Abstract
Therecent liberalization ofthe European gas aud power sectors has introducedsignificant changes in the way energy markets function, and created someuncertainty about how they may be configured in the future. This uncertainty givesthe players affected directly or indirectly bythe changes an opportunity to redefinetheirstrategic positioning and influencethe future oftheindustry. In fact, oneofthemain consequencesoftheliberalization trend is the weakcning ofinstitutional entrybarriers, compelIing operators traditionalIy protected by regional or nationalmonopolies to compete with other potential actors. If the gas, power and oilindustries had relatively clear frontiers in the past, the frontiers now are becomingincreasingly permeable, alIowing companies to deploy strategies to take advantageofnew growth and rent appropriation opportunities.
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