Nadine Haase: Regulatory performance in the European gas markets: Diverging convergence – a quantitative analysis

During the last eight years, the European gas markets went through profound transformation and a comprehensive reform. In 1998, the European gas market resembled a patchwork of national markets with heterogeneous regulatory regimes. On the one hand, the Gas market reform attempted to integrate and harmonize gas markets and on the other hand, different national characteristics asked for country-specific solutions. As a consequence, the reform brought about a divergent convergence of regulatory regimes which build the framework for gas market organization in European Union (EU15). In this study, the degree of convergence, patterns and paths of regulatory performance will be explored.

Hadi Hallouche: Algeria's Gas Future: Between a Growing Economy and a Growing Export Market

With substantial reserves and geographical proximity, Algeria is one of the most important gas exporters to Europe by pipeline and a major –and pioneering- LNG supplier to the Atlantic Basin. On the other hand, the country has experienced fast economic growth over the past few years, and the potential for this growth to continue and even increase, will significantly raise Algeria's gas consumption (directly or as electricity). Will internal gas consumption to fuel a strongly growing economy compete with maximising deliveries to a growing export market? If so, how important will this competition become, and what could be the commercial and policy implications?

Patrick Heather: The Evolution of Gas Trading in the UK

In this study, the author will look not just at the development of the liberalised UK natural gas market but will do so from a trader's viewpoint.

This will give a different perspective from the more usual 'histories' and recall how the 'traders' club' evolved from its quiet beginnings in the mid-90's, through the influx of foreign investment and subsequent increase in the number of counterparties, to the post-Enron shake out. Following the more recent changing environment and security of supply questions, what does the future hold for UK gas trading? Will it continue to lead in the quest for a more liberalised transparent and liquid European gas market place?

Anouk Honoré: European Gas Demand, supply and pricing: cycles, seasons and the impact of LNG price arbitrage

Natural gas is expected to be the fastest growing fuel consumed in Western Europe in the coming decades. Much of the growth in demand will come from the increasing use of gas in power generation. Europe holds less than 4% of the world’s natural gas reserves and the region is expected to become increasingly dependent on gas imports. With the increasing distances from gas sources to gas markets, LNG could become a more important source of imports for some European countries. Indeed, Europe is expected to be a significant growth market for LNG over the coming decade. The main interest of this work will be to question the importance of LNG in Europe in the near future, taking into account the arbitrage opportunities with the North American market.

Paul Hunt: Entry/Exit Transmission Pricing With Notional Hubs: can it deliver a pan-European wholesale market in gas?

For almost 20 years since the Single European Act of 1987 the European Commission, in co-operation with the Council and Parliament, has being pursuing a programme to complete the internal market and electricity and gas.  Much of the initial motivation sprang from concerns about the international competitiveness of European industries, but it has expanded to embrace a desire to provide competition and choice for all consumers and, more recently, to address concerns about security of supply in the context of a growing dependence on external suppliers of gas.

This process is operating at the legislative, institutional and organisational level.  However, beneath and, to an extent, running parallel to this process, a separate process dealing with the pricing of gas transmission services is being rolled out throughout the EU.  This is Entry-Exit pricing of gas transmission with notional hubs.

Simon Pirani: Russian and CIS Gas Markets and Their Impact On Europe

This will be the first book to deal with the political economy of CIS gas markets. The rationale for such a book is simple: there has been little discussion of, and attention devoted to, CIS gas markets – with the exception of Russia – by those outside the region. Viewed in a European (and even a global) context, CIS countries rank among the largest gas producers and markets yet, Russia aside, there is relatively little information available about them. In Europe, they have been viewed largely in the context of Russian gas transit. The 2006 Russia-Ukraine and 2007 Russia-Belarus incidents highlighted the importance of those countries for EU gas supplies. The death of the Turkmen president in December 2006 illustrated the potential fragility of Central Asian gas contracts with Russia and other customers. The development of gas production and markets in Caspian and Caucasus countries will be of substantial importance to the creation of any “4th Corridor” through which additional gas supplies might flow to Europe. The chapters of the book will focus on gas markets and the political economy of decision making in these countries. The aim of the book is to demonstrate why European (and other) countries dependent on CIS trade and transit need to understand the internal dynamics of these markets.

Jonathan Stern: Is there a rationale for the continuing link to oil product prices in Continental European long term contracts?

Continental European long term gas contract prices continue to be linked largely to those of oil products. The rationale for this linkage was strong in the 1970s and 80s but is much weaker in the 2000s. This paper examines the reasons for the persistence of oil product price linkage.

Turkmenistan's Gas Production and Export: the next 10 years

The death of President Niyazov - the long time president - in late 2006 may pressage major changes in Turkmenistan, the most important gas producer in Central Asia. This paper examines a little known country and gas industry and looks at the prospects for exports to different markets over the next decade.

Ed. Jonathan Stern: Natural Gas in Asia: the challenges of growth in China, India, Japan and Korea, 2nd Edition

A new edition of the Institute's book - first published in 2002 - is warranted by changes which have taken place over the past five years both in the four major gas markets of Asia countries, and their current and future gas suppliers. Will Asia remain a market dominated by domestic production and LNG trade, or can it take advantage of huge gas resources in Eastern Russia, Central Asia and the Middle East to expand its market using pipeline gas?

Shamil Yenikeyeff: Kazakhstan's gas: export markets and export routes.

The geographic proximity of Kazakhstan to Russia, China, Central Asia and the Caspian region makes this oil and gas producing country an important player in relation to energy exports from the CIS.

The way Kazakhstan chooses to develop its gas resources and relevant export infrastructure is to make a serious impact on gas exports from other energy producing countries of the former Soviet Union as well as on the existing European and Chinese plans of diversification of natural gas supply.

The aim of this study is to examine various scenarios of how Kazakhstan could deliver its gas to potential export markets.