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Analysis of eu wholesale electricity and gas markets

Informe, preparado por Moffatt Associates para la Comisión Europea, que trata de identificar y evaluar los factores clave que impactan en la liquidez y la eficiencia de los mercados mayoristas de electricidad y de gas de la UE.
Moffatt Associates (MA) were commissioned to conduct this study in January 2008, and the report was published and circulated to the market in July 2008.
The objectives of this study were as follows:
  • An analysis of current market expectations relating to likely future market liquidity for gas and electricity, covering energy exchanges, OTC trading and bilateral contracts.
  • An analysis of the current political, economic and institutional factors encouraging or inhibiting the growth in traded volumes and market liquidity, with particular emphasis on weighting the relative importance of barriers to improving wholesale market liquidity.
  • An analysis of the factors impacting on current and future wholesale energy prices and market volatility.
  • An analysis of the likely impact on wholesale market liquidity, price formation and market efficiency of more disclosure of physical and financial data, with particular reference to the likely impact of the transparency measures currently proposed by the EU Commission and ERGEG.
  • An analysis of market views on the need for more transactions transparency and the value that increased regulatory oversight could have in helping regulators identify or prevent market manipulation.
  • An analysis on how best wholesale market liquidity could be improved, with particular emphasis on the possible rold and effectiveness of (a) more legislation, (b) more regulation and/or (c) greater co-operation between all market participants.

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