IDEAS home Printed from https://ideas.repec.org/a/eee/juipol/v23y2012icp90-98.html
   My bibliography  Save this article

New regulatory policies in Italy: Impact on financial results, on liquidity and profitability of natural gas retail companies

Author

Listed:
  • Capece, Guendalina
  • Cricelli, Livio
  • Di Pillo, Francesca
  • Levialdi, Nathan

Abstract

During the three-year period 2007–2009, the Italian Regulatory Authority for Electricity and Gas has issued numerous measures concerning the retail market of natural gas. The same period was characterized by a deep economic and financial crisis involving the industrial sector and, in particular, the energy companies.

Suggested Citation

  • Capece, Guendalina & Cricelli, Livio & Di Pillo, Francesca & Levialdi, Nathan, 2012. "New regulatory policies in Italy: Impact on financial results, on liquidity and profitability of natural gas retail companies," Utilities Policy, Elsevier, vol. 23(C), pages 90-98.
    • Handle: RePEc:eee:juipol:v:23:y:2012:i:c:p:90-98
    DOI: 10.1016/j.jup.2012.03.001
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0957178712000215
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jup.2012.03.001?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jamasb, Tooraj & Pollitt, Michael & Triebs, Thomas, 2008. "Productivity and efficiency of US gas transmission companies: A European regulatory perspective," Energy Policy, Elsevier, vol. 36(9), pages 3398-3412, September.
    2. Lochner, Stefan & Bothe, David, 2009. "The development of natural gas supply costs to Europe, the United States and Japan in a globalizing gas market--Model-based analysis until 2030," Energy Policy, Elsevier, vol. 37(4), pages 1518-1528, April.
    3. Robin C. Sickles & Mary L. Streitwieser, 1998. "An analysis of technology, productivity, and regulatory distortion in the interstate natural gas transmission industry: 1977-1985," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 13(4), pages 377-395.
    4. Arciniegas, Ismael & Barrett, Chris & Marathe, Achla, 2003. "Assessing the efficiency of US electricity markets," Utilities Policy, Elsevier, vol. 11(2), pages 75-86, June.
    5. Kalashnikov, V.V. & Matis, T.I. & Pérez-Valdés, G.A., 2010. "Time series analysis applied to construct US natural gas price functions for groups of states," Energy Economics, Elsevier, vol. 32(4), pages 887-900, July.
    6. Rushdi, Ahmed, 1994. "Productivity changes in the Gas and Fuel Corporation of Victoria," Energy Economics, Elsevier, vol. 16(1), pages 36-45, January.
    7. Carrington, Roger & Coelli, Tim & Groom, Eric, 2002. "International Benchmarking for Monopoly Price Regulation: The Case of Australian Gas Distribution," Journal of Regulatory Economics, Springer, vol. 21(2), pages 191-216, March.
    8. Eikeland, Per Ove, 2007. "Downstream natural gas in Europe--High hopes dashed for upstream oil and gas companies," Energy Policy, Elsevier, vol. 35(1), pages 227-237, January.
    9. Lee, Jeong-Dong & Oh, Kyung Joon & Kim, Tai-Yoo, 1999. "Productivity growth, capacity utilization, and technological progress in the natural gas industry," Utilities Policy, Elsevier, vol. 8(2), pages 109-119, June.
    10. Farsi, Mehdi & Filippini, Massimo, 2009. "An analysis of cost efficiency in Swiss multi-utilities," Energy Economics, Elsevier, vol. 31(2), pages 306-315, March.
    11. Gasmi, Farid & Oviedo, Juan Daniel, 2010. "Investment in transport infrastructure, regulation, and gas-gas competition," Energy Economics, Elsevier, vol. 32(3), pages 726-736, May.
    12. Turvey, Ralph, 2006. "On network efficiency comparisons: Electricity distribution," Utilities Policy, Elsevier, vol. 14(2), pages 103-113, June.
    13. Cubbin, John, 2005. "Efficiency in the water industry," Utilities Policy, Elsevier, vol. 13(4), pages 289-293, December.
    14. Herbert, John H & Kreil, Erik, 1996. "US natural gas markets : How efficient are they?," Energy Policy, Elsevier, vol. 24(1), pages 1-5, January.
    15. Romano, Giulia & Guerrini, Andrea, 2011. "Measuring and comparing the efficiency of water utility companies: A data envelopment analysis approach," Utilities Policy, Elsevier, vol. 19(3), pages 202-209.
    16. Lee, Jeong-Dong & Park, Sung-Bae & Kim, Tai-Yoo, 1999. "Profit, productivity, and price differential: an international performance comparison of the natural gas transportation industry," Energy Policy, Elsevier, vol. 27(11), pages 679-689, October.
    17. Aivazian, Varouj A, et al, 1987. "Economies of Scale versus Technological Change in the Natural Gas Transmission Industry," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 556-561, August.
