mix of fruit and vegetables, therefore this product, price, distribution, promotion and people in Bosnia and Herzegovina, after seven years of liberal market within CEFTA. Each element of the marketing mix is analyzed for the most important vegetable species (cabbage, onions, peppers, tomatoes) and fruit species (apple, pear, plum). The analyzed elements of the marketing mix are compared with the characteristics of the elements of...

  14. Innovation in energy networks. A study on the changing relation between regulation, technology and market in liberalized energy markets

    International Nuclear Information System (INIS)

    Kuenneke, R.W.; Bouwmans, I.; Kling, W.L.; Slootweg, J.G.; Stout, H.D.; De Vries, L.J.; Van Poelje, H.; Wolters, M.

    2001-10-01

    The purpose of this study is to contribute to the development a view on the future of the energy infrastructure for the next 10-15 years, including the related regulation, focusing on the strategic options for development of networks. Attention is paid to (1) planning concepts (to what extent should existing planning concepts be revised as a result of liberalization and technical innovation); and (2) positioning of networks (what are the consequences of the separation of energy markets in commercial and regulated sectors for the development of the energy sector) [nl

  15. 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)

  16. A Process Perspective on Regulation: A Grounded Theory Study into Regulatory Practice in Newly Liberalized Network-Based Markets

    NARCIS (Netherlands)

    Ubacht, J.

    The transition from a former monopolistic towards a more competitive market in
    newly liberalized network-based markets raises regulatory issues. National Regulatory Authorities (NRA) face the challenge to deal with these issues in order to guide the transition process. Although this transition

  17. Impacts of a liberalization in the USA market for Frozen Concentrated Orange Juice: why Florida's producers are so afraid?

    Directory of Open Access Journals (Sweden)

    Paulo Sérgio Fracalanza

    2007-12-01

    Full Text Available This study aims at examining the resource allocation and welfare implications of the reduction of barriers in the United States market for Frozen Concentrated Orange Juice (FCOJ imported from Brazil. The present paper is organized as follows: section 2 presents an overview of the main features of the market and current trade regime for orange juice, as well as the possible impacts of liberalization within FTAA and with the European Union; section 3 describes the partial equilibrium model of imperfect substitute goods used to estimate the impact of trade liberalization in the United States, on prices and quantities and on welfare; in section 4 two possible scenarios for liberalization are designed using the large country model. The last section summarizes the main conclusions.Este artigo tem por objetivo contribuir para o exame das implicações em termos da alocação de recursos e de bem-estar de uma eventual redução das barreiras tarifárias no mercado dos EUA de suco de laranja concentrado e congelado (FCOJ importado do Brasil. Depois da introdução, uma segunda seção apresenta uma visão geral das principais características do mercado e do regime de comércio para o suco de laranja, bem como uma avaliação preliminar dos possíveis impactos da liberalização comercial dentro do quadro de acordos comerciais com o NAFTA e com a União Européia. A terceira seção descreve os modelos de equilíbrio parcial com bens substitutos utilizados para o exame dos impactos em termos de quantidades, preços e bem-estar da redução tarifária nos mercados de FCOJ dos EUA. A quarta seção apresenta dois possíveis cenários da liberalização comercial usando o modelo de «país grande». A última seção sumariza os principais resultados.

  18. Gas Market deverticalization and liberalization: simulate the effect of different attack and defence

    International Nuclear Information System (INIS)

    Drusiani, Renato; Fazioli, Roberto; Matino, Paola

    2005-01-01

    The Autorita' per l'Energia Elettrica e il Gas (Aeeg-Italian Electricity Regulator) and The Autorita' Garante per la Concorrenza e il Mercato (Agcm - Italian Competition and Market Regulator) have pointed out that, despite the process of deverticalization and liberalization started with the 'Decreto Letta', oligopolistic blocks still exist in the up stream segment of the natural gas supply chain. Such a liberalization process apparently did not bring about those expected, outstanding benefits for the final users, to such extent that it took action from the Aeeg itself to regulate the final prices, thus dramatically hampering the complete opening of the market and ultimately undermining its expected results. Furthermore, the natural gas industry operators are all aware that competition in the down stream segment (distribution) will be, as it is righi now, limited only to the more attractive industrial use. This parer analyzes and simulates, based on empirical data, the effect of different attack and defence strategies between incumbents and competitors, whose identification is based more on the financial solidity they show in developing competition strategies than their management efficiency level. Il is our intent to add a contribution to the national debate in terms of simulation of a price competition between incumbent and competitor, in order to evaluate how likely it is far oligopolistic blocks to occur. As a second step, a simplified competition analysis, applied to a real-life situation, has been carried out. The questions tackled in this simulation, which is based on the game theory, concern, first and foremost, the demonstration that an oligopolistic block in the up stream affects the down stream, and how such effects bear on the various categories of users. As a final corollary, a question of industrial policy: are the effects of an asymmetric liberalization such as to induce a supply side concentration which is rather based on the exploitation of the up

  19. The economics of new nuclear power plants in liberalized electricity markets

    International Nuclear Information System (INIS)

    Linares, Pedro; Conchado, Adela

    2013-01-01

    Even after Fukushima, the nuclear debate is strong in many countries, with the discussion of its economics being a significant part of it. However, most of the estimates are based on a levelized-cost methodology, which presents several shortcomings, particularly when applied to liberalized electricity markets. Our paper provides results based on a different methodology, by which we determine the break-even investment cost for nuclear power plants to be competitive with other electricity generation technologies. Our results show that the cost competitiveness of nuclear power plants is questionable, and that public support of some sort would be needed if new nuclear power plants are to be built in liberalized markets. - Highlights: • We propose an alternative more realistic than LEC for the evaluation of the economics of nuclear electricity. • Our results show that the cost competitiveness of nuclear power plants is questionable. • Building nuclear power plants will require public support, particularly regarding risk management. • These results are less optimistic than previous, LEC-based, estimates

  20. 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)

  1. Supporting energy efficiency and renewable energy in liberalized markets: the new incentive frameworks

    International Nuclear Information System (INIS)

    Finon, D.; Menanteau, Ph.

    2003-01-01

    This article compares the old and new action principles in the area of energy efficiency and renewable energies, and reviews the new types of instruments implemented in the competitive environment of some pioneer countries. It is usually viewed that energy industry liberalization limits the direct capacity of action by states that used to rely on public monopolies. Actually, all it takes is some clarification of the historical operator's and agent's obligations, and some adjustment of action method to the competition environment. To do so, the same duties need to be imposed on agents, whether directly or indirectly, and the financing methods for the cost of actions need to be adjusted so as not to distort competition. Systems may also be considered that combine quantity duties (duty to achieve or duty to perform) and market mechanisms; as is the case with quotas accompanied by 'green' and very recently 'white' certificate markets for gas and power savings. (authors)

  2. Liberalization of the energy market in the Republic of Bulgaria - the main priority of the SAEER

    International Nuclear Information System (INIS)

    Kovachev, M.

    2001-01-01

    The priorities in the policy of the Bulgarian State Agency of Energetics and Energy Regulation, taking into account the current situation in the country, are presented. The main topics, discussed are: 1) Development of a competitive energy market; 2) Harmonization of the legislation with the European Union; 3) Bringing investments into the energetics and privatization; 4) Energy supply at minimal expenses; 5) Energy efficiency; 6) Encouraging of the use of renewable energy sources; 7) Integration of the Bulgarian and European energy market; Assurance of nuclear safety and the safe management of radioactive waste and spent fuel

  3. The liberalization of the electric market from the view of a public utility

    International Nuclear Information System (INIS)

    Schwab, J.

    1999-01-01

    The competition associated with the liberalization of the electric power-supply markets and the altered customers behavior will require a fundamental reorientation in all commercial areas of the energy supply companies (ESC).The companies will only master these new challenges if they react promptly and in an appropriate flexible manner as well as with the demanded orientation attached to the market and to the customers. The strategy of reorientation of the ESC will be determined more and more by the customers and by demand less by supply and technology. The competition on the power-supply market will take predominately place in production and in commercialization. Thereby the commercialization of demand oriented products will be of increasing importance. On the partial markets of 'Industrial' and 'Contract'-customers and electric power trade the energy-suppliers must operate with different strategies. For the power-supplier the following results as consequences of the environment's change: trend to competition is irreversible, areas of creation of economic values are more important than supply stages, the net remains monopoly, new market participants will appear, the competition in the production will increase. The management-orientated way of the Grazer StadtwerkeAG as a public utility is to read as follows: increase the competence for competition, focus on the customer. (author)

  4. 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.

  5. Investments and price formation in a liberalized electric power market. Appendices

    International Nuclear Information System (INIS)

    Morthorst, P.E.

    2005-06-01

    How will the electric power prices in the Nordic electric power market develop if the generation capacity in the coming 10 to 15 years is increased considerably? And what are the conditions for investors to initiate new investments in power plants? Briefly speaking - these are the issues for the project that is reported in this report. The basis for the project has been the Nordic electric power market model and its capability to handle the future extension of the necessary generating capacity. The main issue in the project has been a quantitative analysis of what the prices in the Nordic electric power market will be in the future, depending on the size of new investments in the power generating capacity. The appendix volume of the project report contains detailed descriptions of the three models that are used: the Balmorel model, the investment model, and the MARS model. The Balmorel model is a partial equilibrium model that describes a coherent, international electric power system and combined heat and power system. The model was developed in 2000 through international co-operation with the aim to have a model for analysing international aspects in the Baltic area. The investment model analyses and models the investment decisions in a liberalized Nordic electric power market. It is an exogenous model constructed outside the Balmorel model but uses the price pictures from the Balmorel model as input. MARS (MARket Simulation) is Eltra's (a Danish electric power transmission company) market model for simulating prices, production, demand and exchanges in the power market. The model covers the Nordic countries (Nord Pool) and Northern Germany. (LN)

  6. How Is the Liberalization of Food Markets Progressing? Market Integration and Transaction Costs in Subsistence Economies

    NARCIS (Netherlands)

    Zant, W.

    2013-01-01

    We propose a modification of Baulch's parity bounds model to measure the market integration of food markets in developing countries. Instead of extrapolating a single observation of transaction costs, we estimate transaction costs. Predicted transaction costs compare well with survey data of

  7. 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

  8. Short-term optimal wind power generation capacity in liberalized electricity markets

    International Nuclear Information System (INIS)

    Olsina, Fernando; Roescher, Mark; Larisson, Carlos; Garces, Francisco

    2007-01-01

    Mainly because of environmental concerns and fuel price uncertainties, considerable amounts of wind-based generation capacity are being added to some deregulated power systems. The rapid wind development registered in some countries has essentially been driven by strong subsidizing programs. Since wind investments are commonly isolated from market signals, installed wind capacity can be higher than optimal, leading to distortions of the power prices with a consequent loss of social welfare. In this work, the influence of wind generation on power prices in the framework of a liberalized electricity market has been assessed by means of stochastic simulation techniques. The developed methodology allows investigating the maximal wind capacity that would be profitably deployed if wind investments were subject to market conditions only. For this purpose, stochastic variables determining power prices are accurately modeled. A test system resembling the size and characteristics of the German power system has been selected for this study. The expected value of the optimal, short-term wind capacity is evaluated for a considerable number of random realizations of power prices. The impact of dispersing the wind capacity over statistical independent wind sites has also been evaluated. The simulation results reveal that fuel prices, installation and financing costs of wind investments are very influential parameters on the maximal wind capacity that might be accommodated in a market-based manner

  9. Uneasy Bedfellows: Social Justice and Neo-Liberal Practice in the Housing Market

    Directory of Open Access Journals (Sweden)

    Andrew Martel

    2016-06-01

    Full Text Available The Australian state has ratified the Convention on the Rights of Persons with Disabilities (CRPD, which emphasizes a social justice-based, personalized service delivery model. The upcoming National Disability Insurance Scheme (NDIS reflects this model and aims to facilitate people living with a disability being able to access services while housed within the private residential market, a move away from a state-based combined residential/service care model. However, in Australia’s neo-liberal housing market government intervention tends to shy away from policies that overtly impose restrictions on private firms. Therefore, in the absence of a subsidy from the state, the CRPD is of limited use in encouraging private developers to improve the appropriateness of its new built stock for people with a disability. A more persuasive approach is to highlight the size, diversity, and economic power of the disability-friendly housing consumer market when housing provision is separated from disability care delivery. This paper examines the feasibility of sustaining innovation in the volume builder housing market by aligning accessibility promoting changes to the existing innovation channels within Australian firms, suggesting that the NDIS concentrate on assisting the housing industry transition to a make-to-order model from the current make-to-forecast one.

  10. 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.

  11. The benefits of integrating European electricity markets

    International Nuclear Information System (INIS)

    Newbery, David; Strbac, Goran; Viehoff, Ivan

    2016-01-01

    The European Commission's Target Electricity Model (TEM) aims to integrate EU electricity markets. This paper estimates the potential benefit of coupling interconnectors to increase the efficiency of trading day-ahead, intra-day and balancing services across borders. Further gains are possible by eliminating unscheduled flows and avoiding the curtailment of renewables with better market design. In the short run the gains could be as high as €3.9 billion/yr, more than 100% of the current gains from trade. About one-quarter of this total comes from day-ahead coupling and another third from shared balancing. If shared balancing is so valuable, completing the TEM becomes more urgent, and regulators should ensure these gains are paid to interconnectors to make the needed investment in the cross-border links more commercially profitable. - Highlights: •The benefits from day-ahead market coupling are €1 bn/yr. •Intra-day and balancing benefits add a further €1.3 bn/yr. •Total benefits including removing unscheduled flows could be €3.4 bn/yr. •Sharing balancing and reserves is high priority. •Rewarding interconnectors for all services reduces barriers to expansion.

  12. The development of the Kozloduy NPP in the conditions of liberalized energy market

    International Nuclear Information System (INIS)

    Ivanov, A.

    2003-01-01

    The paper discusses specificities of the energy sector as a business system in the condition of liberalized energy market. The government influence the business system through the rate of economical stability and and possibility for prognosis, as well as through the direct influence of the field government institutions on the process of the development of the economical structures. The finance system influences the government ability to support and lead the industrial development. Two main system types are known: decentralized management (in countries with developed stock markets and a system for entrusting of activities on contract basis) and centralized (the success of the policy is connected with the success of the economical growth). Another aspect of the management in a business environment is the procedure of decision making for the firm policy formation and applying of a model for firm development. The transition to liberalized market means a significant limitation of the role of the government, which in the Bulgarian case should replace the state control system in real time and the state credit. Since the low amortization the electricity production has low cost price and possibility for generation of rehabilitation funds, i.e for extension of the service life on minimal cost. The funds can be used for improvement of the stability of the sector. For the purposes of the analysis made, system parameters are reviewed with regard of the market realities. The Balkan region is semi-closed energy system 40% of the electricity is imported from several countries: Bulgaria, Romania, Serbia and Albania. The prices are greatly influenced by the moment conditions of the electricity production and industry in the region. The policy should be oriented in two directions: expectations for interests in the privatization of electric energy companies and appropriate strategy for preservation of the market positions. The analysis of the factors influencing nuclear energy

  13. 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...

  14. Financial liberalization and stock market cross-correlation: MF-DCCA analysis based on Shanghai-Hong Kong Stock Connect

    Science.gov (United States)

    Ruan, Qingsong; Zhang, Shuhua; Lv, Dayong; Lu, Xinsheng

    2018-02-01

    Based on the implementation of Shanghai-Hong Kong Stock Connect in China, this paper examines the effects of financial liberalization on stock market comovement using both multifractal detrended fluctuation analysis (MF-DFA) and multifractal detrended cross-correlation analysis (MF-DCCA) methods. Results based on MF-DFA confirm the multifractality of Shanghai and Hong Kong stock markets, and the market efficiency of Shanghai stock market increased after the implementation of this connect program. Besides, analysis based on MF-DCCA has verified the existence of persistent cross-correlation between Shanghai and Hong Kong stock markets, and the cross-correlation gets stronger after the launch of this liberalization program. Finally, we find that fat-tail distribution is the main source of multifractality in the cross-correlations before the stock connect program, while long-range correlation contributes to the multifractality after this program.

  15. The Future of the European University:Liberal Democracy or Authoritarian Capitalism?

    Directory of Open Access Journals (Sweden)

    Sharon Rider

    2009-06-01

    Full Text Available This paper examines the prevalent notion that that the production of knowledge, academic research and teaching can and ought to be audited and assessed in the same manner as the production of other goods and services. The emphasis on similarities between industry and the academy leads to a neglect of fundamental differences in their aims and, as a consequence, a tendency to evaluate scientific research in terms of patents and product development and colleges and universities in terms of the labour market. The article examines the idea of the free academy, on the one hand, and compares and contrasts it to the idea of free enterprise, on the other. It is argued that the view of the university as a supplier of specific solutions for pre-determined, non-scientific needs (a workforce with skills currently in demand, innovations for commercial partners, justifications for political decisions, etc undermines the public legitimacy of university science and weakens the fabric of scientific training and practice. The article proposes that the university’s main purpose must be to provide a recognized neutral, autonomous agency of rigorous, disinterested investigation and scientific education, which constitutes a necessary condition for an enlightened liberal democracy: an informed, capable and critical citizenry.

  16. Transmission network price setting model for the promotion of liberalized market for the power industry in Taiwan

    International Nuclear Information System (INIS)

    Chen, Po-Han; Tsay, Ing-Sheng

    2017-01-01

    Currently, privatized state-owned Taiwan Power Company (Taipower) has a monopoly over energy production and vertically integrates the electricity market in Taiwan. Because of the geographical environments, economies of scales, social structures, and diverse political ideologies in Taiwan, the electricity market exhibits unique characteristics. To maximize the benefits of electricity liberalization, future market operations must not only involve conventional considerations for economic dispatch; overall social welfare should be included by incorporating the perspectives of fairness, responsibility, and the environment, and key electrical grid operations should be executed appropriately. We responded to the future market liberalization planning by including factors, such as, environmental effects and government policies, in addition to electrical line construction, and operation cost factors involved in the entire operational model planning. On the basis of responsibility sharing, this study used the simulated-responsibility three-phase pricing method. The proposed pricing method is expected to help attain the following policy goals: 1.Achieving reasonable power price allocations; 2.Simultaneously ensuring fair and efficient electric grid operation; 3.Changing the operation orientations of the power plants and electrical grid facilities; and 4.Increasing the rate of renewable energy use. - Highlights: • Maximization of the electricity liberalization benefits in Taiwan is studied. • A simulated-responsibility three-phase pricing method is proposed and its advantages are discussed. • Future liberalization of the electricity market in Taiwan is emphasized.

  17. New structures in the European gas market

    International Nuclear Information System (INIS)

    Tangen, Kristian

    1997-01-01

    The aim of this study is to provide a background for assessing elements of change in the European gas market that in the long run may produce new framework conditions for Norwegian gas exports. It will also serve as an empirical basis for further studies. The main question is: What can the extension of the pipeline network and the growing number of actors tell us about future competition in spite of the fact that both Russia, Algeria and Norway have non-contracted capacity in the pipelines they are building. A number of uncertainties make it hard to draw any clear conclusions about a totally different competitive situation than only a few years ago. In the Netherlands groups of former distribution companies are threatening Gasunies' monopoly while Ruhrgas' attempt to expand into Austria may lead to gas to gas competition there. Signs of a similar development are seen in Italy and Spain as well. Increasing competition can be explained partly by the growing number of actors downstream in the gas market - in trade, transmission and among the large consumers, the electricity producers, the consequence of direct volumes and of shorter duration which in itself promotes competition. Several large pipeline projects have been carried through in co-operation between several actors which indicates that new types of projects are being developed in order to reduce risks for each actor. These will be easier to realise in the absence of long-term ''take-or-pay'' contracts at company level, what we may call companies rhetoric and argumentation as a result of comprehensive market positioning. Furthermore it seems likely that a kind of spot market will develop. Even if we can expect that only small volumes will be traded through this channel at first. Such a development may have considerable influence on prices in the long run. 5 tabs, 29 refs

  18. African electricity market liberalization, competition and structuring: Should double bid markets be set up?

    International Nuclear Information System (INIS)

    Founanou, M.

