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Regulating energy prices in times of crisis
In recent months, the energy sector has been faced with an explosion in prices on the wholesale gas and electricity markets. This sharp and prolonged rise in wholesale prices is due in particular to two factors putting pressure on supply: reduced gas deliveries from Russia (and the threat of a complete shutdown) and the shutdown of certain nuclear reactors in France. But the way in which these two events affecting energy supply affect retail prices is a consequence of the way markets work.
By way of example,
- the mechanisms for raising price ceilings on wholesale markets, triggered by the first peaks, have been singled out as contributing to the scale of the increase;
- the ARENH (Regulated Access to Historic Nuclear Electricity) mechanism, for its part, protects end consumers from this rise in proportion to the volumes available;
- Also, the terms of the contracts between suppliers and customers (and in particular the indexation clauses) dictate how the additional costs are shared between suppliers and customers;
- and, of course, the French government has intervened directly to block increases in regulated electricity tariffs.
In order to understand the mechanisms associated with energy price regulation instruments in times of crisis, the Governance and Regulation Chair is organising a breakfast conference on Thursday 13 October from 8.30am to 10am with the following speakers:
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Alexandre Cosquer, Member of the Executive Committee, ENGIE Global Energy Management & Sales
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Dominique Jamme, Director General, Commission de Régulation de l'Energie (CRE)
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Adrien Latourte, Vice-President of the UNIDEN Electricity Commission
The conference will be moderated by Catherine Galano, Associate Director au bureau de Paris, Cabinet Frontier Economics.
Summaries of other lectures given by the Chair on complementary subjects
Watch the replay of the conference
Watch the interview with Alexandre Cosquer, Member of the Executive Committee, ENGIE Global Energy Management & Sales
