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Regulating EU Gas Supply Security in a Global Gas Market P

Regulating EU Gas Supply Security in a Global Gas Market P. Jacques de Jong Clingendael International Energy Programme. Content. Security: Gas Demand, Gas Imports Gas supply Gas infrastructures The regulatory challenge ?. 200 Bcm. 145 Bcm. EU Gas demand Source: CIEP Gas Day 2009.

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Regulating EU Gas Supply Security in a Global Gas Market P

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  1. Regulating EU Gas Supply Security in a Global Gas MarketP Jacques de Jong Clingendael International Energy Programme

  2. Content • Security: • Gas Demand, • Gas Imports • Gas supply • Gas infrastructures • The regulatory challenge ?

  3. 200 Bcm 145 Bcm EU Gas demand Source: CIEP Gas Day 2009

  4. New infrastructures Meeting increasing gas-imports ?? Meeting intra-EU SoS? But: Unbundling barriers? Regulatory risks Low ROI’s Lack of cross-border (regulatory?) coordination

  5. Gasinfrastructures to Europe IFRI-Nies

  6. EU gas market & pipeline density Source: Gasunie-1999 It makes probably sense to expand the internal European pipeline network in order to improve competition in the upstream commodity market EU gas market; minimum internal pipelines Abundant internal pipelines

  7. ……….? 2008 IEA Gas Market Outlook: “in marked contrast to North American pipeline investment, investments in internal connections and new supply projects in Europe continue to lag”. “It is hardly possible these days to close contracts for the following year’s cross-border capacity anywhere in Europe….”

  8. Langeled 22 bcmy EU Gas Infrastructure expansions 1998-2008 Teeside 5 bcmy BBL 17 bcmy Isle of Grain 7 bcmy IUK +6 bcmy Yamal +13 bcmy TENP +8 bcmy South Hook & Milford Haven 25 bcmy TAG +3 bcmy Zeebrugge +5 bcmy +8 bcmy El Ferrol 4 bcmy Bilbao 7 bcmx Fos Cavaou 8 bcmy Izmir 6 bcmy Sagunto 7 bcmy Cartagena +3 bcmy ITG 11 bcmy Sines 5 bcmy Greenstream 8 bcmy Revithoussa3 bcmy Huelva +4 bcmy

  9. Lessons from the US?Additions to US Transmission Grid 1998-2008

  10. Issue…. • Delay of investments in cross border gas infrastructures cannot be attributed to the market… Open Seasons processes demonstrate clearly the willingness of market participants to commit. • Economics of these investments are flawed by regulatory framework, imprisoned by its revenue and tariff setting practices, risk allocation and regulatory decision-making processes.

  11. Remedies (1) • Tariffs: • Shippers & TSO’s, involved in new capacity via open seasons, should bear risks & rewards • Tariffs for new cb-infra to be sufficient for viable economics • Fixed (perpetual) tariffs, reflecting actual Capex. • Contracts: • LT standardised cap.contracts to be endorsed, linked to LT commodity contracts • TSO’s to offer customized non-standardised contracts as well

  12. Remedies (2) Tariff differentation: Effective for improving economics in specific cases Non-discrimanation to be applied Differ between old and new, ST & LT contracts Exit tariffs distinction between local use and transits Decision-making: ACER’s mission, “to promote the development of a strong and reliable energy infrastructure in the EU energy market” ACER, power to intervene in CB-issues

  13. Also, it is encouraging to note that NRAs have taken regional initiatives to jointly seek resolutions for cross-border matters These recommendations most likely fit the new 2009 Directive and it’s supporting Regulations Crossing national borders: essential in securing an adequate supply of natural gas for the EU. It is time to construct the missing links. So….?

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