Published October 2001
| Version v1
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Development of Financial Hedging Markets in the Gas and Electric Power sectors
Creators
- Sevi, Benoit
- Centre de Recherche en Economie et Droit de l'Energie - Creden, Universite Montpellier 1, Faculte d'Economie, Avenue Raymond Dugrand, CS 79606, 34 960 Montpellier Cedex 2 (France)
- Institut Francais de l'Energie/Conseil Francais de l'Energie - CFE, 12 Rue de Saint-Quentin, 75010 Paris (France)
Description
Does the use of derivative products in the fields of gas and electric power correspond to a transitional situation, linked to uncertainties relating to deregulation? In order to provide answers to this question, the underlying conditions underlying the existence of a futures market are examined. It is shown that these conditions, in the case of products organized in a network - which moreover are non-storable or almost - are not met. Another handicap to the development of these markets is the phenomenon of concentration of energy industries, which is starting and tending to increase at present. Deregulation is favorable to hedging markets, as a source of uncertainty; symmetrically, any re-concentration is unfavorable to these markets
Abstract (French)
La question posee est la suivante: Le recours aux produits derives dans les domaines du gaz et de l'electricite, correspond-il a une situation transitoire, liee aux incertitudes relatives a la deregulation? Nous nous attacherons, pour apporter des elements de reponse a cette question, a examiner les conditions profondes qui sous-tendent l'existence d'un marche a terme. Nous montrerons que ces conditions, dans le cas de produits organises en reseau - qui plus est non-stockables ou presque - ne sont pas reunies. Autre handicap au developpement de ces marches, le phenomene de concentration des industries energetiques, qui demarre et tend a s'accentuer actuellement. La deregulation est favorable aux marches de couverture, en tant que source d'incertitudes; symetriquement, toute re-concentration est defavorable a ces marchesFiles
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Additional details
Additional titles
- Original title (French)
- Developpement des Marches Financiers de Couverture sur les secteurs du Gaz et de l'Electricite
Publishing Information
- Imprint Pagination
- 102 p.
- Report number
- FRNC-TH--12400
INIS
- Country of Publication
- France
- Country of Input or Organization
- France
- INIS RN
- 53012174
- Subject category
- S29: ENERGY PLANNING, POLICY AND ECONOMY;
- Resource subtype / Literary indicator
- Thesis
- Descriptors DEI
- COMPETITION; DEREGULATION; ECONOMIC DEVELOPMENT; ECONOMIC IMPACT; ECONOMIC POLICY; ELECTRIC POWER INDUSTRY; ENERGY POLICY; FINANCING; HORIZONTAL INTEGRATION; MARKET; NATURAL GAS INDUSTRY; RELIABILITY; SECTORAL ANALYSIS; VERTICAL INTEGRATION
- Descriptors DEC
- GOVERNMENT POLICIES; INDUSTRY
Optional Information
- Notes
- 52 refs.; Available from the INIS Liaison Officer for France, see the INIS website for current contact and E-mail addresses