A case of: who will tell the emperor he has no clothes?--market liberalization, regulatory capture and the need for further improved electricity market unbundling through a fourth energy package.

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Title:	A case of: who will tell the emperor he has no clothes?--market liberalization, regulatory capture and the need for further improved electricity market unbundling through a fourth energy package.
Authors:	Barrett, Eva^1,2 barretev@tcd.ie
Source:	Journal of World Energy Law & Business. Mar2016, Vol. 9 Issue 1, p1-16. 16p.
Subject Terms:	Financial liberalization, Electricity, *Market design & structure (Economics)
Company/Entity:	European Commission , European Union
Abstract:	On 25 February 2015, the European Commission published a Communication on its vision of an Energy Union as, amongst other things 'an integrated continent wide energy system where energy flows freely across borders based on competition and the best possible use of resources and with effective regulation of energy markets at EU level where necessary'. The Communication listed the actions necessary to deliver this Energy Union in a list which was as interesting for what was not included as for what was. While full implementation and enforcement of existing energy and related law (and particularly the third energy package) was listed as the first priority of the Union, there was no mention of the need for further market unbundling or a fourth energy package. This position is worrying. Through an inadequate implementation of poorly designed market structures, the EU has created national markets which are hotbeds for consumer-damaging market manipulation and abuse. Consequently, there is a pressing need for further market unbundling and a fourth energy package. Not only will such measures be essential to the successful creation of an Energy Union and the realization of the benefits expected from market liberalization, they are urgently needed to remove existing market structures, which are facilitating consumer-damaging anticompetitive behaviours by making such behaviours virtually impossible to detect and punish. [ABSTRACT FROM AUTHOR]
Database:	Energy & Power Source

Description
Abstract:	On 25 February 2015, the European Commission published a Communication on its vision of an Energy Union as, amongst other things 'an integrated continent wide energy system where energy flows freely across borders based on competition and the best possible use of resources and with effective regulation of energy markets at EU level where necessary'. The Communication listed the actions necessary to deliver this Energy Union in a list which was as interesting for what was not included as for what was. While full implementation and enforcement of existing energy and related law (and particularly the third energy package) was listed as the first priority of the Union, there was no mention of the need for further market unbundling or a fourth energy package. This position is worrying. Through an inadequate implementation of poorly designed market structures, the EU has created national markets which are hotbeds for consumer-damaging market manipulation and abuse. Consequently, there is a pressing need for further market unbundling and a fourth energy package. Not only will such measures be essential to the successful creation of an Energy Union and the realization of the benefits expected from market liberalization, they are urgently needed to remove existing market structures, which are facilitating consumer-damaging anticompetitive behaviours by making such behaviours virtually impossible to detect and punish. [ABSTRACT FROM AUTHOR]
ISSN:	17549957
DOI:	10.1093/jwelb/jwv039