    2011-01-01

    In this paper, we analyse the possibility of using double auction mechanisms in the organization of the electricity markets in African countries. Today's electricity markets around the world are de-regulated and going through a restructuring process. In a context marked by the opening up to competition, a double auction for electricity supply is henceforth used to set prices in wholesale and retail electricity markets. Game theory analysis useful for studying the double auction prices proprieties. The double auction is a non-cooperative game, which is strategically equivalent to the auctions theory. The price formed, depending on the buyers and sellers' strategies, is a competitive price, which tends to the ideal price when competition operates intensely on both sides of market. For Africa, the presence of congestion costs and a chronic lack of capacity require the search for other solutions. We investigate optimal strategic behaviour when buyers and sellers are separated by a possibly constrained transmission line and show that bidders' strategies converge to truth-telling behaviour as the number of market participants increases. In the congestion case, this fails to occur. We also investigate how participants in wholesale electricity markets modify their bidding strategies as a function of the influence and behaviour of a transmission line owner. (author)

  19. The informal economy employment impacts of trade liberalization & increased competition in export markets

    DEFF Research Database (Denmark)

    Morocco and United States. The overall logic of such measures was that liberalization and privatization would stimulate trade, support the requested modernization of the production systems and infrastructures, and enhance public administrations and services as well. Positive impacts on income, employments...... and privatization processes were implemented at the international level by the WTO's, at regional level by the establishment of free trade agreements between individual states on the southern and eastern Mediterranean rim and the EU [under the Barcelona Process] and by bilateral agreements as the one signed between...... to focus on the impacts of restructuring in the formal textile and clothing sectors (TC) which is the major employer in three Maghrib countries: Algeria, Morocco and Tunisia. The textile and clothing sectors have been particularly exposed to increased competition in foreign and/or domestic markets...

  20. New policies for energy R and D and innovation in liberalized markets

    International Nuclear Information System (INIS)

    Chesshire, J.

    1999-01-01

    This article examines the implications of recent changes in energy markets on the direction and volume of energy RD and D. Lower energy prices and changes in government philosophy have led to reduced publicity-funded RD and D across the OECD. Liberalization is changing incentives for RD and D by energy suppliers. Cross-frontier mergers (e.g. in oil, boilers and turbine generators) have reduced the number of national 'product champions' - once relied upon to sustain national RD and D programmes. But environmental pressures have stimulated RD and D is being compensated by higher expenditures by manufactures of energy using capital goods and appliances. However, there is little accurate data on such demand-side RD and D spending. The article also examines motivations for private and public sector funding of RD and D and innovation in key supply and demand sectors. (authors)

  1. Market liberalism in health care: a dysfunctional view of respecting "consumer" autonomy.

    Science.gov (United States)

    Kekewich, Michael A

    2014-03-01

    The unfortunately vast history of paternalism in both medicine and clinical research has resulted in perpetually increasing respect for patient autonomy and free choice in Western health care systems. Beginning with the negative right to informed consent, the principle of respect for autonomy has for many patients evolved into a positive right to request treatments and expect accommodation. This evolution of patient autonomy has mirrored a more general social attitude of market liberalism where increasing numbers of patients have come to embody the role of the "consumer." This paper explores this transformation and critiques the current way in which respect for patient autonomy is put into practice. Ultimately, this paper concludes that the consumer view of patient autonomy is dysfunctional. Moreover, this paper argues that, based on the inherent goals of medicine, some form of paternalism is required in any meaningfully therapeutic relationship.

  2. Multivariate long memory processes: applications to the EDF producer problematic in the context of the european electricity market liberalization; Modelisation longue memoire multivariee: applications aux problematiques du producteur d'EDF dans le cadre de la liberalisation du marche europeen de l'electricite

    Energy Technology Data Exchange (ETDEWEB)

    Diongue, A.K

    2005-10-15

    Certain crucial financial time series, such as the interconnected european electricity market spot prices, exhibit long memory, in the sense of slowly decaying correlations combined with heteroskedasticity and periodic or none cycles. In modeling such behavior, we consider on one hand, the k factor GIGARCH process and additionally propose two methods to address the related parameter estimation problem. In each method, we explore the asymptotic theory for estimation. Moreover, the asymptotic properties are validated and compared via Monte Carlo simulations. On the other hand, we introduce a new multivariate long memory generalized model (k-factor MVGARMA) in order to model interconnected european electricity market spot prices. We suggest a practical framework to address the parameter estimation problem. We investigate the analytical expressions of the least squares predictors for the two proposed models and their confidence intervals. To finish, we apply the two proposed models to the french and german electricity market spot prices and a comparison is made between their forecasting abilities. (author)

  3. Energy efficiency and the liberalized market - new approaches in national climate protection policy

    International Nuclear Information System (INIS)

    Hennicke, P.

    2000-01-01

    The paper initially explains the rationale of energy policy-based governmental intervention in the liberalized electricity market ('the need for political governance'). It is shown why there is a 'demand for intelligent regulatory policy' in Germany's energy sector, despite, or rather as a consequence of the deregulation of the energy markets, and refers e.g. to a parliamentary paper of the Bundestag, (BTDrs. 14/2656, p. 9). The author continues with selecting and defining, from the stock of conceivable appropriate action and regulatory instruments, the corner stones of action plans and the range of instruments, specifically designed for the sector and the target groups, that will accelerate market penetration of the energy efficiency policies ('governance functions'). The author also shows that, due to the significance of regulatory and structurizing impacts, as well as resulting consequences to the leading paradigms of policy of this Government (opting out of nuclear power, global climate change), the electricity industry is just the right branch of industry to serve as a ''national demonstration project'' on the way towards sustainable development. (orig./CB) [de

  4. Prospects of the European gas market

    International Nuclear Information System (INIS)

    Kjarstad, J.; Johnsson, F.

    2007-01-01

    This paper discusses prospects for increased consumption of natural gas within the European Union (EU) up to 2030. Particular emphasis is on the power generation sector, where the main growth in demand is expected to occur, on supply and infrastructural constraints and on future price of natural gas. It can be concluded that EU gas-import needs will increase substantially up to 2010, driven by a combination of rapid increase in demand in southern Europe and declining production in northern Europe. As a result there will be an increased import dependency which will affect security of supply, not only in the gas sector but also in the electricity sector. Gas demand after 2010 will partially depend on the level of continued CO 2 emission restrictions, a possible nuclear phase-out in the UK, Germany and Belgium and to what extent the option to store CO 2 in subsurface reservoirs will be applied. However, supplies of gas are plentiful, at least in the medium-term up to 2010/2015, and a number of new countries will emerge as substantial suppliers to the European gas market, increasing competition and possibly leading to a situation of oversupply between 2008 and 2012 which in turn may create a downward pressure on gas prices. In addition, the US market may, pending on demand and indigenous production, experience considerable oversupply between around 2008 and 2015, reducing the possibilities of conducting arbitrage between the two main markets in the Atlantic basin and further contributing to a downward pressure on the gas price. On the other hand, the oil price will continue to be a major determinant of the gas price and a tight oil supply/demand balance will create an upward pressure on the gas price. Global liquefaction and regasification capacity is expected to more than double between now and 2010 leading to a more flexible and global gas trading and increasing spot sales and although the cost of LNG has decreased substantially over the past three decades it is

  5. The Degree of Financial Liberalization and Aggregated Stock-return Volatility in Emerging Markets

    NARCIS (Netherlands)

    Umutlu, M.; Akdeniz, L.; Salih, A.A.

    2009-01-01

    In this study, we address whether the degree of financial liberalization affects the aggregated total volatility of stock returns by considering the time-varying nature of financial liberalization. We also explore channels through which the degree of financial liberalization impacts aggregated total

  6. The electricity market - wind energy after NFFO and in liberalized markets

    International Nuclear Information System (INIS)

    Johns, J.H.

    1997-01-01

    The paper will compare the benefits of leasing and other forms of asset based finance to the wind industry, as compared to conventional sources of finance for both the small and large developer. It will explore the attitudes of specialist and major leasing finance houses to the renewable energy industry in general and wind in particular. To date, leasing has been used more widely in municipal waste projects, although the UK tax regime means that there are also strong advantages to leasing for wind. The paper will examine the sensitivity of sources of leasing and debt finance to possible changes in the electricity markets in the UK, it will identify practical problems to be overcome in applying leasing and provide practical tips to developers. It will also examine some of the issues relevant to firms seeking to participate in overseas markets with the help of UK financiers. (Author)

  7. Internet finance: Digital currencies and alternative finance liberating the capital markets

    Directory of Open Access Journals (Sweden)

    Kim Wales

    2015-09-01

    Full Text Available This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases

  8. Supporting energy efficiency and renewable energy in liberalized markets: the new incentive frameworks

    International Nuclear Information System (INIS)

    Finon, Dominique; Menanteau, Philippe

    2003-02-01

    This article compares the old and new action principles in the area of energy efficiency and renewable energies, and reviews the new types of instruments implemented in the competitive environment of some pioneer countries. It is usually viewed that energy industry liberalization limits the direct capacity of action by states that used to rely on public monopolies. Actually, all it takes is some clarification of the historical operator's and agent's obligations, and some adjustment of action method to the competition environment. To do so, the same duties need to be imposed on agents, whether directly or indirectly, and the financing methods for the cost of actions need to be adjusted so as not to distort competition. Systems may also be considered that combine quantity duties (duty to achieve or duty to perform) and market mechanisms; as is the case with quotas accompanied by 'green' and very recently 'white' certificate markets for gas and power savings

  9. 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...

  10. 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.)

  11. The liberalization of the electricity market in Austria aspects of competition and deregulation

    International Nuclear Information System (INIS)

    Lausegger, S.

    2001-05-01

    The subject of the thesis is the deregulation of the Austrian electricity market. It starts with an introduction in the historical background of the legal basis, which until 1998 had been determined exclusively by national law. The main fields of interest in this chapter lay within the federal nature of Austrian electricity law. The next chapter deals with electricity in European Community law, it focuses on the fundamental freedoms of the Treaty on one hand and the Directive 96/92 on Common Provisions for the Electricity Markets on the other. On the basis of this introduction, the Austrian National Electricity Law (e.g. the 'Elektrizitaewirtschafts- und -organisationsgesetz 1998' and the 'Energieliberalisierungsgesetz 2000') has to be assessed. It can be shown that the transformation of Community Law has only partly been successful. Only on the basis of this national and European regulatory framework, an evaluation of the current situation is made according to the principles of competition law (e.g. horizontal agreements, abuse of market power, merger control, state aid). Either national and Community competition law is being discussed, as Community competition law also applies to competition restrictions that are caused by state action. The Austrian way of furthering renewable energies can be named as an example for an insufficient transformation. The last chapter focuses on various aspects of contract law in the deregulated market. Finally, a short summary presents the academic results of the thesis. (author)

  12. 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

  13. Entomopathogenic nematodes in the European biocontrol market.

    Science.gov (United States)

    Ehlers, R U

    2003-01-01

    In Europe total revenues in the biocontrol market have reached approximately 200 million Euros. The sector with the highest turn-over is the market for beneficial invertebrates with a 55% share, followed by microbial agents with approximately 25%. Annual growth rates of up to 20% have been estimated. Besides microbial plant protection products that are currently in the process of re-registration, several microbial products have been registered or are in the process of registration, following the EU directive 91/414. Entomopathogenic nematodes (EPN) are exceptionally safe biocontrol agents. Until today, they are exempted from registration in most European countries, the reason why SMEs were able to offer economically reasonable nematode-based products. The development of technology for mass production in liquid media significantly reduced the product costs and accelerated the introduction of nematode products in tree nurseries, ornamentals, strawberries, mushrooms, citrus and turf. Progress in storage and formulation technology has resulted in high quality products which are more resistant to environmental extremes occurring during transportation to the user. The cooperation between science, industry and extension within the EU COST Action 819 has supported the development of quality control methods. Today four companies produce EPN in liquid culture, offering 8 different nematode species. Problems with soil insects are increasing. Grubs, like Melolontha melolontha and other scarabaeidae cause damage in orchards and turf. Since the introduction of the Western Corn Rootworm Diabrotica virgifera into Serbia in 1992, this pests as spread all over the Balkan Region and has reached Italy, France and Austria. These soil insect pests are potential targets for EPN. The development of insecticide resistance has opened another sector for EPN. Novel adjuvants used to improve formulation of EPN have enabled the foliar application against Western Flower Thrips and Plutella

  14. 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

  15. 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.)

  16. Postmodern liberalism

    Directory of Open Access Journals (Sweden)

    Kuljanin Branimir

    2013-01-01

    Full Text Available Modern liberalism is fundamentally different from the classical to the extent to which the post(countermodern is different from the modern. A shift occurred in the late sixties, at the time of the student movement and the 'Prague Spring'. In the late eighties and early nineties, they promised a life in freedom and entry into the 'European Home', into the 'family of European peoples'. Socialist countries of the Eastern Europe entered the era of 'transition', peaceful movement towards capitalism. Yesterday's Marxists and communists became liberals over night. Nowadays, when the whole world is in a deep crisis, including the lauded West, it is high time to consider where we are going and where we are. What is modern liberalism, an ideology governing the minds in our region for more than twenty years, is an issue we will discuss in this paper.

  17. 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.

  18. 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.

  19. 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...

  20. 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)...

  1. 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.

  2. 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)

  3. 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.

  4. Embedding Open Access into the European Landscape – the Contribution of LIBER

    Directory of Open Access Journals (Sweden)

    Paul Ayris

    2007-08-01

    Full Text Available This paper continues an earlier published history of the OAI Workshops, organised under the aegis of the LIBER Access Division, in CERN Geneva. It discusses the OAI5 Workshop, held on 18-20 April 2007, which underlines the emerging importance of Open Access to support information provision and exchange across Europe.

  5. Consequences and Policy Implications for University Students Who Have Chosen Liberal or Vocational Education in Canada: Labour Market Outcomes and Employability Skills.

    Science.gov (United States)

    Lin, Zeng; Sweet, Robert; Anisef, Paul

    2003-01-01

    Analyses suggest that the Canadian labor market favors vocational over liberal graduates with regard to employment status, income, job security, and job satisfaction. However, findings also indicate a surprising lack of difference between liberal and vocational graduates in their employability skills. Employers were nevertheless more likely to…

  6. The role of the European Union in private law relations of organizations operating in the internal electricity or gas market in medium and small size Member States

    International Nuclear Information System (INIS)

    Nechvátal, Ivan; Pilavachi, Petros A.; Kakaras, Emmanuel

    2012-01-01

    This paper studies European Union (EU) legislation on private law relations for organizations operating in the internal electricity and gas market in medium and small size Member States. It consists of the analysis of both the EU primary (Treaties) and secondary (directives and regulations) legislation. A survey was sent to organizations operating in the internal energy market in four Member States: Greece, Czech Republic, Finland, and Malta. Through the survey, the paper identifies problematic areas of current EU legislation and compares them with new legislation applied as from 3 March 2011 (third liberalization package). It looks into all important EU energy legislation on private law relations of organizations operating in the internal energy market such as unbundling, procurement, procedural law, duties related to information and other legislation on energy contracts. The study concludes that, despite some small problems, the energy liberalization including the third liberalization legislative package progresses in a correct manner. There are nearly no problems in the access to the transmission and distribution systems. The functioning of the gas market is considered as the most important problem. - Highlights: ► European Union legislation on private law relations was studied. ► Organizations operating in the electricity and gas market were considered. ► A survey was sent to organizations in four Member States. ► Despite some problems, the energy liberalization advances correctly. ► The gas market is considered as the most important problem.

  7. Liberal power Europe

    NARCIS (Netherlands)

    Wagner, W.M.

    2017-01-01

    The European Union is best understood as a liberal power – as an actor that is composed of liberal democracies whose interests, identities and institutions motivate and constrain its policy. The conceptualization of the EU as a liberal power helps to overcome three shortcomings of alternative

  8. European Regulatory Framework for Money Market Funds

    OpenAIRE

    Portuese, Aurelien; MacNeil, Iain

    2014-01-01

    Money market funds are widely used by all types of investors, including households, corporate treasurers, pension funds, or insurance companies, who regard money market funds as a ‘safe’ short-term liquid asset class for investing cash. In this case they are proxies to cash deposits. Money market funds are themselves key lenders to issuers of short dated high quality money market instruments. They provide an important source of funding for a variety of institutions such as sovereigns, banks, ...

  9. 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.)

  10. 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

  11. 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)

  12. 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.)

  13. 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.

  14. Registries in European post-marketing surveillance

    DEFF Research Database (Denmark)

    Bouvy, Jacoline C; Blake, Kevin; Slattery, Jim

    2017-01-01

    at gaining further insight into the European Medicines Agency's (EMA) requests for new registries and registry studies using existing registries and to review the experience gained in their conduct. METHODS: European Public Assessment Reports were consulted to identify products for which a request...

  15. 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)

  16. Impact of financial liberalization on banking sectors performance from central and eastern European countries.

    Directory of Open Access Journals (Sweden)

    Alin Marius Andries

    Full Text Available In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004-2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity.

  17. Impact of Financial Liberalization on Banking Sectors Performance from Central and Eastern European Countries

    Science.gov (United States)

    Andries, Alin Marius; Capraru, Bogdan

    2013-01-01

    In this paper we analyse the impact of financial liberalization and reforms on the banking performance in 17 countries from CEE for the period 2004–2008 using a two-stage empirical model that involves estimating bank performance in the first stage and assessing its determinants in the second one. From our analysis it results that banks from CEE countries with higher level of liberalization and openness are able to increase cost efficiency and eventually to offer cheaper services to clients. Banks from non-member EU countries are less cost efficient but experienced much higher total productivity growth level, and large sized banks are much more cost efficient than medium and small banks, while small sized banks show the highest growth in terms of productivity. PMID:23555745

  18. Integrating intermittent energy sources in liberalized electricity markets: from technical costs to economic penalties as a result of market rules

    International Nuclear Information System (INIS)

    Menanteau, Ph.; Finon, D.; Lamy, M.L.

    2003-06-01

    With the aim of preventing climatic change and ensuring the security of energy supplies, the recent European Directive on renewable energy production sources is aimed at bringing about a very substantial increase in electricity production from renewable sources in Europe by the 2010 horizon. Generally speaking, production of electricity from renewable sources will be assured by biomass and wind, and to a lesser extent by micro hydro, technologies whose characteristics are very different from the point of view of their integration into the electricity system. Their inclusion in the electricity systems will cause problems because of the intermittent nature of the production, a factor that does not enter into the paradigms of producers, system operators or regulators. The problems raised by the integration of intermittent production are technical in nature (risk of non-availability in peak periods, the need for additional reserves) and will incur adjustment costs, but the way in which the electricity markets function will impose economic penalties generally more substantial than the added technical costs. In this paper are examined in succession: (i) the additional costs raised by intermittence; (ii) the economic penalties imposed by the operating rules of de-regulated electricity markets with electricity production from renewable sources included, with particular reference to the case of the British and Nordic markets; and (iii) an analysis of the options that could limit the gap between the additional cost of intermittent production for the system and the adjustment surcharges imposed by the electricity markets, with the aim of reducing the tension between the deregulation of the electricity market and promoting the development of renewable energy sources. (A.L.B.)

  19. 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

  20. 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 ...

  1. The European green electricity markets in 2010

    International Nuclear Information System (INIS)

    Meibom, Peter; Skytte, Klaus

    2003-01-01

    The market shares of different electricity producing renewable energy technologies in the green electricity markets in EU, and the size and prices obtained on these markets depends strongly on the market designs and support policies governing the development of these markets. These issues have been analysed with the use of the ADMIRE REBUS model. Costs data for all significant electricity producing renewable energy technologies and data on the sizes of the renewable energy resources in the EU are combined with different national development of the support policies for green electricity in the different EU countries towards a common EU market in 2010. The model simulates the operation of each green electricity market in EU and the interaction between the markets. Model results show that in a harmonized EU wide tradable green certificate system starting from 2010, i.e. in a system without technology-specific support, wind power will be the most competitive technology, but power plants using different types of biomass will also gain a large share of the market. To reach the indicative EU targets for RES-E production in 2010 a TGC price of 5.6 eurocents is necessary in addition to a physical power price of 2.2 eurocents. (au)

  2. 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

  3. 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

  4. 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

  5. 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.)

