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The acquisition of Endesa by Gas Natural: an antitrust perspective

J. Barquín, L. Bergman, C. Crampes, J.M. Glachant, R. Green, C von Hirschhausen, F. Leveque, S. Stoft

Journal of Network Industries Vol. os-6, nº. 4, pp. 213 - 226

Summary:

Does  the  project  of  acquisition  of  Endesa,  one  of  the  two  largest  Spanish  electricity producers,   by   Gas   Natural,   the   natural   gas   Spanish   incumbent,   raise   risks   ofanticompetitive   effects?   What   remedies   may   eliminate   them,   if   any?   Spanish Authorities have to give answer to both questions to clear or prohibit the transaction since  European  Commission  stated  that  the  merger  falls  outside  its  jurisdiction.A ccording to Spanish law, several aspects have to be considered in reviewing a merger in the energy sector, including the effects on investments. Our article, however, only addresses the effects on consumer surplus. In other terms, we discuss the case from a purely  modern  antitrust  perspective:  will  the  consumer  surplus  likely  decrease  post merger? Section 1 provides an overview of the potential vertical and horizontal effects of gas-electricity mergers and acquisitions. Section 2 focuses on remedies. It explains why merger controls must be more cautious and stringent in electricity than in other sectors.


DOI reference: DOI icon https://doi.org/10.1177/178359170500600401

Published on paper: December 2005.



Citation:
J. Barquín, L. Bergman, C. Crampes, J.M. Glachant, R. Green, C von Hirschhausen, F. Leveque, S. Stoft, The acquisition of Endesa by Gas Natural: an antitrust perspective. Journal of Network Industries. Vol. os-6, nº. 4, pp. 213 - 226, December 2005.


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