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Sources And Instruments Of Financing For The European Energy Sector: A Comparative Analysis Between Private, Public And Mixed Instruments

Author

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  • Corina MURAFA

    (The Bucharest Academy of Economic Studies)

Abstract

While Public Private Partnerships exhibit a bunch of political, economic and implementation risks, they seem the best fit to address the existing financing gaps in the European energy sector, in contrast to purely private or purely public financing instruments. Due on the one hand to the politicization of the energy sector and on the other hand to the limitations of financial actors to engage in the provision of patient capital, governments are having a more intrusive role in the financing of the European energy sector. European institutions are also increasingly using their own budgets as leverage-based financial instruments. Through a comprehensive literature review and case studies on the Connecting Europe Facility and the Project Bond Initiative, I argue that a bunch of investments would not be possible without a mission-driven role of the state, usually in the form of guarantees and other mixed instruments.

Suggested Citation

  • Corina MURAFA, 2019. "Sources And Instruments Of Financing For The European Energy Sector: A Comparative Analysis Between Private, Public And Mixed Instruments," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 20(3), pages 360-377, July.
    • Handle: RePEc:rom:rmcimn:v:20:y:2019:i:3:p:360-377
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    References listed on IDEAS

    as
    1. Austvik, Ole Gunnar, 2016. "The Energy Union and security-of-gas supply," Energy Policy, Elsevier, vol. 96(C), pages 372-382.
    2. Blyth, William & McCarthy, Rory & Gross, Robert, 2015. "Financing the UK power sector: Is the money available?," Energy Policy, Elsevier, vol. 87(C), pages 607-622.
    3. Correlje, Aad & van der Linde, Coby, 2006. "Energy supply security and geopolitics: A European perspective," Energy Policy, Elsevier, vol. 34(5), pages 532-543, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    energy policy; energy sector; Energy Union; Public Private Partnerships; project finance; financing instruments.;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F30 - International Economics - - International Finance - - - General
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • L95 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Gas Utilities; Pipelines; Water Utilities
    • L97 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Utilities: General

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