Le marché a dit. Intermédiaires financiers et managers dans le secteur électrique

The role played in the electricity industry by finance analysts, consultants and rating agencies has received too little attention in research on the liberalization of technical networks. Three arguments are brought forward. First of all, despite any rational argumentation, these intermediaries must be seen as ordinary actors with their interests, drawbacks and cognitive limits. Secondly, they have played an important part in transforming what used to be a tightly regulated industry. Their power mainly derives from their ability to influence the definition of the “right” policies and the production of information prior to decision-making. It takes the concrete form of an oligopoly power over two basic links in the information flow: big operations in the capital market and the ability to make comparisons between firms, sectors and countries and thus recommend the “right” allocation of resources. Thirdly, this quite real power does not have mechanical effects since it reflects a state of equilibrium within the firm, as the case of Suez proves. The relation between markets and firms is more interactive that it seems at first glance.