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Building gas markets: US versus EU, market versus market model

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  • Miguel Vazquez, Michelle Hallack and Jean-Michel Glachant

Abstract

The liberalization process of the gas sector has showed that the reasoning to introduce competition in gas industries separates the services in at least two groups: commodities with relatively low transaction costs, and hence suitable to short-term market coordination, and network services which concentrate most of the specificities related to the physical flows. However, the way to coordinate such network services is still under debate. In this view, in USA specific services are coordinated through long term contracts, whereas the EU regulatory frame socializes the costs of the network services. In this paper, we develop a general analysis of the major consequences of this fundamental regulatory choice. In addition, we build on such analysis to explain the differences among the current proposals to design the coming European Internal Market.

Suggested Citation

  • Miguel Vazquez, Michelle Hallack and Jean-Michel Glachant, 2012. "Building gas markets: US versus EU, market versus market model," RSCAS Working Papers 2012/10, European University Institute.
    • Handle: RePEc:rsc:rsceui:2012/10
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    Citations

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    Cited by:

    1. Keyaerts, Nico & D'haeseleer, William, 2012. "Increasing efficiency through market-based cross-border procurement of gas-balancing services in Europe," Energy, Elsevier, vol. 47(1), pages 564-576.
    2. Catherine Locatelli, 2012. "Relations UE-Russie : les enjeux d'une nouvelle architecture gazière," Post-Print halshs-00755640, HAL.
    3. Jing Xu & Michelle Hallack & Miguel Vazquez, 2017. "Applying a third party access model for China’s gas pipeline network: an independent pipeline operator and congestion rent transfer," Journal of Regulatory Economics, Springer, vol. 51(1), pages 72-97, February.
    4. Sadek Boussena & Catherine Locatelli, 2016. "Guerre des prix ou instrumentalisation de l'incertitude sur les prix : quelle stratégie pour un fournisseur dominant sur le marché gazier européen ?," Working Papers hal-01284518, HAL.
    5. del Valle, Aurora & Dueñas, Pablo & Wogrin, Sonja & Reneses, Javier, 2017. "A fundamental analysis on the implementation and development of virtual natural gas hubs," Energy Economics, Elsevier, vol. 67(C), pages 520-532.
    6. Vazquez, Miguel & Hallack, Michelle, 2013. "Need and design of short-term auctions in the EU gas markets," Energy Policy, Elsevier, vol. 63(C), pages 484-493.

    More about this item

    Keywords

    Volume coupling; market coupling; implicit allocation;
    All these keywords.

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