Gas exports to the Continent are regulated by long term take-or-pay contracts. The contracts are described and analyzed. We thereafter examine whether the most central European gas market, the German market, is integrated. Are there substantial price differences between gas from different export...

As a result of the Russian attack on Ukraine, natural gas prices skyrocketed in 2022 and Germany in particular felt the impact of its strong dependency on Russia. Prices have since relaxed, the European natural gas industry has overcome the uncertainty due to the energy crisis in 2022, and the...

Europe's increasing import dependency in natural gas facilitates a number of new infrastructure projects. However, up to now it has always been difficult to assess the full impact of these projects as interdependencies within the whole European gas infrastructure system were hard to predict. We...

As for any other fuels used for transport or heating, the gas price for final users could be split into three major components: the wholesale price for the resource (including far distance transport by ship or pipeline), taxes and finally a assorted group of mainly smaller price drivers (such as...

Natural gas storages may be valuated by applying real options theory. However it is crucial, not to ignore that most evolving gas spot markets, like the German spot market, lack of liquidity. In this context, considering storage operators as price takers does not account for interdependencies of...

We propose a structural vector-autoregressive model for the German natural gas market to investigate the impact of the 2022 Russian supply stop on the German economy. We combine conventional and narrative sign restrictions to leverage information about supply cuts for identification and find...

We use a structural VAR model to study the German natural gas market and investigate the impact of the 2022 Russian supply stop on the German economy. Combining conventional and narrative sign restrictions, we find that gas supply and demand shocks have large and persistent price effects, while...

Ein Versagen des Preismechanismus im Gasmarkt ist nicht ausgeschlossen. Der Beitrag erläutert, wie es zu einem Marktzusammenbruch kommen kann und welche Auswirkungen bereits die Möglichkeit eines Marktkollapses haben kann. Es wird gezeigt, welche Elemente ein ökonomisches Regelwerk im...

Bisher ist unklar, wer wie viel Gas zu welchem Preis in einer Mangellage in Deutschland bekommt, wenn der Regulierer rationieren muss. Dies droht die Anreize in und im Vorfeld einer Mangellage zu verwässern. In diesem Beitrag wird die potenziell hilfreiche Rolle eines Zertifikatsmarktes für...