The EU 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 …

The paper studies the impact of government budget constraint in a pure adverse selection problem of monopoly regulation … to regulation is proposed in which firms are free to enter the market and to choose their price and output levels … than traditional regulation where governments commit to both investment and operation cash-flows. This is especially …

this separation interact with the regulation of the product market. The main issue to be addressed here is how the degree …

Starting in 1998, the electricity market in England and Wales will be opened up to full competition, and all consumers … will be allowed to choose their electricity supplier. This promises to result in lower prices, but there will be additional … are likely to be large transfers from electricity companies (and the coal industry) to consumers, but the companies lose …

We develop a theoretical model of long-run investment decisions on capacity in the context of a liberalized electricity … absence of any regulation, private investment decisions on capacity unambiguously lead to a socially sub-optimal outcome, and …

We examine whether and how the allocation of financial transmission rights affects the behavior of electricity … generators and electricity consumers with market power in the electricity market. The analysis recognizes that the ultimate … allocation of rights is endogenous, depending both on whether transmission rights can enhance market power and the microstructure …