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Over the last decade, many IEA member countries have opened their energy markets to competition, with governments progressively withdrawing from direct management of the gas sector and focusing on establishing objectives and competition frameworks. With the continued growth of gas demand and the decline of domestic reserves, most IEA countries will need to import more gas, mainly for power generation, which will require access to gas reserves at competitive conditions, as well as timely investment in new infrastructure to ensure a reliable gas supply. This publication, part of a series on energy market reforms, examines recent developments in security of gas supply and reliability in all IEA regions, in the light of these new demand and supply trends. It includes a CD-ROM containing the views of the main stakeholders (governments, regulators, industry, customers and other organisations) involved.
This highly unique book focuses on market design issues common to most EU gas markets, particularly in the context of closer integration. It explores in detail the characteristics and requirements of national gas markets in Europe, which are constructed as virtual hubs based on entry/exit schemes as a requirement of European law. The expert contributors analyse gas supply and demand patterns in the EU, showing that both have changed following the introduction of liquefied natural gas on the supply side and the growth of gas-fired power plants on the demand side. The repeated interactions between the transmission operators activity and the gas commodity markets are addressed, as is the design of commercial networks in EU markets. The contributors also question whether the relationship between commercial and physical networks, in terms of the new flexibility requirements of users, actually works. By way of conclusion, two proposals for the EU gas target model are presented, both of which tackle the fundamental issues raised in this book, as well as the organization of short-term transactions and the mechanisms for investment in vital new long-life infrastructure needed to integrate EU markets. This volume will be of great interest to practitioners, as well as academics, researchers and students in the fields of energy economics and industrial economics. Both European and non-European energy companies and regulatory authorities looking for an independent and analytical overview of European gas markets will also find this book to be a highly valuable resource.
Jens HETLAND & Teimuraz GOCHITASHVILI In contrast to oil, natural gas is usually routed through pipeline systems stretched from the wellhead to the end-user – although liquefied natural gas (LNG) is gaining increased interest; the commercialisation of natural gas fields is inherently linked to rigid transportation systems that require huge investments in tangible assets fixed to specific locations; the supply of natural gas is constrained by the transportation system, and requires access to appropriate infrastructure for transport and distribution; the trading of natural gas is traditionally associated with long-term contracts, albeit the duration per se of gas transport contracts appears to be less important after the deregulation of the energy markets. As diversification is strategically important to modern societies, the security of energy supplies becomes an inherent issue. In order to avoid situations of shortage, and to keep the price level stable, industrial nations are paying attention to the security of energy supplies. In brief terms this means that having more than one supplier of natural gas and more than one transport route would be strategically important. This also affects political issues and international law and regulations, economics, science and technology. The purpose of this book is to address opportunities extended from science and research pertaining to the exploitation and international trading of natural gas that involves transit countries. This especially relates to the transport and handling of gas from remote regions and pipelines that are
Great Britain: Parliament: House of Commons: Trade and Industry Committee
Author : Great Britain: Parliament: House of Commons: Trade and Industry Committee Publisher : The Stationery Office Page : 100 pages File Size : 40,47 MB Release : 2006-03-29 Category : Political Science ISBN : 9780215028150
Jens HETLAND & Teimuraz GOCHITASHVILI In contrast to oil, natural gas is usually routed through pipeline systems stretched from the wellhead to the end-user – although liquefied natural gas (LNG) is gaining increased interest; the commercialisation of natural gas fields is inherently linked to rigid transportation systems that require huge investments in tangible assets fixed to specific locations; the supply of natural gas is constrained by the transportation system, and requires access to appropriate infrastructure for transport and distribution; the trading of natural gas is traditionally associated with long-term contracts, albeit the duration per se of gas transport contracts appears to be less important after the deregulation of the energy markets. As diversification is strategically important to modern societies, the security of energy supplies becomes an inherent issue. In order to avoid situations of shortage, and to keep the price level stable, industrial nations are paying attention to the security of energy supplies. In brief terms this means that having more than one supplier of natural gas and more than one transport route would be strategically important. This also affects political issues and international law and regulations, economics, science and technology. The purpose of this book is to address opportunities extended from science and research pertaining to the exploitation and international trading of natural gas that involves transit countries. This especially relates to the transport and handling of gas from remote regions and pipelines that are
The introduction of liberalisation and concepts such as third-party access, network ownership unbundling and competition in the EU's internal energy market following the first, second and third sets of EU legislative packages and directives had the effect of requiring Member States to significantly alter the regulatory and organisational structures of their energy markets, including traditional ways of promoting energy security. Consequently, state-owned or controlled vertically-integrated operators or centrally administered energy markets now have to meet the demands of open access and competition. There is also a shift away from traditional long-term gas supply contracts, towards more short-term spot-markets and trading hubs. Although, long-term supply arrangements could be seen as a means of achieving security of supply, it can also become an instrument which 'locks-in' ex ante investments in commercial arrangements with supplier(s) whose broader geopolitical and economic interests may be incompatible with the peculiar interests of the consuming state(s) or purchaser undertaking(s). Geopolitical conflicts relating to external suppliers, import dependency, declining regional gas production and the interconnectedness of gas and electricity markets, competitiveness of gas utilisation in the energy mix are some essential factors affecting the reliability and security of energy supply. This paper aims to examine some of the key regulatory and policy issues affecting the security of gas supply in the evolving EU internal energy market. It focuses on the dynamics of securing the availability and reliability of gas for electricity generation from a legal and regulatory perspective.
