None of the politicians who launched the process of competition onto the European electricity scene in the late 90s could have precisely foreseen the consequences of their actions.

Liberalisation has a long way to run yet and there are still many unknowns. International consultants Pricewaterhouse-Coopers said in January 2002’s Power Deals report that European power utilities in 2001 led the global field in cross-border electricity transactions. But the report also highlights that 2001 saw a