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Contents:ForewordPaul L. JoskowPART I: PROPOSALS FOR ACHIEVING THEEUROPEAN UNION ELECTRICITY MARKET BY 20091. The Electricity Internal Marketin the European Union: What to do Next?Jean-Michel Glachant and FrancoisLevequePART II: ASSESSMENT OF CORE ISSUES IN THE MAKING OF THE EUROPEAN UNIONELECTRICITY MARKET 2. Refining Market DesignDavid Newbery3. Addressing MarketPower and Industry RestructuringLars Bergman4. Harmonizing an EffectiveRegulation in EuropeEinar Hope and Balbir Singh5. Ensuring EU Enlargement toNew Member StatesChristian Von Hirchhausen and Georg Zachmann6. Ivesting forSustainabilityIgnacio Perez-Arriagua and Julian Barquin 7. Policy Assessmentand Good PracticesRichard Green, Arthuro Lorenzoni, Yannick Perez and MichaelPollittPART III: IN-DEPTH STUDIES OF THREE CHALLENGES FOR THE EUROPEAN UNIONELECTRICITY MARKET (MEASURING MARKET POWER, CONVERGENCE OF WHOLESALE PRICES,ENERGY POLICY)8. How Well Can One Measure Market Power in RestructuredElectricity Systems?Yves Smeers9. The EU-Integration of the New Member StatesElectricity Markets - Testing for Wholesale Price Convergence Using theKalman Filter Georg Zachmann10. Long Term Scenarios for the Strategic EnergyPolicy of the EUPantelis Capros and Leonidas MantzosPostface: Design andRegulation of EU Energy Markets: Between Competition Policy and Common EnergyPolicyGeorges Vasconcelos