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The purpose of this paper is the comparative analysis of four natural gas storage valuation approaches. In competitive natural gas markets the optimal valuation and operation of natural gas storages is a key task for natural gas companies operating storages. Within this paper, four spot based...
Persistent link: https://www.econbiz.de/10010430807
In this paper, we present a detailed and comprehensive complementarity model for computing market equilibrium values in the European natural gas system. Market players include producers and their marketing arms which we call transmitters, pipeline and storage operators, marketers, LNG...
Persistent link: https://www.econbiz.de/10010264973
This paper analyzes the role of storage for economies facing the risk of a gas supply disruption. We characterize the optimal/competitive transitory dynamics (accumulation, drainage and target stock). We partially relax the irreversibility hypothesis, by extending the model in two directions:...
Persistent link: https://www.econbiz.de/10014222555
Purpose: The liquefied natural gas (LNG) business comprises a number of economic activities with inherent risks. This paper proposes an integrated modelling approach, as part of the investment decision making process, for optimising economic returns from LNG whilst taking into account...
Persistent link: https://www.econbiz.de/10013105346
Pricing of access to energy networks is an important issue in liberalized energy sectors because of the natural monopoly character of the underlying transport infrastructures. We introduce a general pricing framework for potential-based energy flows in arbitrarily structured transport networks....
Persistent link: https://www.econbiz.de/10012937157
MIND is a hybrid model incorporating several energy related sectors in an endogenous growth model of the world economy. This model structure allows a better understanding of the linkages between the energy sectors and the macro-economic environment. We perform a sensitivity analysis and...
Persistent link: https://www.econbiz.de/10010312307
This paper considers a production-inventory problem in which the manufacturer participates in an energy buy-back program, which offers him probabilistic opportunities with rewards for not using electricity. That is, the manufacturer will get paid for stopping production to save on electricity....
Persistent link: https://www.econbiz.de/10014046878
As the largest greenhouse gas emissions trading scheme in the world, the European Union Emissions Trading Scheme (EU ETS) is a benchmark for carbon prices worldwide. A price for carbon represents a cost for emissions-intensive activities under the EU ETS, which must be taken into account by...
Persistent link: https://www.econbiz.de/10014193058
This article presents an integrated assessment of climate change, air pollution, and energy security policy. Basis of our analysis is the MERGE model, designed to study the interaction between the global economy, energy use, and the impacts of climate change. For our purposes we expanded MERGE...
Persistent link: https://www.econbiz.de/10014200320
This paper proposes an extended version of the analytical structural model for the electricity market developed in a previous paper. The presented electricity price process is driven by stochastic load and random plant availability as well as stochastic marginal generation cost factors embedded...
Persistent link: https://www.econbiz.de/10012970389