commiss decis septemb declar concentr compat common market function eea agreement case comp grupo villar mir enbw hidroeléctrica del cantábrico notifi document number spanish version authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis june initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr april commiss notifi articl council regul eec merger regul propos merger firm grupo villar mir energi baden württemberg enbw jointli control electricité de franc edf zweckverband oberschwäbisch elektrizitätswerk oew acquir joint control spanish firm hidroeléctrica del cantábrico sa hidrocantábrico mean public takeov bid ferroatlántica sl ferroatlántica ferroatlántica belong grupo villar mir complet oper jointli control grupo villar mir enbw notif declar incomplet april april notifi parti provid addit inform request notif complet mean articl merger regul date examin notif commiss conclud oper fell scope merger regul letter date spanish author inform commiss accord articl merger regul propos merger creat strengthen collect domin posit result effect competit significantli imped electr gener market spain state merger affect market distribut trade electr autonom commun asturia present characterist distinct market substanti part common market spanish author request propos merger refer back accord articl regul preliminari examin case commiss conclud propos oper rais doubt compat common market creat strengthen domin posit result effect competit significantli imped common market substanti part june commiss decid initi proceed articl merger regul advisori committe discuss draft decis septemb parti oper grupo villar mir parent compani inmobiliaria espacio sa busi group interest area real estat fertilis construct oper infrastructur servic concess manag financi invest enbw jointli control edf oew vertic integr electr compani main activ gener transmiss distribut trade suppli electr princip south west germani edf state own compani main activ gener transmiss distribut trade electr franc edf rte divis edf oper nation electr grid interconnector neighbour countri subsidiari edf intern edfi hold compani edf own share electr compani european countri includ austria itali sweden unit kingdom involv construct sector mainten electr gener plant transmiss grid recycl citi light ferroatlántica produc distribut market type metal electr furnac produc ferrou alloi home export market produc hydroelectr power own outright grupo villar mir complet propos oper jointli control grupo villar mir enbw acquir capit hidrocantábrico involv gener distribut market electr fourth biggest spanish electr compani electr sector main activ essenti distribut market ga involv telecommun sector autonom commun asturia propos oper acquisit joint control hidrocantábrico grupo villar mir enbw mean enbw purchas ferroatlántica share end parti conclud number agreement septemb ferroatlántica support enbw made initi public takeov bid hidrocantábrico stock authoris nation stock market commiss cnmv januari subsequ public bid made hidrocantábrico stock group form save bank caja de ahorro de asturia cajastur portugues electr compani electricidad de portug sa edp caja de seguro reunido compañía de seguro reaseguro sa caser german group rwe rwe offer withdrawn ferroatlántica compani make public bid amend initi offer rais bid compani share offer improv term bid process complet group form cajastur edp caser own ferroatlántica hidrocantábrico share ii concentr agreement conclud grupo villar mir enbw compani share ferroatlántica vehicl acquisit control hidrocantábrico result grupo villar mir enbw jointli control hidrocantábrico bid process ferroatlántica acquir hidrocantábrico notifi parti articl associ hidrocantábrico amend sharehold gener meet acquisit clear major sharehold hidrocantábrico public bid share price eur grant notifi parti sole control hidrocantábrico ferroatlántica absolut major vote right appoint major member board director assess joint control concern decis adopt basi inform provid parti affect right oblig sharehold group spanish law light notifi oper constitut concentr mean articl merger regul iii commun dimens compani involv propos oper grupo villar mir enbw hidrocantábrico combin aggreg worldwid turnov excess eur billion grupo villar mir eur million enbw eur billion hidrocantábrico eur million turnov commun eur million grupo villar mir eur million enbw eur billion hidrocantábrico eur million achiev third commun wide turnov member state propos oper commun dimens iv relev market relev product market commiss decis case comp edf enbw relev product market electr sector defin exist degre liberalis suppli electr tariff custom legal monopoli competit relev product market view context liberalis segment market definit formul tribun de defensa de la competencia spanish competit court quot relev product market defin gener electr bought sold pool wholesal market suppli side market electr gener competit special mw scheme import electr demand side distributor sell electr tariff custom trader sell electr elig custom elig custom includ electr sold bilater contract gener elig custom contract agre system free competit quot spanish gener allow conclud direct contract trader sell electr pool elig custom extern agent conclud contract spanish trader elig custom spanish market consum level consumpt suppli nomin voltag volt januari consum electr distinct statu elig custom electr continu offer tariff market januari elig custom spain bui electr liberalis system option pool mean quot bilater contract quot gener foreign oper contract trader market elig custom potenti repres consumpt spain chosen bui electr liberalis market directli pool bilater contract contract trader repres total consumpt word electr bought wholesal market purchas distributor subsequ suppli tariff custom pool function daili market repres total electr sold wholesal market singl price hourli period hourli margin price ii intradaili market total electr sold wholesal market energi sold daili market sold subsequ quot intradaili market quot bilater contract repres total sale wholesal market daili market balanc market energi sold equal energi bought remuner seller calcul product energi sold hourli margin price similarli payment oblig buyer calcul product energi bought hourli margin price daili market make transact dai mean submiss offer sale purchas offer submit omel market oper includ match procedur purpos dai trade cover consecut hourli period market oper match offer sale purchas electr simpl match method obtain independ manner margin price volum energi need gener unit purchas hourli period margin price obtain hourli period offer made sale electr holder gener unit need feed