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2. Market and public choice
The strategic nature of energy, whether oil or electricity more specifically, means that governments cannot rely on the market alone to guide a country's energy and electricity mix. This does not rule out trusting the market to provide financial incentives. But the State has a sovereign power that allows it to :
impose regulations (strategic oil and gas storage, compliance with environmental constraints);
to set certain prices for social reasons (e.g. electricity prices to combat fuel poverty);
guide investment choices through financial incentives (subsidies) and tax incentives (surcharges or exemptions).
The French state is also a regulator, setting the conditions for access to public gas and electricity networks, usually through an independent...
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The Ultimate Scientific and Technical Reference
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Market and public choice
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The Ultimate Scientific and Technical Reference