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Published in:
Introduction: Financial Aspects in Energy Read chapter Read first chapter

2011 | OriginalPaper | Chapter

2. The Development of Energy Markets in Europe

Authors : Mehmet Baha Karan, Hasan Kazdağli

Published in: Financial Aspects in Energy

Publisher: Springer Berlin Heidelberg

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Abstract

Europe has been engaged in a debate aimed at building an integrated and competitive energy market since the early 1990s. The European Union has instituted to share the responsibility to develop a strategic policy to change current trends, and hence a truly competitive, single European electricity and gas market is expected to open the competition of Europe-wide companies. In this vain, the aim of this chapter is to analyze the developments of European energy markets and regional markets in accordance to the market efficiency criteria and financial aspects of energy. Despite the physical, economic, and political barriers, the number of financial players participating in these markets is continuously increasing and a considerable success has been achieved for efficiency of the markets. However, 10 years after the Lisbon Treaty, the European energy markets are significantly far from the unique energy market goal. Moreover, in Europe’s energy market there are serious malfunctions causing moves to regional fragmentation. Generally, it is agreed that the future structure of the European energy market has not been yet clearly defined.

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previous chapter Introduction: Financial Aspects in Energy
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Footnotes
1
U.S. experience is entirely sourced by economic reasons and has never enacted a mandatory comprehensive federal restructuring and competition law, leaving the most significant reform decisions to the states under the politics of de-regulation (Joskow 2008).
 
2
Germany and the Netherlands have persuaded mergers; the Netherlands, Estonia, Austria, and Czech Republic have oligopolies that control more than 70% of the market. Portugal and France have supported the concept of national champions (Haas et al. 2006).
 
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Metadata
Title
The Development of Energy Markets in Europe
Authors
Mehmet Baha Karan
Hasan Kazdağli
Copyright Year
2011
Publisher
Springer Berlin Heidelberg
Book
Financial Aspects in Energy

Print ISBN: 978-3-642-19708-6

Electronic ISBN: 978-3-642-19709-3

Copyright Year: 2011

DOI
https://doi.org/10.1007/978-3-642-19709-3_2