system order meet demand make distinct liberalis electr market spain concern electr offer wholesal market pool bilater contract elig custom gener electr offer subsequ trader elig custom retail market wholesal market pool specif daili market account electr sold wholesal market analys present decis relev geograph market relev geograph market suppli energi liberalis market tradition consid commiss wider nation border confirm spain case recent commiss decis line studi carri spanish competit author import spanish market time continu constrain limit interconnect capac inform commerci interconnect capac spain neighbour countri amount theori approxim mw franc portug morocco repres approxim capac need peak demand time addit overlap import export flow electr circul direct simultan take place portug export morocco spain rare export spain franc place raini season winter market studi shown export franc spain place spare capac relat flow alloc relev geograph market wholesal electr mainland spain compat common market introduct commiss take view oper reason set strengthen collect domin posit exist wholesal electr market spain activ notifi parti liberalis part spanish electr sector limit hidrocantábrico share sale daili market pool month enbw offer mw pool grupo villar mir offer electr spanish wholesal market electr export edf jointli control enbw account amp lt sale daili market includ long term contract ree red eléctrica de españa oper spanish grid conclus propos oper result limit horizont overlap spanish wholesal market propos oper view light high degre concentr spanish electr market spain isol due shortag interconnect system account special posit edf largest export power spanish market reason discuss main potenti competitor spanish gener compani edf rte control interconnector transmiss network export electr iberian peninsula european countri channel repli statement object enbw argu assum oper involv propos merger enbw edf enbw approach commiss quot fail account fact enbw full function autonom compani pursu commerci polici goal undoubtedli relev commun rule control merger explicitli compani enbw posit notifi parti compani affect merger commiss confin assess merger instig execut edf statement object fail account enbw present situat confus respect role edf enbw merger quot face argument commiss point fail account enbw role oper time notabl posit notifi parti fail account natur enbw full function compani born mind assess impact merger competit commiss account activ compani belong group case edf subsidiari divis compani control directli indirectli edf grupo villar mir parent compani subsidiari compani group make singl econom entiti present case argu enbw busi strategi set edf commiss note previou decis wholesal market electr spain duopolist domin posit spanish market largest spanish util set price collect domin wholesal market spanish competit court recent look endesa iberdrola unión eléctrica fenosa hidrocantábrico merger spanish oper enjoi duopolist domin posit spanish electr market domin compani endesa iberdrola market share daili market larg number hourli period product essenti meet demand posit set price find spanish author confirm result commiss investig establish situat remain essenti unchang structur month substanti modifi duopolist domin posit spanish electr market identifi spanish author main spanish electr compani endesa iberdrola hold consider market power reflect share total instal electr gener capac share sale wholesal market pool abil set price wholesal electr market firstli total instal electr gener capac gener compani base spain tabl show endesa iberdrola control ahead oper unión fenosa hidrocantábrico tabl total instal electr gener capac tabl includ instal capac special scheme amount mw decemb gt tabl gt sourc spanish ministri econom affair tabl show market share respect sale daili market year studi abovement report spanish competit court combin share endesa iberdrola total tabl sale daili market gt tabl gt sourc omel spanish compani oper spanish electr market market power main oper spanish electr market highlight abil set price wholesal market tabl illustr tabl price set capabl market oper relat quantiti energi sold tabl show percentag electr relat total amount electr market sold margin price offer oper simultan oper gt tabl gt sourc omel margin price set capabl endesa iberdrola wholesal market due sole size instal gener capac comparison total instal capac spain account technolog composit instal capac gener mix spanish competit court emphasis quot set offer price pool hourli period larg measur determin gener technolog gener plant make system gener result characterist product technolog coal plant tend set price trough demand hydroelectr plant tend domin peak period endesa gener energi coal iberdrola lead compani flexibl hydroelectr gener group accustom lead margin price set market quot endesa iberdrola plai pivot role spanish wholesal market capac equal excess suppli market time peak demand mean combin suppli rest gener insuffici satisfi demand pivot firm increas price respons demand gener fear lose busi link compani oper electr market legal jointli own plant trillo stake held market oper system structur structur characterist market strateg coordin oper fact market homogen transpar product price fluctuat detect immedi final consider set market power main spanish oper account fact spanish gener market view market access exist number barrier entri access potenti product site hydroelectr fuel resourc instal cost diversif gener mix shortag interconnect capac franc export spanish market european countri iberian peninsula reli smaller spanish gener foreign oper consid group posit set price hourli period spanish gener unión fenosa hidrocantábrico hourli period price set domin firm tabl main spanish oper endesa iberdrola set price case quantiti offer margin price sold daili market oper know endesa iberdrola offer meet demand hourli period tend submit price offer safe knowledg electr offer sold daili market margin price set pool price offer largest player broad gener mix enabl submit flexibl offer expect suppli demand smaller player unión fenosa hidrocantábrico narrow gener mix submit competit offer suffici flexibl option offer price know endesa iberdrola high price easiest make sale account long term contract edf ree offer electr pool price public knowledg mean trough hour endesa iberdrola suppli need cover demand ree offer need rest spanish oper receiv price offer ree price eur amp lt kw higher averag price offer edf elig custom french market exist collect domin price level spanish market affect increas amount cheap energi suppli pool novemb march exception heavi precipit