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<p>Energy prices capture more than production costs; they reveal how governance quality, inflation, and economic shocks shape energy market outcomes. These forces influence both affordability and price stability. The study examines the relationship between macroeconomic conditions, institutions and deflated electricity prices (EPD) across 16 EU countries and the UK from 2000 to 2018. Using advanced econometric techniques, the results reveal that lower corruption is associated with lower EPD, while stronger institutions are linked to higher EPD, reflecting increased regulatory and infrastructure costs. Governance thus plays a dual role by reducing market inefficiencies while increasing regulatory costs. Following the 2008 financial crisis, the results show that EPD rose by about 10%, highlighting how economic downturns disrupt energy markets. Higher EPD is associated with reduced electricity consumption and slower economic growth, while increases in GDP and electricity demand place pressure on prices. The findings highlight the importance of improving governance quality, reducing corruption, and designing efficient regulatory frameworks to promote stable, affordable, and sustainable electricity markets.</p>

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Energy prices under the lens: exploring the intersection of the governance’s dual role, inflationary pressures, corruption and economic shocks

  • 期刊论文

  • 发表日期：

    2026年7月2日

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  • Vasilis Nikou

摘要

Energy prices capture more than production costs; they reveal how governance quality, inflation, and economic shocks shape energy market outcomes. These forces influence both affordability and price stability. The study examines the relationship between macroeconomic conditions, institutions and deflated electricity prices (EPD) across 16 EU countries and the UK from 2000 to 2018. Using advanced econometric techniques, the results reveal that lower corruption is associated with lower EPD, while stronger institutions are linked to higher EPD, reflecting increased regulatory and infrastructure costs. Governance thus plays a dual role by reducing market inefficiencies while increasing regulatory costs. Following the 2008 financial crisis, the results show that EPD rose by about 10%, highlighting how economic downturns disrupt energy markets. Higher EPD is associated with reduced electricity consumption and slower economic growth, while increases in GDP and electricity demand place pressure on prices. The findings highlight the importance of improving governance quality, reducing corruption, and designing efficient regulatory frameworks to promote stable, affordable, and sustainable electricity markets.