THE VIEW FROM EUROPE

摘要

Executives at Europe's major electric utilities are developing strategies to address many of the same issues facing their counterparts in the United States. The blackouts in Europe in 2003 and the lessons still being learned from the California energy crisis of 2000-01 have required executives in Europe to focus on infrastructure investment and supply security issues as they prepare their companies for the next stage in the continent's market liberalization efforts. Sounds familiar, doesn't it? In fact, the European utility experience roughly parallels the American one, though the pressures and timelines can be very different. Europe is scheduled to allow full retail access to its electricity markets by July 2007. During this transition, utility executives will be facing many challenges, including working to ensure their supply businesses can compete with new market entrants and devising plans to build and maintain customer loyalty. While Europe's power sector undergoes some fundamental changes, the basic composition of many of the continent's major utilities remains the same. "Financially healthy,-vertically integrated companies are the backbone of the European electricity system," said Endesa CEO Rafael Miranda Robredo. "In such a capital-intensive sector, companies integrating generation and supply are particularly capable of undertaking the required high-cost investments and associated risks."