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The Economics of Natural Gas Storage A European Perspective

:	Anna Cretì.
:	Anna Cretì
:	The Economics of Natural Gas Storage A European Perspective
:	Springer-Verlag
:	9783540794073
:	1
:	CHF 85.40
:

:	Volkswirtschaft
:	English

:	116
:	Wasserzeichen
:	PC/MAC/eReader/Tablet
:	PDF

I remember that the idea of this book emerged ?rst in Toulouse, during the Third Conference on Energy Markets - 3 years ago now. Anna Cret` ? gave a talk on a model dealing with seasonal gas storage in the USA, and Christian Von Hirschausen was her discussant. Both of them were devoting their efforts to understand the natural gas market in Europe and the relevant liberalization process. I found their interest in storage rather original, so I encouraged Anna to collect the most original cont- butions on this topic. Back in Milan with this idea in mind, she organized a working group at IEFE- Bocconi University, where she works. Then, during the following year, she - changed ideas and organized several meetings with the book's contributors. She regularly invited the most important Italian gas sector representatives to these me- ings, to make sure that the economic models were well suited to tackle the issues at stake in the European gas industry.

	Contents	4
	Contributors	5
	Foreword	6
	Acknowledgements	7
	Gas Storage in Europe: Toward a Market- Oriented Approach	9
	1.1 Storage in the Economic Literature	10
	1.2 Storage in the Modern European Gas Industry	14
	1.3 Book Synopsis	15
	References	18
	Expected Vs. Observed Storage Usage: Limits to Intertemporal Arbitrage	21
	2.1 Introduction	21
	2.2 Empirical Models and Theoretical Foundations	22
	2.3 Germany in the European Natural Gas System	24
	2.4 Market Based Use of Storage Capacities: A Model	30
	2.5 Conclusions	36
	References	37
	Natural Gas Storage and Market Power	38
	3.1 Introduction	38
	3.2 The Issue of Gas Storage and Market Power in the Literature	39
	3.3 A Basic Duopoly Model	41
	3.4 Preemptive Access to Storage Facilities	45
	3.5 Vertical Integration of Storage Facilities	47
	3.6 Flexibility Degree of Storage Facilities	49
	3.7 Gas Storage in France	51
	3.8 Conclusion	58
	3.9 Appendix	58
	References	60
	The Regulation of Access to Gas Storage	62
	4.1 Introduction	62
	4.2 Regulation of Access to Storage: Related Literature	66
	4.3 Is Gas Storage an Essential Facility?	67
	4.4 The Effect of Storage Rationing on the Productive Efficiency of Gas Suppliers	71
	4.5 The Efficient Rationing Rule: An Example	73
	4.6 Access to Storage with Imperfect Competition in Gas Markets	75
	4.7 Welfare Analysis	80
	4.8 The Regulation of Access to Storage in Italy	81
	4.9 Conclusions	88
	4.10 Appendix	89
	References	90
	Gas Storage and Security of Supply	91
	5.1 Introduction	91
	5.2 The Issue of Security of Supply in the Literature	93
	5.3 Storage and Security of Supply in the UK	95
	5.4 Precautionary Gas Stocks: A Model	101
	5.5 Price and Stock Dynamics	103
	5.6 Dynamic Welfare Costs of Antispeculative Policy	105
	5.7 To Build or not to Build Strategic Gas Stocks in the UK?	107
	5.8 Conclusion	112
	5.9 Appendix	112
	References	117
	Final Remarks and Policy Recommendations	119