4303ALL-“Å‘I

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2 VEBAVIAG E.ON 11RWE VEW RWE BEWAG HEW VEAG Laubag 2003 EnBW Lise et al.[2003] Lise et al.[2003] p.15.

3 E.ON E.ON E.ON E.ON E.ON E.ON E.ON 20047E.ON UK RWERWE BEWAGHEW E.ON E.ONE.ON E.ON 6 2,000 74% 4 6, % E.ON 70% E.ON E.ON E.ON E.ON E.ON EnBW DAS E.ON, Brunekreeft and Twelemann [2005] p.104.

4 Müller and Wienken2004 Müller /kwh EEX 2002 Müller

5 Müller 39% 100% 61% % CO2 Müller and Wienken [2004] pp

6 % Stadtwerke München Stadtwerke Düsseldorf

7 20022% Erneuerbare-Energien-Gesetz (EEG) Gesetz für die Erhaltung, die Modernisierung und den Ausbau der Kraft-Wärme-Kopplung p.32, 2005p Gesetz zum Einstieg in die ökologische Steuerreform % % % 11 CO2

8 3 EEX /MWh /MWh E.ON Europower (

9 13 4CO2 EU CO2CO2 EU EEX CO2 10/t-CO /t-CO Capgemini in collaboration with Société Générale Cross Asset Research [2005] p.4, Sijm et al. [2005] p.10.

10 Lise et al.[2003] 15 Lise et al.[2003] kwh 15 Lise et al. op.cit., p Ibid., pp.5-6.

11 EnBW %5% % x x b Lewis VDEW [2005] p Commission of the European Communities [2005] p Dorlan and Simon [1996] 1 pp Dorlan and Simon bp Lewis [2003] p.39.

12 VDEW 22 Lise et al.[2003] 23 VDEW % % 90% König [2002] liquidity 22 Böhmer [2003] p Lise et al. op.cit.,p VDEW, ICH [2004] p.10.

13 26 VDEW ,200 96% EEX LPX LPXEEX EEX EEX Müsgens [2004] König [2002]. 27 VDEW, ICH, op.cit.,p Müsgens [2004] p p.248

14 % 77% 2 31 Müsgens [2004] M&A 30 Müsgens [2004] EEX pp Ibid., p Ibid., pp

15 a 2004a 2004bCSR 2005b

16 p.44, p.327

17 Porter et al.[2000]

18 Böhmer, T. [2003], Germany, Energyforum Global Report 2003/2004, Competitive Energy & Utilities Marketing, pp Brunekreeft, G. and S. Twelemann [2005], Regulation, Competition and Investment in the German Electricity Market: RegRP or REGTP, The Energy Journal 2005, pp < nl/tilec/publications/publisheduk/regulation.pdf> Accessed 15 March Capgemini in collaboration with Société Générale Cross Asset Research [2005], European Energy Markets Observatory: 2004 and Winter 2004/2005 data set Seventh edition, October 2005, Capgemini. < 2005/> Accessed 14 March Commission of the European Communities [2005], Technical Annexes to the Report from the Commission on the Implementation of the Gas and Electricity Internal Market, Commission Staff Working Document, SEC (2004) 1720, Brussels, < benchmarking/doc/4/sec_2004_1720_en.pdf> Accessed 15 March Dorlan, R. J. and H. Simon [1996], Power Pricing: How Managing Price Transforms the Bottom Line, The Free Press. [2002] ICH Industrieanlagen Consulting & Handel GmbH [2004],, pp König, U. [2002], The Rise and Fall of Independent Electricity Retailers in Germany, 20 th System Dynamics Conference, July 20August 1, 2002.< pdf > Accessed 23 March Teece [1984]

19 Lewis, P. E. [2003], Efficient Loyalty Through Understanding Customers, Competitive Energy and Utilities Marketing Conference, 8-9 December Lise, W., C. Kemfert and R.S.J.Tol [2003], Strategic Action in the Liberalized German Electricity Market, Nota di Lavoro , Fondazione Eni Enrico Mttei, January Müller, C. and W. Wienken [2004], Measuring the degree of economic opening in the German electricity market, Utilities Policy, 12-4, pp Müsgens, F. [2004], Market Power in the German Wholesale Electricity Market, EWI Working Paper, Nr < Accessed 14 March Porter, M.E., H. Takeuchi and M. Sakakibara [2000], Can Japan Compete?, Basingstone, Macmillan. E Sijm, J.P.M., S.J.A. Bakker, Y. Chen, H.W. Harmsen and W. Lise [2005], CO2 price dynamics: The implications of EU emissions trading for the price of electricity, Energy research Center of the Netherlands, ECN-C , September Teece, D. J. [1984], Economics Analysis and Strategic Management, California Management Review, 26-3, pp VDEW [2004], Markt und Daten, Stand, VDEW [2005], Electricity Market Germany, Facts and Figures on Electricity Supply, VDEW [2006], Markt und Daten, Januar , NTT 2004a,2004 5pp b,CSR pp a, pp b, pp a 5 1 pp b, pp pp

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