The effect of the 2022 energy crisis on electricity markets ashore the North Sea
分析了2018至2022年六个欧洲国家的电力流动和价格，检验市场信号是否保障了供应安全，发现跨境输电在危机期间仍正常运行，为能源市场改革提供参考。
Europe experienced its first inherent energy crisis after the global oil price crisis half a decade ago. With skyrocketing energy prices during 2022, electricity generation in Europe was under extreme stress. In this paper we analyse flows and prices of electricity in six distinctive (with respect to generation portfolios) European countries from 2018 to 2022 and investigate if market signals (prices) contributed to security of supply. For a long time, sceptics have argued that liberalised markets would not be able to provide security of supply, and this has not been challenged by real world events thus far. Our empirical results suggest that electricity did indeed move along cross-border transmission lines as the theory suggests, and that cross-border transmission lines were utilized as during normal periods. This is relevant for the current debate on restructuring energy market design and protecting consumers from volatile prices. The European internal energy market has undergone institutional redesign during the last 30 years. It has the objective to deliver secure, affordable and increasingly decarbonised energy supply.