Law and Policy of the European Gas Market
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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.
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Chapter 5: Defining and assessing the current EU gas market design

Monica Waloszyk

Extract

Each organized market has a specific configuration, which derives from the setting of its institutions, the arrangements regulating the interactions between market actors, the number of market participants, the mechanics of trade, the sequence of market models on the wholesale market and the methodologies of establishing market access tariffs. Such a configuration is generically perceived as market design. There are different ways in which market design may be defined, based on the market features listed above and the importance assigned to each of them. The common thread of all the possible definitions is the construction and matching of a set of institutions and legal tools to meet pre-defined market objectives. By default, the concept of design entails a purposefully creative or constructing action. In the case of natural gas, the EU market design has been specifically conceived in order to satisfy energy policy goals associated with the said market, while forging market integration. In its development, EU gas market design has been influenced by traditional principles of market reform (unbundling, competition, access to resources and transit lines) and has been modulated by specific energy objectives and tangential policies. Based on this premise, market design is defined, in the understanding of the present chapter, as the pattern of collaboration and distribution of responsibilities between legislative and regulatory tools operating in the EU gas market, in view of achieving predetermined energy policy objectives. The assessment of EU gas market design relies on two complementary sets of arguments.

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