David and Goliath: The Procedures for Selling ENEL Distribution Lines to City-Owned Companies
The sale of ENEL energy distribution networks to city-owned companies is regulated by Article 9, paragraph 4, of the Legislative Decree of 16 March 1999 (known as the Bersani Decree) which states how the sale of the networks has to be done according to the "normal market rules", but which concurrently imposes on ENEL the obligation to sell its own distribution network. The provision pursuant to Article 9 encourages the purchaser to behave opportunistically. The city-owned company, in fact, enjoys greater bargaining power, because its monopolistic counterpart is forced by law to sell part of its distribution network. In this context, it is in the best interest of the purchaser to renegotiate the price as far down as possible and the seller to increase the amount of time to complete the contract. As a result, this study will focus on the economic analysis (from the perspective of the theory of complete contracts) and the discussion of the effects created by the provisions that Article 9 of the Bersani Decree has introduced in the deregulation process of the Italian electricity sector.
Rights for Authors
As further described in our submission agreement (the Submission Agreement), in consideration for publication of the article, the authors assign to Energy Studies Review all copyright in the article, subject to the expansive personal--use exceptions described below.
Attribution and Usage Policies
Reproduction, posting, transmission or other distribution or use of the article or any material therein, in any medium as permitted by a personal-use exemption or by written agreement of Energy Studies Review, requires credit to Energy Studies Review as copyright holder (e.g., Energy Studies Review © 2014).
The following uses are always permitted to the author(s) and do not require further permission from DigitalCommons@McMaster provided the author does not alter the format or content of the articles, including the copyright notification:
- Storage and back-up of the article on the author's computer(s) and digital media (e.g., diskettes, back-up servers, Zip disks, etc.), provided that the article stored on these computers and media is not readily accessible by persons other than the author(s);
- Posting of the article on the author(s) personal website, provided that the website is non-commercial;
- Posting of the article on the internet as part of a non-commercial open access institutional repository or other non-commercial open access publication site affiliated with the author(s)'s place of employment (e.g., a Phrenology professor at the University of Southern North Dakota can have her article appear in the University of Southern North Dakota's Department of Phrenology online publication series); and
- Posting of the article on a non-commercial course website for a course being taught by the author at the university or college employing the author.
People seeking an exception, or who have questions about use, should contact the editors.