... are involved in the ETS. As a result of the establishment of the ETS in 2005, the EEG’s true effect is merely a shift, rather than a reduction, in the volume of emissions: Other sectors that ... in the EU25. As a result, the profits of the majority of the large European utilities are diminished substantially, most notably those of the four dominant German electricity producers. The ... growth, they obscure the broader implications for economic welfare by omitting any accounting of off-setting impacts. The most immediate of these impacts are job losses that result from the crowding...