SOURCES AND INSTRUMENTS OF FINANCING FOR THE EUROPEAN ENERGY SECTOR: A COMPARATIVE ANALYSIS BETWEEN PRIVATE, PUBLIC AND MIXED INSTRUMENTS
Corina Murafa
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Corina Murafa: The Bucharest Academy of Economic Studies
REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, 2019, vol. 20, issue 3, 360-377
Abstract:
While Public Private Partnerships exhibit a bunch of political, economic and implementation risks, they seem the best fit to address the existing financing gaps in the European energy sector, in contrast to purely private or purely public financing instruments. Due on the one hand to the politicization of the energy sector and on the other hand to the limitations of financial actors to engage in the provision of patient capital, governments are having a more intrusive role in the financing of the European energy sector. European institutions are also increasingly using their own budgets as leverage-based financial instruments. Through a comprehensive literature review and case studies on the Connecting Europe Facility and the Project Bond Initiative, I argue that a bunch of investments would not be possible without a mission-driven role of the state, usually in the form of guarantees and other mixed instruments.
Keywords: energy policy; energy sector; Energy Union; Public Private Partnerships; project finance; financing instruments. (search for similar items in EconPapers)
JEL-codes: F00 F21 F30 F50 F55 G15 G18 G23 G28 G32 H54 H81 L95 L97 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:rom:rmcimn:v:20:y:2019:i:3:p:360-377
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