Abstract The European carbon emissions trading system has become operative on January 1 st , 2005. By its decision to implement the world′s largest system for tradable emissions permits the EU started an impressive experiment. While emissions trading systems already exist elsewhere (cf....

The German energy industries will be subjected to regulation of network access enforced by a sector-specific regulator. Whereas the gas industry broke the regime of negotiated third party access, in electricity nTPA ÔworkedÕ, although it clearly resulted in a margin squeeze. The government...