  6. 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)

  7. 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)

  8. Search for efficiency on the European gas market

    International Nuclear Information System (INIS)

    Chevalier Muluala, V.L.

    1997-03-01

    The first part of this work is devoted to the structural analysis of the natural gas industry. After a characterization of the gas activities in the European context, the theoretical tools allowing the determination of the natural structure of gas industries are presented in a critical manner. The second part examines the re-structuration dynamics of gas activities. The deregulation logic, which favours the liberalization of the gas sector, and the post-deregulation strategies that could be implemented by the actors are analyzed. According to the analysis of these strategies, it seems that a vertical reintegration of gas activities is possible. (J.S.)

  9. A three-stage short-term electric power planning procedure for a generation company in a liberalized market

    International Nuclear Information System (INIS)

    Nabona, Narcis; Pages, Adela

    2007-01-01

    In liberalized electricity markets, generation companies bid their hourly generation in order to maximize their profit. The optimization of the generation bids over a short-term weekly period must take into account the action of the competing generation companies and the market-price formation rules and must be coordinated with long-term planning results. This paper presents a three stage optimization process with a data analysis and parameter calculation, a linearized unit commitment, and a nonlinear generation scheduling refinement. Although the procedure has been developed from the experience with the Spanish power market, with minor adaptations it is also applicable to any generation company participating in a competitive market system. (author)

  10. Green certificates and greenhouse gas emissions certificates - Instruments of the liberalized electricity market in Romania

    International Nuclear Information System (INIS)

    Matei, Magdalena; Salisteanu, Cornel; Enescu, Diana; Ene, Simona; Matei, Lucian; Marinescu, Mihai

    2006-01-01

    -based) world scheme with uniform participation are disappearing. We are now likely to see a wide range of schemes operating simultaneously. The impacts of these schemes principally are measured by compliance costs and emissions reductions. This will depend on participation levels in schemes; size of targets agreed to, opportunities for and levels of trading; linkages (trades) between the groups of traders. Actually, Romania has to transpose and to implement EU environmental legislation. A Governmental Decision project aiming to transpose the Directive 2003/87/CE into Romanian legislation was issued. The paper presents the main ideas of this GD. A big challenge for thermal power plants sector will be the future National Allocation Plan. The public central authority for environment protection will establish the total number of certificates for GHG emission and their allocation for each plants for one year period beginning with 1 January 2007, and for five years period beginning with 1 January 2008. The European Commission will review the IPPC Directive till the end of 2007, aiming to improve both the functioning of the Directive and its coherence and complementarity with other industrial emissions and market-based-instruments in this context. One project arousing concern and lively discussion within industry is the assessment of options to streamline legislation on industrial emissions and analysis of interaction between the Directive and a possible emissions trading scheme for SO 2 and NO x . A stakeholder hearing and public debate on the IPPC Directive review process are expected to take place in 2006. The Romanian actors on power market will face this new challenge and after green certificates market opening in 2005 and GHG emissions certificates market opening in 2007, the fourth parallel market could come into force

  11. The beef market in the European Union

    DEFF Research Database (Denmark)

    Nielsen, Niels Asger

    small with the largest slaughtering company slaughtering only 3% of the total. 9. Relations between industry (slaughterhouses) and farmers tend to be much looser in the beef market than it is in other agricultural markets, eg the milk market. Cattle markets are still quite important although the share......'s share of total meat consumption 3. As a consequence of the consumers' demand for convenient shopping, butcher's share of total beef sales is rapidly decreasing in Europe. 4. Changes in meat consumption have traditionally been explained by relative price and per capita income, but these economic demand...... analyses can explain a rapidly decreasing share of the variation in beef consumption. 5. Studies show that beef consumption tends to increase with age; the heavy users are found among middle-aged men. Beef consumption also increases with income and social class. 6. The most important user-oriented quality...

  12. Roadmap towards a competitive European energy market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2010-10-15

    With the financial crisis evolving into a severe, global economic recession, there have been growing doubts over whether energy markets can continue to operate efficiently under present conditions or whether the shift to non-market mechanisms would be a better choice. This question remains an ongoing source of debate in the recently liberalised electricity sector. Textbook wisdom says that the market is the most efficient place to allocate financial means for investments. Therefore, during a period of a crisis, it should follow that we actually need more market mechanisms, not fewer, if we want to stimulate investments in an economically efficient way. Regulated electricity prices and nationalistic thinking will not help to solve Europe's electricity challenges with regards to either the generation or the transportation of electricity.

  13. Energy markets and European Integration: The World Energy Council role

    International Nuclear Information System (INIS)

    Murray, J.

    2002-01-01

    Energy market reform brings many benefits. Central and East Europe's challenge is to establish such markets when, at list in the case of electricity, the established market economies are still wrestling with how to apply competitive principles to this market. Design challenges include the natural monopoly elements within the electricity supply chain and the fact that it is, in practical terms, as essential social service. There is no one single model suitable to all markets at all stages of development. At the same time, there is a need for sustainable energy pricing, which means prices should cover all costs, with transparent and time-limited subsidies bringing the afford ability gap. Cross-border integration extends the benefits available from market reform by overcoming constraints at the national level and by broadening the geographical limits of a market. The World Energy Council works with its Central and East European members to analyse, understand and meet these challenges. (author)

  14. 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

  15. 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...

  16. 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...

  17. 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?.

  18. 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.

  19. 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...

  20. The Triumph of the Market and the Decline of Liberal Education: Implications for Civic Life

    Science.gov (United States)

    Roosevelt, Grace

    2006-01-01

    The purpose of this article is to argue that the growing commercialization of education and the simultaneous decline of what has traditionally been called "liberal education" will limit the range of political discourse and thus have negative effects on civic life. In a context driven mainly by the profit motive, not-for-profit…

  1. Economic evaluation of offshore wind power in the liberalized Dutch power market

    NARCIS (Netherlands)

    Chang, J.; Ummels, B.C.; Sark, van W.G.J.H.M.; Rooijen, den H.P.G.M.; Kling, W.L.

    2009-01-01

    The variability and limited predictability of wind power challenges the operation of power systems, where the generation and load are required in balance at all times. The transmission system operator (TSO) is the responsible party. In a liberalized energy sector, key technical elements of power

  2. Price jumps on European stock markets

    Czech Academy of Sciences Publication Activity Database

    Hanousek, Jan; Kočenda, Evžen; Novotný, Jan

    2014-01-01

    Roč. 14, č. 1 (2014), s. 10-22 ISSN 2214-8450 R&D Projects: GA ČR(CZ) GAP403/11/0020; GA ČR(CZ) GBP402/12/G097 Grant - others:UK(CZ) UNCE 204005/2012 Institutional support: PRVOUK-P23 Keywords : stock markets * price jump indicators * non-parametric testing Subject RIV: AH - Economics

  3. The nuclear industry and its European markets

    International Nuclear Information System (INIS)

    1998-01-01

    This study gives an overview of the worldwide nuclear energy demand and reviews the different markets which are classified as 'mature' (uranium extraction, enrichment, conversion and reactors building), 'developing' (reprocessing, MOX fuel fabrication, maintenance and services) and 'emerging' (waste treatment and dismantling). Then, the study analyzes the evolution of demand and the answers of companies and presents the strategies and performances of nuclear industry leaders. (J.S.)

  4. 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.

  5. 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.

  6. 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

  7. 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...

  8. 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)

  9. 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....

  10. 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)

  11. 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.

  12. Market integration and market structure in the European soft drinks industry: always Coca-Cola?

    OpenAIRE

    Matraves, Catherine

    1999-01-01

    This paper focuses on the question of European integration, considering whether the geographic level at which competition takes place differs across the two major segments of the soft drinks industry: carbonated soft drinks and mineral water. Our evidence shows firms are competing at the European level in both segments. Interestingly, the European market is being integrated through corporate strategy, defined as increased multinationality, rather than increased trade flows. To interpret these...

  13. Varieties of European Economic Law and Regulation : Liber Amicorum for Hans Micklitz

    NARCIS (Netherlands)

    Purnhagen, K.; Rott, P.

    2014-01-01

    This is the first book to comprehensively analyze the work of Hans Micklitz, one of the leading scholars in the field of EU economic law. It brings together analysts, academic friends and critics of Hans Micklitz and results in a unique collection of essays that evaluate his work on European

  14. Recent developments in European energy markets

    International Nuclear Information System (INIS)

    Schubert, E.

    1981-01-01

    The industrial development in Europe which has created a remarkable prosperity was originally based on the availability of indigenous energy. At a later stage Europe accepted the offer of low cost crude from the world market. Since a few years we have lost our influence to moderately adjust prises to the changing circumstances in the world market for primary energies since - the multinationally operating companies have lost their balancing power and - the direct dialogue between producing and consuming countries has so far not resulted in any success. The use of the flowery expression energy crisis pretends that we are suffering from a lack of available primary energy. But the actual situation is more to the contrary. At the privailing energy price level there is a manifold offer. Considerable efforts, however, are necessary to create the prerequisits for an utilization of the options among different primary energies. Infrastructures have to be changed requiring impulse on the part of the state. There is no reason to assume a limited availability of crude oil and petroleum products for the use in such sectors in which an early substitution would cause an excessive economic burden. Besides lignite only nuclear energy does offer for the time beeing a remarkable contribution for a reduction of the energy bill in Europe. Starting with the power plants of the first generation which are sufficiently tested and via the breeder technology nuclear power production will most probably approach the aime of the utilization of renewable energies at reasonable costs over the long term. (orig.) [de

  15. 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...

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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.

  1. 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)

  2. Rush to the border? Market liberalization and urban- and rural-origin internal migration in Mexico.

    Science.gov (United States)

    Villarreal, Andrés; Hamilton, Erin R

    2012-09-01

    In this study we examine the social and economic factors driving internal migration flows in Mexico. We pay particular attention to the effect that economic liberalization has had in encouraging migration to border cities. Our analysis of the origin and destination of migrants is carried out at a finer level of geographical detail than ever before. Microdata files from the 2000 population census allow us to distinguish urban- and rural-origin migrants to the largest 115 cities and metropolitan areas in the country. Our results indicate that economic liberalization, measured by the level of foreign investment and employment in the maquiladora export industry, strongly influences migrants' choice of destinations. However, economic liberalization fails to fully account for the attraction of the border, as do the higher emigration rates to the United States from border cities. Our analysis also reveals that migrants to the border region and to cities with high levels of foreign investment are younger, less educated and more likely to be men than migrants to other parts of Mexico. Rural migrants are significantly more likely to move to the border and to cities with high levels of foreign investment than urban migrants. The results of our study have important implication for other countries opening their economies to foreign investment and international trade. Copyright © 2012 Elsevier Inc. All rights reserved.

  3. 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.

  4. 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.

  5. Monopolies, liberalization, energy turnaround. (Dis)continuities in the electricity market design; Monopole, Liberalisierung, Energiewende. (Dis-)Kontinuitaeten im Strommarktdesign

    Energy Technology Data Exchange (ETDEWEB)

    Grashof, Katherina; Zipp, Alexander [Institut fuer ZukunftsEnergieSysteme (IZES), Saarbruecken (Germany); Jachmann, Henning [Zentrum fuer Sonnenenergie- und Wasserstoff-Forschung Baden-Wuerttemberg (ZSW), Stuttgart (Germany); Wille-Haussmann, Bernhard [Fraunhofer-Institut fuer Solare Energiesysteme (ISE), Freiburg im Breisgau (Germany); Lechtenboehmer, Stefan [Wuppertal Institut fuer Klima, Umwelt, Energie GmbH, Wuppertal (Germany)

    2015-04-15

    After a long period of stability, the electricity industry is in the past 15 years, in a major state of flux. First, the switching of state-monitored and regulated regional monopolies to liberalized producer and consumer markets. At the moment we are in a similar change from conventional to renewable energy production. Below the main question will be addressed whether the paradigms of the individual phases are compatible, which still have their place and which should be modified. Moreover, it is shown that the current market design of the future cannot be designed on a blank sheet, but existing structures have to be considered. Given the stage of monopolies, the liberalization and the started energy turnaround respectively in terms of their sector structure, dominant generation technologies, the interaction between production and load and characteristic elements of market design and regulation are presented. Subsequently, a preliminary answer is given to the question raised. [German] Nach einer langen Phase der Stabilitaet ist die Stromwirtschaft in den vergangenen 15 Jahren stark in Bewegung geraten. Zunaechst stand der Wechsel von staatlich ueberwachten und regulierten Gebietsmonopolen hin zu liberalisierten Erzeuger und Verbrauchermaerkten an. Im Moment befinden wir uns in einem aehnlichen Umbruch, weg von konventioneller hin zu erneuerbarer Energieerzeugung. Im Folgenden soll der Leitfrage nachgegangen werden, ob die Paradigmen der einzelnen Phasen miteinander vereinbar sind, welche noch immer ihre Daseinsberechtigung haben und welche modifiziert werden sollten. Darueber hinaus wird gezeigt, dass das Strommarktdesign der Zukunft nicht auf einem leeren Blatt entworfen werden kann, sondern bestehende Strukturen zu beruecksichtigen sind. Dazu werden die Phase der Monopolwirtschaft, der Liberalisierung sowie der begonnenen Energiewende jeweils hinsichtlich ihrer Sektor Struktur, dominierenden Erzeugungstechnologien, des Zusammenspiels zwischen Erzeugung und Last

  6. Investments and price formation in a liberalized electric power market. Appendices; Investering og prisdannelse pae et liberaliseret elmarked. Bilag

    Energy Technology Data Exchange (ETDEWEB)

    Morthorst, P.E.

    2005-05-01

    How will the electric power prices in the Nordic electric power market develop if the generation capacity in the coming 10 to 15 years is increased considerably? And what are the conditions for investors to initiate new investments in power plants? Briefly speaking - these are the issues for the project that is reported in this report. The basis for the project has been the Nordic electric power market model and its capability to handle the future extension of the necessary generating capacity. The main issue in the project has been a quantitative analysis of what the prices in the Nordic electric power market will be in the future, depending on the size of new investments in the power generating capacity. The appendix volume of the project report contains detailed descriptions of the three models that are used: the Balmorel model, the investment model, and the MARS model. The Balmorel model is a partial equilibrium model that describes a coherent, international electric power system and combined heat and power system. The model was developed in 2000 through international co-operation with the aim to have a model for analysing international aspects in the Baltic area. The investment model analyses and models the investment decisions in a liberalized Nordic electric power market. It is an exogenous model constructed outside the Balmorel model but uses the price pictures from the Balmorel model as input. MARS (MARket Simulation) is Eltra's (a Danish electric power transmission company) market model for simulating prices, production, demand and exchanges in the power market. The model covers the Nordic countries (Nord Pool) and Northern Germany. (LN)

  7. 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.

  8. 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....

  9. Meat export competitiveness of European Union countries on global markets

    Directory of Open Access Journals (Sweden)

    Štefan Bojnec

    2014-10-01

    Full Text Available The purpose of this research is to provide insight into the export competitiveness of meat products of the European Union (EU-27 member states on global markets. The revealed comparative advantage index is used to analyze the levels, compositions, and evolutions in patterns of development in the export competitiveness of meat products and their levels of stability at the product level. Except for some niche meat products, a larger number of the EU-27 member states have experienced comparative disadvantages on global markets over the analysed years of 2000 to 2011. The revealed comparative advantages on the global markets are the most robust for Ireland, Spain, the Netherlands, France, Belgium, Denmark, Poland, Cyprus and Hungary. The revealed comparative advantage indices and their survival rates differ across the meat product groups. The heterogeneity in export competitiveness of the EU-27 member states suggests the importance of the differentiation of meat products in competitive export specialization on global markets.

  10. Projected developments in the US and European LWR fabrication market

    International Nuclear Information System (INIS)

    Anderson, C.K.; Varley, G.

    1996-01-01

    There are several important factors influencing change in the fuel fabrication supply industry in Western Europe today. The most important is the changing supply relationships resulting from lower costs in the USA. With US fabrication prices substantially lower than in Western Europe, a situation which is sustainable based on production costs, a major force for change prevails which will have significant implications for the commercial development of both markets over the next decade. The extent to which supply from the USA will drive the Western Europe market will depend, to some extent, on three other factors: the new US-Euratom agreement on nuclear trade; electricity market deregulation in the European Union (EU); near term MOX fuel fabrication capacity. The main purpose of this paper is to discuss the current situation in the USA and Europe, and the manner in which this will lead to changing fuel fabrication supply dynamics in both markets. (author)

  11. 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

  12. 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

  13. 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)

  14. The McDonaldization of childhood: children's mental health in neo-liberal market cultures.

    Science.gov (United States)

    Timimi, Sami

    2010-11-01

    As the failings of neo-liberalism have recently been revealed through the collapse of much of the banking and financial services sector, it seems an opportune time to think about the impact this economic, political, and social value system has had on the well-being of children. After analyzing how our beliefs and practices around children and families are shaped by a variety of economic, political, and cultural pressures, I discuss how policies that promote a particular form of aggressive capitalism lead to a narcissistic value system that permeates social institutions, including those that deal with children. Not only does this impact children's emotional well-being, but it also shapes the way we conceptualize children and their problems. These dynamics facilitate the rapid growth of child psychiatric diagnoses and the tendency to deal with aberrant behavior or emotions in children through technical--particularly pharmaceutical--interventions, a phenomenon I refer to as the 'McDonaldization' of children's mental health. The present article seeks to challenge many of the unhelpful cultural assumptions regarding childhood embedded within the narrow biomedical frame that neo-liberalism has encouraged.

  15. Unbalances on the education and innovation market – enhancement factor of the crisis in Romania. A liberal approach

    Directory of Open Access Journals (Sweden)

    Aurelian Virgil BĂLUŢĂ

    2012-06-01

    Full Text Available The paper starts from the identification of imbalances on the education and innovation market in Romania. The implications of each of these imbalances on the amplification of the crisis are explained. Solutions are presented and estimates are made of resources to be allocated to restore that balance. The imbalance and economic growth issues and even demands of the knowledge economy aim to be addressed from a liberal point of view. The paper includes the following chapters: introduction, the position of education and innovation resources in the fight for development against the crisis, the shortage of places in kindergartens – serious problem in pre-school education, the lack of funding for research, projects possible for a real deficit. The position of education and innovation resources in the fight for development is presented in accordance with international accounting standards, the economic science and the present radical liberal current. The last chapter lists specific projects and “My city, city of innovation” and “Internet/TV platform for pre-university education” projects are being detailed. Statistical data which is available at public authorities is used and the information from blog debates is being valued.

  16. 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.

  17. Liberalism and African Culture.

    Science.gov (United States)

    Sindima, Harvey

    1990-01-01

    Discusses the effect of liberalism on the African understanding of education, community, and religion. Describes ways in which the European intrusion, that is, colonial governments, schools, and churches, undermined traditional African life and thought. (DM)

  18. Impact of the liberalization of the electricity market on the waste processing sector in the Netherlands

    International Nuclear Information System (INIS)

    Lomme, S.; Buist, G.

    2001-01-01

    The consequences of the deregulation of the electricity sector for the waste incinerating market in the Netherlands are discussed. Attention is paid to technical and organizational characteristics of the market for electricity, the mechanism that determines the hierarchy of power plants in the total electric power production sector, the dilemma of flexibility versus throughput, and the importance of sustainable and green electricity. The appendix holds a scheme for the sale of energy in a free market and a list of contract variables [nl

  19. 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...

  20. POWERS. Simulation of pricing and investment decisions in a liberalized Dutch electricity market

    International Nuclear Information System (INIS)

    Rijkers, F.A.M.; Battjes, J.J.; Janszen, F.H.A.; Kaag, M.

