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Research Report / Energy

Unbundling of Energy Undertakings in Relation to Corporate Governance Principles

Author(s): AHNER Nicole

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ABSTRACT

The 25th of September 2009, the European Regulators Group for Electricity and Gas  (hereafter “ERGEG”) in cooperation with the Bundesnetzagentur and the Florence  School of Regulation organized a Workshop on unbundling and corporate  governance in the 3rd Package. The workshop was organized to present and discuss  the practical impacts of implementing inter alia the 2009 Electricity Directive  2009/72/EC Natural Gas Directive 2009/72/EC (hereafter “EU-Directives”) into  national law. Participants came from transmission system operators, regulatory  authorities, academia and the European Commission. The objective of the workshop  was to introduce those problems that might arise when transposing the new  legislation into national law, namely with regard to the implementation of ownership  unbundling, the new Independent System Operator (hereafter “ISO”) model and  particularly the Independent Transmission Operator (hereafter “ITO”) model. In this  respect, possible impacts on corporate governance rules - principally based on the  2004 OECD Corporate Governance Codex on the unbundling of energy utilities -  have been highlighted.