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Brau, Rinaldo; Doronzo, Raffaele; Fiorio, Carlo V.; Florio, Massimo (2008)
Publisher: CRENoS
Types: Unknown
Subjects: SECS-P/02 Politica economica, SECS-P/01 Economia politica
The paper offers an exploratory empirical analysis of the impact on consumers’ welfare of the reforms of the gas industry in EU-15 area. After considering the key features of the natural gas industry and of its reform in selected countries, we study the relationship between regulatory reform indicators and price dynamics by means of panel data techniques. We find that none of the relationships between price dynamics and regulatory reform indicators is robust to different econometric specifications. Our findings suggest that until now there is limited evidence of beneficial effects of a standard package gas industry reforms for the European consumers. Country specific factors and price inertia seem to be more important than the reforms as determinants of consumers’ prices.
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