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Title: The transition from the national to the EU model of energy governance and its implications for energy firms, governments and consumers : a comparative analysis of the Greenstream and Galsi gas pipelines
Author: Cardinale, Roberto
ISNI:       0000 0004 8500 0957
Awarding Body: UCL (University College London)
Current Institution: University College London (University of London)
Date of Award: 2019
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The thesis analyses the economic and political implications of the ongoing transition from the national to the EU model of energy governance, which began in the 1990s as an effect of the EU liberalization of the energy market. The EU model is based on the logic of market liberalization, which holds that consumers' interests are best served through market competition rather than protection of national champions. This policy has had the effect of encouraging cross-border mergers within the EU, while unbundling supply chains and depriving former State-Owned Enterprises (SOEs) of financial and political support. The thesis focusses on the effects of liberalisation on the markets for gas import. Analysing this aspect is crucial because of the large-scale effects it has on energy security, as Europe currently imports more than two thirds of the gas consumed, which in turn account for more than a third of the energy mix. Through a case study of undersea gas pipelines connecting North Africa to Europe, the thesis explores the effects of liberalisation on the interests of energy firms, governments and consumers. It finds that liberalisation (i) has increased transaction costs between exporting and importing firms, sometimes jeopardizing the realisation of transnational gas infrastructure; (ii) has allowed governments to veto divestments from assets that are strategic for energy security, but has prevented them from pursuing large-scale investments in the energy sector and ensure consumers' price affordability irrespective of market fluctuations; (iii) has reduced European firms' bargaining power vis-à-vis exporting firms, which, in the long term, will result in higher costs of import and higher prices for consumers. To overcome these limitations, the thesis proposes policies that reconcile the EU principles of market competition with the specificities of the European gas sector, which is a precondition for energy security, consumers' welfare and economic prosperity in Europe.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available