GLG News by Energy / Utilities Experts: Legal, Economic, and Regulatory Affairs (France)

Miguel Mesquita da CunhaConsultantMC Consulting.

EU Competition Probe against Google.

July 10, 2010

Analysis of:Brussels to look closely at Google probe | www.ft.com

 A formal competition case against Google is likely to be open by the European Commission in the next few weeks.   If so, the case would be personally followed by Commissioner Almunia;  Google should thus expect a very thorough probe.  

Miguel Mesquita da CunhaConsultantMC Consulting.

Microsoft v. European Commission: a victory for innovation & for the consummer

September 20, 2007

Analysis of:Microsoft's Big European Defeat: What Now? | www.businessweek.com

By restricting Microsoft's ability to bundle unrelated features (such as media players, server software) to Windows, the EU ruling will bolster competition & innovation in the software industry.   The judgement further asserts that companies may not unfairly prevent rival products from functioning properly with their offerings.   More generaly, the ruling confirms the EC legal power to pursue abuses of market dominance.

Miguel Mesquita da CunhaConsultantMC Consulting.

Wrong, dear FT: Investors should beware of Royal

February 26, 2007

Analysis of:Why business need not worry too much about Royal | www.ft.com

French business and equities would take a plunge if Ms. Royal were elected President in April next.

Ms. Royal’s personal economic views are statist & interventionist; if elected she would have to govern with an alliance of unreconstructed Socialists and Communists. 

Far from reforming products, services and labor markets, a Royal administration would most probably impose extra burdens on companies and entrepreneurship.

Miguel Mesquita da CunhaConsultantMC Consulting.

Car fumes: do not panic (yet…)

February 6, 2007

Analysis of:Car industry facing 18% CO2 cut | news.bbc.co.uk

The European Commission plans to propose measures to bring emissions of greenhouse gases from the average new car down to 120g of CO2 per kilometer by 2012 - 25% below the 2005 level of 162g/km.

Final provisions will depend on a host of complex negotiations, but the overall trend is clear:  the competitive advantage for car manufacturers to offer more efficient engines is likely to become ever more pronounced in the years ahead.

Miguel Mesquita da CunhaConsultantMC Consulting.

Total nuclear plans: a long-term solution to the Suez connundrum?

February 5, 2007

Analysis of:Total says it is certain to enter nuclear sector | www.ft.com

Total’s incoming CEO has declared his company’s intention to enter the nuclear electricity business. Given France’s wealth of nuclear expertise, Total seems better positioned than many other oil companies to acquire this new competence.  

Yet, Total may be tempted to buy, as opposed to build up internally, the array of skills required; though this may seem a long shot, an eventual purchase of Suez, [whose subsidiary Tractebel has been in the nuclear industry for over 30 years and produces 5800 MWe in four nuclear plants] would with one stroke bring Total the required know-how.

Miguel Mesquita da CunhaConsultantMC Consulting.

New fuel standards in the EU

February 2, 2007

Analysis of:Stricter fuel standards to combat climate change and reduce air pollution | europa.eu

In the context of the new EU overall energy and environmental strategy, the European Commission proposed on 31 January a revision to the 1998 fuel quality directive that will have far-reaching implications for the oil industry. Oil industry representatives are up in arms, claiming that the proposed changes are too onerous and that the car industry should shoulder more of the effort. These proposals will now be discussed by member states and the European Parliament, with a view to adopting legally binding decisions by the end of the year.

One can expect vigorous lobbying from both sides in the months ahead. On current form however, the car industry tends to carry more political influence than the oil business. The gist of the Commission proposals is thus likely to be enacted.

Miguel Mesquita da CunhaConsultantMC Consulting.

EU energy & environment policies: a competitive advantage for European companies

January 31, 2007

Analysis of:Companies must adapt or die in a changing climate | www.ft.com

This short and sharp article should be carefully considered by any senior manager worth his salt. “Companies that prosper in an environment of changing climate and policies will tend to be those that are early to recognise its importance and inexorability, foresee at least some of the implications for their industry and take appropriate steps well in advance.”

Such is very much the prevailing view within the European Commission:  though EU climate change policies are being designed primarily to tackle global warming, they will also aim to endow EU companies with the comparative advantage of being amongst the first to devise and to implement innovative energy-saving technologies and practices.

Miguel Mesquita da CunhaConsultantMC Consulting.

Energy & climate change at the forefront of the EU agenda

January 31, 2007

Analysis of:Brussels climbdown on car emissions | www.ft.com

The related areas of energy policy & climate change are now firmly at the forefront of the European Commission’s program for the years ahead. Despite tactical retreats, as on CO₂ emissions targets for the motor industry, the overall trend points towards significant liberalization of energy markets, accompanied by stringent action on the environment. Yet, the final shape of legislation remains open to debate; countries, companies and industries can use their lobbying power to influence legislative outcomes, as the car industry has just done.

Miguel Mesquita da CunhaConsultantMC Consulting.

New oil: keep it in perspective

September 11, 2006

Analysis of:Chevron strikes oil in 'biggest US find' | www.telegraph.co.uk

If duly confirmed by subsequent tests, the discovery announced on Sept. 5th of a new oil field in the Gulf of Mexico will undoubtedly prove a boost for the companies involved, [Chevron, Statoil & Devon Energy], & probably for companies active in adjacent areas [such as Shell & BP].

Yet, things should be kept in perspective.    It is impossible still to ascertain the size of the find, but its eventual exploitation will prove technically challenging & will entail high costs that will inevitably weigh on operational margins.

Furthermore, oil, gas & coal will not suffice to meet soaring world energy demand, even taking into account new discoveries.    It therefore makes eminent business sense to pay keen attention to the profits potential held by renewable sources of energy, including wind, solar & biofuels.

Miguel Mesquita da CunhaConsultantMC Consulting.

GdF-Suez: Merci, M. Knight !

September 11, 2006

Analysis of:Knight confident of blocking merger | www.ft.com

In a letter to Prime Minister de Villepin, Eric Knight asserts that the GdF-Suez merger, as currently proposed, significantly undervalues Suez (quite apart from posing significant political risks for the government).   He further suggests an alternative that would leave France with a European energy champion and a new Lyonnaise des Eaux (combining Suez Environment and SES) as an independent public company that would be larger than Véolia.

Given the apparent strength of Mr. Knight’s arguments & the track record of KVAM as an ‘activist’ investor, one would have thought the letter would have sparked acute interest & debate in France – but it raised none.    If however Mr. Knight succeeds in persuading enough Suez Shareholders to block the mooted merger, thus wrecking all the government’s current efforts, ministers & the powers that be in France will only have themselves to blame for their smugness.

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