China is appraised to have the world's largest exploitable reserves of shale gas, although several legal, regulatory, environmental and investment-related issues will likely restrain its scope. China's capacity to successfully face these hurdles and produce commercial shale gas will have a...

In this study, the informational efficiency of the European natural gas market is analyzed by empirically investigating price formation and arbitrage efficiency between spot and futures markets. Econometric approaches are specified that explicitly account for nonlinearities and the low...

This paper is concerned with the role of oil and gas in the development of the global economy. Its focus is on the context in which oil and gas producers in both established and developing countries must frame their policies in order to optimize the benefits of producing such resources. It...

We develop a game-theoretic electricity market model that allows analyzing strategic electricity storage in an imperfect market setting. We apply the model to Germany and examine different cases of strategic and non-strategic pumped hydro storage operation. We find that introducing storage...

Part I of this two-part paper has presented flow-based market coupling (FBMC), the implicit congestion management method used to couple the CentralWestern European (CWE) electricity markets. It has also introduced a large-scale model framework for FBMC assessments, focusing on modeling the...

Due to the call for further integration of European markets and the targeted climate goals, both European electricity systems and markets have undergone continuous changes over the last few decades. As part of these developments, the so-called Flow-Based Market Coupling (FBMC) superseded the...

Am 3. Juli 2008 erreichte der Ölpreis (WTI) mit über 145 USDollar je Barrel seinen historischen Rekordwert. Dieses Ereignis galt als eine eindeutige Bestätigung der Befürworter der Peak- Oil Theorie, die seit Jahrzehnten vor den wirtschaftlichen Konsequenzen einer unvermeidlichen Verknappung...

Environmental objectives of the EU and the widened energy price gap between the EU and the United States have recently given rise to concerns about the competitiveness of European manufacturing industries, particularly their energy-intensive branches. The study demonstrates that industrial...

This paper provides an analysis of the link between the global market for crude oil and oil futures risk premium at the aggregate level. It offers empirical evidence on whether the compensation for risk required by the speculators depends on the type of the structural shock of interest....