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Intégration latérale dans le secteur de l'énergie

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  • Claude Crampes

Abstract

This paper analyses mergers between gas and electricity activities, a "conglomerate relationship" in the Commission lingo. We first review the paradigmatic case of the recent failed takeover on Endesa by Gas Natural in Spain. Then, we detail a model of imperfect competition combining four production units: an importer of natural gas selling to final consumers, an importer of natural gas selling to the electricity industry, a gas-turbine electricity producer, and a non-gas electricity producer. On the consumer side, gas and electricity are imperfect substitutes. We successively analyze the dispatch of the four units i) at first best, ii) by a private monopoly, iii) by an oligopoly, iv) by an upstream gas monopoly facing downstream competition, and v) by a bilateral monopoly. We emphasize the paramount role of the price for intermediary gas and suggest that the supply of bulk gas and retail gas should be separated. JEL codes: G34, L22, L94, L95.

Suggested Citation

  • Claude Crampes, 2007. "Intégration latérale dans le secteur de l'énergie," Revue de l'OFCE, Presses de Sciences-Po, vol. 101(2), pages 453-473.
  • Handle: RePEc:cai:reofsp:reof_101_0453
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    More about this item

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities

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