Structural change in European power and gas industries

After decades of stability the European power and gas industries are now undergoing fundamental changes. Made possible by policy reforms and technological developments, these changes are largely driven by commercial forces which have developed their own momentum and dynamics. New commercial risks are a key feature of the emerging market order and companies cannot protect themselves through a ''no move strategy''. This report explores the key changes and examines the emerging commercial strategies in response to the new environment. (author)