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Developing Futures Markets for Electricity in Europe

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  • Eirik Schroder Amundsen
  • Balbir Singh

Abstract

Risk sharing instruments, which allow consumers and producers to hedge their price-risk, are additional essential elements of the electricity reorganization process presently taking place in Europe. This paper involves tin analysis of the feasibility of establishing futures markets in the electricity sector in general and with special emphasis on steps undertaken in the United Kingdom and Norway. Even though there seems to be sufficient price uncertainty to warrant the development of futures markets, there remains the question of whether the underlying new spot-markets are yet sufficiently competitive and well-functioning. Monopolistic elements in electricity generation make it doubtful whether efficiency can be obtained through the intended (Bertrand) price competition in the spot-market. Additional problems may arise from the potential adverse response of dominant multi-objective public enterprises to the new futures markets.

Suggested Citation

  • Eirik Schroder Amundsen & Balbir Singh, 1992. "Developing Futures Markets for Electricity in Europe," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 95-112.
    • Handle: RePEc:aen:journl:1992v13-03-a05
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    Cited by:

    1. Hartman, Raymond S. & Tabors, Richard D., 1998. "Optimal operating arrangements in the restructured world: economic issues," Energy Policy, Elsevier, vol. 26(2), pages 75-83, February.
    2. D'Ecclesia, Rita Laura & Gallo, Crescenzio, 2002. "Price-caps and Efficient Pricing for the Electricity Italian Market," MPRA Paper 10048, University Library of Munich, Germany.

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    JEL classification:

    • F0 - International Economics - - General

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