Ph.D. (Econ.) Maria Kopsakangas-Savolainen is senior researcher at the Finnish Environment Institute. She is also senior researcher at the Department of Economics, Martti Ahtisaari Institute of Global Business and Economics and Thule Institute all at the University of Oulu. Her research interests relate to sustainable energy and environmental economics. She has studied cost efficiency of electricity markets, welfare effects of regulation, Real-Time pricing, efficient use of renewable energy and promotion of market access for renewable energy. She is currently studying also energy efficiency questions related to consumer behavior. She has done both theoretical and empirical studies. The applied methodologies have been based on econometrics and simulation techniques. Ph.D. (Econ.) Rauli Svento is professor of economics at the Department of Economics and senior researcher at the Martti Ahtisaari Institute of Global Business and Economics at the University of Oulu. He is currently Head of Department and he has served as dean of the Oulu Business School and Vice President of the University of Oulu. His research interests relate to environmental and natural resource economics and energy economics. He has studied valuation questions using contingent valuation techniques and choice experiment techniques. He has studied cost efficiency of electricity markets, welfare effects of regulation of utilities and sustainable management of energy markets.