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Electricity Market Reform in the European Union: Review of Progress toward Liberalization & Integration

Abstract:
The energy market liberalisation process in Europe is increasingly focused on electricity market integration and related cross border issues. This signals that the liberalisation of national electricity markets is now closer to the long-term objective of a single European energy market. The interface between the national electricity markets requires physical interconnections and technical arrangements. However, further progress towards this objective also raises important issues regarding the framework within which the integrated market is implemented. This paper reviews the progress towards a single European electricity market. We then discuss the emerging issues of market concentration, investments, and security of supply as well as some aspects of market design and regulation that are crucial for dynamic performance of a single European market.

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Energy Specializations: Electricity – Markets and Prices ; Electricity – Policy and Regulation

JEL Codes: Q48: Energy: Government Policy, Q41: Energy: Demand and Supply; Prices, D47: Market Design, D40: Market Structure, Pricing, and Design: General, L11: Production, Pricing, and Market Structure; Size Distribution of Firms

Keywords: Electricity markets, EU, liberalization integration, reform, Competition, Policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol26-NoSI-2


Published in Volume 26, Special Issue of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.