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Experience in the United ...
"With abundant underdeveloped reserves of natural gas, this resource has the potential to play a large role in meeting the world's growing energy demand." Natural gas competes with other resources for use in power generation. In addition, its other uses have increased dramatically. Since it offers substantial environmental advantages over other hydrocarbon fuels, governments and investors are considering natural gas. This volume examines a range of issues relating to gas sector reform and gas market development. It also examines the reform experience in an array of countries. The last section reviews some of the commercial issues faced in expanding the role of gas, such as, the challenges of developing and financing cross-border gas pipeline trade and the difficulties of attracting investors to projects involving countries with high credit and currency risks.
The deregulation of the U.K. natural gas industry has facilitated new entry and competition in almost all segments of the industry except pipeline transportation. The new regulatory framework, developed largely by the Office of Gas Regulation (Ofgas), has allowed market forces to stimulate a variety of specialized services and market transactions to meet customer needs. But the entire process has been difficult because of a flaw in the initial industry structure: the government privatized British Gas as a vertically integrated company. The U. K. experience shows that leaving gas supply integrated with pipeline transportation and tying up gas in long-term contracts impede competition. This Note reviews the U.K. reform and the development of new spot, on-system, and "Flexibility Mechanism" markets.
This book is a product of investigations conducted within the Global Utility Research Unit (Guru) of Agici Corporate Finance (Milan, Italy). More specifically, it is the result of a project developed by the Observatory on Alliances and Strategies in the Pan-European Utility Market set-up seven years ago with the contribution of Accenture. The project, entitled “Pan-European Gas Industry Scenario – Truth and Lies”, was presented at the 2008 Milan annual international conference (www. agici. it). I would therefore like to thank Luca Cesari, Claudio Arcudi and Massimo Pagella from Accenture for their continued support. The scope of this book is to shed some light on a market, that of natural gas, which is highly complex and at the same time of fundamental importance for Europe for at least the next 20 years. We do not intend to build a theory but only to develop a better understanding of the key factors. We fully recognise that the each of the issues we cover deserves further investigation and we are also well aware that we may have omitted a number of important considerations and topics. These shortcomings are - at least in part - justified by the desire to keep the book to a r- sonable size for editorial reasons.
Over the past decade, the gas industries of many countries have undergone substantial change. Gas utilities have been corporatized or privatized, and competition has replaced monopoly. Despite this current of liberalization, Hong Kong's gas industry is still dominated by one company with limited competition from other fuel suppliers. This study reviews the liberalization of the gas industries in the United States, United Kingdom, Australia, New Zealand, Japan, South Korea and Taiwan. Although the industry, ownership, and regulatory structure in Hong Kong may not be the same as in those countries and areas, the authors believe lessons can be learned from their experiences.