Although the EU has called over the past decade for gas pipeline promoters to ‘respect EU rules’, these rules had either not been established or were not clear. It was not until March 2017 that a legally binding regulatory framework for the development of incremental (new) pipeline capacity was established, in the form of the […]
The growing level of interest displayed in LNG as a marine fuel, driven by both environmental restrictions and economic attractiveness means usage is certain to grow. There is, however, less certainty over the pace and scale of demand growth. This in part is due to the relatively poor data quality on marine fuel usage but […]
Executive Summary Russia has been reforming its domestic gas transportation regime since the mid-2000s and achieved significant progress through an introduction of legal unbundling, establishment of a legal/regulatory framework for non-discriminatory access and a new zonal tariff methodology. However the existing framework remains insufficiently developed both in scope (e.g. non-applicability to non-UGS systems, storage and […]
The general provisions introduced by the Third Package (which became law in March 2011) and the detailed provisions to be outlined in the pan-European network codes for cross-border issues (currently under development) are set to fundamentally change the architecture of the EU gas market heralding a transition to a new model. Ensuring that the transition […]
The financialization of oil futures markets has been held responsible for a variety of phenomena including changes in price volatility, increased co-movement between oil futures prices and other financial asset and commodity prices, a breakdown of the statistical relationship between oil inventories and the price of oil, and an increased influence of the decisions of […]
A popular view is that the surge in the price of oil during 2003-08 cannot be explained by economic fundamentals, but was caused by the increased financialization of oil futures markets, which in turn allowed speculation to become a major determinant of the spot price of oil. This interpretation has been driving policy efforts to […]
Carbon dioxide (CO2) emissions are essentially cumulative in character; but much of the economic analysis and policy making in relation to the mitigation of CO2 emissions fails to reflect fully this fundamental feature of any analysis of the impact of emissions on climate. The cumulative and irreversible nature of CO2 emissions implies that a significantly […]
California has clear lessons to offer the rest of the US and the world in energy efficiency achieved through persistent pressure on energy appliance standards and clever public regulation of its private energy companies. Energy efficiency is increasingly important if the task of de-carbonizing the power and transport systems of growing economies is not to […]
California’s plan to cap and trade emissions has survived the Republican onslaught at the ballot box. David Buchan explains its importance as North America’s first economy-wide cap and trade scheme, as the potential core of a regional system, and as a test bed for finding the right market/regulatory mix in climate policy.
This presentation, given by Malcolm Keay to the Electricity Policy Research Group in Cambridge, looks at the impact of environmental policy on the electricity industry in the UK – and concludes that liberalisation is not likely to survive in any meaningful form.
In contrast to the findings of the recent BERR Committee enquiry into UK energy prices, Professor Philip Wright and Dr Ian Rutledge argued in their evidence to the Committee that the re-introduction of price control regulation is the only policy solution which can protect domestic consumers from being over-charged under the cover of rising wholesale […]
In the 1980s and 1990s, privatisation and liberalisation of European gas markets emerged on the political agenda. Back then, “many of the established actors in European gas industry still regarded the introduction of liberalisation as the equivalent of the end of civilisation” (Stern, 1998: 91). Ever since, attempts to liberalise European gas markets were facing […]
Trump’s Twitter an additional explanatory variable in oil price movements (4/4). https://t.co/e037HbsVvu
With global output 1.8 mb/d lower, monthly Brent would have risen only to $83.1/b reflecting the fact that most of… https://t.co/2yBc4nuTcl
OECD stocks would have still risen above their 5-yr average but the pace of stock build-up would have been slower a… https://t.co/VTrP9FbzTm