This paper investigates the development of wholesale markets for natural gas at the different stages of market liberalization. We identify three steps in the process: wholesale trade initially develops to cope with balancing needs when the shippers and suppliers segments become more fragmented; once the market becomes more liquid, it turns out to be a second source of gas procurement in alternative to long term contracts; finally, to manage price risk financial instruments are traded.

The development of gas hubs in Europe

MIRIELLO, CATERINA;POLO, MICHELE
2015

Abstract

This paper investigates the development of wholesale markets for natural gas at the different stages of market liberalization. We identify three steps in the process: wholesale trade initially develops to cope with balancing needs when the shippers and suppliers segments become more fragmented; once the market becomes more liquid, it turns out to be a second source of gas procurement in alternative to long term contracts; finally, to manage price risk financial instruments are traded.
2015
2015
Miriello, Caterina; Polo, Michele
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11565/3966723
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