Abstract
In this dissertation I study issues associated with the inadequate progress of the development of competition on these markets. In particular, I first theoretically investigate the liberalization process in the gas sector in a country characterized by no domestic production and limited upstream competition to find that an upstream monopoly may reap some of the fruits of the liberalization of the downstream market.
Second, I extend this investigation by adding storage and discover that some storage structures may hinder competition and a simple separation of storage services from the incumbent cannot be welfare-enhancing. Third, I empirically examine the effects of the ownership unbundling of the electricity transmission system operator as this is one of the most debated measures of the latest European energy liberalization legislation.