The European Union has introduced directives that aim to liberalize and integrate electricity and gas markets in Western Europe. While progress has been made, particularly in electricity markets, there have been setbacks: for example, because of concerns about national interests and security of...

The EU proposal on liberalisation of the energy markets has been widely debated in policy, stakeholder and academic circles both for its content and the potential consequences to the gas and electricity markets. However, little has been said about the empirical evidence produced by the European...