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The European gas sector: political-economy implications of the transition from state-owned to mixed-owned enterprises

In: The Reform of Network Industries

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  • Roberto Cardinale

Abstract

This chapter analyses how the transition from state-owned enterprises (SOEs) to mixed-owned enterprises (MOEs) in the European gas sector affected the European states’ ability to pursue public policy objectives. More specifically, the analysis focuses on the extent to which public and private interests can be reconciled within MOEs’ strategy. The chapter suggests that the rise of profitability as the central objective for MOEs has prevented states from pursuing some, though not all, of the policy objectives that they could pursue before the transition. For example, states can no longer pursue large-scale plans of economic and technological development through MOEs, or ensure consumers’ price affordability irrespective of market fluctuations. However, states may still be able to positively contribute to energy security thanks to the major shares held in MOEs, for instance by vetoing divestment from import infrastructure. The analysis suggests the need for states to devise alternative ways to pursue their objectives in the framework of national and European energy policy.

Suggested Citation

  • Roberto Cardinale, 2017. "The European gas sector: political-economy implications of the transition from state-owned to mixed-owned enterprises," Chapters, in: Massimo Florio (ed.), The Reform of Network Industries, chapter 11, pages 220-234, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17760_11
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    Cited by:

    1. Cardinale, Roberto, 2019. "Theory and practice of State intervention: Italy, South Korea and stages of economic development," Structural Change and Economic Dynamics, Elsevier, vol. 49(C), pages 206-216.
    2. Roberto Cardinale, 2022. "State-Owned Enterprises’ Reforms and their Implications for the Resilience and Vulnerability of the Chinese Economy: Evidence from the Banking, Energy and Telecom Sectors," Networks and Spatial Economics, Springer, vol. 22(3), pages 489-514, September.
    3. Cardinale, Roberto, 2019. "The profitability of transnational energy infrastructure: A comparative analysis of the Greenstream and Galsi gas pipelines," Energy Policy, Elsevier, vol. 131(C), pages 347-357.
    4. Cardinale, Roberto & Belotti, Emanuele, 2022. "The rise of the shareholding state in Italy: A policy-oriented strategist or simply a shareholder? Evidence from the energy and banking sectors’ privatizations," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 52-60.

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