Winners or losers?: State measures in crisis management and the energy markets

Somosi, Sarolta (2012): Winners or losers?: State measures in crisis management and the energy markets. Published in: Crisis Aftermath: Economic policy changes in the EU and its Member States, Conference Proceedings, Szeged, University of Szeged , Vol. ISBN 9, (2012): pp. 481-495.

Abstract

Several studies have been made about the present global financial crisis that has affected real economy as well. We know the root causes and its consequences. However we found a sector that has not been examined comprehensively in inland studies on the ground of changing environment. It is worth examining the effects on energy sector on the basis of their stages and impacts. Among governmental responses we can find several that hit energy markets, like super-taxes, privatisation or the broadening of state ownership. National supports were introduced for the handling of the financial crisis within the energy sector. However we must add that energy market supports served rather development purposes and not company salvage like we have seen it in other sectors. Also competition rules remained almost as consistent as we experienced it before. Moreover, if recent EU level energy policy projects come true, energy sector can even realize profit from the crisis. Future of the European energy markets depends on the recognition and exploitation of the possibilities coming from new circumstances.

• Item Type: MPRA Paper
• Language: English
• Keywords: energy markets; economic crisis; state measures
• Subjects: H - Public Economics > H1 - Structure and Scope of Government; L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L95 - Gas Utilities ; Pipelines ; Water Utilities; L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L94 - Electric Utilities; L - Industrial Organization > L5 - Regulation and Industrial Policy > L50 - General

References

Adósságkezelő privatizáció (2010): Privatisation for debt management. Világgazdaság Online, 18 March.

Az MVM-é lehet a gáz üzletág (2011): The gas division may be the MVM’s. Világgazdaság Online, 15 July.

Commission of … (2009): State Aid Scoreboard - Autumn 2009 Update – Facts and figures on State aid in the EU Member States. Commission Staff Working Document Accompanying the Report from the Commission, {COM(2009) 661} final, SEC (2009) 1638, Brussels.

Connor, S. (2009): Warning: Oil supplies are running out fast. The Independent, 3 August.

Dessewffy T. (ed.) (2009): Válságkezelés a nagyvilágban (Crisis management in the world). DEMOS Magyarország, 1 November.

Diszkriminatívnak tartja a Mol az INA-részvények felügyeleti blokkolását (2011): Mol deems the supervisory block of INA-shares discriminative. Origo Online News Site, 17 May.

Drauz, G. – Chellingsworth, T. – Hyrkas, H. (2010): Recent Developments in EC Merger Control. Journal of European Competition Law & Practice, 1, 1, pp. 12-26.

European Commission (2009): Europe’s energy position, markets and supply. Market Observatory for Energy, Directorate General for Energy, European Commission, Brussels.

European Commission (2010a): Europe’s energy position, 2010 Annual Report. Market Observatory for Energy, Directorate General for Energy, European Commission, Brussels.

European Commission (2010b): Proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 663/2009 establishing a programme to aid economic recovery by granting Community financial assistance to projects in the field of energy, COM(2010) 283, final, Brussels.

European Commission (2010c): Europe 2020 A strategy for smart, sustainable and inclusive growth. Communication from the Commission, 3rd March, COM(2010) 2020 final, Brussels.

European Commission (2011a): State aid Scoreboard Report on State aid contribution to Europe 2020 Strategy Spring 2011 Update, COM(2011) 356 final, Brussels.

European Commission (2011b): The Internal Energy Market – Time to Switch into Higher Gear, Non-paper. Downloadable: http://ec.europa.eu/energy/gas_electricity/legislation/doc/20110224_non_paper_internal_nergy_market.pdf

European Commission (2011c): State aid Scoreboard Report on state aid granted by the EU Member States. Autumn 2011 Update, COM(2011) 1487 final, Brussels.

European Commission (2011d): The effects of temporary State aid rules adopted in the context of the financial and economic crisis. Commission Staff Working Paper, SEC(2011) 1126 final, October, Brussels.

European Commission (2011e): Report from the Commission to the Council and the European Parliament on the Implementation of the European Energy Programme for Recovery, 2011.4.20. COM(2011) 217 final, Brussels.

European Parliament and the Council (2009): Regulation of establishing a programme to aid economic recovery by granting Community financial assistance to projects in the field of energy (13 July 2009) EC 663/2009.

Feibelman, A. (2011): Today’s Utility Mergers: The Search for Financial Strength. Oliver Wyman Utilities, Energy.

Feldner, J. – Thalhammer, D. (2011): EU Industry Sectors – Energy. In Global Competition Review: The European Antitrust Review 2012. Downloadable: http://www.globalcompetitionreview.com/reviews/37/sections/131/chapters/1388/energy/#ftn_1

Ficoék visszavásárolták a Transpetrol 49 százalékát (2009): Fico bought back 49 percent of Transpetrol. Parameter, 26 March.

