Discovering new frontiers

Germany followed a different path of energy liberalisation from other countries in Europe. Liberalisation happened at a stroke, without a regulatory authority – such as the UK’s Office of Gas & Electricity Markets – being installed. Until this time the energy industry was of little relevance to Germany’s banking supervisory office, the Bundesaufsichtsamt fuer das Kreditwesen (BAKred)1.

But the situation changed in September 2000. The then Frankfurt-based European Energy Exchange

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