    2001-02-01

    With the liberalisation of the Dutch electricity market the electricity price will be divided into a network component and a commodity component. Further, liberalisation will change the determination of the commodity price. Before liberalisation the commodity price was centrally determined by the Sep (Samenwerkende Electriciteitsproductiebedrijven or Dutch Electricity Generating Board), but with the introduction of liberalisation prices will be determined by the market itself. To analyse the liberalised market a new model (POWERS) has been developed in which the new structure of the electricity market is incorporated and the increasing competition between energy companies is taken into account. An overview of the POWERS-model is presented in this report. The model is based on the system dynamics. This means that the decisions (regarding production volume, allocation of the plants, price setting) made by each market player is based on information from the previous period. Optimisation models that are based on the assumption of 'perfect foresight' do not apply to the electricity market. Currently, the model contains a detailed description of the production capacity of the current market players in the Netherlands. Among other purposes the model is suitable for determining an outlook of forward prices on the Dutch electricity market and for analysing the impacts of alternative strategies of the different market players on their profits. 4 refs

  1. 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

  2. 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)

  3. 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.

  4. Bank Insolvency Procedures and Market Discipline in European Banking

    OpenAIRE

    Angkinand, Apanard; Wihlborg, Clas

    2005-01-01

    Market discipline in banking requires that explicit and implicit insurance schemes for financial sector firms are limited, and that the lack of insurance of important stakeholders is credible. This credibility cannot be achieved without transparent, predictable procedures for distress resolution for banks, including explicit rules for the liquidation of insolvent banks. We find that very few European countries have explicit procedures for dealing with problem banks. The propositions tested in...

  5. Meat export competitiveness of European Union countries on global markets

    OpenAIRE

    Štefan Bojnec; Imre Fertő

    2014-01-01

    The purpose of this research is to provide insight into the export competitiveness of meat products of the European Union (EU-27) member states on global markets. The revealed comparative advantage index is used to analyze the levels, compositions, and evolutions in patterns of development in the export competitiveness of meat products and their levels of stability at the product level. Except for some niche meat products, a larger number of the EU-27 member states have experienced comparativ...

  6. 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

  7. 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...

  8. Monopolies, liberalization, energy transition. Electricity market design between change and constancy; Monopole, Liberalisierung, Energiewende. Strommarktdesign zwischen Wandel und Konstanz

    Energy Technology Data Exchange (ETDEWEB)

    Grashof, Katherina; Zipp, Alexander [Hochschule fuer Technik und Wirtschaft (HTW), Saarbruecken (Germany). Abt. Energiemaerkte; Lechtenboehmer, Stefan [Wuppertal Institut fuer Klima Umwelt Energie (Germany). Forschungsgruppe 1: Zukuenftige Energie- und Mobilitaetsstrukturen; Jachmann, Henning [Zentrum fuer Sonnenenergie und Wasserstoff-Forschung Baden-Wuerttemberg (ZSW), Stuttgart (Germany); Wille-Haussmann, Bernhard [Fraunhofer-Institut fuer Solare Energiesysteme ISE, Freiburg (Germany). Elektrische Verteilnetze und Betriebsmittel; Reeg, Matthias [Deutsches Zentrum fuer Luft- und Raumfahrt (DLR), Stuttgart (Germany). Fachbereich Systemanalyse und Technikbewertung

    2015-09-15

    After a long period of stability, the electricity industry is in the past 15 years in a major state of flux. With the liberalization the change of area monopolies to competitively organized producer and consumer markets was pending. At present a very similar upheaval takes place, which is characterized by the transition from conventional to renewable power generation. But are the paradigms of each phase compatible and has plenty of still their right to exist, or is a modification necessary? The electricity market design of the future cannot designed on a blank sheet, but it must be taken into account existing structures. At the same time, the question must be answered whether the choice between regulatory or market-based approaches also differs with the possibility of precision of control. [German] Nach einer langen Phase der Stabilitaet ist die Stromwirtschaft in den vergangenen 15 Jahren stark in Bewegung geraten. Mit der Liberalisierung stand zunaechst der Wechsel von Gebietsmonopolen hin zu wettbewerblich organisierten Erzeuger- und Verbrauchermaerkten an. Derzeit findet ein ganz aehnlicher Umbruch statt, der vom Uebergang von konventioneller hin zu erneuerbarer Stromerzeugung gekennzeichnet ist. Aber sind die Paradigmen der einzelnen Phasen miteinander vereinbar und hat jede fuer sich noch immer ihre Daseinsberechtigung, oder ist hier eine Modifizierung notwendig? Das Strommarktdesign der Zukunft kann nicht auf einem leeren Blatt entworfen, sondern es muessen bestehende Strukturen beruecksichtigt werden. Gleichzeitig ist die Frage zu beantworten, ob die Wahl zwischen regulatorischen oder marktbasierten Ansaetzen sich auch anhand der mit ihnen moeglichen Praezision der Steuerung unterscheidet.

  9. "Trade policy, not morals or health policy": the US Trade Representative, tobacco companies and market liberalization in Thailand.

    Science.gov (United States)

    MacKenzie, Ross; Collin, Jeff

    2012-08-01

    The enforced opening of Thailand's cigarette market to imports in 1990 has become a cause celebre in debates about the social and health impacts of trade agreements. At the instigation of leading US-based cigarette manufacturers, the US Trade Representative (USTR) threatened trade sanctions against Thailand to compel the government to liberalize its domestic cigarette market. Thailand's challenge to the USTR led to referral to General Agreement on Tariffs and Trade (GATT) arbitration. While GATT ruled in favour of the USTR on market access, it also found that Thailand could subsequently enact non-discriminatory tobacco control regulation without contravening the GATT agreement. This paper contributes to existing literature via its analysis of tobacco industry documents that highlight not only USTR responsiveness to lobbying from tobacco corporations, raising concerns about the drivers of globalization and the limited protection afforded to public health concerns in trade agreements. Significantly, the documents also indicate that USTR support of the tobacco industry was not unconditional, being subject to wider pressures of global trade negotiations. Such qualification notwithstanding, however,,ongoing governmental willingness to advance the international interests of tobacco corporations remains a concern from a public health perspective, particularly given the failure of the US to ratify the World Health Organization's Framework Convention on Tobacco Control.

  10. Evolution of the European gas market on the long term. Organisation and price

    International Nuclear Information System (INIS)

    Ouvry, V.

    1998-01-01

    The objective of this work is to shed light upon the future organization of the European gas market with an emphasis on price matters. There are nowadays few producers of gas on the market, most of whom hold long-term contracts with gas companies. Gas pricing is based on the net-back principle. The actual debate on liberalization of the gas market and the growing pressure from industrial customers to obtain lower prices addresses the problem of the future organisation of the market and the potential impact of the introduction of third party access. We first analyse the main actors of the gas market, their strategy and the actual market organization market. Two different logics are considered hereunder: a market approach: the competition theory provides efficient tools to analyse the evolution of competition depending on numerous factors. It appears that the strategy of all actors and particularly of producers will be the main determinant of the future competition. The oligopoly theory includes oligopolistic behaviours modelizations. The application of the Cournot's model leads to prices ranging from 1,6 to 3,7 $/MBtu; a contractual approach: today, gas is essentially exchanged through long term contracts, which allow for long-term management of investments and supply security. Two operators negotiate the price, which ultimately mirrors their respective leverage. The transaction cost theory clearly shows the necessity of including transaction costs, especially when optimizing the duration of the contract. The gas prices escalation is nowadays partially obsolete and unadapted to customer needs. Escalation on coal, electricity price or inflation should soon be considered. The theories of negotiation highlight the importance of the operators' marketing power during gas price fixation Applying Nash and Harsanyi-Selten's negotiation models results in a scale of 2,4 to 3,5 $/MBtu of the gas price at the actual supply and demand conditions. Both approaches lead to similar

  11. 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

  12. The liberalization of the European electric and gas industries through the firms' M and A and investment strategies: propositions for a better energy security; Le processus de liberalisation des industries electriques et gazieres europeennes a travers les strategies de fusion - acquisition et d'investissement des firmes - propositions pour une securite energetique renforcee

    Energy Technology Data Exchange (ETDEWEB)

    Benhassine, W.

    2009-04-15

    The electric and gas industries have been traditionally managed by public monopolies. The post World War II context was supportive to such an industrial organization. In fact, Europe was getting engaged in a long period of economic growth and was benefiting a favorable energetic context. At the end of the 90's, Europe decides to liberalize the national energy industries in order to create a unique European energy market. This liberalization has occurred in a context that as dramatically changed from the economic and energetic perspective. Indeed, the globalization phenomenon has strengthened the competitiveness of the emerging economies. The strong growth of the energy demand and the stagnation of the supply on the offer side have created tensions which have been increasingly frequent and important on the energy markets. Besides, facing greater budget restrictions and financial difficulties, the states have wished to get financially disengaged from these industries. Many factors show that the economic and energetic context will not get better in the next decades. Hence, in this new context, the liberalization of the energy industries should respond to two major stakes for the energy security of the European countries: the sustainability of the investments and the control of the energy demand. After having studied the merger and investment strategies of the energy firms, operating within a freshly liberalized sector, we make some propositions to draw up a new industrial organization which would allow a more efficient response to these two stakes. (author)

  13. Network-constrained Cournot models of liberalized electricity markets: the devil is in the details

    International Nuclear Information System (INIS)

    Neuhoff, Karsten; Barquin, Julian; Vazquez, Miguel; Boots, Maroeska; Rijkers, Fieke A.M.; Ehrenmann, Andreas; Hobbs, Benjamin F.

    2005-01-01

    Numerical models of transmission-constrained electricity markets are used to inform regulatory decisions. How robust are their results? Three research groups used the same data set for the northwest Europe power market as input for their models. Under competitive conditions, the results coincide, but in the Cournot case, the predicted prices differed significantly. The Cournot equilibria are highly sensitive to assumptions about market design (whether timing of generation and transmission decisions is sequential or integrated) and expectations of generators regarding how their decisions affect transmission prices and fringe generation. These sensitivities are qualitatively similar to those predicted by a simple two-node model. (Author)

  14. Network-constrained Cournot models of liberalized electricity markets. The devil is in the details

    Energy Technology Data Exchange (ETDEWEB)

    Neuhoff, Karsten [Department of Applied Economics, Sidgwick Ave., University of Cambridge, CB3 9DE (United Kingdom); Barquin, Julian; Vazquez, Miguel [Instituto de Investigacion Tecnologica, Universidad Pontificia Comillas, c/Santa Cruz de Marcenado 26-28015 Madrid (Spain); Boots, Maroeska G. [Energy Research Centre of the Netherlands ECN, Badhuisweg 3, 1031 CM Amsterdam (Netherlands); Ehrenmann, Andreas [Judge Institute of Management, University of Cambridge, Trumpington Street, CB2 1AG (United Kingdom); Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Rijkers, Fieke A.M. [Contributed while at ECN, now at Nederlandse Mededingingsautoriteit (NMa), Dte, Postbus 16326, 2500 BH Den Haag (Netherlands)

    2005-05-15

    Numerical models of transmission-constrained electricity markets are used to inform regulatory decisions. How robust are their results? Three research groups used the same data set for the northwest Europe power market as input for their models. Under competitive conditions, the results coincide, but in the Cournot case, the predicted prices differed significantly. The Cournot equilibria are highly sensitive to assumptions about market design (whether timing of generation and transmission decisions is sequential or integrated) and expectations of generators regarding how their decisions affect transmission prices and fringe generation. These sensitivities are qualitatively similar to those predicted by a simple two-node model.

  15. Network-constrained Cournot models of liberalized electricity markets: the devil is in the details

    Energy Technology Data Exchange (ETDEWEB)

    Neuhoff, Karsten [Cambridge Univ., Dept. of Applied Economics, Cambridge (United Kingdom); Barquin, Julian; Vazquez, Miguel [Universidad Pontificia Comillas, Inst. de Investigacion Tecnologica, Madrid (Spain); Boots, Maroeska; Rijkers, Fieke A.M. [Energy Research Centre of the Netherlands ECN, Amsterdam (Netherlands); Ehrenmann, Andreas [Cambridge Univ., Judge Inst. of Management, Cambridge (United Kingdom); Hobbs, Benjamin F. [Johns Hopkins Univ., Dept. of Geography and Environmental Engineering, Baltimore, MD (United States)

    2005-05-01

    Numerical models of transmission-constrained electricity markets are used to inform regulatory decisions. How robust are their results? Three research groups used the same data set for the northwest Europe power market as input for their models. Under competitive conditions, the results coincide, but in the Cournot case, the predicted prices differed significantly. The Cournot equilibria are highly sensitive to assumptions about market design (whether timing of generation and transmission decisions is sequential or integrated) and expectations of generators regarding how their decisions affect transmission prices and fringe generation. These sensitivities are qualitatively similar to those predicted by a simple two-node model. (Author)

  16. Ex-ante analysis of welfare change for a liberalization of the natural gas market

    International Nuclear Information System (INIS)

    Jeongdong Lee; Jongsu Lee; Taiyoo Kim

    2004-01-01

    This paper investigates the potential impact of divestiture of the natural gas market monopoly in terms of supply quantity, price, and social welfare. The empirical application is focused on the case of the Korean natural gas market. The simulation is performed with different behavioral assumptions after divestiture, such as the current regulatory scheme, marginal cost (MC) pricing, and Cournot competition. The characteristic feature of the Korean natural gas market is its heavy dependence upon liquefied natural gas, which is reflected in the estimation of the cost structure. The empirical results signify the importance of national or social guidelines to secure consumer surplus and social welfare. (Author)

  17. Ex-ante analysis of welfare change for a liberalization of the natural gas market

    International Nuclear Information System (INIS)

    Lee, Jeong-Dong; Lee, Jongsu; Kim, Tai-Yoo

    2004-01-01

    This paper investigates the potential impact of divestiture of the natural gas market monopoly in terms of supply quantity, price, and social welfare. The empirical application is focused on the case of the Korean natural gas market. The simulation is performed with different behavioral assumptions after divestiture, such as the current regulatory scheme, marginal cost (MC) pricing, and Cournot competition. The characteristic feature of the Korean natural gas market is its heavy dependence upon liquefied natural gas, which is reflected in the estimation of the cost structure. The empirical results signify the importance of national or social guidelines to secure consumer surplus and social welfare

  18. Science Curriculum in the Market Liberal Society of the Twenty-First Century: "Re-Visioning" the Idea of Science for All

    Science.gov (United States)

    Smith, Dorothy V.; Gunstone, Richard F.

    2009-01-01

    The period since the 1960s has seen dramatic change in the nature and practice of science, science education and secondary school education itself. This paper examines changes in the Science for All movement, setting these changes in the context of the societal shift towards market liberalism and the advancement of a new style of individualism. We…

  19. What will become of the european nuclear power plant market

    International Nuclear Information System (INIS)

    Goulden, O.A.

    1976-01-01

    In a forecast of the development of the future market for power plants and components in Europe a British consultant comes to the conclusion that the nuclear power programs established in various countries in 1974 are oversized in the light of the reduction in the increment of electricity consumption, which is expected to continue, if they are implemented in addition to existing and planned conventional thermal power stations, and that these programs are too costly if they are intended more or less only to substitute for other sources of energy. A streamlining process, which is deemed to be inescapable, is bound to result in a major cutback of the nuclear power station market in Europe and in a hard fight for survival among the power plant manufacturers now in the market. In the author's opinion, the only way out would be a uniform European electricity generation, transmission and distribution system with all the rationalization effects this would entail. (orig.) [de

  20. 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.

  1. 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

  2. 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.

  3. Threat to the rebirth of knowledge under the influence of the liberal market

    Directory of Open Access Journals (Sweden)

    V. L. Makarov

    2010-09-01

    Full Text Available The article analyzes the emergence of the knowledge economy, development of the attention economy, the ability to measure the amount of knowledge. Particular attention is paid to the characteristics of the innovation environment, the problem of competitiveness, including the environment of fundamental science and higher education, as well as the formation of knowledge market as a special institution, significantly different from the traditional markets.

  4. [European integration and health policies: repercussions of the internal European Market on access to health services].

    Science.gov (United States)

    Guimarães, Luisa; Giovanella, Lígia

    2006-09-01

    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 illustrate the dynamics where differences are used to achieve comprehensive care. In the oldest integration experience, the market regulation has generated intentional and non-intentional impacts on the health policies of member states, regardless of the organizational model. Knowledge and analysis of this experience signals challenges for the Southern Cone Common Market (Mercosur) and adds to future debates and decisions.

  5. 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.

  6. European Sugar Market – Impact of Quota System

    Directory of Open Access Journals (Sweden)

    Irena Benešová

    2015-01-01

    Full Text Available The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one – nearly 75% (10 mil. tonnes of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance’s headquarters. The majority of production capacities are under (the control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system.

  7. 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

  8. On Stackelberg and Inverse Stackelberg Games and Their Applications in the Optimal Toll Design Problem, the Energy Markets Liberalization Problem, and in the Theory of Incentives

    Energy Technology Data Exchange (ETDEWEB)

    Stankova, K.

    2009-02-02

    . As the problem is NP-hard, we use a neural-networks based solution approach to solve the problem. We compare outcomes of the games with traffic-flow invariant and traffic-flow dependent toll and conclude that the traffic-flow dependent toll can improve the system performance remarkably. Interesting phenomena in this problem and its properties are discussed, too. The electricity markets liberalization problem is defined in this thesis as a non-cooperative game among electricity producers in eight European countries, in which the electricity demand is exogenous. The producers choose among available means of electricity productions and quantities to produce in order to maximize their profit. Different game scenarios are considered: Perfect competition, a game with one leading producer per each country, and a game with two leading producers, playing Nash among themselves, for each country. The transmission of electricity between neighboring countries is allowed and emission constraints are considered. A numerical model, using real data, is developed in order to solve the problem. Our results suggest that liberalization of electricity markets leads to electricity price decrease. Finally, we deal with so-called principal-agent models from the theory of incentives as a specific group of inverse Stackelberg problems. Here the principal as a leader contracts an agent as a follower in order to produce certain goods. The agent can be of different efficiency, often unknown to the principal. The problem of finding the optimal strategy for the principal is dealt with. Interesting phenomena in this game are presented and an optimal strategy for the leader is derived.

  9. On Stackelberg and Inverse Stackelberg Games and Their Applications in the Optimal Toll Design Problem, the Energy Markets Liberalization Problem, and in the Theory of Incentives

    International Nuclear Information System (INIS)

    Stankova, K.

    2009-01-01

    is NP-hard, we use a neural-networks based solution approach to solve the problem. We compare outcomes of the games with traffic-flow invariant and traffic-flow dependent toll and conclude that the traffic-flow dependent toll can improve the system performance remarkably. Interesting phenomena in this problem and its properties are discussed, too. The electricity markets liberalization problem is defined in this thesis as a non-cooperative game among electricity producers in eight European countries, in which the electricity demand is exogenous. The producers choose among available means of electricity productions and quantities to produce in order to maximize their profit. Different game scenarios are considered: Perfect competition, a game with one leading producer per each country, and a game with two leading producers, playing Nash among themselves, for each country. The transmission of electricity between neighboring countries is allowed and emission constraints are considered. A numerical model, using real data, is developed in order to solve the problem. Our results suggest that liberalization of electricity markets leads to electricity price decrease. Finally, we deal with so-called principal-agent models from the theory of incentives as a specific group of inverse Stackelberg problems. Here the principal as a leader contracts an agent as a follower in order to produce certain goods. The agent can be of different efficiency, often unknown to the principal. The problem of finding the optimal strategy for the principal is dealt with. Interesting phenomena in this game are presented and an optimal strategy for the leader is derived.