Fouquet, D. (2009): Economic Crisis, Rescue Packages in EU 27 and Renewable Energy. European Sustainable Energy Policy Seminar INFORSE – EREF April 28, Brussels, Downloadable: http://www.inforse.org/europe/seminar09_BXL.htm

Galambos M. (2011): “Az INA horvát nemzeti vállalat kell, hogy maradjon” (“INA must remain a Croatian national company”) – interview with the Chairman of the Supervisory Board of INA. Origo Online News Site, Üzleti Negyed, 14 July.

Galambos P. (2011ª): Horvátországban mi vagyunk az oroszok (We are the Russians in Croatia). Online News Site, Üzleti Negyed, 26 May.

Galambos P. (2011b): Így bukhat el a görög válságkezelés (The Greek crisis management may fall like this). Origo Online News Site, 5 July.

Haney, A. B. – Pollitt, M. G. (2010): New Models of Public Ownership in Energy. EPRG Working Paper 1030, Cambridge Working Paper in Economics 1055, University of Cambridge, September.

Hayles, A. – Normander, B. (2011): Economic Crisis Provides the Momentum for Green Tax Reform in Europe. Worldwatch Institute Europe. Downloadable: http://www.worldwatch-europe.org/node/47

Houssin, D. (2009): Current energy markets drivers, Looking beyond the economic crisis. International Energy Agency, 26 May, Montreux.

Johnstone, H. (2009): EU energy market liberalization finalized – well, almost! Power Engineering International, 1 May.

Kis lépés ez… - Megindult a német árampiacon a Gazprom (2011): One small step… – Gazprom eyes German electricity market. Portfolio.hu Online Economic Journal, 14 November.

Kroes, N. (2009): Lessons Learned from the Economic Crisis. Address to Committee on Economic and Monetary Affairs, European Parliament, SPEECH/09/420, Brussels, 29 September.

Laki M. – Voszka É. (2010): Körkép a magyarországi versenyhelyzetről (Panorama of the competition in Hungary). In Laki M. – Voszka É. (eds.): Kaleidoszkóp, Versenyhelyzet Magyarországon (Kaleidoscope, Competition in Hungary) 2008-2009. Pénzügykutató Rt.

Lomas, U. (2011): EU To Revise Energy Tax Directive, Tax-News.com, 14 February, Brussels.

Mentőövbe rejtett államosítás… (2009): Socialization hidden in safety net… Felvidéki Netlap, 29 October.

Mindenkinek az INA kell! (2011): Everybody wants the INA! Vasárnapi Hírek, 10 July.

New Energy Finance (2009): Global clean energy investment dips, but avoids Q1 lows. Press Release, Bloomberg, 2 October 2009.

OECD (2009): Policy Responses to the Economic Crisis: Investing in Innovation for Long-Term Growth, June. Downloadable: http://www.oecd.org/dataoecd/59/45/42983414.pdf

OECD-IEA (2009): The Impact of the Financial and Economic Crisis on Global Energy Investment. IEA Background paper for the G8 Energy Ministers’ Meeting, 24-25 May 2009, International Energy Agency.

Reynolds, M. – Macrory, S. – Chowdhury, M. (2011): EU Competition Policy in the Financial Crisis: Extraordinary Measures. Fordham International Law Journal, 33, 6, pp. 1670-1737.

Robins, N. – Clover, R. – Magness, J. (2009): The Green Rebound. Climate Change, Global Renewable Energy, HSBC Global Research, January.

Rosemberg, C. (2010): EU unveils trillion-euro single energy market. AFP, 10 November.

Ross, K. (2011): US utility merger deals hit near-record low. Power Engineering International, 2 November.

Simon, F. (2010): Analyst: EU countries ’still reluctant’ on energy liberalisation. Interview with Georg Zachmann at EurActiv. Downloadable: http://www.euractiv.com/energy/enelyst-eu-countries-still-reluctant-energy-liberalisation-interview-259532

Szilvássy J. (2006): Újabb fenyegetés szlovák energiacégeknek (Another threat to Slovak energy companies). Népszabadság, 11 August.

Tindale, S. (2011): The Commission's energy roadmap is a missed opportunity. Centre for European Reform, 22 December. Downloadable: http://centreforeuropeanreform.blogspot.com/2011/12/commissions-energy-roadmap-is-missed.html

Vasconcelos, J. (2009): Energy regulation in Europe: regulatory policies and politics of regulation, European Review of Energy Markets, 3, 3.

Voszka É. (2011): Erős állam: a verseny feltétele vagy torzítója? (Strong state: the condition or distortion of competition?) Külgazdaság, 55, 5-6, pp. 3-30.

Wölfl, A. – Wanner, I. – Kozluk, T – Nicoletti, G. (2009): Ten Years of Product Market Reform in OECD Countries – Insights of a Revised PMR Indicator. Economics Department Working Papers No. 695, ECO/WKP(2009) 36, OECD, Paris.