significantli boost amount power gener hydroelectr plant averag price spain plummet fall comparison averag price period price quickli return earlier level period heavi rain drop price joint domin posit weaken result market studi conduct commiss show situat pure short term significantli chang duopolist structur relev market degre market power wield main oper comfort situat small oper price taker born mind major oper iberdrola produc lion share electr gener period suppli electr gener low cost hydroelectr plant oper high hydroelectr output endesa worth point spanish author number parti competitor hydroelectr power station gener electr order pressur reservoir make room flood water price gener set narrow margin point intersect suppli demand main oper forc decis offer larg quantiti energi price order sell success fine tune offer order maintain high price level reliev oblig dispos larg quantiti hydroelectr power posit mix electr type gener higher cost price risen back level note situat short term result period exception high precipit hydroelectr output june reach time high output previou month calcul spanish author probabl match exceed hydroelectr output doubt atyp situat interpret outcom structur chang spanish electr market substanti affect posit joint domin exercis main gener event impact low cost electr pool price period question gener rule suppli larg amount cheap electr bring averag price import energi compet pool basi energi gener system explain conclud rise import low cost electr spanish market hand hand compar drop price level displac higher offer format margin price appli time low medium demand increas import result situat suppli endesa iberdrola essenti satisfi demand addit power offer spanish market bilater contract boost competit spanish market weaken exist posit joint domin surplu capac technolog mix oper edf surplu nuclear energi product price differenti spain european countri favour competit low price supplier limit result exist interconnect capac form signific entri barrier spanish market tend maintain consolid statu quo explain extrem limit import capac freeli french spanish interconnector boost spanish gener collect domin posit current state plai interconnect franc spain iberian peninsula electr grid link interconnector french nation grid border countri instal capac theori commerci purpos total maximum mw flow franc spain mw opposit direct tabl interconnect capac franc spain gt tabl gt sourc spanish ministri econom affair interconnect capac repres capac need satisfi peak demand spain born mind figur cite refer quot real quot commerci capac usabl quot anticip quot commerci capac juli august quot real quot commerci interconnect capac franc spain approxim mw mw opposit direct guarante maximum interconnect capac mw direct final note commerci capac calcul independ oper system lowest tabl commerci interconnect capac franc spain rang frequent publish limit commerci capac deriv structur limit transmiss grid border area variat commerci capac valu result season thermal capac electr line summer winter factor affect aspect structur electr gener period demand valu area border case satur domest grid gt tabl gt sourc spanish ministri econom affair inadequaci interconnect franc isol spanish electr market demonstr capac ratio interconnect capac relat demand peak time spain conclud import extrem limit result restrict commerci interconnect capac comparison instal interconnect capac european countri reveal spain lowest percentag capac need peak demand time tabl interconnect capac relat peak demand gt tabl gt sourc spanish nation energi commiss basi figur suppli eu averag li return spanish case import french spanish interconnector account approxim spain total anticip commerci interconnect capac anticip commerci interconnect capac franc spain reserv contract edf ree contract enshrin ninth transit provis spanish law novemb electr sector suppli electr year period approxim year pass aim contract guarante ree electr suppli spain take account contract interconnector perman capac reserv mw equival total guarante commerci capac addit electr suppli pool price competitor final import note degre satur interconnector recent exceed mean interconnector exclus electr import spain tabl degre commerci exchang capac gt tabl gt sourc omel data suppli spanish competit author edf habitu mw interconnector capac long term contract ree edf approxim total anticip commerci interconnect capac prospect increas interconnect capac futur earli edf own french grid interconnector respons ensur work properli decid boost interconnect capac franc spain significantli signific progress made plan project permit start carri obtain project aragon cazaril line result contact provid guarante commerci capac approxim mw implement plan brought total anticip commerci capac mw french govern decid call halt progress project social local opposit environment protect area ground edf compens oper spanish grid ree agreement sign parti concern commit increas commerci interconnect capac pyrene prefer aragon cazaril line oper term contract parti liabl requir pai compens increas interconnect delai januari reason bore respons permit obtain reason respons parti liabl provis made altern line reinforc upgrad exist capac note failur make provis liabil event relev legal permit obtain impli lack econom incent edf part agreement sign french gener proven document commiss possess reliabl commit rte ree recognis increas interconnect franc spain agre improv hernani cantegrit line ree improv vic interconnector vic baixa line hope result oper inform provid spanish grid oper anticip commerci interconnect capac spain franc increas mw mid bring total anticip capac mw commit enter edf rte agreement creation aragon cazaril line mw altern interconnect capac reach mw recent ree edf rte submit respect govern joint studi rout examin relev environment econom issu final decis await approv author principl edf appear reluct accept line cross central pyrene aragon cazaril prefer rout eastern pyrene rout high speed train option solut initi negoti aragon cazaril explor altern rout grid oper serv confirm fact refer edf econom reason increas interconnect capac franc spain substanti aim search rout precis avoid repetit happen player involv anticip difficulti social environment find solut ensur project increas interconnect capac genuin viabl freeli exist capac signific influenc spanish wholesal market long term contract edf ree take french spanish interconnect capac remain capac theoret import amount mw approxim capac satisfi spanish demand peak hour foreign competitor export electr spain face signific barrier entri small amount electr import compani edf approxim