Electricity market reform (Part 2) : liberals strike back

There are definitely two opposing sides in the European debate on the electricity market reform… Before going into the details of the European political-war context, it is worth reviewing the exceptional energy situation of the last twelve months. The year 2022 is marked by a triple crisis: Russia’s invasion of Ukraine – which led to …

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Margin Cap: the new paradigm

With the recent adoption of the Regulation “concerning emergency measures to tackle high energy prices” (2022/1854 of 6 October 2022), the European Commission is putting in place a series of mechanisms to mitigate the impact of the current energy crisis. This regulation calls for coordinated measures to reduce consumption while, at the same time, allowing …

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Ukrainian crisis: how ready is Europe ahead of next winter? A focus on gas

8 months after the start of Ukraine’s invasion by Russia, Ukrainians are resisting, and fighting back. Heavy western sanctions have been imposed on Russia and, as a result, Russian oil and gas supplies to Europe have fallen sharply. Energy “sobriety” has become the rule. Out of necessity because of extremely high prices for the unprotected …

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Analysis of the Iberian singularity (last 3 months) versus other regulatory mechanisms

Gas cap mechanism in the Iberian Peninsula On 15 June, the Iberian singularity mechanism came into effect allowing Spain and Portugal to contain price rises in their electricity markets by applying a cap on the price of gas used for thermal power generation. Until December 2022, this gas price cap will be 40 €/MWh and …

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Purchasing power and energy

On 17 August 2022, the first law of the new legislature, i.e., of Emmanuel Macron’s second term in office, “LOI n°2022-1158 du 16 août 2022 portant mesures d’urgence pour la protection du pouvoir d’achat” (Law n°2022-1158 of 16 August 2022 on emergency measures to protect purchasing power) was published in the French Official Journal. While …

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Australia’s power spot market suspension: a warning for Europe?

Last June 15th, the Australian Energy Market Operator (AEMO) suspended the spot market for wholesale electricity as a result of an ever worsening power crisis. This was the first time in its history that AEMO took the drastic decision to suspend the whole National Electricity Market (NEM) as it had become impossible to opearte the …

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Each month, one of our experts publishes an article describing his view on a specific topic of the constant changes taking place in the energy market, with special focus on the French market.

Investment Advice

“Decarbonization of the Energy and Transport sectors is arguably today’s main economic driver for the industry.”

Profesional Experience

His career started in civil engineering as a Project Manager in France, Martinique and Australia. Afterwards, he became the General Manager of a subsidiary in Venezuela. In 1992, he established Dalkia in Germany (district heating, cogeneration, and partnerships) and represented Véolia in Thailand. In 2000, he opened the commercial office of Endesa in France to take advantage of the liberalized retail market. From 2006, as a development Manager at Endesa France, he led Endesa’s plan for Combined Cycle generation in France and developed the wind and PV portfolio of Snet at the same time. Philippe Boulanger worked for 3 years at E.ON’s headquarters coordinating the company´s activities in France. He was strongly involved in the French hydro concession renewal project. As a Senior Vice President – Project Director at Solvay Energy Services from April 2012 to February 2014 he was in charge of the H2/Power to gas and European direct market access deployment projects. Philippe has been an HES expert since 2014.


Philippe Boulanger holds engineering degrees both from the Ecole Polytechnique and the Ecole Nationale des Ponts & Chaussées (France) and has a combined experience of more than 25 years in energy and infrastructure. In addition to English, Mr. Boulanger is fluent in French, German & Spanish.

Philippe Boulanger

Electricity Expert


“The world is changing. New investors pay particular attention to the energy sector while historical actors adapt their position to the market.”

Profesional Experience

Antonio started his career in the electricity sector in 1991 working as a member of staff for the General Manager of Sevillana de Electricidad (Spain). In 1997, he was in charge of the commercial regulation at Endesa Distribution. In 2000, he joined Endesa’s European M&A department. He was appointed CEO of Endesa Power Trading Ltd in 2003. He became Head of Energy Management for SNET, France, in 2004 and was appointed CEO of this company in 2008. In 2009, he held the position of Head of Corporate Development for E.ON France. In 2011, he founded Haya Energy Solutions (HES), a consulting firm which assists companies in optimizing their value chain: from strategy definition to day-to-day operations, based on a strong experience and understanding of the energy industry. From 2015 to 2018, Antonio was Chairman and CEO of 2 French CCGTs (2x410MW), owned by KKR. At the end of 2018, he joined Asterion Industrial Partners, a dedicated infrastructure investment fund, as an Operating Partner.


Antonio graduated from the Escuela Técnica Superior de Ingenieros of Seville (Spain) and holds an MBA degree from Deusto University (Spain).

Antonio Haya