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1、ARTICLEINPRESSEnergyPolicy37(2009)5399–5407ContentslistsavailableatScienceDirectEnergyPolicyjournalhomepage:www.elsevier.com/locate/enpolLong-termenergysupplycontractsinEuropeancompetitionpolicy:Fuzzynotcrazya,bAdriendeHauteclocque,Jean-MichelGlachant
2、aUniversityofManchesterSchoolofLaw,OxfordRoad,ManchesterM139PL,UKbEuropeanUniversityInstituteRSCASandFlorenceSchoolofRegulation,19ViadelleFontanelle,50014SanDomenicodiFiesole,ItalyarticleinfoabstractArticlehistory:Long-termsupplycontractsoftenhaveambig
3、uouseffectsonthecompetitivestructure,investmentandReceived12February2009consumerwelfareinthelongterm.Inthenewmarketcontext,theseeffectsarelikelytobeworsenedAccepted31July2009andthusevenhardertoassess.Sinceliberalizationandespeciallysincethereleaseofthe
4、EnergySectorAvailableonline1September2009Inquiryinearly2007,theportfoliooflong-termsupplycontractsoftheformerincumbentshaveKeywords:becomeapriorityforreviewbytheEuropeanCommissionandthenationalcompetitionauthorities.ItisLong-termcontractswidelybelieved
5、thatEuropeanCompetitionauthoritiestakeadogmaticviewonthesecontractsandCompetitionpolicysystemicallyemphasizetheriskofforeclosureovertheirpositiveeffectsoninvestmentandoperation.EuropeanunionThispaperdepictsthemethodologythathasemergedintherecentlineofc
6、asesandarguesthatthisinterpretationislargelymisguided.Itshowsthatamultiple-stepapproachisusedtoreduceregulationcostsandbalanceanti-competitiveeffectswithpotentialefficiencygains.However,ifaneconomicapproachisnowclearlyimplemented,competitionpolicyiscons
7、trainedbytheproceduralaspectofthelegalprocessandtheremediesimposedremainopenfordiscussion.&2009ElsevierLtd.Allrightsreserved.1.Introductionthedifferentmemberstatesandthustocarryanaggressivepolicyofhorizontalde-integrationwhichwouldprobablydeliverbetter
8、Long-termsupplycontracts(LTC)remainapervasivefeatureofandfasterresults(GreenandNewbery,1997;Newberyetal.,mostEuropeanenergymarketsdespitetheprogressofliberal-2003).Inaddition,thelackofanEU-wideenergyregulatorwithization(DGCOMP,2007).Tog