Natural gas, a vital primary source of energy for the twenty-first century economy, is poised to play a major role in the medium- to long-term outlook of energy systems worldwide. Its supply to power markets for electricity generation and other energy purposes through the stages of exploration, production, gathering, processing, transmission, and distribution have been a key driver in gas commercialisation over the past two to three decades. This book discusses insights from law and economics pertaining to gas and energy supply contracts, regulation, and institutions. It provides an in-depth ‘law-in-context’ analysis of the approaches to developing competitive and secure gas-to-power markets in an increasingly international, interrelated, and interconnected value chain. Recognising a general move towards structural reforms and economic regulation of gas and energy markets globally, the author incisively addresses the following questions: – Is there a single ‘ideal’ model or approach for ensuring effectiveness in the restructuring and regulation of gas supply to power markets? If not, then what constitutes the matrix of models and approaches? – What are the underlying principles, assumptions, and institutional structures that will enhance the modern approaches to developing competitive, secure, and sustainable gas supply to power markets? – What are the factors that determine or affect the effectiveness and efficiency of such approaches and regulatory frameworks? The book critically explores the instrumental role of regulation and organisational institutions in the restructuring and development of gas supply markets. It examines the evolution of economic approaches to regulation, competitiveness, and security of gas supply in the United States and the United Kingdom. It considers the EU as a supranational union of developed economies and Nigeria as a developing economy, in the process of applying these paradigms of economic regulation and restructuring of gas-to-power markets. In a law and policy environment where training and educational centres, lawyers, and public and corporate energy advisors are becoming more concerned about competitiveness and efficiency in gas resource allocation and pricing – and about high-quality governance frameworks for industries that depend on reliable gas supplies – this vital book will be warmly welcomed by lawyers, policymakers, energy consultants, analysts, regulators, corporate investors, academics, and institutions concerned with and engaged in the business of exploration, production, and supply of gas for energy purposes.
European energy policy faces challenges. Among these are gas supply security and competitiveness of the gas market. Gas supply security is at risk from presently high and increasing European import dependence on a limited number of large foreign suppliers, notably Sonatrach, Statoil and Gazprom. This paper studies the possibly conflicting goals between supply security and competition. We examine the implication of major foreign suppliers' position on the European gas market and the likeliness of a gas exporting cartel. Following this, we study a set of possible European responses to import dependence on a small number of major foreign suppliers. Our main conclusion is that supply security should not be a justification for impediments of competition on the European gas market. First, although the import dependence on suppliers such as Gazprom is real, the likeliness of detrimental effects is not that high. Second, effective countervailing power would require big importing firms and might, therefore, come at the expense of competitiveness on the European home market. Countervailing power is a high-risk strategy and the chances of detrimental effects, offsetting any benefits, are high. Third, even with countervailing power created by big players, European bargaining power is actually likely to be small relative to the major foreign suppliers, such as Gazprom. Fourth, diversification is a promising strategy and could potentially help achieve different policy goals. We argue that the combination of LNG and pipelines improves supply security and is likely to improve competition, and that there is a role for the governments and the European Commission in promoting these strategic targets.
This work analyses key issues of a European policy and future regulation for natural gas. The structure and performance of gas markets and the organizational characteristics of gas supply, transmission and distribution are considered. The work examines how the regulatory policies of Member States differ substantially from one another and from most determinants of a European energy policy: differences in system of ownership on all levels of the industry; in degrees of concentration and integration; in market structures of supply and demand especially in access to natural gas sources; in regulatory policies and priorities especially regarding gas-to-gas and substitute competition; in regulatory instruments; in motions of national interest, optimal use and preservation of resources and investments; and dependence on foreign supplies. The development of Community law benefits from an appreciation of these factors, and experts from most EC member states provide a rigorous and thorough analysis of the issues.