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Open Access And The Emergence Of A Competitive Natural Gas Market

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  • ARTHUR DE VANY
  • W. DAVID WALLS

Abstract

Recent regulatory changes permitted natural gas pipelines to become "open access" transporters. This change in pipeline carrier status dissolved regulatory barriers to markets. This paper describes the institutions that were developed to support exchange in gas markets and observes and evaluates their emergence, evolution, and performance. The institutional and empirical evidence reveals that gas markets rapidly emerged with the dissolution of regulatory barriers. Spot gas prices converged and became highly correlated. A national market for natural gas developed within four years. Copyright 1994 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Contemporary Economic Policy.

Volume (Year): 12 (1994)
Issue (Month): 2 (04)
Pages: 77-96

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Handle: RePEc:bla:coecpo:v:12:y:1994:i:2:p:77-96

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Cited by:
  1. Barnes-Regueiro, Francisco & Leach, Matthew & Ruth, Matthias, 2002. "The Mexican energy sector: integrated dynamic analysis of the natural gas/refining system," Energy Policy, Elsevier, Elsevier, vol. 30(9), pages 767-779, July.
  2. Cremer, Helmuth & Laffont, Jean-Jacques, 2002. "Competition in gas markets," European Economic Review, Elsevier, Elsevier, vol. 46(4-5), pages 928-935, May.
  3. Park, Haesun & Mjelde, James W. & Bessler, David A., 2008. "Price interactions and discovery among natural gas spot markets in North America," Energy Policy, Elsevier, Elsevier, vol. 36(1), pages 290-302, January.
  4. Laffont, Jean-Jacques & Gasmi, Farid & Oviedo, Juan Daniel, 2003. "Regional Market Power and Transport Capacity in the Gas Industry," IDEI Working Papers, Institut d'Économie Industrielle (IDEI), Toulouse 218, Institut d'Économie Industrielle (IDEI), Toulouse.
  5. Gasmi, Farid & Oviedo, Juan Daniel, 2010. "Investment in transport infrastructure, regulation, and gas-gas competition," Energy Economics, Elsevier, Elsevier, vol. 32(3), pages 726-736, May.
  6. Farid Gasmi & Juan Daniel Oviedo, 2012. "Controlling regional monopolies in the natural gas industry: the role of transport capacity," DOCUMENTOS DE TRABAJO, UNIVERSIDAD DEL ROSARIO 010073, UNIVERSIDAD DEL ROSARIO.
  7. Buchanan, W. K. & Hodges, P. & Theis, J., 2001. "Which way the natural gas price: an attempt to predict the direction of natural gas spot price movements using trader positions," Energy Economics, Elsevier, Elsevier, vol. 23(3), pages 279-293, May.
  8. Frank Asche & Petter Osmundsen & Maria Sandsmark, 2005. "Is It All Oil?," CESifo Working Paper Series 1401, CESifo Group Munich.

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