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THE LIBERALISATION OF THE EUROPEAN ENERGY MARKET – A STEP TOWARDS EFFICIENCY
Abstract
For more than a decade, the liberalisation of the European energy markets has been on the agenda, this liberalisation being highly motivated by expected efficiency improvements. The competitiveness of the European economy and the welfare of its citizens can be enhanced through a more efficient supply of energy. The liberalisation of the energy market should lead to improvements in productivity, a more competitive pricing and greater efforts to support and develop innovation. This paper will provide an overview and some empirical evidence on frontier efficiency measurement in the European energy market, in order to develop and validate the assumption that the liberalisation of this market is a step forward towards efficiency. Moreover, by taking into account the large number of energy operators and the dependency to large suppliers, such as the dependence on the Russian gas, will be taken into account for a proper and accurate understanding of the subject in hand. Even if important steps have been taken across Europe to obtain the liberalisation of the energy market that should be supported by alignments in terms of prices, a greater transparency and the right of European citizens to choose the supplier of energy they prefer, it cannot be affirmed that the practice in this field has assimilated al the theory and the progress that has been done in this field. This research paper will also try to stimulate thinking about the effects that are generated on the energy market by liberalisation, what the European Union would become if this process is complete and what impact would this have on the actors that operate on the energy market.
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