account electrabel total french export tradit spanish oper pool independ foreign oper mean sale electr spain compet suppli major oper isol result limit interconnect capac kei factor joint domin posit held main market oper spanish author stress inquiri current electr deficit south east spain grid collaps increas interconnect capac franc spain year enbw claim view current electr deficit south east spain oblig ree recours effici power station prevent grid collaps substanti addit suppli north increas transport capac franc aggrav present situat view current state grid ree difficulti reach area unsatisfi demand born mind project establish gener capac enbw refer comment site south east spain doubt increas interconnect capac lead collaps grid born mind main centr electr consumpt spain situat north countri strengthen exist domin posit spanish market detail commiss take view notifi oper result exist duopolist domin posit wholesal electr market spain strengthen result merger longer incent exist edf increas substanti export electr spanish market expans interconnect capac franc spain elimin exist spanish gener compani main potenti independ competitor maintain isol spanish electr market european electr system iberian peninsula case effect consolid exist joint domin posit spanish electr market protect potenti competit oper base european countri iberian peninsula entri barrier limit intern interconnect capac real prospect signific develop respons statement object enbw grupo villar mir claim merger regul merger declar incompat common market strengthen collect domin posit held parti affect merger argument support adduc number judgment issu commun court decis commiss parti note claim preced commiss decis exxon mobil case relat strengthen domin posit held undertak parti involv merger analys parti alleg case structur link compani affect merger compani domin posit whilst enbw hidrocantábrico structur link member duopoli notifi merger inquiri inform provid spanish ministeri author reveal present case structur link notifi parti edf compani exercis joint control member duopoli question link joint ownership power station trillo ownership elcoga sa equiti held hidrocantábrico endesa iberdrola edf stake major spanish gener omel sharehold account equiti major spanish gener ree sharehold account equiti final independ remark contrari parti claim merger involv strengthen domin posit parti parti merger essenti parti signific structur link notifi compani parti infer requir exxon mobil decis refer principl refer decis strengthen domin posit parti concentr involv fall scope merger regul qualif articl merger regul read quot concentr creat strengthen domin posit result effect competit significantli imped common market substanti part declar incompat common market quot provis lai causal link merger question creation strengthen domin posit word provis entail conclus notifi parti necessarili form part domin posit substanti signific link parti commiss conclud word provis mean merger capabl strengthen domin posit constitut obstacl effect competit incompat singl market domin posit held compani involv merger compani structur link compani final enbw claim spanish european competit law altern commun monitor merger oper counteract potenti abus member duopoli commiss occas point past merger regul lai system structur supervis intend prevent creation strengthen domin posit system keep tab potenti abus incent compani base member state enter spanish wholesal market note wholesal electr market spain offer attract price oper base countri price level appli elig custom gener higher european countri franc germani note spain tradition net import electr reason firstli instal product capac mix electr product sourc spain gener mix demand electr grown consider year averag rate increas creation gener capac pace rise demand investig shown demand continu increas year law forc spain foreign supplier sell electr directli pool altern elig custom power gener distribut compani pool system exist form interest oper develop sale spain acquir gener capac countri market studi conduct commiss depart demonstr oper base side pyrene incent enter spanish market studi show exist incent oper face difficulti due pauciti interconnect capac spain neighbour franc aspect analys event suffic indic oper incent difficulti aris shortag interconnect capac daili demand european electr compani base iberian peninsula alloc interconnect capac spain time greater physic interconnect capac edf spanish electr gener compani main potenti competitor edf present role foreign oper spanish electr gener compani main potenti competitor firstli extens gener capac low variabl cost franc larg ow capac gener nuclear power edf posit suppli power spanish wholesal market period averag low demand type gener capac continu long term suppli requir edf extens financi resourc dispos enabl compet electr market domest market need establish presenc year edf develop polici export electr european countri context born mind franc hold strateg posit liberalis european market ow interconnect unit kingdom belgium germani switzerland itali gener compani establish countri mention border wish export electr spain french transmiss grid interconnector put disadvantag strateg term edf current sale electr account approxim amp lt total sale spanish pool includ long term contract edf ree whilst total number import intern transact repres total sale wholesal market stress fact edf tradition plai kei role interconnect capac french spanish border contribut decis level sale help ensur constant flow electr constant price final note edf enjoi consider advantag domest market close spain edf monopoli gener capac franc imposs foreign competitor bui electr edf french market oblig purchas electr countri effect transact ensur transmiss french nation grid french spanish border repli competitor context investig conduct commiss depart regular connect problem south franc rte requir grid user pai congest fee surcharg foreign supplier cost account make offer complex suppli contract conclud month advanc diminish econom viabil oper electr export edf hand favour posit compar advantag term access inform product system enabl avoid minimis congest surcharg make cheaper offer anticip advanc prior propos merger clear incent edf increas export spain favour increas interconnect capac end edf past behaviour indic desir increas presenc spanish market investig shown french undertak unmistak sign increas capac interconnect franc spain view enabl easili step export iberian peninsula overlook sign initi aragon cazaril agreement show edf includ strateg object plan build interconnector french spanish border increas interconnect capac