  10. Analysis of power and frequency control requirements in view of increased decentralized production and market liberalization

    International Nuclear Information System (INIS)

    Roffel, B.; Boer, W.W. de

    2003-01-01

    This paper presents a systematic approach of the analysis of the minimum control requirements that are imposed on power producing units in the Netherlands, especially in the case when decentralized production increases. Also some effects of the liberalization on the control behavior are analyzed. First an overview is given of the amount and type of power production in the Netherlands, followed by a review of the control requirements. Next models are described, including a simplified model for the UCTE power system. The model was tested against frequency and power measurements after failure of a 558 MW production unit in the Netherlands. Agreement between measurements and model predictions proved to be good. The model was subsequently used to analyze the primary and secondary control requirements and the impact of an increase in decentralized power production on the fault restoration capabilities of the power system. Since the latter production units are not actively participating in primary and secondary control, fault restoration takes longer and becomes unacceptable when only 35% of the power producing units participate in secondary control. Finally, the model was used to study the impact of deregulation, especially the effect of 'block scheduling', on additional control actions of the secondary control. (Author)

  11. 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)

  12. 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)

  13. 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

  14. European Integration, Labour Market Dynamics and Migration Flows

    Directory of Open Access Journals (Sweden)

    Martinoia, Michela

    2011-06-01

    Full Text Available The paper has two objectives. Firstly, we wish to evaluate whether a greater economic integration has effects, and of what type, on migration flows from Central and Eastern Europe (New Member States of the EU, NMS towards the fifteen countries of the European Union (EU-15. Secondly, we wish to understand what effect the migration flows from the NMS have on the labour market of the receiving countries in the EU-15. The most suitable theoretical context that seems to summarise European labour market characteristics is that of the insider/outsider model by Layard, Nickell and Jackman (Layard et al., 1991. We have modified the above mentioned model by introducing two innovations. Firstly, we constructed three measures that act as a proxy for economic integration: the Intra Regional Trade Index (IRTI, Global Trade Index (GTI and Financial Market Integration (FMI. Then we placed the three indicators into the insider/outsider model to arrive at a modified version of Layard, Nickell and Jackman (Layard et al., 1991. The second innovative contribution was the introduction of an equation modelling migration flows. The creation of this equation is inspired by the neo-classical approach to migration theory (Harris-Todaro, 1970. The theoretical model, based on rational expectations, has been solved to find the equilibrium solution and the impact multipliers. We then carried out an empirical analysis, which involved estimating a Structural Vector Autoregression Model (SVAR. The aim of this estimation was to evaluate, on the one hand, the effect that greater European integration (a positive shock to the integration indicators has on migration flows, and, on the other, to measure the type of effect that migration flows could have on the labour market of the EU-15 countries, considered as a single entity. The results of our empirical evidence show that economic integration does generate significant effects on migration flows from the enlargement countries

  15. Risk and promise in energy market liberalization: consumer choice in buying electricity

    International Nuclear Information System (INIS)

    Barton, Barry

    1999-01-01

    In many countries, where the electricity industry is being exposed to market liberalisation, it is found that the hardest part of the market to reform is retail supply to small business and domestic consumers. There are two main alternatives for promoting consumer choice, metering and load profiling. Notable developments are occurring in the United Kingdom, the United States, Scandinavia and New Zealand. Significant legal difficulties are encountered with such reforms. Among them are contract law, energy-sector regulation, competition law, privacy and individual rights, and consumer protection. The disaggregation of the industry, especially at the retail end, imposes special demands on contract and industry self-regulation. (Author)

  16. 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.

  17. 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.

  18. 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.

  19. Coordinated vs. liberal market HRM: the impact of institutionalisation on multinational firms

    NARCIS (Netherlands)

    Farndale, E.; Brewster, C.; Poutsma, F.

    2008-01-01

    The impact of institutionalized contexts on the HRM activities of multinational firms has become a focus of increasing attention in recent literature. However, theories of how different types of business systems or market economies may influence HRM, and the impact of context on multinational

  20. Mapping the Typology of Transition Systems in a Liberal Market Economy: The Case of Canada

    Science.gov (United States)

    Arnold, Christine Helen; Wheelahan, Leesa; Moodie, Gavin; Beaulieu, Jacqueline; Taylor-Cline, Jean-Claude

    2018-01-01

    This research explores links between tertiary education institutions and between tertiary education and the labour market as determinants of provincial and national transition patterns in Canada. The study consists of a provincial analysis that maps the typology of transition systems across Canada's devolved federated tertiary education structure.…

  1. Institutions in European and Asian energy markets: A methodological overview

    International Nuclear Information System (INIS)

    Aalto, Pami

    2014-01-01

    This article introduces a methodological framework to study institutions in European and Asian energy markets with a comparative case study on the EU and east Asia. A distinction is made between informal and three types of formal institutions; and their transaction cost reducing, order creating and ecological/climatic functions. The operation of energy markets is explained through the structure of institutions, their types and functions. It is found that order-creating institutions guarantee enough stability, (mutual) trust and solidarity among EU Member States to support the competitive markets institution and supranational formal institutions as the underpinnings of trade in the internal energy market, which nevertheless retains some corporatist features. In the east Asian markets the nature of order-creating institutions sovereignty, energy diplomacy and great power management prevents the emergence of supranational formal institutions and a shared idea of trade. The prevailing structure has a large number of sub-regional organisations with overlapping tasks and few powers. In both markets the functions of institutions signify more than their number; transaction cost reducing institutions are dependent on order-creating institutions, while both of these functions are better realised on the regional level than ecological/climatic functions; ultimately informal institutions are most influential. - Highlights: • Institutions include informal types and three formal types. • The functions of institutions relate to transaction costs, order and ecology. • Transaction cost reduction depends on order creating institutions. • Ecological functions are the most difficult to realise regionally. • Informal institutions are most influential in the EU and east Asian markets

  2. Effect of floating pricing policy: An application of system dynamics on oil market after liberalization

    Energy Technology Data Exchange (ETDEWEB)

    Wu, Jung-Hua, E-mail: hwaa@mail.ncku.edu.tw [Department of Resources Engineering, National Cheng Kung University, Tainan 701, Taiwan (China); Huang, Yi-Lung [Exploration and Development Research Institute, Chinese Petroleum Corporation, Taiwan, No. 1, Dayuan, Wenfa Road, Miaoli City, Miaoli County 36042, Taiwan (China); Liu, Chang-Chen [Department of Resources Engineering, National Cheng Kung University, Tainan 701, Taiwan (China)

    2011-07-15

    Upon the implementation of the floating price mechanism, Taiwan's gasoline and diesel prices returned to market mechanism, which terminated the phenomenon of the public paying for the losses of the state-owned oil company-Chinese Petroleum Corporation, Taiwan (CPC). Furthermore, the relatively low production costs of the privately owned Formosa Petrochemical Corporation (FPCC) disclosed the pricing mechanism of CPC, which inspired FPCC to adopt pricing strategy in order to increase the market share. This study aims to establish a system dynamics model to analyze the effects of the floating price mechanism on Taiwan's gasoline and diesel markets. This Model is divided into four sub-systems. The model of this study passed several validation tests, and hence, is able to provide a 'virtual laboratory' for policy-makers to conduct simulation and scenario analysis. The simulation results indicate (a) feedback mechanism of expected revenues and pricing strategy could efficiently simulate the FPCC pricing mechanism, (b) price competition strategy could increase FPCC revenues, although the effect on market share is not remarkable, and (c) FPCC has a higher gas-station growth rate. Scenario analyses found (a) lowering oil security stockpile would not change FPCC's pricing strategy and (b) FPCC prefers to follow CPC pricing when it has more gas stations. - Highlights: > System dynamics model analyzes the effects of oil markets' floating price mechanism. > Feedback mechanism of expected revenues could efficiently simulate pricing mechanism. > Price competition strategy could increase FPCC revenues. > Lowering oil security stockpile, FPCC's pricing strategy would not change. > FPCC prefers to follow CPC pricing when it has more gas stations.

  3. Effect of floating pricing policy: An application of system dynamics on oil market after liberalization

    International Nuclear Information System (INIS)

    Wu, Jung-Hua; Huang, Yi-Lung; Liu, Chang-Chen

    2011-01-01

    Upon the implementation of the floating price mechanism, Taiwan's gasoline and diesel prices returned to market mechanism, which terminated the phenomenon of the public paying for the losses of the state-owned oil company-Chinese Petroleum Corporation, Taiwan (CPC). Furthermore, the relatively low production costs of the privately owned Formosa Petrochemical Corporation (FPCC) disclosed the pricing mechanism of CPC, which inspired FPCC to adopt pricing strategy in order to increase the market share. This study aims to establish a system dynamics model to analyze the effects of the floating price mechanism on Taiwan's gasoline and diesel markets. This Model is divided into four sub-systems. The model of this study passed several validation tests, and hence, is able to provide a 'virtual laboratory' for policy-makers to conduct simulation and scenario analysis. The simulation results indicate (a) feedback mechanism of expected revenues and pricing strategy could efficiently simulate the FPCC pricing mechanism, (b) price competition strategy could increase FPCC revenues, although the effect on market share is not remarkable, and (c) FPCC has a higher gas-station growth rate. Scenario analyses found (a) lowering oil security stockpile would not change FPCC's pricing strategy and (b) FPCC prefers to follow CPC pricing when it has more gas stations. - Highlights: → System dynamics model analyzes the effects of oil markets' floating price mechanism. → Feedback mechanism of expected revenues could efficiently simulate pricing mechanism. → Price competition strategy could increase FPCC revenues. → Lowering oil security stockpile, FPCC's pricing strategy would not change. → FPCC prefers to follow CPC pricing when it has more gas stations.

  4. Suppliers response to liberalization in Europe

    International Nuclear Information System (INIS)

    Boon Von Ochssee, T.

    2007-03-01

    Current EU target of achieving a fully liberalized internal market today does not guarantee the availability of volumes tomorrow. Europe will have to compete with other markets, such as the US in the Atlantic Basin and perhaps the Pacific Basin in the future as far as LNG is concerned. Thus, it is against the backdrop of scarcity in a seller's market that Europe's security of supply must be perceived in the period leading up to 2010, 2020 and beyond. Nevertheless, the focus of Europe's energy concerns will lay with internal developments, primarily competition, unbundling and the ostensible development of an increased share of sustainable energy mix by 2020. Whether the European Commission's ultimate goal, a transparent and completely liberalized gas network system, will be supplied with the necessary volumes to sustain demand growth is another matter. This article seeks to shine the limelight on the external aspects of the EU energy dimension.

  5. Dossier for marketing authorization in the European union

    Directory of Open Access Journals (Sweden)

    Maida Todić

    2003-02-01

    Full Text Available Extensive and complete documentation must be presented for marketing authorization of a medicinal product in the EU. Presented documentation should prove quality, safety and efficacy of the medicinal product. It is ensured that the applicant supplies the authorities with complete information. The legislation in Federation of Bosnia and Herzegovina has also taken more steps towards those European directions.The presentation and content of the dossier in the European Union has been redefined. The “old” EU format will be replaced with the Common Technical Document (EU CTD format agreed in 2000, within the International Conference on Harmonization framework. These two formats are intended to coexist during the transition period until July 2003. The CTD is an internationally agreed upon format for the preparation of a well structured presentation for applications to be submitted to regulatory authorities in the three ICH regions of Europe, US and Japan.

  6. Ownership Concentration and Market Value of European Banks

    DEFF Research Database (Denmark)

    Busta, Ildura; Sinani, Evis; Thomsen, Steen

    2014-01-01

    This paper investigates the relationship between ownership concentration and market value of European banks, and the role of the institutional environment in shaping this relationship. Using GMM dynamic estimator on a sample of European banks over a 13-year period (1993–2005) we find on average...... concentration is positive in Scandinavia. We propose that, besides the legal protection of small investors, the differences in the impact of ownership concentration across the countries could be due to the identity of the predominant owners, i.e. financial institutions in Germany and trusts and foundations...... a negative effect of ownership concentration on bank value, measured by Tobin's Q. However, this effect varies across different institutional settings; while higher ownership concentration results in a lower bank value particularly in the countries belonging to German legal family, the impact of ownership...

  7. The liberalization of the Norwegian energy market - consequences for the international exchange of electric power. Die Liberalisierung des norwegischen Energiemarktes. Konsequenzen fuer den internationalen Stromaustausch

    Energy Technology Data Exchange (ETDEWEB)

    Wiedswang, R G [Statnett SF, Oslo (Norway)

    1993-10-01

    The Norwegian electric power market was deregulated according to the resolutions passed by the Norwegian Parliament. A new energy law was passed after the Norwegian power systems had been made accessible to third parties. The Norwegian government was given a share in power plant and main system operation through foundation of the Norwegian Energy Corporation and the Norwegian Power Grid Company. The transmission tariffs were adapted to the competing sales of electric power. The Samkjoringen utilities fused with the Norwegian Power Grid Company. The deregulation coincided with an energy surplus period. The energy export should have been liberalized before or simultaneously with the internal liberalization, and certain interim regulations could have been established to facilitate the process of liberalization. (orig.)

  8. European electricity markets reforms: the 'visible hand' of public coordination

    International Nuclear Information System (INIS)

    Finon, Dominique; Roques, Fabien

    2013-01-01

    The paper investigates how proposed reforms on policies to maintain generation adequacy and encourage clean technology investments in a number of European countries modify the role of the market. In these reforms the government, regulator and system operator take on explicit planning and coordination responsibilities with the introduction of capacity mechanisms and long-term support for clean technologies. We highlight the interactions of these mechanisms with the electricity market and how they reallocate risks between generators, government and consumers. The different mechanisms offer varying degrees of autonomy to generators with regards to investment decisions. In a prospective way, the paper also explores how designs of these different mechanisms might converge towards a unified technology neutral mechanism in the long-run. This could involve auctioning of long-term contracts for all types of existing and new capacities, whether it is low carbon or fossil fueled. (authors)

  9. Switzerland - its position within a liberalised European power market

    International Nuclear Information System (INIS)

    Kiener, E.

    2005-01-01

    This article takes a look at the situation in Switzerland shortly before parliamentary discussions on the liberalisation of Switzerland's electricity market. In particular the interconnection of Switzerland's electricity supply system with that of the rest of Europe is discussed. The power black-out that occurred in Italy in September 2003 is looked at. In particular, its relevance to power supply infrastructures is discussed and the fast-changing international configurations that are resulting from the liberalisation of electricity markets are looked at. Questions of international power transfer capacities and their allocation are looked at in detail in the light of the occurrences in 2003. The lessons that must be learned from the blackout are discussed and Switzerland's geographical position as an important hub of the European power transfer system are considered

  10. Technology and labour market in the European Union

    Directory of Open Access Journals (Sweden)

    Andreea Burciu

    2017-05-01

    Full Text Available Nowadays, the digital economy represents the main engine of innovation, competitiveness and growth potential at European level, being a real opportunity for entrepreneurs and Small and Medium Enterprises (SMEs. The faster a company embraces technology, the more successful it can become. Technology dominates the present times more and more, preparing new and challenging horizons, leading the world to a new dimension, improving our lives in all the possible ways. Technology holds a real challenge for the labour market which, on the one hand, should adapt to the new pace imposed by computers and smart devices. On the other hand, there is an increasing and stringent demand of highly qualified personnel to get further the current “tech revolution”. In this context, it is interesting to study how the EU Member States have developed their infrastructure, education and which is the status of labour market in IT&C, using a cluster analysis applied on 2014 data obtained from Eurostat.

  11. 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

  12. The internationalisation of the Spanish food industry: the home market effect and European market integration

    Energy Technology Data Exchange (ETDEWEB)

    Serrano, R.; García-Casarejos, N.; Gil-Pareja, S.; Llorca-Vivero, R.; Pinilla, V.

    2015-07-01

    The objective of this study was to analyse, from a long-term perspective, the factors determining the process of the internationalisation of the Spanish agrifood industry. The paper concentrates on the empirical verification of the existence of a home market effect in the food and drink industries in Spain and on the effects on trade flows of integration into the European Union. With this aim in mind, we took into account the latest contributions to the estimation of the gravity equation for a sample of export flows from 13 agrifood subsectors between 1970 and 2012, with a destination of 175 markets. From the results of the study the existence of the “home market effect” stands out as the determining factor of the increasing process of internationalisation in the majority of the subsectors of the food industry. On this point, the presence of this effect is remarkable in the most dynamic industries, where the process of restructuring caused by the development of the internal market was more intense. Furthermore, the influence of the process of European integration has been shown by the literature to be a very important factor. Our results qualify in part the results of previous studies, since the positive effect appeared later than expected. The positive effects did not appear until the completion of the process of transition by the dismantling of the barriers established in the treaty of accession to the European Union. (Author)

  13. Red Electrica de Espana S.A.. Instrument of regulation and liberalization of the Spanish electricity market (1944-2004)

    International Nuclear Information System (INIS)

    Garrues-Irurzun, Josean; Lopez-Garcia, Santiago

    2009-01-01

    To understand the regulation system of the Spanish electricity market it is first necessary to understand on the one hand the system of tariffs and prices, and on the other the organization of the market for high voltage distribution. This article is concerned with this second aspect and traces its history from 1944, this is because before that date it was not possible to speak of a truly national market, but rather only of regional monopolies. In the 1940s, with Franco's new political regime, and the development of the Spanish electricity sector, it became necessary to completely rethink business strategies in relation to competition and cooperation, as well as the regulatory function of the state. In the 1950s, the main feature of the sector was the system of business self-regulation permitted by the state. Throughout the remaining years of Franco's government state intervention was particularly focussed on the subject of tariffs, but with the onset of democracy the state was to involve itself in the transmission network as well. A debate began as to whether it should be run by a private or public operator. In this dispute were ranged, on the one hand, the economic policy concepts of the major parties (PSOE and PP), and against them the strategic interests of the companies. Although the high voltage transmission network was nationalized by the state in the mid-1980s, establishing a 'traditional' model of regulation, the 1990s saw the triumph of a market-based regulation, strongly influenced by the dominant ideas in the European Union, which has converted Red Electrica into a private company. Currently the TSO (Transmission System Operators) model has been extended to Portugal and has entered into competition-cooperation with the other models of the European electricity market. (author)

  14. Development of Renewable Energies in the liberation of the energy market in Central America

    International Nuclear Information System (INIS)

    Rebollo, Jose; Puente, Margarita; Cabezas, Jose

    2000-01-01

    This paper presents the diagnostic of the current situation on renewable energy in Central America, including socio-economical situation, with economical index, supply and demand of energy and planning of wind resources. The experience of Europe in the promotion for the market of renewable energy, discussing the policies and cooperation between private sector and the government is included. A list of potential projects of renewable energy in each country of Central America based on biomass, hydro power, wind and other energy sources for power generation is presented

  15. 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)

  16. Managing customer loyalty in liberalized residential energy markets: the impact of energy branding

    Energy Technology Data Exchange (ETDEWEB)

    Hartmann, P.; Ibanez, V.A. [University of the Basque Country, Bilbao (Spain). Facultad de Ciencias Economicas y Empresariales

    2007-04-15

    In numerous recently deregulated energy markets, utilities previously operating in monopolistic environments are now focusing on customer satisfaction and loyalty. In this study, a conceptual framework is proposed that analyses the effects of brand associations and perceived switching costs on customer satisfaction and loyalty in residential energy markets. Several brand associations relevant to energy branding are identified: perceived technical service quality and service process quality, perception of value-added services, environmental and social commitment of the company, brand trust, price perceptions and brand associations related to the corporate attributes 'innovative and dynamic'. Subsequently, the proposed model is tested in the scope of a representative survey of Spanish residential energy customers. Results indicate that customer satisfaction, brand trust and perceived switching costs are positively related to customer loyalty and that brand trust exerts a stronger influence on customer loyalty than satisfaction and switching costs. Findings also show significant effects of the perception of service process quality and environmental and social commitment on loyalty via customer satisfaction. Implications for energy brand managers and regulators are discussed. [Author].

  17. Managing customer loyalty in liberalized residential energy markets: the impact of energy branding

    International Nuclear Information System (INIS)

    Hartmann, P.; Ibanez, V.A.

