Geographically Italy is at the center of the gas supply network from North Africa, Northern Europe, Russia and, in the future, from the Caucasus, making it a strategic point for the stability and security of the gas supply for the entire European Union. Over the last decade the supply of natural gas has changed since the liberalization of the sector led to the creation of a Virtual Trading Point and later to the Gas Exchange in order to guarantee citizens the right to a secure and reasonably

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... ced energy supply. The purpose of this paper is to analyze the evolution of the liberalization of the natural gas sector to observe the results 12 years after the process began and to assess the potential arising from the opening of the Gas Exchange.