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THE CHAIRE EUROPEAN ELECTRICITY MARKETS HONORED AT DAUPHINE RESEARCH DAY

Dauphine Research Day, March 26 2013, salle Raymond Aron, Université Paris-Dauphine

For the 5th edition of Dauphine Research Day, the Chaire European Electricity Markets (CEEM) of the partnership Foundation Paris-Dauphine, represented by its Scientific Director Jan Horst KEPPLER (professor of economics at Paris-Dauphine University, co-director of the Masters Program ‘Energy, Finance, Carbon’ and researcher at LEDa-CGEMP), Silvano DOMERGUE (head of ‘Market Modelling and Economic Studies’, at RTE) and Dominique FINON (Director of the axis ‘Market Structures and Regulation of the CEEM, Research Director at CNRS, Researcher at CIRED), was honored, in company with the Chaires ‘Ethics and Corporate Governance’, ‘Finance and Sustainable Development’ of the Foundation Europlace Finance Institute, and ‘Health’, ‘Individuals Confronted by Risks’ and ‘Demographic Transitions, Economic Transitions’ of the Risk Foundation. In this context, Jan Horst KEPPLER briefly exposed the founding principal of the CEEM, its objectives, research and governance.

I – The Chaire European Electricity Markets, inaugurated October 12, 2012, owes its creation to the partnership concluded between Université Paris-Dauphine, the partnership Foundation Paris-Dauphine and the four founding partners: RTE (Electricity Transport Network), EDF (Electricity of France), EPEX SPOT and UFE (French Electrical Union). The CEEM is a collective project that fits within the Dauphine ecosystem amongst the Center of Geopolitics, Energy and Raw Materials (LEDa-CGEMP), the team of the Master in Energy, Finance and Carbon (EFC) together with its students as well as the Chaires at Dauphine for Climate Economics and Sustainable Development. It has a triple function: (1) to realize an ambitious program of academic research, (2) to offer a forum for exchange between university experts, industrialists and other impacted parties and (3) to contribute to the training of future professionals in the electricity sector.

II – Research
Our research is organized along three axes that converge in their ambition to seize as precisely as possible the functioning of an electrical system that is in full mutation and to draw the future contour. It benefits from the expertise of a Scientific Council composed of high-level researchers who elaborate the focal lines for our research and ensure respect for the highest methodological standards:

William D’haeseleer, Energy Institute (University of Leuven)
David Newbery, Electricity Policy Research Group (Cambridge University)
Alfred Voss, Institute for Energy Economics (University of Stuttgart)
John Parsons, Centre for Energy and Environmental Policy Research (MIT)
Jacques Percebois, CREDEN (Université de Montpellier)

The three research axes are run by group leaders who oversee, with the Scientific Director, the respect of commitments:

Axis 1 (Jan Horst KEPPLER) : Price formation on electricity markets in articulation with gas, coal and CO2 markets with particular attention to the nuclear and renewables sectors.

Axis 2 (Dominique FINON) : Organization, structural change and regulation of electricity markets with particular attention to capacity mechanisms and long term contracts.

Axis 3 (Patricia GEOFFRON) : Transport, distribution, storage, intelligent networks, and demand management with particular attention to investment financing.

III - Governance

As with all the Chaires of the Dauphine Foundation (FPDn), the Chaire European Electricity Markets works under the supervision of a Steering Committee mandated to (1) define the activities program of the Chaire (including three aspects: research, teaching and valuation) and notably of the progress to schedule and the resources allocated, etc. (2) the determination of the composition of the research team called upon to work within the framework of each defined program, and (3) the definition and review of the annual budget allocated to each element of the program.

Jan Horst KEPPLER also highlighted a number of CEEM events.

- The monthly Seminars on Research in Energy Economics, organized by the CEEM in partnership with the CERNA (Mines Paris Tech), the CGEMP (Paris Dauphine) and i3 (the Interdisciplinary Innovation Institute), all members of PSL.

- The Seminar of January 31, 2013, held in Salle Raymond ARON (2nd floor), University Paris Dauphine, from 17h00 – 20h on ‘System effects of intermittent renewable energies: Measurement and Internalization’.

- The European Workshop of April 16, 2013 on ‘Capacity Mechanisms in EU Power Markets, are they necessary ? How can we harmonize them ? ‘ held in Salle Raymond ARON (2nd floor) 9h30-17h30.

- Symposium ‘Energy Transitions in France and Germany’, May 30-31, 2013 (in collaboration with the CGEMP)

Silvano DOMERGUE intervened to present the expectations of the four partners of the CEEM, RTE, EDF, EPEX SPOT and the UFE at the level of this young Chaire. According to him, energy markets are subjected to major upheaval as of result of contextual elements of European electricity markets with the multiplication of legal initiatives by member states taken independently of the objectives fixed by the European Commission. He also emphasized that the CEEM aims to put into perspective and to profoundly analyze the impact of ambitious public policies in the electricity sector, on the consumption side as well as for production. In other terms, this Chaire must contribute to an understanding of the changes underway and to come, through rigorous academic research focused on the principal stakes of the electricity sector. The objective of Axis 1 is thus to understand these signals. As for Axis 2, new ideas are needed to conceptualize electricity market regulation as part of the ongoing debate with the European Commission. Finally, Axis 3 aims to release a reflection around a better understanding of the radical potential changes. Silvano DOMERGUE then pointed out that RTE, as an actor that is subject to the regulatory and legislative texts in this area, needs this reflection that will occur within the framework of the CEEM.


Dominique FINON, underlining the evolutions underway in European markets, the problems of coordination with public policies due to market liberalization, considers also that the CEEM will contribute to put in place a deep reflection on the different structural and conjectural changes in this ever-moving arena.

Jan Horst KEPPLER, Silvano DOMERGUE and Dominique FINON then presented the manifesto ‘Seven Proposals for an effective, dynamic, Electric Europe’ (to be published by Jan Horst Keppler, Dominique Finon and Patrice Geoffron), with the following central points:

• Better articulate the transitory exceptions at the national level and the integration through competition
• Bring costs, prices and electricity tarifs into coherence
• Calculate the ‘full cost’ of the energy transition
• Deliver markets from the ‘short termer’ tropism to ensure investment
• Bring to the surface and economic model for capacity supply
• Consolidate transportation infrastructure of electricity trading
• Open development sites for demand: controlling consumption, effective investment, eradicate energy precariousness

The CEEM salutes its first scientific production ‘ European Electricity Market Reforms: The “Visible Hand” of Public Coordination’ by Dominique FINON and Fabien ROQUES, to appear in the Journal of Economics of Energy and Environmental Policy.

The presentations of the three representative of the CEEM concluded with an exchange of questions and answers with the Public around the question of the thematic and geographical perimeter of the Chaire. Jan Horst Keppler responded that for the moment, the research does not cover physical security of supply and the geographical center of interest remains the Europe of 27 with a particular attention to the ‘continental plaque’ made up of France, Germany and the Benelux countries.
The Chaire European Electricity Markets thanks University Paris-Dauphine and the organizers for having invited them to present their research work as part of this 2013 edition of Research Day.

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Contact

Chaire European Electricity Markets
Fondation Paris-Dauphine
Place du Maréchal de Lattre de Tassigny
75775 Paris Cedex 16

Steve Serafino, CEEM Coordinator:
steve.serafino@dauphine.psl.eu
+33(1)44.05.45.54

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