Abstract (EN)

Since the late 90s,, European industries of electricity and gas have been subject to a process of concentration at both horizontal and vertical levels. At first glance, this consolidation is quite natural since, on the one hand, the application of European directives to open to competition has changed the scope of markets and, on the other hand, the technologies are mature and subject to economies of scale. Concentration created a European oligopoly. The analysis of this consolidation cannot be limited to the traditional concentration indicators and increase of market power. The analysis should also consider the properties of the energy industry with new market structures in terms of dynamic efficiency (the ability to ensure security of supply, investment and innovation)