mw edf contribut consider human financi resourc project stage develop plan engin licens procedur decad block project edf econom interest substanti increas interconnect capac spain featur spanish market edf posit french market favour interest reason block state french produc incent factor unconnect led french govern stop project sign agreement confirm edf desir bring larg increas interconnect franc spain boost posit spanish market significantli increas export edf rte undertaken upgrad hernani cantegrit line mw conjunct ree feasibl increas mw upgrad vic interconnector spain undertaken ree involv mw polit econom stimulu lead total interconnect capac mw market studi carri commiss shown ree highli interest increas commerci capac french spanish interconnect mw previou recit underlin incent oper establish spain export electr spanish market edf privileg posit make foreign oper export spain main potenti competitor spanish electr gener explain edf potenti increas export spain propos merger power incent effect increas export strengthen posit spanish market electr price higher spain franc edf surplu gener capac comparison price level spain franc recent year show price charg elig consum spain higher averag appli franc exception raini period earli month price spain fall level close prevail french market take edf surplu gener capac account interest substanti increas electr export spanish market edf pan european strategi requir suppli intern custom establish spain decis edf enbw commiss refer strategi develop edf recent year place uniqu posit offer genuin pan european suppli industri commerci consum strategi reli thing build edf posit spanish market limit amount interconnect capac franc spain capac expand edf significantli increas export spanish market exist capac alloc system edf commerci capac edf achiev signific presenc spanish market foreign export oper larg increas interconnect capac franc spain note earlier edf past sign desir increas interconnect capac countri support upgrad exist interconnector includ aragon cazaril project strateg prioriti initi work project carri electr market liberalis process began incent justifi edf strategi expand activ spain electr export diminish increas stress forego substanti increas export spain interconnect capac expand give rise greater competit spanish electr market weaken exist jointli domin posit view present difficulti involv build gener capac spain offer altern capac control main spanish gener compani main rout boost competit spain oligopolist electr market increas substanti volum electr export european countri spanish market find line outcom analysi carri spanish competit court assess unión eléctrica fenosa hidroeléctrica del cantábrico merger quot electr gener system reli possibl offer electr pool condit free competit supplier make offer electr gener plant locat spain electr import foreign system import electr compet pool equal foot energi gener nation system sum competit oper present spanish system gener import rout enabl introduct competit speed wait year case power station quot emphasi ad find spanish competit court conclud export electr spanish market suit instrument increas level competit market tell notifi parti assert statement object made role plai export edf present limit stem shortag exist interconnect capac spain european countri iberian peninsula prevent export spanish market plai activ role promot competit spanish electr market share total electr demand spain met import french spanish border stand gwh chang futur strateg interest edf european oper substanti increas export spain larg increas electr export spain notabl effect level price charg spanish wholesal market exist oligopolist statu quo market foreign oper gain readier entri organis market easier access direct bilater contract suppli electr spanish market increas reduc isol spanish electr market impart consider impetu competit forc market push electr price increas suppli wholesal market lead reduct rel market share main spanish oper importantli weaken respect power set price pool provid export spanish wholesal market consist low cost electr electr gener nuclear power station franc export displac offer expens electr format margin price introduc competit forc market situat sale foreign oper contribut lower price directli set margin price indirectli forc main oper offer electr lower price place greater extent greater volum export spanish market investig shown recent evolut electr market confirm valid analysi fall price place spanish market result increas hydroelectr power gener illustr effect increas amount low price energi offer pool sharp increas hydroelectr power gener observ spain novemb march led signific drop price electr take longer period refer basi equival period consecut month march march march march examin increas suppli hydroelectr gw caus electr price fall time period observ abovement increas suppli electr quantit qualit compar result substanti increas interconnect capac franc spain firstli current capac mw export franc total tw extra mw situat total mw commerci interconnect capac lead increas suppli tw year qualit standpoint energi export spain expect electr gener plant low margin cost suppli spanish wholesal market lower price tradition prevail market recent develop observ spanish market parallel increas hydroelectr power product make conclud increas interconnect capac attend growth electr export spain significantli promot correct price format organis market time low averag demand suppli endesa iberdrola meet demand bilater contract bring substanti reduct price spanish wholesal market render access boost competit weaken exist duopolist domin increas interconnect capac final creat larg capac reserv word excess suppli relat demand electr system good trade store respons statement object parti argu analysi oversimplif fail provid reliabl data establish increas interconnect accompani drop price spanish market happen situat previous analys enbw assert link whatsoev capac ratio electr price case assert born enbw figur price forecast disregard belgium netherland countri interconnect capac level relat demand peak time itali portug spain price higher countri level germani switzerland franc austria oper conduc competit french spanish interconnect capac increas repli statement object notifi parti state oper consider conduc competit vi vi endesa iberdrola specif enbw argu merger quot domin posit member duopoli weaken price competit increas quot princip ow enbw abil support hidrocantábrico technic fact member edf group hidrocantábrico elig financi support credit rate enabl make success acquisit build power plant regard commiss point previous shown price level spanish