Gas Storage in Europe: Toward a Market-Oriented Approach
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Anna Cretì Editor
The Economics of Natural Gas Storage A European Perspective
ABC
Dr. Anna Cretì Bocconi University and IEFE (Centre of Research on Energy and Environmental Economics and Policy) via Roentgen, 1 20136 Milan Italy [email protected]
ISBN: 978-3-540-79406-6 e-ISBN: 978-3-540-79407-3 DOI: 10.1007/978-3-540-79407-3 Library of Congress Control Number: 2008940966 c 2009 Springer-Verlag Berlin Heidelberg ° This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper springer.com
Contents
1
Gas Storage in Europe: Toward a Market-Oriented Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Anna Cret`ı
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Expected Vs. Observed Storage Usage: Limits to Intertemporal Arbitrage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Anne Neumann and Georg Zachmann
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Natural Gas Storage and Market Power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 Edmond Baranes, Franc¸ois Mirabel, and Jean-Christophe Poudou
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The Regulation of Access to Gas Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 Alberto Cavaliere
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Gas Storage and Security of Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 Anna Cret`ı and Bertrand Villeneuve
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Final Remarks and Policy Recommendations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113 Monica Bonacina, Anna Cret`ı, and Antonio Sileo
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Contributors
Edmond Baranes Facult´e des Sciences Economiques, Universit´e Montpellier 1, Espace Richter, av. de la Mer, CS 79606, 34960 Montpellier, France, [email protected] Monica Bonacina IEFE (Centre of Research on Energy and Environmental Economics and Policy), Bocconi University, via Roentgen, 1, 20136 Milan, Italy, [email protected] Alberto Cavaliere Universit`a degli Studi di Pavia, Facolt`a di Economia, Via San Felice, 5, 27100 Pavia, Italy, [email protected] Anna Cret`ı IEFE (Centre of Research on Energy and Environmental Economics and Policy), and Bocconi University, Department of Economic
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