Law and Policy of the European Gas Market

Law and Policy of the European Gas Market

Monica Waloszyk

Law and Policy of the European Gas Market explores the law and politics of the EU gas market and in particular, the regulatory and competitive choices of institutions and bodies operating on the market, with a view to achieving a higher level of market integration. The book firstly addresses the latest stage in the EU gas market regulatory reform, while critically interpreting the preliminary effects of this reform. Secondly, it provides a comprehensive analysis of the topic due to the fact that it draws both on legislative and political science approaches. Monica Waloszyk concentrates on the latest legal developments on the EU gas market, while taking into consideration the geopolitical environment surrounding and fuelling such developments. Her insightful conclusions contribute to the discussion of the reassessment of the concurrent application of competition law and regulation in the EU gas market.

Chapter 1: Introduction

Monica Waloszyk

Subjects: economics and finance, energy economics, environment, energy policy and regulation, law - academic, energy law, european law, regulation and governance

Extract

On 3 March 2011, the Third Energy Package (TEP) entered into force in the EU. In comparison to its predecessors, the package appears to be more focused on delivering an integrated energy market, in which regulatory processes across the Member States are coordinated and harmonized, the market interconnection is strengthened and the capacity of the Union to react in the eventuality of a supply crisis is reinforced. In this respect, the focus of the latest stage of the European Commission’s attempt to reform the European Union’s (EU) electricity and gas markets stretches beyond the mere liberalization of the energy market, towards the achievement of an integrated administration to govern an integrated EU gas market. The goal of energy market integration – at times associated with or overlapping the goal of market liberalization – has been pursued to a certain extent by the EU Commission from the beginning of the energy sector reformation. However, the clarity of its articulation has been highly influenced by both internal and external factors. Over the last two decades, European energy markets in general, and gas and electricity markets in particular, have undergone an important restructuring process. During this process the role of market actors, the internal market structure and design, and the international energy context have evolved. This accumulation of economic, political and societal factors on national, regional and international levels has influenced and at times steered the direction taken by the European energy legislation.