Electricity markets depend on upstream energy markets to supply the fuels needed for generation. Since these markets rely on networks, congestion in one can quickly produce changes in another. In this paper we develop a combined partial equilibrium market model which includes the interactions of...

Electricity markets rely on other upstream energy markets like oil, gas, and coal to provide the necessary fuel for generation. As both the electricity market and those upstream markets rely on networks, congestion on one market may lead to changes on another. In this paper we analyze the...

We propose a model of the European gas market where the risk that Russian deliveries are interrupted is endogenized. While Russia's attempts to buy considerable parts of the European downstream industry have faced strong political opposition, we argue that Russian participation in the downstream...

Due to a number of structural market shifts, a new context for European gas regulation has arisen. In this new context, regulation must ensure adequate investments in a gas market that is dominated by producers, where political considerations are becoming more important, and where supply...