This working paper suggests to analyse agencification as a double process of institutional and policy centralisation. To that end, it develops a categorisation of agencies that incorporates these two dimensions. More specifically, it is argued that mixed outcomes where the levels of...

This working paper suggests to analyse agencification as a double process of institutional and policy centralisation. To that end, it develops a categorisation of agencies that incorporates these two dimensions. More specifically, it is argued that mixed outcomes where the levels of...

Decentralised electricity systems require effective price and quantity risk management mechanisms, but the nature of such systems poses particular problems for satisfying those requirements. Among these problems are investment hold-up risks rooted in the competition facing both electricity...

This paper discusses the difficulty of having three different objectives for the electricity supply sectors in the EU: renewable energy goals, emission reduction goals and minimising consumer prices. In the environment associated with the power markets, the regulatory mechanisms interact with...

The industry structure and regulatory framework that characterizes the electric power sector in the U.S. is in a state of disarray. Some regions have adopted a fully liberalized electricity sector model, others have retained the traditional model of regulated vertically integrated monopolies,...

The traditional measure of market power is the HHI, which gives implausible results given the low elasticity of demand in electricity spot markets, unless it is adapted to take account of contracting. In its place the Residual Supply Index has been proposed as a more suitable index to measure...

Smart metering is a crucial factor for the efficient functioning of the Internal Electricity Market, as well as for the successful implementation of European Union policies related to energy efficiency, renewable energy and security of supply. The report first outlines the potential benefits of...

The European Commission and the Stability Pact have launched the Athens Process in 2002 and the Energy Community Treaty, with the objective of creating a regional energy market in SEE, was signed in 2005. The purpose of this paper is to give an overview of the national but also reforms at...

It is clear that we are at the beginning of what has correctly been called the 'third industrial revolution' - the rapid development of an entirely new energy system. We can expect a massive shift towards a carbon-free electricity system, huge pressure to reduce energy consumption and transport...