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Just as the previous edition, the new book contains 15 contributions by Energy Law Lawyers, Practitioners and Academics from leading European Institutions.
Among the main themes of the book, this year’s edition concentrates on energy markets from a European perspective. In this respect, Dr. Jorge Vasconcelos, former President of CEER, offers his valuable insight on the European Energy Market as the Foreword to this edition.
The first section of the book deals with the International Aspects of EU Energy Markets. Logically, the thorny relationship between the EU and Russia, it’s main gas supplier, is analysed both from a policy and legal perspective under the realm of the emerging solidarity principle that can be found in the new Lisbon Treaty. Departing from the usual scope of analysis of EU-Russia energy relations, the book also provides an interesting perspective on the reform of the Russian electricity market and the influence the EU regulatory experience had on this process.
Finally, the political and legal implications of the extension of the EU energy acquis abroad is further tackled through the analysis of the Energy Community Treaty passed between the EU and the South Eastern European States. The underlying question being whether the use of the EU Energy Acquis abroad is desirable or even realistic?
Section 2 of the book then deals with the Competition Aspects of EU Energy Markets. Among the contributions that constitute this section, the major issues of third party access to energy networks, long-term gas contracts and the development of merchant lines in Europe receive great attention. Naturally, the most recent case law of the ECJ is examined in some detail by the various authors of these papers.
Besides these central topics, the importance of the New Energy Agency (ACER) in the completion of competitive EU energy markets is also tackled. Indeed will the powers afforded to the new Agency be sufficient to push forward Europe’s energy market policy?
Section 3 of the book, although constituted by one single contribution, offers an interesting viewpoint about the question of Gas Trading Markets and their legal ins and outs. Here attention is devoted to an analysis of the main features of the standard framework contracts typically entered into for trading on such markets. Besides, some reflections are also made on the current and future role of gas trading markets and gas-indexed prices from a regulatory and policy perspective.
Finally to complete the book, section 4 develops the topic of Green Energy Markets both from a European and International perspective. The emergence of a green energy market being closely related to the development of new technologies, section 4 contains an interesting contribution about the specific relationship between legal culture and energy technology innovation in the field of climate change policies. Amid projects that relate to such technological innovation, the very topical Clean Development Mechanism better known as the CDM is thus reviewed in a specific paper.
This contribution examines the legal and political problems which have been identified regarding this specific mechanism. This having been done, the paper then goes on to propose a number of possibilities to address the EU’s concerns about the CDM and ensure its continued role in the future international climate change regime. The issue of the emergence of a Green Energy Market raising possible trade issues, the book also deals with the relationship between a possible carbon tax and WTO trading rules. The conformity of possible trade measures in EU Climate change legislation with the international obligations of the EU under WTO are consequently critically examined in the light of WTO rulings and EU regulation.
The last contribution brings a comparative aspect to the issue of Green energy markets as it focuses on the analysis of the regulation of renewable energy certificates (RECs) in the US under a trade perspective. Interestingly some of the issues and arguments raised in the US regarding these certificates come close to those that have also emerged at the EU level. This may thus help to identify common goals and strategies towards sustainable development.
The book will hopefully prove an invaluable tool for those who which to remain abreast with the latest developments in EU energy and climate change mitigation law at the EU level.