market affect increas amount cheap energi suppli pool anticip chang ownership plant viesgo own endesa account exist gener capac spain mw entail increas cheap energi suppli pool substanti decreas endesa market share forgotten increas interconnect capac creation structur link control edf hidrocantábrico entail disappear main sourc competit spanish market point consid detail plan increas gener capac spain bring disappear endesa iberdrola duopoli case state hidrocantábrico gener capac boost come year improv posit spanish market born mind legal ban cite enbw prevent member duopoli invest capac time compani set open gener plant futur san roqu endesa instal capac mw besó endesa ga natur instal capac mw castellón iberdrola repsol bp instal capac mw castejón iberdrola instal capac mw schedul oper mean gener share endesa iberdrola come year differ substanti current share point put exist duopoli risk final figur commiss dispos plant plan set increas gener capac increas demand cost energi gener higher energi produc franc european countri increas energi suppli pool plant expect effect price abil endesa iberdrola set price forgotten energi combin cycl plant basic addit energi suppli pool come year expens produc nuclear energi produc edf state larg number combin cycl plant expect oper partli hand endesa iberdrola plan increas gener capac result oper enter spanish wholesal electr market improv competit limit bring disappear endesa iberdrola duopoli entri edf hidrocantábrico block increas french spanish interconnect capac reinforc duopoli state affair stand forecast futur propos merger longer incent edf push substanti increas interconnect capac franc spain implement propos merger edf strateg posit regard spanish market alter fundament medium long term commerci goal undergo signific chang edf acquir larg amount gener capac spain result major presenc spanish electr market oper edf acquir joint control hidrocantábrico approxim share total instal gener capac spain hidrocantábrico tradition act net seller electr wholesal market share sale daili pool market exceed ad edf activ foreign oper export spanish market repres amp lt sale daili market period edf merger control directli jointli indirectli volum electr spanish market sale daili wholesal market give major presenc spanish electr market close oper unión fenosa domin oper endesa iberdrola edf posit spanish market strengthen futur albeit limit extent hidrocantábrico acquir higher profil gener market build power station take advantag legal restrict construct capac endesa iberdrola polici acquir gener capac event expans margin question forese place edf posit put end duopoli form main exist oper hand spell greater detail econom commerci incent edf adopt behaviour larg fall exist level price spanish wholesal market edf financi stake hidrocantábrico investig parti argu doubt edf acquir joint control hidrocantábrico result oper financi stake compani remain limit edf own enbw turn stake ferroatlántica turn own hidrocantábrico basi claim edf greatli involv run hidrocantábrico reflect adopt strateg decis refer decis firstli stress edf acquir albeit joint indirect control hidrocantábrico suggest concret financi incent acquir stake firm oper sector market extrem attract edf pursu number strateg industri goal acquisit stake ree equiti result addit inform manag spanish transmiss system posit pan european supplier opportun export morocco portug increas interconnect spain franc addit initi find make dynam analysi investig reveal edf financi stake hidrocantábrico likelihood step futur increas form involv ferroatlántica hold larger financi stake hidrocantábrico enbw edf directli acquir share hidrocantábrico enbw hold larger financi stake ferroatlántica edf hold larger financi stake enbw hidrocantábrico share acquir ferroatlántica notifi oper point oper place time takeov bid gain control electr compani subsequ withdrawn interest remain hidrocantábrico sharehold chang consolid control situat notifi oper put edf posit increas stake hidrocantábrico directli indirectli inquiri reveal edf clear strateg econom financi incent increas stake hidrocantábrico edf larger financi stake hidrocantábrico increas share profit run compani explain increas greater profit obtain step interconnect capac event inquiri shown explain edf hidrocantábrico exercis joint control indirect financi stake edf fewer incent step interconnect capac prior merger edf gener capac spain substanti strengthen edf posit spanish market achiev increas suppli electr spain state earlier edf result oper acquir joint control hidrocantábrico electr gener capac stand mw mention capac increas futur order succe place spanish market equival amount addit electr foreign export word export franc edf secur signific increas interconnect capac franc spain chang present situat edf gener exist commerci interconnect capac present interconnect increas mw bring total commerci interconnect capac mw figur conserv estim lower interconnector utilis rate expans hidrocantábrico capac assum interconnect capac requir substanti higher increas interconnect capac export spain expect definit impact price spanish wholesal market explain earlier increas interconnect capac benefit edf european oper interest export spanish market mean propos oper hand edf acquir substanti presenc spanish market result increas volum electr offer pool threaten situat joint domin high price prevail spain edf interest maintain rel isol spanish electr market order prevent competitor challeng current price level edf ceas mere foreign oper export spain gain joint control oper spanish market combin joint control sizeabl amount domest gener capac spanish market result propos oper exist interconnect capac expect bring qualit shift edf strateg interest edf join forc oper establish spanish market product capac specif featur spanish compani gener mix electr produc essenti thermal power station dovetail neatli edf essenti nuclear power investig show merger edf logic interest exploit comfort situat oligopolist spanish market take advantag excess price prevail pool boost export spain increas interconnect capac substanti increas interconnect capac result increas import pool lead substanti drop pool price explain impact hidrocantábrico profit indirectli edf view hidrocantábrico gener mix abovement reduct price sell electr accompani rel reduct amount sold electr produc higher margin cost reduct amount sold hidrocantábrico pool price lower profit edf deriv hidrocantábrico activ investig shown compens increas edf export spanish market turn paid lower margin price result open market consequ substanti increas interconnect capac advantag edf maintain exist statu quo high