Open Access BASE2021

The European Target Model in energy markets. Objectives, challenges and prospects

Χαλκιαδάκη, Ηλέκτρα; Chalkiadaki, Ilektra

Open Access

Abstract

The aim of the present master's thesis is to represent the evolution of energy markets in the European Union from a fragmented monopolistic structure to a unified competitive form and the way in which a single energy market in the Union is gradually being established, through the adoption of common rules and the development of interconnections. This internal energy market which is named Target Model and constitutes one of the major intentions of the European Union, is being examined from a legal perspective in the following chapters. Specifically, the first chapter of the thesis attempts to represent an overview of the legislative framework that has been adopted in succession by European Commission towards the liberalization and unification of the energy market, namely the four energy legislative packages that have determined the structure and the operation of the European electricity market. In the second chapter we examine the basic forms of power markets depending on their degree of competition, as well as we examine the transformation of the energy markets to mandatory pool systems or power exchange models. The third chapter of the thesis consists of an analytical overview of the Target model operation, which is mainly based on the power exchange model, as well as the coupling of national markets. Chapter four refers to the establishment of the network codes, which have been enacted in order to facilitate and secure the well-functioning of the single market through common rules on market integration, operation and interconnection procedures. In chapter five, a more specific reference to the electricity system of Greece is made, while chapter six consists of a general conclusion over the progress that has been made so far in the energy field regarding the unification of the market, as well as over the obstacles that have to be overcome by European Union in order to finally realize the goal of a fully integrated electricity market.

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