European Regulatory Economics

The aim of the course is to discuss the fundamental principles of Industrial Economics, the Economy of Network Industries and the principles of Regulation Economics. The theoretical analysis will be applied to the energy sectors. We will analyze their industrial structure, the organization and governance and how they have changed as a result of the important changes introduced by the European reforms of liberalization, privatization, unbundling and price regulation. We will discuss the impact of these reforms on market prices and consumer welfare. The new and different forms of public intervention aimed at pursuing political objectives to reduce greenhouse gas emissions and energy security will also be discussed. We will analyze the main economic instruments adopted to achieve environmental goals at a European and national level: the European Emissions Trading Scheme; incentives to support renewables; the carbon tax. Finally, we will discuss the evolution of the role of the State and of the public enterprise in the services of general interest in relation to performance objectives, environmental quality and innovation.

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