price enabl maximis profit recoup invest account joint control enbw edf clear interest ensur asset acquir oper gener profit offset cost incur make invest achiev maintain high level price pool view edf maximis profit substanti increas interconnect capac rais limit amount hidrocantábrico gener capac sale spanish market jeopardis current pool price expand hidrocantábrico gener capac spain edf maintain total control repercuss decis capac structur spanish market whilst note increas interconnect capac benefit edf oper base iberian peninsula edf compet order obtain substanti benefit interconnect capac system bid access capac edf establish signific presenc spain interest maintain barrier entri form manifestli inadequ interconnect capac ensur oper base member state iberian peninsula enjoi increas opportun step export spanish market impact market price stress decis oppos increas interconnect rule altern strategi edf growth spanish market involv increas hidrocantábrico gener capac note word failur increas interconnect capac mean maintain entri barrier export spain oper base significantli affect edf altern strategi light factor outlin conclud advantag strategi edf implement merger align commerci strategi spanish electr compani framework exist duopoli edf gener earn larg profit long price remain high pool edf export spain continu benefit higher level price spain franc exist system capac alloc edf continu advantag possibl bulk interconnect capac export spanish market agre chang alloc system principl affect quantiti laid contract edf ree implement futur safe assum edf continu access larg share interconnect capac order make larg profit electr export spain exist interconnect capac fact prevent effect competit develop wholesal electr market spain oper establish countri thing stand role plai spanish market oper except edf minim interconnect capac increas substanti year ahead role plai oper establish spain continu margin result spanish oper edf continu fairli safe sell electr spanish market expos effect competit foreign oper circumst highli competitor establish spain successfulli compet spanish market limit interconnect capac capac alloc system grant greater access thereto basi figur quot earlier commerci capac french spanish interconnect amount approxim mw total commerci capac mw minu mw reserv long term contract edf ree account fact guarante commerci interconnect capac parti commerci capac guarante reserv edf ree contract assum alloc mechan alter offer foreign supplier greater interconnect capac total amount import electr offer spanish wholesal market repres market share small scale offer significantli influenc price pool respons statement object notifi parti claim commiss prove purchas hidrocantábrico edf incent compet import grupo villar mir state quot edf purchas minim stake hidrocantábrico surpris share suffici profit compens edf revenu forfeit give option import electr quot respons claim commiss refer foremost previou section set issu edf indirect financi stake hidrocantábrico analys incent futur increas stake commiss claim edf stop export spain question edf incent merger promot substanti increas interconnect capac bring price spanish market benefit oper edf oper signific gener capac spain busi goal edf rte posit prevent substanti increas interconnect capac franc spain investig edf edf rte state french law oper french grid decid measur aim increas french side interconnect capac spain entiti stress edf rte financi oper independ edf regulatori oblig regard oper french grid short argu edf power decis increas interconnect capac edf rte entrust task oper electr grid franc includ take decis issu alloc increas interconnect capac franc spain upgrad exist line plan carri task edf rte claim enjoi function oper independ resourc kind fulfil note legal organis standpoint edf rte divis edf separ legal person director edf rte appoint french energi minist shortlist candid submit chairman edf event measur ensur edf rte independ edf accept effect fact remain form part econom unit industri group belong french state final analysi control edf edf rte circumst take decis kei issu type strateg decis oper edf rte subordin french author energi ministri prejudic power electr regul commiss de régulat de électricité cre french state ultim respons decis interconnect edf rte requir submit plan develop public grid year minist energi plan approv minist cre opinion owner edf french state word interconnect capac increas decis mention directli affect edf strateg interest unreason conclud short deni autonom oper independ manag edf rte interconnect capac franc spain substanti increas detriment edf interest owner french state hold power final decis issu vi commit made edf edf rte edf rte edf offer make commit resolv problem competit identifi commiss commit french govern explicit support attach decis annex ii commit offer edf rte edf rte commit adopt measur carri work increas commerci interconnect capac franc spain stage addit mw technic improv exist line end addit mw construct line addit capac increas technic econom feasibl check addit mw construct altern line doubl exist line reinforc french line medium term provid technic econom feasibl studi drawn end justifi construct work increas commerci capac result capac equival addit increas hour year deadlin extend construct work complet reason attribut edf rte stage interconnect capac increas commiss point precis timet work feasibl studi refer commit nonetheless includ refer timescal construct work carri quot medium term quot timescal finalis accord actual project carri construct line doubl reinforc exist line investig carri commiss refer timescal year conclus studi refer parti appoint check complianc commit approv commiss parti receiv edf rte inform assist carri task provid regular progress report complianc commit make propos commiss measur deem ensur complianc includ prepar altern addit feasibl studi present edf rte parti account carri task entrust relev inform studi origin interest parti nation energi commiss ree commit offer edf order resolv problem competit aris acquisit control hidrocantábrico edf undertak support increas interconnect franc spain fulfil abovement commit edf rte stage commit take part work user group set edf rte provid rte inform dispos conduct technic econom studi construct line mean boost interconnect franc spain edf commit pai parti parti respons check complianc commit enter edf rte evalu commit reduc isol spanish electr market futur significantli increas chanc oper base iberian peninsula compet spanish market increas interconnect level make step electr export spanish market posit effect level pool price capac member exist duopoli fix price