A Fair Price for Energy? Ownership versus Market Opening in the EU15

In the past two decades privatisation and liberalisation of network industries providing services of general economic interest (SGEI), have been particularly significant in the European Union. Wide variations around a common policy trend can, however, be observed across countries and sectors. We focus on electricity and gas sectors because energy sectors have usually been profit makers, not affected by direct government transfers, in contrast to other SGEI. We study the effects of privatisation and other reforms on consumer prices using both subjective data on consumers’ perception of utility prices and data on average prices paid.

[1]  Michael G. Pollitt,et al.  The arguments for and against ownership unbundling of energy transmission networks , 2008 .

[2]  I. Vansteenkiste,et al.  EU telecommunications and electricity markets—Heading towards price convergence? , 2001 .

[3]  J. Mairesse,et al.  Financial Factors and Investment in Belgium, France, Germany and the Uk:A Comparison Using Company Panel Data , 1997 .

[4]  M. Arellano,et al.  Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations , 1991 .

[5]  Alan Manning,et al.  Privatization, Entry Regulation and the Decline of Labour's Share of GDP: A Cross-Country Analysis of the Network Industries , 2007 .

[6]  Patrick Rey,et al.  A Primer on Foreclosure , 2007 .

[7]  Faye Steiner.  Regulation, Industry Structure, and Performance in the Electricity Supply Industry , 2000 .

[8]  Colin Kirkpatrick,et al.  Electricity sector reform in developing countries: an econometric assessment of the effects of privatization, competition and regulation , 2008 .

[9]  M. Tsutsui,et al.  Economic impact of regulatory reforms in the electricity supply industry: a panel data analysis for OECD countries , 2004 .

[10]  Jean-Jacques Laffont,et al.  Regulation and Development: References , 2005 .

[11]  Klaus M. Schmidt.  The Costs and Benefits of Privatization: An Incomplete Contracts Approach , 1996 .

[12]  M. Nerlove,et al.  Biases in dynamic models with fixed effects , 1988 .

[13]  Stefano Scarpetta,et al.  Regulation, Productivity and Growth: OECD Evidence , 2003 .

[14]  Stephen Nickell,et al.  Biases in Dynamic Models with Fixed Effects , 1981 .

[15]  R. Blundell,et al.  Initial Conditions and Moment Restrictions in Dynamic Panel Data Models , 1998 .

[16]  D. Newbery,et al.  The restructuring and privatisation of Britain's CEGB--was it worth it? , 2003 .

[17]  C. Price,et al.  Utility Privatization and Regulation: A Fair Deal for Consumers? , 2003 .

[18]  Stephen Bond,et al.  GMM Estimation with persistent panel data: an application to production functions , 1999 .

[19]  Stephen Bond,et al.  Estimation in dynamic panel data models: Improving on the performance of the standard GMM estimator , 2000 .

[20]  EU Gas Industry Reforms and Consumers' Prices , 2010 .

[21]  M. Florio,et al.  Consumer surplus and the reform of network industries: a primer , 2011 .

[22]  Robert Millward,et al.  Private and public enterprise in Europe , 2005 .

[23]  Patrick Rey,et al.  The Economics of Vertical Restraints , 2003 .

[24]  Massimo Florio,et al.  «Would you say that the price you pay for electricity is fair?» Consumers' satisfaction and utility reforms in the EU15 , 2011 .

[25]  Catherine Waddams Price,et al.  Do Consumers Switch to the Best Supplier , 2007 .

[26]  The Political Economy Of Public Sector Reform And Privatization , 1990 .