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TSO–TSO seams issues

The Challenges Ahead‎ for Transmission and Distribution

Jean-Michel Glachant

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New grey areas at the frontiers of European power grids

The Challenges Ahead‎ for Transmission and Distribution

Leonardo Meeus and Tim Schittekatte

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Introduction

The Challenges Ahead‎ for Transmission and Distribution

Edited by Leonardo Meeus and Jean-Michel Glachant

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Electricity Network Regulation in the EU

The Challenges Ahead‎ for Transmission and Distribution

Edited by Leonardo Meeus and Jean-Michel Glachant

The UK model of incentive regulation of power grids was at one time the most advanced, and elements of it were adopted throughout the EU. This model worked well, particularly in the context of limited investment and innovation, a single and strong regulatory authority, and limited coordination between foreign grid operators. This enlightening book shows that since 2010 the whole context has changed and regulation has had to catch-up and evolve. The EU is entering a wave of investment, and an era of new services and innovation which has created growing tensions between national regulatory authorities in terms of coordinating technical standards and distribution systems. This is being played out against an increasingly disruptive backdrop of digitzation, new market platforms and novel business models.
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DSO–TSO seams issues

The Challenges Ahead‎ for Transmission and Distribution

Leonardo Meeus and Samson Yemane Hadush

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Continental incentive regulation

The Challenges Ahead‎ for Transmission and Distribution

Vincent Rious and Nicolò Rossetto

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Classical grey areas since the start of the internal market

The Challenges Ahead‎ for Transmission and Distribution

Leonardo Meeus and Pradyumna Bhagwat

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The British reference model

The Challenges Ahead‎ for Transmission and Distribution

Vincent Rious and Nicolò Rossetto

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US monetary policy and the global crude oil market

Prices, Production and Consumption

Basil Oberholzer

When applying the hitherto theoretical analysis to the real world, there are some additional issues that should be enlightened. In this chapter, the specific case of US monetary policy and its implementation mechanisms are taken into account both for the period of conventional and so-called unconventional policies. Moreover, the global crude oil pricing system is presented. It shows that there are many factors, in addition to theory, which contribute to uncertainty in the market. An additional section investigates how the market for crude oil is related to other energy sources like natural coal and gas. Finally, we examine how monetary policy of a single country can influence the globally integrated oil market.

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Monetary policy and crude oil: a theoretical analysis

Prices, Production and Consumption

Basil Oberholzer

The first section of this chapter is dedicated to theories of money and financial markets in general. By confronting them we argue that the economy can be best understood by perceiving money as endogenous. Moreover, financial markets are not a mere reflection of the real economy determined by general equilibrium as claimed by neoclassical economics but may themselves well impact on economic fundamentals. These general features then are applied to the crude oil market. The central characteristic of crude oil is its dual nature: it is a physical good but serves as well as a financial asset in the form of futures contracts. Monetary policy effects through transmission channels are analyzed. It is found that monetary policy influences the oil price mainly through the futures market by means of speculation. The oil price itself affects investment behaviour in the spot market. We suggest that expansive monetary policy finally gives rise to a higher oil intensity of the economy.