The liberalisation of the electricity sector has been a very important development worldwide in the past two decades, and is still an ongoing process in many transition countries. This course aims to provide a thorough introduction to the most important economic issues surrounding the creation and successful operation of electricity markets. Topics discussed during the first half of the week include an explanation of relevant economic concepts, the characterisation of competitive and oligopolistic markets, the dangers of market power abuse and the effect of the presence of essential facilities on market operation. Within this general market framework, the second half of the course will cover the special issues regarding the demand and supply of electricity, the design of various market structures and the role of the electricity network in a competitive environment.
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