    2007-01-01

    In numerous recently deregulated energy markets, utilities previously operating in monopolistic environments are now focusing on customer satisfaction and loyalty. In this study, a conceptual framework is proposed that analyses the effects of brand associations and perceived switching costs on customer satisfaction and loyalty in residential energy markets. Several brand associations relevant to energy branding are identified: perceived technical service quality and service process quality, perception of value-added services, environmental and social commitment of the company, brand trust, price perceptions and brand associations related to the corporate attributes 'innovative and dynamic'. Subsequently, the proposed model is tested in the scope of a representative survey of Spanish residential energy customers. Results indicate that customer satisfaction, brand trust and perceived switching costs are positively related to customer loyalty and that brand trust exerts a stronger influence on customer loyalty than satisfaction and switching costs. Findings also show significant effects of the perception of service process quality and environmental and social commitment on loyalty via customer satisfaction. Implications for energy brand managers and regulators are discussed. [Author

  18. Managing customer loyalty in liberalized residential energy markets: The impact of energy branding

    International Nuclear Information System (INIS)

    Hartmann, Patrick; Apaolaza Ibanez, Vanessa

    2007-01-01

    In numerous recently deregulated energy markets, utilities previously operating in monopolistic environments are now focusing on customer satisfaction and loyalty. In this study, a conceptual framework is proposed that analyses the effects of brand associations and perceived switching costs on customer satisfaction and loyalty in residential energy markets. Several brand associations relevant to energy branding are identified: perceived technical service quality and service process quality, perception of value-added services, environmental and social commitment of the company, brand trust, price perceptions and brand associations related to the corporate attributes 'innovative and dynamic'. Subsequently, the proposed model is tested in the scope of a representative survey of Spanish residential energy customers. Results indicate that customer satisfaction, brand trust and perceived switching costs are positively related to customer loyalty and that brand trust exerts a stronger influence on customer loyalty than satisfaction and switching costs. Findings also show significant effects of the perception of service process quality and environmental and social commitment on loyalty via customer satisfaction. Implications for energy brand managers and regulators are discussed

  19. Speculative and hedging activities in the European carbon market

    International Nuclear Information System (INIS)

    Lucia, Julio J.; Mansanet-Bataller, Maria; Pardo, Ángel

    2015-01-01

    We explore the dynamics of the speculative and hedging activities in European futures carbon markets by using volume and open interest data. A comparison of the three phases in the European Union Emission Trading Scheme (EU ETS) reveals that (i) Phase II of the EU ETS seems to be the most speculative phase to date and (ii) the highest degree of speculative activity for every single phase occurs at the moment of listing the contracts for the first time. A seasonality analysis identifies a higher level of speculation in the first quarter of each year, related to the schedule of deadlines of the EU ETS. In addition, a time series analysis confirms that most of the speculative activity each year occurs in the front contract, whereas the hedging demand concentrates in the second-to-deliver futures contract. -- Highlights: •This study explores the evolution of speculative and hedging activities in futures carbon markets by using volume and open interest data. •Phase II of the EU ETS seems to be the most speculative phase to date. •A seasonality analysis identifies a higher level of speculation in the first quarter of each year. •Most of the speculative activity occurs in the front contract. •The hedging demand concentrates in the second-to-deliver futures contract

  20. Horizon 2000: Vision of the development of a custom-oriented electric power market in a European perspective

    International Nuclear Information System (INIS)

    Anon.

    1993-10-01

    After a perspective on the development in the seventies and eighties in chapter one, it is stated that, given the developments in the field of liberalization and the manifest internationalization of the European electricity market (chapter two), the Dutch electricity sector is not yet ready for an open European market (chapter three). A revision of the present electricity model does not seem to be the right method, because of the built-in contradictions and the reactive manner in which new developments can be handled (chapter four). Therefore, at this crossroad a new starting point has to be chosen in order for the Dutch electricity sector to be able to handle the developments in a pro-active way. At the same time this offers a solution to the instability, which threatens to the Dutch electricity market as a result of the fast growth of cogeneration capacity. In the new vision Horizon 2000 (outlined in chapters 5-9) the focus is shifted from central planning and cost pooling to customer-orientation within an open market. The market parties get, on the basis of autonomous responsibilities, multiple buying and selling options. A stepwise implementation of Horizon is explained in chapter 10, while the consequences of the market model Horizon 2000 are indicated as positive in chapter eleven. It must be stressed that this report is meant to be a working paper, open for discussion. Both the vision on the market and its consequences for the organization model have to be elaborated in more detail. 30 figs., 27 tabs.,

  1. The integration of the periodic production in the liberalized electric power markets: from the technic expenditures to the economic taxes imposed by the operating rules of the markets; L'integration de la production intermittente dans les marches electriques liberalises: des surcouts techniques aux penalites economiques imposees par les regles de fonctionnement des marches

    Energy Technology Data Exchange (ETDEWEB)

    Menanteau, Ph.; Finon, D.; Lamy, M.L

    2003-03-01

    In the framework of the climatic change and the energy supply safety, the european directive aims to promote the renewable energy production in Europe. Some of the renewable energy sources, as the wind power or the micro-hydroelectric power, are naturally periodic. Their introduction in the electric networks will create problems because of this periodic nature, problems which are new for the electric network producers and managers. These problems generate technical expenditures, which may be compensate by the economic penalties of the electric power market operating. In this context the document details the expenditures associated to the periodicity, the economic penalties by an analysis of the british market and analyses the possibilities to limit these economic penalties in order to reduce the conflicts between the electric market liberalization and the promotion of the renewable energies development. (A.L.B.)

  2. 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

  3. 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...

  4. European Gas Market Liberalisation. Competition versus security of supply?

    International Nuclear Information System (INIS)

    Haase, N.

    2009-01-01

    The problem statement encompasses two basic questions: (1) Which variables determine regulatory regimes and economic performance in European gas markets?; and (2) Can we empirically determine the effect of regulation-for-competition, as applied in the European Union, on the economic performance in the European gas markets? In the first part (chapters 1-5), the theoretical groundwork is laid out and conceptual clarifications are provided. In chapter 2, the main concepts such as governance and regulation, and their interrelations, are determined and the public regulation approach to be followed is outlined. The third chapter discusses our theoretical framework and the support required from other New Institutional approaches to deduce expectations regarding the convergence of regulatory regimes and its effect on economic performance. The fourth chapter contributes to answering our first research question by displaying the relevant variables and outlining how these can be operationalised. Based on the concepts of regulatory comprehensiveness and policy convergence, in chapter 5, a methodology is developed to measure best-practice in terms of regulation-for-competition. The second part (chapters 6-9) covers the first empirical analysis which is quantitative in design and emphasises effects originating at the Community level. Chapter 6 summarises the evolution of European gas policy at the Community level and searches for major changes in general or energy policy objectives and examines their prioritisation. Chapter 7 addresses the formal institutions on the second layer of the fourlayer model. Chapter 8 analyses converging and diverging trends within regulatory regimes in European gas markets. Chapter 9 sets out to assess the extent to which regulation-for-competition, as prescribed by the European provisions, can be empirically studied for its effect on economic performance in the European gas sector. To answer our second main research question, we discuss the effects

  5. The competitiveness of nuclear energy in an era of liberalized markets and restrictions on greenhouse-gas emissions

    International Nuclear Information System (INIS)

    De Paoli, L.; Gulli, F.

    2008-01-01

    The debate on the benefits of nuclear energy revolves around the very competitiveness of this energy source. This article tries to show why it is not easy to answer unambiguously the question whether or not it is convenient to resort to nuclear power in a given country. After listing the factors on which the cost of electricity generation rests and discussing the range of probability of their value, the levelized cost of electricity generation from nuclear, coal and gas-fired plants is calculated using the Monte Carlo method. The results show that nuclear power is likely to be competitive, especially if policies to combat Co2 emissions will continue in the coming decades. There are, however, some margins of uncertainty, mainly related, to the one hand, to the cost of nuclear plants, that depends on the socio-institutional context, and on the other, to the fossil fuels cost, that are inherently difficult to anticipate even on average. Finally it is noted that the context of liberalized electricity markets may make it more difficult for investors to accept the risk of investing in nuclear power plants and for the community to socialize some of the costs associated with this technology. [it

  6. Wireless transfer of measured data. Continuous measurement of natural gas consumption in a liberalized market

    International Nuclear Information System (INIS)

    De Buisonje, B.

    2000-01-01

    In a deregulated market it is very important to be able to measure gas consumption per hour, or even every 5 minutes, on site and reliably transfer the data measured to the trader. It is common practice in the gas industry to make forecasts for each customer taking off more than 10 million m 3 . This requires the preparation of load profiles based on gas consumption during five minutes. For both the consumer and the trader it is important to be informed (semi-)continuously of the actual gas consumption, which can then be directly compared with the expected load profile, after which adjustments can be made. One of the gas distribution companies in the Netherlands, Essent, transfers wireless data in the case of remote metering. Essent uses Ferranti Computer Systems and the Mobitex network of RAM Mobile Data. Consumers also have access to the data measured through the Internet. They can use the actual load profile for billing purposes. Moreover, they can immediately adjust their energy consumption to stick to the offtake forecast as long as possible and thus save costs

  7. Modeling methods for GenCo bidding strategy optimization in the liberalized electricity spot market-A state-of-the-art review

    International Nuclear Information System (INIS)

    Li, Gong; Shi, Jing; Qu, Xiuli

    2011-01-01

    The electricity market has since 1980s been gradually evolving from a monopoly market into a liberalized one for encouraging competition and improving efficiency. This brings the opportunity for generation companies (GenCos) to make more profits while embracing more risks of not being dispatched. Therefore, it has become a core interest for the GenCos to develop optimal bidding strategies to maximize the profits and minimize the risks while participating in such a competitive market. The literature pertaining to this issue has grown rapidly in recent years, and many different modeling approaches, such as mathematical programming, game theory, and agent-based models, have been investigated under the liberalized market environment. Meanwhile, along with the increasing penetration of renewable energy, the electricity market is facing more complexity and stochasticity from both uncertain generation and dynamic demands. The intermittent and unsteady nature of these renewable power sources motivates the GenCos to further optimize their bidding strategy by considering the new constraints. This paper presents a comprehensive literature analysis on the state-of-the-art research of bidding strategy modeling methods. -- Highlights: → Publications on bidding in electricity spot markets are comprehensively reviewed. → Insights on the evolution of solution methodologies of recent 10 years are provided. → The pros and cons of these solution approaches are also discussed. → Future research directions, with renewable energy participations, are pointed out.

  8. 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)

  9. Energy efficiency and performance indicators of European electricity market

    Directory of Open Access Journals (Sweden)

    Constantin DUGULEANĂ

    2015-06-01

    Full Text Available The electric power system plays a vital role in the development of every country, ensuring the “fuel” which feeds its economic motor. The efficient functioning of this motor is essential for economy. The efficiency and the performances of electric power systems are reflected on the living level of population, through the money spent and the satisfaction level of their needs. The continuity of power distribution process, the good communication between the suppliers and consumers, the promptitude of interventions, the environment protection - all these are aspects characterizing the performance level of power distribution systems. The paper analyzes the evolution of quality indicators of power distribution systems both for countries’ level and for population on European market of electricity.

  10. The foreign exchange market interventions of the European Central Bank

    Directory of Open Access Journals (Sweden)

    M. Frenkel

    2001-09-01

    Full Text Available We analyze the effectiveness of the foreign exchange market interventionsconducted by the European Central Bank (ECB in the fall of 2000 to support the external stability of the euro. To this end, we discuss different channels through whichinterventions may influence exchange rate dynamics. We use the insights provided by the theoretical and empirical literature to evaluate the effectiveness of theintervention policy of the ECB. In addition, we present an empirical analysis in which we use intra-daily exchange rate data to examine in detail the effects of theinterventions. We find that the interventions only had a rather short-term impact on the exchange rate path and had no effects beyond the short term. Therefore, our results suggest that the intervention policy of the ECB was not effective.

  11. A system dynamics analysis of the Nordic electricity market: The transition from fossil fuelled toward a renewable supply within a liberalized electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Vogstad, Klaus-Ole

    2005-07-01

    supply side, plus the possibility for banking that enable suppliers to withhold certificates and increase prices. This problem can be avoided by allowing borrowing. Furthermore, the combination of system dynamics and experimental economics was conducted and tested. Combining simulation with laboratory experiments is now gaining momentum within power engineering and liberalization of markets. The experimental approach can play an important role in the design of market mechanisms that will ensure robust and well working markets. Finally, a stochastic dynamic optimization model for hydro scheduling in combination with wind power was developed. The model is based on the water value method, and contains the principal mechanisms of existing hydro scheduling models. This simplified model allowed for a range of studies on how the complementaries of wind will influence the optimal hydro schedule. In particular the hypothesis that wind power reduces the need for reservoirs has been tested, and the results show that economic benefits can be obtained by including wind in hydro scheduling. (Author)

  12. A system dynamics analysis of the Nordic electricity market: The transition from fossil fuelled toward a renewable supply within a liberalized electricity market

    International Nuclear Information System (INIS)

    Vogstad, Klaus-Ole

    2005-01-01

    supply side, plus the possibility for banking that enable suppliers to withhold certificates and increase prices. This problem can be avoided by allowing borrowing. Furthermore, the combination of system dynamics and experimental economics was conducted and tested. Combining simulation with laboratory experiments is now gaining momentum within power engineering and liberalization of markets. The experimental approach can play an important role in the design of market mechanisms that will ensure robust and well working markets. Finally, a stochastic dynamic optimization model for hydro scheduling in combination with wind power was developed. The model is based on the water value method, and contains the principal mechanisms of existing hydro scheduling models. This simplified model allowed for a range of studies on how the complementaries of wind will influence the optimal hydro schedule. In particular the hypothesis that wind power reduces the need for reservoirs has been tested, and the results show that economic benefits can be obtained by including wind in hydro scheduling. (Author)

  13. Update on Spain's oil market

    International Nuclear Information System (INIS)

    Whitaker, D.; Gutierrez, I.

    1994-01-01

    Since Spain's entry into the European Community a liberalisation of the oil industry has occurred culminating in two oil sector reform laws passed in 1992. While competition has increased, a return to the free-market policies which held sway before 1927 has not happened. Rather, three large companies dominate the Spanish oil market, with continuing input from government towards liberalization, if somewhat slowly. This paper describes recent changes and examines factors which limit liberalization policies. (UK)

  14. Liberalism, Liberal Egalitarianism or Communitarianism?

    Directory of Open Access Journals (Sweden)

    Wagner Facundo Fantoni

    2015-12-01

    Full Text Available Three philosophies have different proposals and pathways in the ethical field of the study and the solution of problems relating to justice: liberalism, liberal egalitarianism and communitarianism. His representatives are called respectively liberal, liberal-egalitarian and communitarian. In this paper, we intend to evaluate each of these philosophical lines, presenting their strengths and weaknesses, and to demonstrate that liberalism must be rejected  at  the  expense  of  liberal  egalitarianism  and  of  communitarianism.  These philosophies have more plausible ways of problem solving than the liberal way. Accordingly, the liberal egalitarianism and communitarianism not necessarily repel. On the contrary, they can be applied jointly, which will be demonstrated in this paper. This hypothesis is developed and confirmed in this paper through the survey and study of the relevant doctrine.

  15. 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)

  16. Labour Market Trends and Problems in the EU’s Central and Eastern European Member States: Is Flexicurity the Answer?

    Directory of Open Access Journals (Sweden)

    Lothar Funk

    2009-12-01

    Full Text Available Throughout the 1990s, international organisations, such as the International Monetary Fund mainly based their policy proposals for transition economies and the high unemployment, low growth countries in Western Europe, on economic “orthodoxy”. This approach predominantly followed neoclassical economics in which market liberal solutions predominate. These suggestions were controversial; the early results of these policies appeared to be disappointing. Policymakers sought alternative reform proposals and the idea of “flexicurity” has gradually emerged to the political buzzword. Flexicurity combines flexibility with security and suggests that rather generous unemployment benefits and spending on active labour market policies can be aligned with a flexible, employment-friendly labour market. Originating in Denmark, the European Commission and the International Labour Organisation have promoted flexicurity more or less independent of specific single country cases, and based their approach on more abstract, generalised relationships between flexibility and security. These bodies argue for an alternative policy to pure orthodox deregulation and liberalisation for the member states of the European Union (EU and the former transition economies that joined the EU since 2004. After a review of common labour market-related characteristics and problems of the EU’s central and eastern European members, the article summarises and critically evaluates the main elements of flexicurity suggestions. It further compares them to the relevant policy proposals based primarily on more orthodox economic analysis. The analysis shows that several preconditions for a successful flexicurity strategy are still lacking across the new member states. Moreover, the article demonstrates that current proposals by the critics of a single-minded flexicurity approach by no means always disregard potentially positive effects of improving the supposed trade-offs between

  17. EMPIRICAL DISTRIBUTION OF STOCK RETURNS OF SOUTHEAST EUROPEAN EMERGING MARKETS

    Directory of Open Access Journals (Sweden)

    Aleksandar Naumoski

    2017-06-01

    Full Text Available The assumption that equity returns follow the normal distribution, most commonly made in financial economics theory and applications, is strongly rejected by empirical evidence presented in this paper. As it was found in many other studies, we confirm that stock returns follow a leptokurtic distribution and skewness, which in most of the Southeast European (SEE markets is negative. This paper investigates further whether there is any distribution that may be considered an optimal fit for stock returns in the SEE region. Using daily, weekly and monthly data samples for a period of five years from ten Southeast European emerging countries, we applied the Anderson-Darling test of Goodness-of-fit. We strongly rejected the aforementioned assumption of normality for all considered data samples and found that the daily stock returns are best fitted by the Johnson SU distribution whereas for the weekly and monthly stock returns there was not one predominant, but many distributions that can be considered a best fit.

  18. Research document no.31. Integration of European gas markets: nascent competition in a diversity of models

    International Nuclear Information System (INIS)

    Finon, D.

    2002-01-01

    The idea of building an integrated European gas market based on competitive trade, like a gas lake supplied indifferently by remote, intra-European and national sources with the help of active market places allowing arbitration and price convergence, is far from being reached. In fact it depends upon two conditions: the deregulation of each gas market at national level, and at the upper level of the market the change in contractual relations between remote gas producers and buyers, who currently make the relations rigid with long-term transactions and limit opportunities for exchange on a competitive basis. This document analyses at two levels, namely national and European, the changing shape of the European gas markets under the effects of the market reforms and their chance of integration. Firstly the former two-level European gas market, the legacy of which determines the constraints on competition development more strongly than in electricity, are characterized. Secondly, in order to characterize the potential for development of competition, the main traits of each national gas market are identified in terms of market attractiveness and market accessibility for the incumbents competitors. Thirdly, dynamics of market development towards market integration are inferred at European level from these characteristics and from the possibility for development of new forms of gas trade between foreign producers, suppliers and users at national level. (A.L.B.)

  19. Research document no.31. Integration of European gas markets: nascent competition in a diversity of models

    Energy Technology Data Exchange (ETDEWEB)

    Finon, D

    2002-07-01

    The idea of building an integrated European gas market based on competitive trade, like a gas lake supplied indifferently by remote, intra-European and national sources with the help of active market places allowing arbitration and price convergence, is far from being reached. In fact it depends upon two conditions: the deregulation of each gas market at national level, and at the upper level of the market the change in contractual relations between remote gas producers and buyers, who currently make the relations rigid with long-term transactions and limit opportunities for exchange on a competitive basis. This document analyses at two levels, namely national and European, the changing shape of the European gas markets under the effects of the market reforms and their chance of integration. Firstly the former two-level European gas market, the legacy of which determines the constraints on competition development more strongly than in electricity, are characterized. Secondly, in order to characterize the potential for development of competition, the main traits of each national gas market are identified in terms of market attractiveness and market accessibility for the incumbents competitors. Thirdly, dynamics of market development towards market integration are inferred at European level from these characteristics and from the possibility for development of new forms of gas trade between foreign producers, suppliers and users at national level. (A.L.B.)

  20. 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.

