Abstract

The liberalization of the electricity and gas markets has affected the wholesale sector. This paper scrutinizes how regulation impact on contractual freedom in this sector. In particular, it analyzes the scope of EU regulation (e.g. REMIT) and Italian regulatory policy of Aeegsi. This paper, taking into account historical developments, tackles the issue by looking at the actual contractual practices and at the characterization of the wholesale sector, in both OTC markets and institutional exchanges. Despite the liberalization of energy markets, this article aims at providing a genuine portrait of wholesale contracts and highlights how competition and market protection rules shape private autonomy.