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#Energy & Sustainability

Retail Energy Markets Under Stress

  • July 13, 2022
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Paper | Retail Energy Markets Under Stress

The rise in the cost of energy across Europe has put energy markets under considerable stress. CERRE is currently conducting a research project focused on both wholesale and retail European energy markets, with the aim to formulate policy recommendations for the future of market design.

Our latest issue paper entitled ”Retail Energy Markets under Stress – Lessons Learnt for the Future of Market Design”, authored by leading academics Nils-Henrik von der Fehr, Catherine Banet, Chloé Le Coq, Michael Pollitt, and Bert Willems, is the research project’s first publication and focuses on key issues related to retail markets.

The paper aims to address and provide some initial answers to the below research questions:

  • How well have European retail electricity markets been coping with the current energy crisis? How have governments responded to increasing prices?
  • What short-term measures can governments take to soften the impact of high energy prices?
  • What long-term measures can governments take to protect consumers from high energy prices?
  • What should be the role of the EU vs. the Member States? What legal constraints are imposed by EU directives and regulations?
  • Do we need to regulate the risk exposure of suppliers? What are the options for doing this?

The authors provide a brief discussion on energy retailing, before presenting four country experiences: France, Norway, the Netherlands and Great Britain. Based on these experiences, the paper subsequently attempts to draw lessons and identify challenges and opportunities for retail markets going forward.

Another short paper on wholesale market design, as well as a long-form analysis and policy recommendations report on both wholesale and retail markets, will be released later in 2022 to complement this initial paper.

Join us on Wednesday 13 July at 14:00 CEST for a presentation of the paper and its main findings, followed by a discussion with representatives from regulatory bodies, industry, civil society and policymakers.

Author(s)
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Nils Henrik von der Fehr
Nils-Henrik von der Fehr
CERRE Academic Co-Director
University of Oslo

Professor Nils-Henrik von der Fehr is Head of the Economics Department at the University of Oslo.

In addition to numerous academic positions, Nils-Henrik is a member of the European Energy Institute, and served as a Member of the Dutch Electricity Market Surveillance Committee.

His research interests include microeconomics, industrial economics, regulation and competition policy.

He holds a PhD in Economics from the University of Oslo.

Catherine Banet
Catherine Banet
CERRE Research Fellow
University of Oslo

Catherine Banet (PhD) is a Professor at the University of Oslo, Faculty of Law, Scandinavian Institute of Maritime Law, Norway.

Her fields of expertise include energy law, environmental law, competition law and EU/EEA law. Her research focuses on renewable energy, support schemes and alternative financing models, energy market design, energy infrastructures regulation, climate change mitigation measures, including carbon capture and storage (CCS).

Chloé Le Coq
Chloé Le Coq
CERRE Research Fellow
University of Paris II & Stockholm School of Economics

Chloé Le Coq is a CERRE Research Fellow and Professor of Economics at the University Paris 2 Panthéon-Assas and at the Stockholm School of Economics (SITE).

Her research interests include industrial organisation and behavioural economics, especially topics related to energy markets, anti-trust policy and social innovation.

She has held visiting positions at the University of Purdue, at the University of California Berkeley Energy Institute and at the National Singapore University.

Michael Pollitt
Michael Pollitt
CERRE Academic Co-Director
University of Cambridge

Michael Pollitt is Professor of Business Economics at the Judge Business School, University of Cambridge. He is an Assistant Director of the university’s Energy Policy Research Group (EPRG) and a Fellow and Director of Studies in Economics and Management at Sidney Sussex College, Cambridge.

He is a former external economic advisor to Ofgem. He is a member of the editorial board of the Review of Industrial Organization, Competition and Regulation in Network Industries, Utilities Policy and The Energy Journal. He was a founding co-editor of Economics of Energy and Environmental Policy.

His research interests include productivity analysis, measurement of economic reform impacts and future electricity and carbon market design and regulation.

Michael has a D.Phil. from the University of Oxford.

Bert Willems
Bert Willems
CERRE Research Fellow
Tilburg University

Professor Bert Willems, a Belgian national, is a CERRE Research Fellow and an Associate Professor of Economics at the University of Tilburg.

He is also a Research Fellow of the CentER for Economic Research, Tilburg University, and a Senior Member of Tilburg Law and Economics Center (TILEC). He is also vice-chairman of the Benelux Association for Energy Economics (BAEE). 

Bert holds a MSc in Mechanical Engineering and a PhD in Economics from the KU Leuven.

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