The institutional setting of open gas networks and markets is revealing considerably diverse and diverging roads taken by the US, the EU or Australia. We will show that this is explained by key choices made in the liberalization process. This liberalization is based on a redefinition of the...

The institutional setting of open gas networks and markets is revealing considerably diverse and diverging roads taken by the US, the EU and Australia. We will show that this is explained by key choices made in the primary liberalization process. This primary liberalization is based on a...

The liberalization of the natural gas industry has been based on the idea that infrastructure may be used by different gas owners. Different players using the same resources can give raise to 'commons dilemmas', which are defined by a conflict between individual rationality and group...

Gas markets based on virtual hubs has been the preferred EU design. Such market designs are based on socializing network flexibility services. Nonetheless, shippers have different preferences about the network flexibility, which are not reflected in current allocation models. We propose the...

Gas-fired power plants are increasingly used in the production of electricity, which in turn makes them a relevant part of the gas demand. In this paper, we investigate whether the current designs of gas and power markets are robust to the relatively new link between industries. Specifically, we...

Strategic interaction between gas and electricity sectors is a major issue in the implementation of competitive energy markets. One relevant aspect of the problem is the potential for input foreclosure between gas and power industries. In this paper, we are concerned with situations where input...

This paper analyses the value and cost of line-pack flexibility in liberalized gas markets through the examination of the techno-economic characteristics of gas transport pipelines and the trade-offs between the different ways to use the infrastructure: transport and flexibility. Line-pack...

Absence of arbitrage is one of the fundamental tools to describe financial markets. The no-arbitrage price of any financial contract represents players’ valuation of the uncertain future income stream that will result from the contract. This reasoning is based on considering future income...

Gas transportation networks exhibit a quite substantial variety of technical and economical properties ranges roughly from an entrenched natural monopoly to near to an open competition platform. This empirical fact is widely known and accepted. However the corresponding frame of network analysis...

Following the discovery of the pre-salt petroleum fields, Brazil changed the regulatory framework of the oil industry upstream. Its main objectives are three-fold: (i) increasing the government take; (ii) mitigating the oil curse; (iii) developing the national oil industry. The paper attempts to...