Edited by Theodore Eisenberg and Giovanni B. Ramello
Chapter 10: The comparative law and economics of energy markets
Energy markets are a perfect topic for a comparative law and economics (CLE) approach. On the comparative law side, in the last decades the energy sector has been deeply transformed by two waves of reforms. The first one aimed at opening up the energy chains to competition. This liberalization (in the US aka restructuring) process was followed by a second wave of reforms, this time aimed at increasing the environmental sustainability of the energy sector. Both transformations took place in different ways and at different paces across the world. However, most developed and a large number of developing countries were affected by them. Hence, comparing policy choices and assessing their impact has been a widely practiced exercise, both in the theoretical and in the more applied literature. On the economics side, there is a long-standing tradition of regulation studies. Much like the field of competition law, in the energy sector it would be inconceivable today to ignore the scientific contributions from regulatory economics. Thus, scholars, policymakers and market players can draw on a huge amount of information on every significant issue in energy markets.
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