commit offer edf rte edf suffici avoid strengthen domin posit endesa iberdrola base merger probabl mainten futur present electr interconnect capac franc spain inadequ final commiss wish make clear claim made edf rte submiss specif preliminari statement compani undertak concern mean articl merger regul capabl enter commit ensur notifi oper compat common market reason claim edf rte independ edf entiti belong busi group own french state explain vii conclus regard provid commit laid annex decis observ full propos merger creat strengthen domin posit result effect competit imped substanti part common market oper declar compat common market function eea accord articl merger regul provid parti abid commit increas interconnect capac laid section annex subject review commiss accord section annex compli measur requir commiss recommend offici charg monitor implement commit ensur parti abid state section annex abovement aspect commit constitut condit fulfil notwithstand made section annex structur chang wholesal electr market spain aspect commit duti practic stage structur chang aim refer provis offici charg monitor implement commit section annex stipul recit adopt decis articl notifi oper involv acquisit joint control hidroeléctrica del cantábrico sa spanish firm grupo villar mir german compani energi baden württemberg jointli control french firm electricité de franc german firm zweckverband oberschwäbisch elektrizitätswerk declar compat common market function eea agreement provid commit set annex ii respect full articl decis address ferroatlántica sl po de la castellana madrid energi baden württemberg ag enbw durlach all karlsruh brussel septemb commiss mario monti member commiss final report hear offic oj oj correct version oj oj oj figur includ turnov oew edf purpos calcul relev turnov accord provis merger regul endesa iberdrola unión fenosa hidrocantábrico small gener part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk report endesa iberdrola merger articl royal decre law june urgent measur step competit good servic market spanish offici gazett entail disappear pool articl royal decre law state trader conclud contract acquisit electr nation produc normal conclud quot energi sold elig custom incorpor exist daili intradaili market quot pool articl royal decre law april urgent measur liberalis market strengthen competit spanish offici gazett articl royal decre law bilater contract repres total energi sold wholesal market case iv preussen elektra ezh iv edf loui dreyfu comp veba viag comp electrabel eon comp edf enbw case comp rwe hidroeléctrica del cantábrico comp edp cajastur caser hidroeléctrica del cantábrico spanish author energi offer pool wholesal market freeli competit condit demand energi geograph limit border mainland spain case retail market suppli final consum spanish author feel market nation geograph term relev geograph market region local investig carri commiss retail market electr appear nation dimens purpos decis precis definit retail market elig custom analysi relat sole wholesal market pool sourc comisión nacion de la energía nation energi commiss reason fall hidrocantábrico market share correspond raini period huge quantiti electr deriv hydroelectr power put market hidrocantábrico gener capac hydroelectr power plant merger regul defin concept group abstract set establish compani entitl run activ undertak case edf vi vi enbw decis case comp edf enbw commiss state quot pursuant sharehold agreement edf oew edf sole industri partner oew region partner confidenti long oew region interest profit interest suffici respect appear oew incent activ oppos busi strategi edf choos enbw quot report endesa iberdrola merger report unión eléctrica fenosa hidroeléctrica del cantábrico merger report unión eléctrica fenosa hidroeléctrica del cantábrico merger hydroelectr power account approxim iberdrola gener capac hydroelectr power account endesa gener capac reason safeti electr system quot commerci capac quot part total physic capac exchang commerci capac system sum transmiss capac compon grid line make interconnect significantli lower oper interconnect electr system requir oper condit safeti margin account system oper establish commerci capac period time rang year fortnight dai determin great precis resourc depend avail oper schedul system compon sourc red eléctrica de españa oper spanish grid mean system commerci interconnect capac fall mw capac ratio theoret intern interconnect capac instal capac exclud special scheme spanish offici gazett plant san roqu castellón escombrera grupo villar mir argu case commiss commun court accept creation collect domin posit valid criterion ban merger notifi parti part oligopoli duopoli domin posit gencor lonrho nestlé perrier kali amp salz commiss decid previou case merger creat competit problem reduc number oper compet market nestlé perrier posit parti market criterion lead ban notifi oper enbw argu articl merger regul impli ban appli merger allegedli reinforc collect domin posit parti parti affect merger case iv exxon mobil recit decis recit read quot commiss consid creation reinforc domin posit parti exclud scope applic articl merger regul addit born mind gasuni parti occupi domin posit jv parti concentr substanti interest quot emphasi ad exxon mobil decis refer spanish nation energi commiss forecast energi consumpt spain grow case comp edf enbw report endesa iberdrola merger report unión eléctrica fenosa hidroeléctrica del cantábrico merger report unión eléctrica fenosa hidroeléctrica del cantábrico merger averag price electr gener market fell esp eur march esp eur march switzerland austria compar spain portug franc compar itali articl royal decre law june quot electr produc instal gener capac ordinari scheme mainland spain date entri forc decre law exce total endesa increas instal capac period year produc share instal capac iberdrola period year quot hidrocantábrico advantag restrict order gain extra market share view fact data compil spanish nation energi commiss electr consumpt expect grow total sourc spanish ministri econom affair repli statement object enbw state extra mw gener capac oper commiss inform addit instal capac oper mw hidrocantábrico permit build plant navarr instal capac mw endesa iberdrola unión fenosa hidrocantábrico hold ree equiti articl law februari quot electricité de franc depart oper public electr transmiss network carri task quot emphasi ad articl law februari annex commit full spanish text commit refer articl consult commiss websit http europa eu int comm competit index en html annex ii commit full spanish text commit refer articl consult commiss websit http europa eu int comm competit index en html