Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies

<p>Uncertainty in the markets associated with COVID-19 created the need for choosing the optimal model of energy markets. At the current stage of energy markets development, oligopoly tendencies tend to prevail. The article discusses the problem of choosing an effective energy market model, us...

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Autores principales:	Nazim Hajiyev, Manafova Mansura, Elena Sverdlikova, Roman Safronov, Tatyana Vityutina
Formato:	article
Lenguaje:	EN
Publicado:	EconJournals 2021
Materias:	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5
Acceso en línea:	https://doaj.org/article/6865c13bbdb94993bc7ecab19777d162
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spelling	oai:doaj.org-article:6865c13bbdb94993bc7ecab19777d1622021-11-12T07:27:32ZOligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies2146-4553https://doaj.org/article/6865c13bbdb94993bc7ecab19777d1622021-11-01T00:00:00Zhttps://econjournals.com/index.php/ijeep/article/view/11634https://doaj.org/toc/2146-4553<p>Uncertainty in the markets associated with COVID-19 created the need for choosing the optimal model of energy markets. At the current stage of energy markets development, oligopoly tendencies tend to prevail. The article discusses the problem of choosing an effective energy market model, using the example of the electricity market. The competitive energy market of the European Union (finalized with the adoption of the Third Energy Package) was chosen as the basic model, with which the energy markets of the Russian Federation and Azerbaijan are compared. The basic indicators of the EU market were defined and compared with similar indicators for the Russian and Azerbaijani markets. The article explored the main tendencies as well as deadweight losses for Russian and Azerbaijani markets. Recommendations for improving the competitiveness of the markets are developed. The study showed that the level of market competitiveness was directly associated with the economic security of the energy market. The ways of increasing market liberalization in Russia and Azerbaijan were proposed. The proposed gradual liberalization of electricity markets involves the transition from a closed monopolistic to an open competitive electricity market, changing the institutional structure, the search for new and effective mechanisms of interaction between the buyer and seller of electricity. It also creates an opportunity to improve the quality of electricity supply, increase the investment attractiveness of the sector at large, and reduce the cost of electricity.</p><p><strong>Keywords: </strong>degree of competition; electrical power; energy markets; European Union; market model.</p><p><strong>JEL Classifications: </strong>D43, D47<strong></strong></p><p>DOI: <a href="https://doi.org/10.32479/ijeep.11634">https://doi.org/10.32479/ijeep.11634</a></p>Nazim HajiyevManafova MansuraElena SverdlikovaRoman SafronovTatyana VityutinaEconJournalsarticleEnvironmental sciencesGE1-350Energy industries. Energy policy. Fuel tradeHD9502-9502.5ENInternational Journal of Energy Economics and Policy, Vol 11, Iss 6, Pp 392-400 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5
spellingShingle	Environmental sciences GE1-350 Energy industries. Energy policy. Fuel trade HD9502-9502.5 Nazim Hajiyev Manafova Mansura Elena Sverdlikova Roman Safronov Tatyana Vityutina Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
description	<p>Uncertainty in the markets associated with COVID-19 created the need for choosing the optimal model of energy markets. At the current stage of energy markets development, oligopoly tendencies tend to prevail. The article discusses the problem of choosing an effective energy market model, using the example of the electricity market. The competitive energy market of the European Union (finalized with the adoption of the Third Energy Package) was chosen as the basic model, with which the energy markets of the Russian Federation and Azerbaijan are compared. The basic indicators of the EU market were defined and compared with similar indicators for the Russian and Azerbaijani markets. The article explored the main tendencies as well as deadweight losses for Russian and Azerbaijani markets. Recommendations for improving the competitiveness of the markets are developed. The study showed that the level of market competitiveness was directly associated with the economic security of the energy market. The ways of increasing market liberalization in Russia and Azerbaijan were proposed. The proposed gradual liberalization of electricity markets involves the transition from a closed monopolistic to an open competitive electricity market, changing the institutional structure, the search for new and effective mechanisms of interaction between the buyer and seller of electricity. It also creates an opportunity to improve the quality of electricity supply, increase the investment attractiveness of the sector at large, and reduce the cost of electricity.</p><p><strong>Keywords: </strong>degree of competition; electrical power; energy markets; European Union; market model.</p><p><strong>JEL Classifications: </strong>D43, D47<strong></strong></p><p>DOI: <a href="https://doi.org/10.32479/ijeep.11634">https://doi.org/10.32479/ijeep.11634</a></p>
format	article
author	Nazim Hajiyev Manafova Mansura Elena Sverdlikova Roman Safronov Tatyana Vityutina
author_facet	Nazim Hajiyev Manafova Mansura Elena Sverdlikova Roman Safronov Tatyana Vityutina
author_sort	Nazim Hajiyev
title	Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
title_short	Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
title_full	Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
title_fullStr	Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
title_full_unstemmed	Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies
title_sort	oligopoly trends in energy markets: causes, crisis of competition, and sectoral development strategies
publisher	EconJournals
publishDate	2021
url	https://doaj.org/article/6865c13bbdb94993bc7ecab19777d162
work_keys_str_mv	AT nazimhajiyev oligopolytrendsinenergymarketscausescrisisofcompetitionandsectoraldevelopmentstrategies AT manafovamansura oligopolytrendsinenergymarketscausescrisisofcompetitionandsectoraldevelopmentstrategies AT elenasverdlikova oligopolytrendsinenergymarketscausescrisisofcompetitionandsectoraldevelopmentstrategies AT romansafronov oligopolytrendsinenergymarketscausescrisisofcompetitionandsectoraldevelopmentstrategies AT tatyanavityutina oligopolytrendsinenergymarketscausescrisisofcompetitionandsectoraldevelopmentstrategies
_version_	1718431112515026944

Oligopoly Trends in Energy Markets: Causes, Crisis of Competition, and Sectoral Development Strategies

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