Their social utility cannot go hand in hand with a bloated stock market liquidity3 billion pounds according to Merrill LynchSome 100 million of these machines have elapsed in the world He grows a lateralism form over functionThe election does not guarantee democracyPassersby bulge eye or burst out laughingSwaps specialists role growing in several marketsClearly the refusal must be firmly substantiatedBut it is also known to speak when neededMore a market is liquid most operations are fast and intense exchangesFrench-Italian day energy, today organised by Sciences po with the two embassies, the pattern of Enel book "echos" his vision of the Enel-Suez-gas of France drama.
The European energy market shows a gradual integration of national electricity transmission networks. These gradually gave birth to four or five large 4,491 supranational which must promote, in the longer term, the formation of a single European market. The convergence of national electricity prices also clearly indicates that integration of markets is underway and will not stop. In some regions (notably the continental Northern Europe), the increase in demand has not found an increase in the corresponding capacity due to the decline in the volume of investments in recent years. This imbalance, despite the availability in these regions of low costs, such as nuclear energy, resulted in the increase in energy prices at certain times "critical". Both and if while countries such as the Italy began to export electricity to neighbouring countries.
At the same time, the major suppliers of raw materials concentrate to further strengthen their already dominant position. These agreements strongly highlight the fragility of the continental energy system. Dependence which suffers today Europe is obvious: for example, the Italy is important to 84 of the energy sources of oil and gas producing countries.
Policies, however, Europe continues to believe in the future of the "national champions", instead of promoting a symmetric liberalization policy in all countries.
The solution to this problem is to create "European champions" effective and efficient electric energy to open markets to true competition, to support investments in the development of the sector and also to differentiate technologies for the production of energy.
However, so far, European countries have adopted very different policies of opening the energy market. If we take the Italy, liberalization allowed the main competitors of Enel to enter its market massively: EDF acquired directly and indirectly a significant position on the Italian market, and SFM, Endesa, Electrabel and other actors again. The result is that Enel now produces only 33 of the electricity in Italy.
This opening, in Italy, led, on the one hand, to increase the investment (even if almost entirely in cycle plants combined gas) and, on the other, to reduce by 12 in real terms in the ten years electricity rates, while over the same period, the price of oil increased by seven times. A so much so that the price of the energy of the other countries joined, and sometimes even exceeded, Italian prices, despite a distribution of very negative Italian production sources.
Very significant investments are needed to cover the increase in energy demand and ensure energy in abundance and low-cost European consumers. Europe's energy needs more of 1.000 billion euros in the coming years: it is clear that tariffs and regulation must ensure sufficient return business to make economically sustainable investments.
That we left to do to remedy this energy Europe small and fragmented First, it must abandon the nationalistic designs the so-called economic patriotism which, inevitably, will turn against the consumer and, de facto, impairs the ability of Europe to cope with the major producing countries. Need to increase the level of interconnections, achieve a true free competitive market with major actors present in energy 4,491 and invest more in research and innovation. All this requires large financial resources and a vision of long term that only large operators can offer. It is the right time to act: the globalization of the energy is running, and Europe must catch up with the delay.
