This work in progress considers the bargaining options of a natural gas transit country. The paper describes the situation with potential hold-up due to asset specific investments and the timing of the hold-up by the transit country

To understand the impact of keeping Nord Stream 2 off the map, we model the European natural gas market from the point of view of supply security. Focusing on the network aspects, we propose a novel framework to measure supply security, combining a linear programming approach with a risk...