  1. THEORETICAL ASPECTS OF FINANCIAL LIBERALIZATION PROCESS

    Directory of Open Access Journals (Sweden)

    Ciupac-Ulici Maria-Lenuta

    2013-07-01

    Full Text Available Financial liberalization process and its implications on financial emerging markets have been multidisciplinary research since 1970. Reform of financial liberalization is a complex and long phenomena. This implies that the impact of this reform on financial markets should not be immediate, but rather gradually during a long time period. It is also important to note that liberalization does not occur in the same way on all financial markets. Each country, according to his specification regarding the economic climate and the specificity of financial markets, has differently set its progress of liberalization process. It is generally accepted that the process of financial liberalization is not composed of a single event, but a series of events. The idea is that market reform is a gradual process where the data identified above only refers to the most significant events. Regarding the effect of liberalization reform on emerging markets has been shown; on the one hand, that liberalization helps to reduce the cost of capital, helps to integrate the emerging markets in the global market, enhances economic growth and allows emerging markets to become more mature. On the other hand, financial liberalization process has a very ambiguous and inconclusive impact on informational efficiency and volatility in emerging markets. Launching liberalization reforms provided an analytical framework for studies that attempt to investigate the effectiveness of emerging markets and empirical links between liberalization and efficiency. The first reason is that with liberalization, the authors believe that emerging markets have become more speculative and more competitive. So there is a chance to see if the weak form market efficiency is verified. The second reason is that the authors explore the relationship between liberalization and efficiency. Researchers and regulators seek an answer to the fundamental question: financial liberalization helps the stock market

  2. European schemes for promoting renewables in liberalised markets

    International Nuclear Information System (INIS)

    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 postponed the decision on a possible harmonisation of promotional models until at least 2005 in order to obtain more practical experience with the different support schemes. A critical evaluation is given in this paper of the different models with proposals for a balanced development between environmental and trading concerns. It is argued that too much emphasis is presently given to the side of free trade at the expense of long range planning for a sustainable energy development

  3. Liberalization of Russian gas exports: benefits and challenges

    Directory of Open Access Journals (Sweden)

    Yakunina Alla

    2017-01-01

    Full Text Available Russian gas export liberalization has been discussed throughout the post-Soviet period. Recently, the number of Gazprom’s export monopoly advocates has been diminishing as a result of dramatic changes in both European and Russian gas markets, which are: increasing international trade in liquefied natural gas; the EU movement from long-term contracts to the commodity markets and hub pricing; substantially increased share of the non-Gazprom gas suppliers at the Russian domestic market. Although there is a potential risk of price decrease in the EU gas market in the case of the Gazprom export monopoly abolition, the benefits of the Russian gas export liberalization would be greater than losses. The gas resource base and the cost of pipeline gas production would allow Russia to improve its positions in the world market.

  4. European Transition into a Socio-ecological Market Economy

    Directory of Open Access Journals (Sweden)

    Erich Hoedl

    2014-10-01

    Full Text Available The European Union has introduced the Europe 2020 Strategy and Horizon 2020, which contain several elements for a transition into a Socio-ecological Market Economy. But their implementations are mainly hampered by the unduly large financial sector and the political striving for high economic growth. A turn into low growth equilibrium needs a reduction of total capital inputs, which are composed of financial, man-made and natural capital. Whereas the reduction of financial capital needs a strong, but actually lacking political will, the reduction of man-made and natural capital depends on a real capital saving innovation system, which should partly be financed by a transfer of financial capital to the real productive sector. Beyond a strong reduction of financial capital and depending on existing ecological, social and economic problems, the innovation system should save man-made and natural capital accordingly. In all cases these innovations need higher qualification by means of a human-centered educational system. Higher educational investments, i.e. augmented “human capital,” are decisive for a transition into a Socio-ecological Market Economy for two reasons: First, higher qualification will augment the wage-profit relation and second, capital saving innovations will reduce productive capital inputs without reducing the profit rate on the reduced real capital stock. Increasing “human capital” intensity will accelerate the transition into low growth equilibrium with a higher consumption-investment relation, which creates more domestic final demand and needs lower export surpluses. Starting from existing high productive and financial capital intensity, during the transition saving surpluses in Europe will decline only step by step; they should not be allocated in financial markets, but for a considerably more human-centered education and real investments in Europe and the Third World.

  5. HERDING BEHAVIOR UNDER MARKETS CONDITION: EMPIRICAL EVIDENCE ON THE EUROPEAN FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Moatemri Ouarda

    2013-01-01

    Full Text Available This study presents four main contributions to the literature of behavior herding. Firstly, it extends the behavioral researches of herding of the investors on a developed market and mainly on a European market as a whole. Secondly, we are interested in examination of herding behavior at the level of sectors by using data at the levels of companies. Thirdly, this document estimates the implications of herding behavior in terms of returns, volatility and volume of transaction. Fourthly, the herding behavior is revealed as well during the period of the recent global financial crisis in 2007-2008 and of Asian crisis. Our results reveal a strong evidence of herding behavior sharply contributed to a bearish situation characterized by a strong volatility and a trading volume. The repercussion of herding during the period of the recent financial crisis is clearly revealed for the sectors of the finance and the technology.

  6. 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.

  7. The political economy of energy use and pollution: the environmental effects of East-European transition to market economy

    Energy Technology Data Exchange (ETDEWEB)

    Midttun, A.; Chander, I. [Norwegian School of Management, Sandvicka (Norway)

    1998-11-01

    The transition of Eastern Europe to Western-type liberal capitalism has been interpreted as an important step towards a more ecologically sustainable Europe. The main argument has been that the energy efficiency of the West-European economy will be imported to Eastern Europe and lead to lower energy consumption and lower pollution. This line of argumentation seems sound as far as the industrial sector is concerned. However, it does not take into consideration the energy and pollution bill of the lavish lifestyle of modern consumer-oriented societies. A shift away from the moderate private consumption of East-European Communism, towards the Western consumerist lifestyle may diminish or even abolish the positive ecological effects of the East-European transition to a competitive market economy. The article explores energy consumption and pollution patterns of Eastern and Western Europe both as far as industrial and domestic end-user consumption is concerned. The article argues that these patterns are related to basic characteristics of the communist and capitalist systems and that pollution and energy use are fundamentally conditioned by the overall political economy. 18 refs., 14 figs., 1 tab., 1 app.

  8. 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

  9. Financing Renewable Energy in the European Energy Market

    Energy Technology Data Exchange (ETDEWEB)

    De Jager, D.; Klessmann, C.; Stricker, E.; Winkel, T.; De Visser, E.; Koper, M. [Ecofys, Utrecht (Netherlands); Ragwitz, M.; Held, A. [Fraunhofer ISI, Karlsruhe (Germany); Resch, G.; Busch, S.; Panzer, C. [Energy Economics Group EEG, Vienna University of Technology, Vienna (Austria); Gazzo, A.; Roulleau, T.; Gousseland, P.; Henriet, M.; Bouille, A. [Ernst and Young, London (United Kingdom)

    2011-01-15

    The Directive 2009/28/EC on the promotion of the use of energy from renewable sources (RES) sets the overall target to reach 20% renewable energy in gross final energy consumption in 2020. This target is broken down into binding individual Member State targets. Reaching these targets will require a huge mobilization of investments in renewable energies in the coming decade. In order to improve financing and coordination with a view to the achievement of the 20 % target, Article 23 (7) of the Directive requires the Commission to present an analysis and action plan with a view to: (a) The better use of structural funds and framework programmes; (b) The better and increased use of funds from the European Investment Bank and other public finance institutions; (c) Better access to risk capital; (d) The better coordination of Community and national funding and other forms of support; (e) The better coordination in support of renewable energy initiatives whose success depends on action by actors in several Member States. This report presents the results of the title project. The study provides an up to date and thorough assessment of the costs of renewable energy and the support and financing instruments available for renewable energy R and D, demonstration projects and large-scale deployment. This includes details of each Member State's expenditure (via grants, support schemes, loans etc.) and use of Community funds, including loans of the EIB (European Investment Bank) and the EBRD (European Bank for Reconstruction and Development). It also explores the possible instruments for use in the future and constraints in the capital market, which hinder the development of renewable energy. Finally, it develops recommendations for improving financing and support instruments, improving the sector's access to capital, and closing the financing gap for reaching the 2020 targets. The chapters of the report represent separate tasks: (1) Costs of renewable energy

  10. European energy market liberalisation and integration. An assesment of the new EU energy package

    International Nuclear Information System (INIS)

    De Joode, J.; Van Oostvoorn, F.

    2008-06-01

    The new energy package presented by the European Commission (EC) in September 2007 contains a number of diverse, and sometimes controversial, measures aimed at bringing current European energy markets closer to the ideal of one competitive and fully integrated market. We discuss the flaws and merits of the package and signal a number of concerns regarding the ultimate effectiveness of the new energy market Directive into which the proposed package will culminate

  11. European wood pellet market integration - A study of the residential sector

    International Nuclear Information System (INIS)

    Olsson, Olle; Hillring, Bengt; Vinterbaeck, Johan

    2011-01-01

    The integration of European energy markets is a key goal of EU energy policy, and has also been the focal point of many scientific studies in recent years. International markets for coal, oil, natural gas and electricity have previously been investigated in order to determine the extent of the respective markets. This study enhances this field of research to bioenergy markets. Price series data and time series econometrics are used to determine whether residential sector wood pellet markets of Austria, Germany and Sweden are integrated. The results of the econometric tests show that the German and Austrian markets can be considered to be integrated, whereas the Swedish market is separate from the other two countries. Although increased internationalization of wood pellet markets is likely to contribute to European price convergence and market integration, this process is far from completed. (author)

  12. Unbundling of the European power domestic market. According to thecompatibility of the European plans for Ownership Unbundling with the competency regulation of the EEC contract, especially art. 295 EGV, with the general equality; Entflechtung im europaeischen Energiebinnenmarkt. Zur Vereinbarkeit der europaeischen Plaene fuer ein Ownership Unbundling mit der Kompetenzordnung des EG-Vertrages, insbesondere Art. 295 EGV, und dem allgemeinen Gleichheitssatz

    Energy Technology Data Exchange (ETDEWEB)

    Calliess, Christian [Freie Univ. Berlin (Germany). Lehrstuhl fuer Oeffentliches Recht und Europarecht

    2008-07-01

    In the year 1998, the electricity markets in Germany were liberalized with the goal of a promotion of competition. In particular, the area monopolies of regional power suppliers completely were abolished. Regarding to the completion of the power domestic market, two options are suggested for the decartelization of the electricity market: the Ownership Unbundling and the Independent System Operator model (ISO model). The author of the contribution under consideration examines whether the measures planned by the European Commission have different effects on national and local enterprises as well as on private enterprises. The compatibility of the introduction of an Ownership Unbundling/ISO model with the general equality set is examined.

  13. 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.)

  14. 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.)

  15. 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.

  16. 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)

  17. 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.

  18. 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)

  19. 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

  20. Electricity reforms, democracy and technological change. (Electricity systems, 'market liberalization' reforms, internationalisation, and the need for new democratic governance system - the Danish case)

    International Nuclear Information System (INIS)

    Hvelplund, F.

    2001-07-01

    At the end of the 1990s, Danish energy policy reached a turning point because of technical challenges due to the high proportion of fluctuating wind power production and the increased cogeneration share, and because of new regulation regimes being introduced in Denmark and its neighbouring countries. In this specific historical situation, with the above background, the questions that will be analysed in this publication are as follows: 1) Which governance systems are most efficient, with regard to achieving optimal goal performance by means of the present typical uranium/fossil fuel electricity supply systems? 2) Which governance systems are the most efficient in the transformation process from the present uranium/fossil fuel electricity supply systems to renewable energy-/conservation based electricity system? 3) Which changes in goal performance of the Danish electricity supply system has the 1999 Danish electricity 'liberalization' reform induced? 4) Will the Danish electricity supply system be able to maintain its consumer ownership institutions and remain independent of the 'third party' shareholder ownership structure after the 1999 Danish 'liberalization' reform? a) Are the Danish electricity companies able to compete on the Danish electricity market with foreign suppliers? b) Will the Danish energy companies be able to compete on the market for energy capital goods, or will foreign companies, for instance German power companies, buy them? Will the Danish consumer ownership model survive? c) Will the Danish 'flat' price structure survive on the future electricity market? d) Will the 1975-2000 energy technology innovation process survive under the new market conditions? How will conditions on the German market influence this development? The relevance of these questions is particulary enhanced when seen in relation to the goals of international, and especially Danish, energy policy. The main question therefore, is: will the development outlined under 1

  1. 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

  2. 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)

  3. 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...

  4. 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.

  5. 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

  6. Trade and production fragmentation : Central European economies in European Union networks of production and marketing

    OpenAIRE

    Kaminski, Bartlomiej; Ng, Francis

    2001-01-01

    Developments driven by trade liberalization and tehcnological progress mean that old development strategies, based on state intervention and trade protection, no longer work. Global competition has brought a growing emphasis on product standards, rapid innovation, adaptability, and speedy response. Technology has made possible the fragmentation of production. Firms that become part of glob...

  7. The EU internal market - a stake or a tool in European-Russian gas relations. The case of new member states gas

    International Nuclear Information System (INIS)

    Loskot-Stachota, Agata; Ramsay, William C.

    2011-06-01

    Since 2010 we have observed a new quality in EU energy policy. It is related to the European Commission's more or less direct engagement in the bilateral gas relations of a part of the new member states - Poland, Bulgaria and Lithuania - with Russia. Although the long term outcome of this activity of the EC is as yet unclear it seems to be important for several reasons. Firstly it might increase the possibilities of the enforcement of the EU's directives liberalising the internal gas market and specifically their implementation in individual gas agreements with suppliers from third countries (Gazprom). The consistency and determination of the EC in this field may be decisive for the future direction and depth of the liberalization of the EU gas market. Furthermore, present developments may lead to an increase in EU and specifically EC competence in the field of energy policy, especially its external dimension. So what lessons can we draw from recent Commission activities on the following issues: - Implementing EU gas market 2. and 3. liberalization packages and their main provisions - EU energy policy and its external dimension - recent developments and the EU's role - EU-Russia gas relations - where Russian and EU interests diverge. (authors)

  8. 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

  9. The instrumentalization of the media sphere in globalization modeling - promoting the holistic ideas and liberal market solutions

    OpenAIRE

    Nikodijević, Dragan

    2017-01-01

    The unquestionable power of media to shape the nature of our post modern societies depends on how we functionally use them. All those willing to build their own social, political and economic power position (in liberal, mainstream shaped societies/states) recognize well the importance to established full control over the media system. Therefore, the images of the real world are created according to the needs and interests of those who control the media, given that they are one of the most imp...

  10. Demand Side Management in a competitive European market: Who should be responsible for its implementation?

    International Nuclear Information System (INIS)

    Didden, Marcel H.; D'Haeseleer, William D.

    2003-01-01

    Demand side management (DSM), more specifically energy efficiency, is standing in the spotlight due to the Kyoto commitments. An additional factor, the liberalization of the electricity markets, causes every country to review its own DSM activities. Especially in Europe, where the directive for opening the electricity market has a direct impact on the current DSM frameworks, governments will have to consider a change in this framework. In order to achieve this, much research has been done in the past years on how to change the DSM framework in a way that the requirements of both liberalization and the Kyoto Protocol will be met. In this paper, we review the current DSM activities and ongoing research from the starting point 'who should be responsible for implementing DSM'. We conclude that countries have to make explicit choices on how to arrange their DSM activities for the different customers groups. They have to be aware of the fact that some combinations of DSM activities will lead to counter-productive results and therefore inefficiency. This paper also investigates which of these DSM activities fits best in the open market; a critical review of Integrated Resource Planning (IRP) is used as a starting point. We agree with various proponents of IRP that planning towards minimal societal costs is theoretically appropriate, looking from a societal point of view. We also indicate in this paper that the planning process IRP is partly applicable in the open market. But looking at the practical application of IRP in the past, we must conclude that there are better alternatives for achieving energy efficient goals in a liberalized market

  11. 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.

  12. 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

  13. Factor decomposition and diversification in european corporate bond markets

    NARCIS (Netherlands)

    Pieterse-Bloem, M.; Mahieu, R.J.

    2013-01-01

    In this paper we present an analysis of diversification strategies on portfolios of European corporate bonds. From the perspective of a US-based investor we study whether mean–variance diversification strategies change as a result of the introduction of the European Economic and Monetary Union

  14. Factor decomposition and diversification in European corporate bond markets

    NARCIS (Netherlands)

    Pieterse-Bloem, M.; Mahieu, R.J.

    2013-01-01

    In this paper we present an analysis of diversification strategies on portfolios of European corporate bonds. From the perspective of a US-based investor we study whether mean–variance diversification strategies change as a result of the introduction of the European Economic and Monetary Union

  15. Is liberal independent dental practice in danger? Assessing forms of dental practice in the European Regional Organization (ERO) zone of the FDI World Dental Federation.

    Science.gov (United States)

    Wolf, Thomas Gerhard; Seeberger, Gerhard Konrad; Callaway, Angelika; Briseño-Marroquín, Benjamín; Rusca, Philippe; Frank, Michael; Otterbach, Ernst-Jürgen

    2018-02-26

    A trend towards increasingly new forms of dental practice has been observed in the FDI World Dental Federation. Elementary foundations such as the free dentist and therapy choice, and independent, free, self-responsible professional practice may be undermined. The current study is aimed at analyzing the general training framework, organization, and professional types of dental practice in the European Regional Organization (ERO) zone and at critically discussing selected aspects of changes in the dental profession. A questionnaire was developed by the ERO Working-Group "Liberal Dental Practice." Information about dental schools, professional organizations, dental practice regulations, and ambulatory healthcare centers was analyzed. Self-employed dental practice is the most common type of practice (51.7%). Dentists are allowed to work independently immediately after graduation (72.7%). Approximately one-third are organized as compulsory members in chambers/corporations. The density of dentists has a mean of 1,570 inhabitants per dentist. In most countries, there are no special rules for founding dental ambulatory healthcare centers. In a total of 353 universities of the ERO countries surveyed, 16,619 dentists per year were trained, with a trend toward a higher percentage of female students (63%). Despite modern forms of dental practice, the charter of the individual liberal dental profession (CED et al, 2013) should be respected and taken into account on the basis of ethical principles. The commercialization of the dental profession can be neutralized only by establishing and following well-defined ethical principles; oral healthcare quality can thus be ensured without the influence of third parties.

  16. Which way for Europe's gas storage market?

    International Nuclear Information System (INIS)

    Hureau, Geoffroy; Cornot-Gandolphe, Sylvie

    2013-06-01

    This slide show presents in a first part the 2013 Situation of the European gas storage market (Capacity, Gas Demand vs. Gas Storage, Spreads and Volatility, LNG effect, Storage Price, Utilization of Storage Facilities, Security of supply). The future of European Gas Demand and Supply are presented in a second part (Demand and Supply Factors, Market Liberalization, Estimates of European UGS Needs by 2030, Planned Working Gas Capacities in Europe)

  17. 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

  18. 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)

  19. 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.

  20. Strategic marketing types: Evidence from the European meat processing industry

    DEFF Research Database (Denmark)

    Strandskov, Jesper; Hundahl, Lone; Laursen, Christina

    performance might differ between firms pursuing any strategy type has a strong academic and practical business interest. There is still a need to explore the basic question of whether generic types of mark strategies exist. Also there is a lack of empirical evidence which examines a wide range of strategic...... marketing strategies, (2) places these clusters in a strategic typology in order to better understand their position in the marketplace, and (3) analyses these strategic marketing types in terms of performance outcomes and differences in corporate attitudes and goals. 3. The meat processing sector in Europe....... Integrating previous definitions and findings on key strategy dimensions, three main marketing strategy components are used in the analysis: Strategic focus/objective marketing targeting and marketing positioning. The variables are split up in the following main groups: Marketing strategy variables, Corporate...

