The European Commission, which aims to devise a “European strategy for sustainable, competitive, and secure energy,” published a green paper in March 2006 to that effect, suggesting that “Europe has not yet developed fully competitive energy markets.”Energy is still regarded as a strategic sector in most European Union member states unwilling to relinquish their hold over the energy sector. Likewise, Europe’s major energy utilities are either state-owned or state-controlled. Under such conditions, new entrants often face many regulatory obstacles or political opposition.Yet there is a more basic problem. Even when a company manages to find its way through the...