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European gas regulation: a change of focus

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  • Spanjer, Aldo
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    Abstract

    This paper confronts the current European gas regulation with the emerging new energy paradigm. It argues that due to a lack of policy credibility, the hold-up problem is a serious threat that will undermine the workings of the future EU gas market. This paper explores how one could from a theoretical perspective, given the characteristics of the EU gas markets, try to solve the hold-up problem. Two conclusions are 1) that hold-up will not be solved completely and 2) that in order to solve the hold-up problem as much as possible, the underlying assumption of energy policy should be changed. More specifically, the regulatory focus should no longer emphasize predominantly the consumer interests, but should instead more explicitly recognize producer interests. This implies that the current European gas regulation requires a change of focus.

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    File URL: http://mpra.ub.uni-muenchen.de/21146/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 21146.

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    Date of creation: 2006
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    Handle: RePEc:pra:mprapa:21146

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    Related research

    Keywords: gas regulation; hold-up; regulation theory; new energy paradigm;

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    1. Williamson, Oliver E, 1971. "The Vertical Integration of Production: Market Failure Considerations," American Economic Review, American Economic Association, vol. 61(2), pages 112-23, May.
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    4. Schmidt, Klaus M., 1997. "The Political Economy of Mass Privatization and the Risk of Expropriation," CEPR Discussion Papers 1542, C.E.P.R. Discussion Papers.
    5. Newbery, David M G, 2002. "Economic Reform in Europe: Integrating and Liberalizing the Market for Services," CEPR Discussion Papers 3183, C.E.P.R. Discussion Papers.
    6. Schmidt, Klaus M., 2000. "The political economy of mass privatization and the risk of expropriation," Munich Reprints in Economics 19771, University of Munich, Department of Economics.
    7. Armstrong, Mark & Sappington, David E.M., 2007. "Recent Developments in the Theory of Regulation," Handbook of Industrial Organization, Elsevier.
    8. Sioshansi, Fereidoon P., 2005. "Global climate change: here to stay," Utilities Policy, Elsevier, vol. 13(3), pages 240-246, September.
    9. Lewis, Tracy R & Sappington, David E M, 1990. "Sequential Regulatory Oversight," Journal of Regulatory Economics, Springer, vol. 2(4), pages 327-48, December.
    10. Dieter Helm, 2005. "The Assessment: The New Energy Paradigm," Oxford Review of Economic Policy, Oxford University Press, vol. 21(1), pages 1-18, Spring.
    11. Paul Levine & John Stern & Francesc Trillas, 2005. "Utility price regulation and time inconsistency: comparisons with monetary policy," Oxford Economic Papers, Oxford University Press, vol. 57(3), pages 447-478, July.
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