Turkey has been going through a liberalization process in its electricity market over the last decade. So far, the regulatory content of the market reforms has been in the center of attention in the literature, to the negligence of regulatory governance. However, recent studies, which applied...

We study the effect of the establishment of independent regulatory agencies on the market-to-book ratios of publicly traded European regulated firms observed from 1994 to 2005. We find that independent regulation in combination with residual State ownership positively affects the market value of...

The discussion on a target model for European gas network access started at the 18th Madrid Forum in 2010. This model shall provide a unifying vision on the future layout of the European gas market architecture. That vision shall assist all stakeholders in implementing the 3rd EU energy market...

It is generally believed that the American model is not suitable for Europe, yet North America is the only large and working competitive gas market in the world. The paper shows how its model could be adapted as a target for market design within the European institutional framework. It starts...

We investigate institutional and policy drivers of telecommunications deregulation in Europe. In particular, we focus on those determinants which received so-far a comparatively little attention: policy speed and timing, path-dependency, institutional complementarity. We find that: first,...

This paper examines the implications of “modern” regulatory governance - i.e. the inception of Independent Regulatory Authorities (IRAs) - for the investment decisions of a large sample of EU publicly traded regulated firms from 1994 to 2004. These firms provide massively consumed services,...

In the transition towards a decarbonized energy system, we need city authorities to lead by example as public actors, to govern the actions of the private urban actors as local policy makers, and to conceive and manage the implementation of an integrated approach as coordinators, which we...

This paper examines how the increasing penetration of intermittent renewable generation can change the economic landscape for merchant power investment in conventional thermal generation. An equilibrium model of generation investment is developed, based on the long-standing principles of finding...

Several euro area member states are under increased market scrutiny although public finances in the euro area as a bloc are in a much better shape than in the US or Japan. The main reason is that the euro area is an alliance of sovereign countries with most of the relevant political decisions -...

For 20 years, climate negotiations have faced the difficult task of designing an international regime accepted by the main parties as fair, equitable and efficient. Climate justice is called for from all sides, but there is no agreement as to what justice actually requires. The goal of this...