    18. Capece, Guendalina & Cricelli, Livio & Di Pillo, Francesca & Levialdi, Nathan, 2010. "A cluster analysis study based on profitability and financial indicators in the Italian gas retail market," Energy Policy, Elsevier, vol. 38(7), pages 3394-3402, July.
    19. Egging, Ruud & Gabriel, Steven A. & Holz, Franziska & Zhuang, Jifang, 2008. "A complementarity model for the European natural gas market," Energy Policy, Elsevier, vol. 36(7), pages 2385-2414, July.
    20. Abbott, Malcolm & Cohen, Bruce, 2009. "Productivity and efficiency in the water industry," Utilities Policy, Elsevier, vol. 17(3-4), pages 233-244, September.
    21. Murry, Donald & Zhu, Zhen, 2008. "Asymmetric price responses, market integration and market power: A study of the U.S. natural gas market," Energy Economics, Elsevier, vol. 30(3), pages 748-765, May.
    22. Gerald Granderson, 2006. "Externalities, efficiency, regulation, and productivity growth in the U.S. electric utility industry," Journal of Productivity Analysis, Springer, vol. 26(3), pages 269-287, December.
    23. Hirschhausen, Christian von, 2008. "Infrastructure, regulation, investment and security of supply: A case study of the restructured US natural gas market," Utilities Policy, Elsevier, vol. 16(1), pages 1-10, March.
    24. Corton, Maria Luisa & Berg, Sanford V., 2009. "Benchmarking Central American water utilities," Utilities Policy, Elsevier, vol. 17(3-4), pages 267-275, September.
    25. Alberto Cavaliere, 2009. "The Regulation of Access to Gas Storage," Springer Books, in: Anna Cretì (ed.), The Economics of Natural Gas Storage, chapter 4, pages 55-83, Springer.
    26. Granderson, Gerald & Linvill, Carl, 1996. "The Impact of Regulation on Productivity Growth: An Application to the Transmission Sector of the Interstate Natural Gas Industry," Journal of Regulatory Economics, Springer, vol. 10(3), pages 291-306, November.
    27. Dorigoni, Susanna & Portatadino, Sergio, 2009. "Natural gas distribution in Italy: When competition does not help the market," Utilities Policy, Elsevier, vol. 17(3-4), pages 245-257, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fuentes González, Fabián & Webb, Janette & Sharmina, Maria & Hannon, Matthew & Braunholtz-Speight, Timothy & Pappas, Dimitrios, 2022. "Local energy businesses in the United Kingdom: Clusters and localism determinants based on financial ratios," Energy, Elsevier, vol. 239(PB).
    2. Sebastian Klaudiusz Tomczak & Anna Skowrońska-Szmer & Jan Jakub Szczygielski, 2020. "Is Investing in Companies Manufacturing Solar Components a Lucrative Business? A Decision Tree Based Analysis," Energies, MDPI, vol. 13(2), pages 1-27, January.
    3. Sebastian Klaudiusz Tomczak, 2019. "Comparison of the Financial Standing of Companies Generating Electricity from Renewable Sources and Fossil Fuels: A New Hybrid Approach," Energies, MDPI, vol. 12(20), pages 1-20, October.
    4. G. Capece & Di Pillo Francesca & N. Levialdi & G. Perrotta, 2017. "Understanding How the Strategic Similarities between Energy Companies Influence the Post-mergers and Acquisitions Performances," International Journal of Energy Economics and Policy, Econjournals, vol. 7(1), pages 78-89.
    5. Stefania Vignini & Tiziana De Cristofaro, 2018. "Impatto della crisi economica su redditivit? e rischio finanziario delle imprese romagnole. Una cluster analysis," MANAGEMENT CONTROL, FrancoAngeli Editore, vol. 2018(3), pages 157-181.
    6. Bianco, Vincenzo & Scarpa, Federico & Tagliafico, Luca A., 2014. "Scenario analysis of nonresidential natural gas consumption in Italy," Applied Energy, Elsevier, vol. 113(C), pages 392-403.
    7. Capece, Guendalina & Costa, Roberta & Di Pillo, Francesca, 2021. "Benchmarking the efficiency of natural gas distribution utilities in Italy considering size, ownership, and maturity," Utilities Policy, Elsevier, vol. 72(C).
    8. Opolska, Iweta, 2017. "The efficacy of liberalization and privatization in introducing competition into European natural gas markets," Utilities Policy, Elsevier, vol. 48(C), pages 12-21.
    9. Bigerna, Simona & Ceccacci, Francesca & Micheli, Silvia & Polinori, Paolo, 2023. "Between saying and doing for ensuring energy resources supply: The case of Italy in time of crisis," Resources Policy, Elsevier, vol. 85(PA).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Capece, Guendalina & Cricelli, Livio & Di Pillo, Francesca & Levialdi, Nathan, 2010. "A cluster analysis study based on profitability and financial indicators in the Italian gas retail market," Energy Policy, Elsevier, vol. 38(7), pages 3394-3402, July.
