Morgan Stanley launches Italian power market index

A new index for the Italian power market, based on Platt's prices, has been developed and launched by investment bank Morgan Stanley and independent research centre Ricerche per l'Economia e la Finanza (REF).

It is intended to replace the current benchmark index, the Ct formula, which many consider is out of date and fails to represent the cost of production of power in Italy. Italy's energy authority, which used to endorse the Ct formula, stopped doing so in 2005.

"The idea was to replace the

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