Titlebook: Regulation of Energy Markets; Economic Mechanisms Machiel Mulder Textbook 20211st edition The Editor(s) (if applicable) and The Author(s),

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Microeconomic Perspective on Regulating Energy Markets,nomic concepts and the theoretical benchmark of perfectly functioning markets. It shows that in such markets optimal welfare is achieved, which means that the allocation of goods is done in the best possible way. This chapter also explains the conditions for having perfectly functioning markets and

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Reliability of Energy Supply as Semi-public Good, and, as a consequence, its provision is not fully secured by the market. This chapter first explains how the functioning of energy markets and networks is interrelated before discussing regulatory measures which can be taken to ensure reliability of energy supply. Section . goes into the organizati

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Market Power in Wholesale and Retail Energy Markets,ce market prices. This vulnerability is related to a number of factors: low price sensitivity of demand, inflexibility of supply, limited abilities to store energy, and restricted capacities of the transportation network. These characteristics are discussed in Sect. .. First, Sect. . discusses the g

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International Restrictions on Trade in Energy,e functioning of energy markets. This chapter first discusses the negative effects of international trade barriers on productive efficiency (i.e. costs per unit of production), allocative efficiency (i.e. intensity of competition and international differences in prices) and security of supply (Sect.

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