  1. ASPECTS REGARDING LABOUR MARKET IN ROMANIA AND OTHER EUROPEAN STATES

    Directory of Open Access Journals (Sweden)

    Adrian TĂNASE

    2014-06-01

    Full Text Available This paper aims at analysing the main aspects related to the labour market. It starts by several theoretical aspects in relation with the human capital and labour market, and continues by the investigation of labour productiveness and of unemployment rate, revealing at the same time the correlation between the education level and the insertion to the labour market. Furthermore, a comparative survey is conducted regarding the efficiency of the labour market in Romania and in the other EU countries. The paper ends by forwarding a series of conclusions related to the labour market in Romania, identifying several measures meant to boost the labour market competitiveness in our country. The methods used in the present paper are the interpretative method, the structural-systemic approach, as well as the epistemological method.

  2. Extreme negative coexceedances in South Eastern European stock markets

    DEFF Research Database (Denmark)

    Tevdovski, Dragan

    The aim of this paper is to analyze the financial integration of the South Eastern Europe (SEE) stock markets. We use a multinomial logistic regression to analyze how persistence, asset class and volatility effects are related with negative coexceedances in SEE markets. We find evidence in favor...... of the continuation hypothesis in SEE stock markets. However, the factors associated with the coexceedances differ between the EU member countries from SEE and EU accession countries from SEE stock markets.The EU member countries are more dependent from the signals from major EU economies, while the accession...

  3. Perspectives of new fossil-fuelled power plants with CO2 capture in the liberalised European electricity market

    International Nuclear Information System (INIS)

    Kober, Tom

    2014-01-01

    Against the background of an increasing importance of climate change mitigation and the liberalization of the European energy supply this study assesses the perspectives of power plants with Carbon dioxide Capture and Storage (CCS). CCS power plants represent one option to reduce CO 2 emissions of fossil energy based electricity production significantly. In this study the deployment of CCS power plants is investigated for the European electricity market until 2050 taking different energy and climate policy framework conditions into consideration. By applying an integrated model-based approach, structural changes of the whole energy system are incorporated, including their implications on costs and emissions. The study addresses uncertainties concerning future CCS power plant invest costs and efficiencies explicitly, and analyses the effects of changes of these parameters with respect to the perspectives of CCS power plants in Europe. Thereby, interdependencies on horizontal level related to competition of different technologies within the electricity sector are examined, but also vertical interdependencies resulting from effects between the upstream and energy demand sectors. In order to reflect the heterogeneity among the national energy systems in Europe, country specific particularities on technical aspects and energy policy are taken into account, such as potentials and costs of CO 2 storage, and national regulations on the use of nuclear power and renewable energy. The results of the analysis reveal a strong influence of the stringency of the EU greenhouse gas reduction target and the policy on the use of nuclear energy on the perspectives of CCS power plants in the European electricity market. Comparing the influence of different policy frameworks analysed in this study with the influences of the variation of the technical and economic CCS power plant parameters shows, that uncertainties concerning energy policy measures can have a stronger influence on the

  4. Increased use of gas in the country: Norway as a part of an European gas market

    International Nuclear Information System (INIS)

    Bjoerndalen, Joergen; Nese, Gjermund

    2005-06-01

    Norwegian authorities want natural gas to be increasingly used in Norway. The development and establishment of a Norwegian market for gas demands large investments in infrastructure. These investments would have to be done with a large uncertainty attached to future gas prices and - volumes in such a market. As a consequence of Norwegian gas participating in an international market many of the frame conditions for the extension of a future internal market for gas would be set by the international development. In this article several factors connected to the market structure and pricing principles in the European gas market are pointed out. The focus is on the historical development and on what is viewed as essential facts in the development of a future European gas market. The development seems firstly to influence the development in the EU work for an internal market for gas through a gradual liberalisation of the national markets. This work has apparently had a reducing effect on the gas prices to the customers in the liberalised parts of the markets. It is however, stressed that the approach of gradual liberalisation may prove to have some negative consequences for the development of efficient competition in the gas markets. Another aspect mentioned is the development towards spot markets for gas the so-called ''gas hubs'' and more short-term competition types. This type of gas trade is expected to more and more replace the traditional long-term take-on-pay-contracts. In reality it would be the prices noted in the ''gas hubs'' that represent the alternative profits for the Norwegian gas producers and therefore mainly would determine the prices on the future internal gas market. Consequently the Norwegian authorities may play a main role in determining the conditions for an increased use of gas in Norway but the price of gas and consequently the extent of such an internal market as to sold gas volume would mainly be determined by the development in the European

  5. Contagion across and integration of Central and Eastern European stock markets: evidence from intraday data

    Czech Academy of Sciences Publication Activity Database

    Égert, B.; Kočenda, Evžen

    -, č. 798 (2005), s. 1-30 Institutional research plan: CEZ:MSM0021620846 Keywords : contagion and spillover effects * market integration * European emerging market s Subject RIV: AH - Economics http://www.bus.umich.edu/KresgeLibrary/Collections/WorkingPapers/wdinum.htm

  6. 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

  7. Absence of a market in the Dutch balancing mechanism: European rules versus specific investments

    NARCIS (Netherlands)

    Niesten, E.M.M.I.; Jolink, A.

    2013-01-01

    The European directives for the electricity industry prescribe the creation of a market for balancing electricity supply and demand. In this paper, we demonstrate that a market for balancing has not emerged in the Dutch electricity industry, and that, instead, the balancing transactions are

  8. Finding uncontested markets for European Fruit and Vegetables through applying the Blue Ocean Strategy

    NARCIS (Netherlands)

    Wubben, E.F.M.; Düsseldorf, S.; Batterink, M.H.

    2012-01-01

    Purpose – The purpose of this paper is to discover an uncontested market space in the European fruit and vegetables industry (EFVI), and thereby assess the ex-ante applicability of the Blue Ocean Strategy of Kim and Mauborgne. Design/methodology/approach – The search for an untapped market space

  9. Pricing Natural Gas. The Outlook for the European Market (Summary)

    International Nuclear Information System (INIS)

    2008-01-01

    Long-term gas supply contracts contain price formulae, in which the gas price is usually linked to the price of another commodity, or to the spot price of gas in a particular market. In continental Europe the gas price in international long-term supply contracts is predominantly linked to oil products. At the same time, spot markets for gas in which gas prices are determined by supply and demand are developing in various EU markets. This paper addresses the question of to what extent the traditional form of oil-based price indexation is sustainable and/or will be sustained by the market players. It discusses the considerations the market players may have in favour of one or the other form of indexation, the external forces that may influence the choice of indexation in the short and longer terms and the consequences of change. It argues that pricing systems are a fundamental part of a market organisation, and that a shift to different pricing structures only happens if and when the main actors are convinced that they understand and accept the consequences of such change. It concludes that there is no strong evidence that the current hybrid situation, in which both forms of gas pricing co-exist, cannot continue. There are also no overriding reasons to intervene in the market practices of price formation. Both systems have their advantages and disadvantages under different market conditions, and to some extent complement each other in the current markets. Different types of risk and the appreciation thereof by the trading parties will determine particular choices of pricing rules and contracting conditions. More importantly, in today's market, in which new supplies are slow to come forward, the choice should be left to the market parties, particularly as sellers and buyers do not seem to be in strong disagreement

  10. 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

  11. 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.

  12. Facility Service Market an European Overview based on EU Statistics

    Directory of Open Access Journals (Sweden)

    Alexander Redlein

    2017-01-01

    Full Text Available The macro-economic impact of facility management and facility services in special was not scientifically analysed by now. Some studies analysed single countries but were mainly lacking solid data. Especially a Pan European comparison is lacking. This paper presents the results of an in depth analysis of the Eurostat figures. It compares the facility service industry with other industries in particular the construction industry. It also compares the largest European economies (Germany, France and Italy. The study concentrates on the outsourced services only, as these are listed in the European Statistics. The results show big differences between the European countries. It also highlights that the facility service industry is the third largest regarding number of employees and the fourth largest regarding value added.

  13. The European Market Abuse Directive : Has it Worked?

    NARCIS (Netherlands)

    Shahzad, Khurram; Mertens, Gerard

    2017-01-01

    In this paper, we examine whether the Market Abuse Directive (MAD) has been effective in achieving its objectives of deterring the market manipulation activities, increasing the timeliness of information and decreasing the disclosure of inside information to select groups. Our sample consists of

  14. 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.

  15. 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

  16. 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.

  17. INVESTIGATING FINANCIAL INNOVATION AND EUROPEAN CAPITAL MARKETS. THE CASE OF CATASTROPHE BONDS AND LISTED REINSURANCE COMPANIES

    OpenAIRE

    CONSTANTIN LAURA-GABRIELA; CERNAT-GRUICI BOGDAN; IAMANDI IRINA-EUGENIA

    2014-01-01

    Focusing on the financial innovation – stock market interconnections, the present research studies the association between the insurance-linked market activity of European (re)insurance companies and their evolution on the capital markets. With the aim of emphasizing the connections from the perspective of the stock performance and their risk, the empirical analysis is based on vector autoregression (VAR) and Granger causality analyses. The proposed examination is further develope...

  18. 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 ...

  19. A comprehensive survey on selective breeding programs and seed market in the European aquaculture fish industry

    DEFF Research Database (Denmark)

    Chavanne, Hervé; Janssen, Kasper; Hofherr, Johann

    2016-01-01

    –50 % market share. Only part of the European fish aquaculture industry today fully exploits selective breeding to the best advantage. A larger impact assessment still needs to be made by the remainder, particularly on the market share of fish seed (eggs, larvae or juveniles) and its consequences for hatchery...... of molecular tools is now common in all programs, mainly for pedigree traceability. An increasing number of programs use either genomic or marker-assisted selection. Results related to the seed production market confirmed that for Atlantic salmon there are a few dominant players at the European level, with 30...

  20. 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.

  1. 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)

  2. 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. ...

  3. The European market of the wind energy and its perspectives

    International Nuclear Information System (INIS)

    Heddebaud, D.

    2005-01-01

    This study presents a whole panorama of the wind energy market and its perspectives. It proposes an analysis of the strategical place of the main manufacturers and operators and presents the activities, the key data and the development strategies of 14 wind power market operators. It aims to answer the following questions: What are the new possibilities for the mature markets? What will be the impact of the offshore wind power? What is the future of the independent manufacturers and of the industrialists? (A.L.B.)

  4. 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.

  5. Reassessing the integration of European electricity markets: A fractional cointegration analysis

    International Nuclear Information System (INIS)

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

    2016-01-01

    This study extends existing literature on the assessment of electricity market integration in Europe, by developing and testing hypotheses on the convergence of electricity wholesale prices, and adopting a time-varying fractional cointegration analysis. In addition, the potential impacts of some special events that may affect system capacity (new interconnection, market coupling, increase in share of intermittent generation) on spot and forward markets are considered and evaluated. Daily spot prices from February 2000 to March 2013 of nine European electricity spot markets (APX-UK, APX-NL, Belpex, EPEX-FR, EPEX-DE, IPEX, Nordpool, Omel and OTE) and month-ahead prices in four markets (French, British, German and Dutch) from November 2007 to December 2012 are investigated. Results show that unit root tests, which are generally used in the literature to test market integration, are inadequate for assessing electricity spot market convergence, because spot prices are found to be fractionally integrated and mean-reverting time series. Furthermore, spot price behaviour and their association with different markets change over time, reflecting changes in the EU electrical system. One-month-ahead prices, by contrast, were found to have become more resilient to shocks and to follow more stable trends. - Highlights: • We examine electricity market convergence in the EU. • Common price dynamics are affected by changes in interconnection and capacity. • Forward markets have increased in resilience. • Germany's nuclear plant closures had an adverse effect on most European electricity markets.

  6. a European Global Navigation Satellite System — the German Market and Value Adding Chain Effects

    Science.gov (United States)

    Vollerthun, A.; Wieser, M.

    2002-03-01

    Since Europe is considering to establish a "market-driven" European Global Navigation Satellite System, the German Center of Aerospace initiated a market research to justify a German investment in such a European project. The market research performed included the following market segments: aviation, railway, road traffic, shipping, surveying, farming, military, space applications, leisure, and sport. In these market segments, the forementioned inputs were determined for satellite navigation hardware (receivers) as well as satellite navigation services. The forecast period was from year 2007 to 2017. For the considered period, the market amounts to a total of DM 83.0 billion (approx. US $50 billion), whereas the satellite navigation equipment market makes up DM 39.8 billion, and charges for value-added-services amount to DM 43.2 billion. On closer examination road traffic can be identified as the dominant market share, both in the receiver-market and service-market. With a share of 96% for receivers and 73% for services the significance of the road traffic segment becomes obvious. The second part of this paper investigates the effects the market potential has on the Value-Adding-Chain. Therefore, all participants in the Value-Adding-Chain are identified, using industrial cost structure models the employment effect is analyzed, and possible tax revenues for the state are examined.

  7. 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)

  8. 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.

  9. 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

  10. 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

  11. Liberalism and Public Health Ethics.

    Science.gov (United States)

    Rajczi, Alex

    2016-02-01

    Many public health dilemmas involve a tension between the promotion of health and the rights of individuals. This article suggests that we should resolve the tension using our familiar liberal principles of government. The article considers the common objections that (i) liberalism is incompatible with standard public health interventions such as anti-smoking measures or intervention in food markets; (2) there are special reasons for hard paternalism in public health; and (3) liberalism is incompatible with proper protection of the community good. The article argues that we should examine these critiques in a larger methodological framework by first acknowledging that the right theory of public health ethics is the one we arrive at in reflective equilibrium. Once we examine the arguments for and against liberalism in that light, we can see the weaknesses in the objections and the strength of the case for liberalism in public health. © 2015 John Wiley & Sons Ltd.

  12. [Drugs in the European Union: the health-market complex].

    Science.gov (United States)

    Antoñanzas, Fernando; Rodríguez, Roberto; Sacristán, José Antonio; Illa, Rafael

    2005-01-01

    To characterize the peculiar economic nature of the pharmaceutical market in the EU, to study potential groupings of countries based on several pharmaceutical variables, to analyze some recent regulations designed to create the single market, and to present some thoughts on the decision making process in public health from the perspective of current public health budgets. We performed an economic analysis of health and pharmaceutical macrovariables, cluster analysis, review of EU pharmaceutical and industrial regulations and review of pharmaceutical budgeting legislation in the member states. The pharmaceutical market of the EU was characterized and EU countries were classified into two principal groups according to 5 selected variables. EU regulations tend to promote R + D and drug production and thus the EU industrial sector is backed up. National regulations differ in terms of pricing and drugs reimbursement. The creation of a single market for drugs in the EU should take this regulatory diversity into account and seek equilibrium between economic factors and public health. This single market may be a dangerous strategy if it becomes a general dogma and even more so if deadlines are fixed and short.

  13. Toward the integration of European natural gas markets:A time-varying approach

    International Nuclear Information System (INIS)

    Renou-Maissant, Patricia

    2012-01-01

    Over the past fifteen years, European gas markets have radically changed. In order to build a single European gas market, a new regulatory framework has been established through three European Gas Directives. The purpose of this article is to investigate the impact of the reforms in the natural gas industry on consumer prices, with a specific focus on gas prices for industrial use. The strength of the relationship between the industrial gas prices of six western European countries is studied by testing the Law of One Price for the period 1991–2009. Estimations were carried out using both cointegration analysis and time-varying parameter models. Results highlight an emerging and on-going process of convergence between the industrial gas prices in western Europe since 2001 for the six EU member states. The strength and the level of convergence differ widely between countries. Strong integration of gas markets in continental Europe, except for the Belgian market, has been established. It appears that the convergence process between continental countries and the UK is not completed. Thus, the integration of European gas markets remains an open issue and the question of how far integration will proceed will still be widely discussed in the coming years. - Highlights: ► We investigate the integration of European natural gas markets. ► We use both cointegration analysis and time-varying parameter models. ► We show the failure of cointegration techniques to take account of evolving processes. ► An emerging and on-going process of convergence between the industrial gas prices is at work. ► Strong integration of gas markets in continental Europe has been established.

  14. The timeline of trading frictions in the European carbon market

    International Nuclear Information System (INIS)

    Medina, Vicente; Pardo, Ángel; Pascual, Roberto

    2014-01-01

    During its trial phase (Phase I), the EU Greenhouse Gas Emission Trading Scheme (EU-ETS) collapsed because of an over-allocation of emission allowances. We evaluate the progress of this market from the trial phase to the next commitment period (Phase II) from a microstructure angle. We show that trading frictions, as measured by the relative spread, information-asymmetry risk, and market-making profits decreased from Phase I to Phase II. Although volatility decreased, its noise-related component gained in importance at the expense of its information-related component, resulting in lower quality of the price changes. - Highlights: • We compare Phases I and II of the EU-ETS from a microstructure angle. • Phase II shows lower spreads, information-asymmetry risk and market making profits. • The contribution of noise to the volatility of prices increased during Phase II

  15. '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.

  16. Does the market share of generic medicines influence the price level?: a European analysis.

    Science.gov (United States)

    Dylst, Pieter; Simoens, Steven

    2011-10-01

    After the expiry of patents for originator medicines, generic medicines can enter the market, and price competition may occur. This process generates savings to the healthcare payer and to patients, but knowledge about the factors affecting price competition in the pharmaceutical market following patent expiry is still limited. This study aimed to investigate the relationship between the market share of generic medicines and the change of the medicine price level in European off-patent markets. Data on medicine volumes and values for 35 active substances were purchased from IMS Health. Ex-manufacturer prices were used, and the analysis was limited to medicines in immediate-release, oral, solid dosage forms. Countries included were Austria, Belgium, Denmark, Germany, France, Italy, the Netherlands, Spain, Sweden and the UK, which constitute a mix of countries with low and high generic medicines market shares. Data were available from June 2002 until March 2007. Market volume has risen in both high and low generic market share countries (+29.27% and +27.40%, respectively), but the cause of the rise is different for the two markets. In low generic market share countries, the rise was caused by the increased use of generic medicines, while in high market share countries, the rise was driven by the increased use of generic medicines and a shift of use from originator to generic medicines. Market value was substantially decreased in high generic market share countries (-26.6%), while the decrease in low generic market share countries was limited (-0.06%). In high generic market share countries, medicine prices dropped by -43.18% versus -21.56% in low market share countries. The extent to which price competition from generic medicines leads to price reductions appears to vary according to the market share of generic medicines. High generic market share countries have seen a larger decrease in medicine prices than low market share countries.

  17. 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

  18. Strategies of enterprises facing european natural gas market

    International Nuclear Information System (INIS)

    Chevalier, J.M.

    1992-01-01

    The growing demand for natural gas in Europe is taking place within a gradual process of deregulation aiming to achieve a single energy market. Gas industry's traditional structure and behaviour are facing new forms of competition. Gas producers might be willing to capture a greater share of downstream profits while large users are interested in securing their supply at the cheapest cost. In addition, new comers could appear at all stages of the industry, that are becoming contestable markets. Challengers and defenders will probably induce important changes in industry's present structure. 11 refs., 1 fig., 3 tabs

  19. European natural gas market at the turn of the century

    International Nuclear Information System (INIS)

    Baudino, M.; Pasetto, R.

    1992-01-01

    Natural gas use is expected to rise briskly in the nineties under the joint thrust of technological development and environmental advantages. The situation will differ from country to country but there will be an overall increase which will require new supply projects. The paper examines the opportunities of growth in demand for the different sectors of use in Eastern and Western Europe. The possible supply sources are indicated as well as the necessary investments. The impact of policy options on market development are examined with particular reference to the proposed EEC directive on the internal market in natural gas

  20. CRE answer to the European Commission public consultation on the new electricity market design

    International Nuclear Information System (INIS)

    Ladoucette, Philippe de

    2015-01-01

    On July 15, 2015, the European Commission launched a public consultation on the new Electricity Market Design. All National Regulatory Authorities (NRAs), and CRE in particular, contributed to the joint ACER-CEER response to the consultation. CRE supports this joint response, and further develops some topics in this document, building on its particular experience in the implementation of the internal energy market: implementation of the network codes, in particular those regarding the markets, development of demand-side flexibility, development of interconnections, and alignment of fragmented balancing markets