    2. Jamasb, Tooraj & Pollitt, Michael & Triebs, Thomas, 2008. "Productivity and efficiency of US gas transmission companies: A European regulatory perspective," Energy Policy, Elsevier, vol. 36(9), pages 3398-3412, September.
    3. Corrado Lo Storto, 2018. "Efficiency, Conflicting Goals and Trade-Offs: A Nonparametric Analysis of the Water and Wastewater Service Industry in Italy," Sustainability, MDPI, vol. 10(4), pages 1-22, March.
    4. Steven Brakman & Charles van Marrewijk & Arjen van Witteloostuijn & Charles van Marrewijk, 2009. "Market Liberalization in the European Natural Gas Market - The Importance of Capacity Constraints and Efficiency Differences," CESifo Working Paper Series 2697, CESifo.
    5. Lee, Jeong-Dong & Park, Sung-Bae & Kim, Tai-Yoo, 1999. "Profit, productivity, and price differential: an international performance comparison of the natural gas transportation industry," Energy Policy, Elsevier, vol. 27(11), pages 679-689, October.
    6. Doumpos, Michalis & Andriosopoulos, Kostas & Galariotis, Emilios & Makridou, Georgia & Zopounidis, Constantin, 2017. "Corporate failure prediction in the European energy sector: A multicriteria approach and the effect of country characteristics," European Journal of Operational Research, Elsevier, vol. 262(1), pages 347-360.
    7. Peeter Peda & Giuseppe Grossi & Margo Liik, 2013. "Do ownership and size affect the performance of water utilities? Evidence from Estonian municipalities," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(2), pages 237-259, May.
    8. Romano, Giulia & Molinos-Senante, María & Guerrini, Andrea, 2017. "Water utility efficiency assessment in Italy by accounting for service quality: An empirical investigation," Utilities Policy, Elsevier, vol. 45(C), pages 97-108.
    9. Nepal, Rabindra & Jamasb, Tooraj, 2015. "Incentive regulation and utility benchmarking for electricity network security," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 117-127.
    10. Maarten J. Arentsen, 2011. "Trends in Gas," Chapters, in: Matthias Finger & Rolf W. Künneke (ed.), International Handbook of Network Industries, chapter 11, Edward Elgar Publishing.
    11. Carvalho, Pedro & Marques, Rui Cunha & Berg, Sanford, 2012. "A meta-regression analysis of benchmarking studies on water utilities market structure," Utilities Policy, Elsevier, vol. 21(C), pages 40-49.
    12. Tooraj Jamasb and Manuel Llorca, 2019. "Energy Systems Integration: Economics of a New Paradigm," Economics of Energy & Environmental Policy, International Association for Energy Economics, vol. 0(Number 2).
    13. Neumann, Anne & Nieswand, Maria & Schubert, Torben, 2016. "Estimating Alternative Technology Sets in Nonparametric Efficiency Analysis: Restriction Tests for Panel and Clustered Data," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 45(1), pages 35-51.
    14. Casarin, Ariel A., 2007. "Efficient industry configurations in downstream gas markets. An empirical assessment," Energy Economics, Elsevier, vol. 29(2), pages 312-328, March.
    15. Guerrini, Andrea & Romano, Giulia, 2013. "The process of tariff setting in an unstable legal framework: An Italian case study," Utilities Policy, Elsevier, vol. 24(C), pages 78-85.
    16. Opolska, Iweta, 2017. "The efficacy of liberalization and privatization in introducing competition into European natural gas markets," Utilities Policy, Elsevier, vol. 48(C), pages 12-21.
    17. Bako Kinga-Erzsebet & Fulop Arpad-Zoltan, 2017. "Profitability And Efficiency Analysis In Water And Sewerage Sector In Romania," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 96-102, August.
    18. Szabó, Iván & Garcia Quesada, Monica, 2017. "Historical waves in Hungarian water sector reform and implications for integration," Utilities Policy, Elsevier, vol. 46(C), pages 15-21.
    19. Potts, Todd B. & Yerger, David B., 2016. "Marcellus Shale and structural breaks in oil and gas markets: The case of Pennsylvania," Energy Economics, Elsevier, vol. 57(C), pages 50-58.
    20. Romano, Giulia & Guerrini, Andrea, 2014. "The effects of ownership, board size and board composition on the performance of Italian water utilities," Utilities Policy, Elsevier, vol. 31(C), pages 18-28.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:juipol:v:23:y:2012:i:c:p:90-98. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.sciencedirect.com/journal/utilities-policy .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.