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Some economics of seasonal gas storage

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  • Chaton, Corinne
  • Creti, Anna
  • Villeneuve, Bertrand

Abstract

We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering exhaustibility. The relative performances of alternative policies based on price caps and associated measures or tariffs are discussed. We illustrate with structural estimates on US data how this theory can be used to give insights into the intertemporal incidence of policy instruments.

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Bibliographic Info

Article provided by Elsevier in its journal Energy Policy.

Volume (Year): 36 (2008)
Issue (Month): 11 (November)
Pages: 4235-4246

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Handle: RePEc:eee:enepol:v:36:y:2008:i:11:p:4235-4246

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Keywords: Gas storage Energy policies US;

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  1. Hirschhausen, Christian von, 2008. "Infrastructure, regulation, investment and security of supply: A case study of the restructured US natural gas market," Utilities Policy, Elsevier, vol. 16(1), pages 1-10, March.
  2. Williams,Jeffrey C. & Wright,Brian D., 1991. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521326162.
  3. Amundsen, Eirik Schroder, 1991. "Seasonal fluctuations of demand and optimal inventories of a non-renewable resource such as natural gas," Resources and Energy, Elsevier, vol. 13(3), pages 285-306, September.
  4. Hueth, Darrell & Schmitz, Andrew, 1972. "International Trade in Intermediate and Final Goods: Some Welfare Implications of Destabilized Prices," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 351-65, August.
  5. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
  6. Uria, Rocio & Williams, Jeffrey C., 2005. "The "supply-of-storage" for natural gas in California," 2005 Annual meeting, July 24-27, Providence, RI 19288, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  7. Modjtahedi, Bagher & Movassagh, Nahid, 2005. "Natural-gas futures: Bias, predictive performance, and the theory of storage," Energy Economics, Elsevier, vol. 27(4), pages 617-637, July.
  8. Brian D. Wright & Jeffrey C. Williams, 1982. "The Roles of Public and Private Storage in Managing Oil Import Disruptions," Bell Journal of Economics, The RAND Corporation, vol. 13(2), pages 341-353, Autumn.
  9. Paul W. MacAvoy & Robert S. Pindyck, 1973. "Alternative Regulatory Policies for Dealing with the Natural Gas Shortage," Bell Journal of Economics, The RAND Corporation, vol. 4(2), pages 454-498, Autumn.
  10. Massell, Benton F, 1969. "Price Stabilization and Welfare," The Quarterly Journal of Economics, MIT Press, vol. 83(2), pages 284-98, May.
  11. David J. Teece, 1990. "Structure and Organization of the Natural Gas Industry: Differences between the United States and the Federal Republic of Germany and Implications for the Carrier Status of Pipelines," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 1-36.
  12. Pyatt, Graham, 1978. "Marginal Costs, Prices and Storage," Economic Journal, Royal Economic Society, vol. 88(352), pages 749-62, December.
  13. Just, Richard & Lutz, Ernst & Schmitz, Andrew & Turnovsky, Stephen, 1978. "The distribution of welfare gains from price stabilization : An international perspective," Journal of International Economics, Elsevier, vol. 8(4), pages 551-563, November.
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Cited by:
  1. Baranes, Edmond & Mirabel, François & Poudou, Jean-Christophe, 2014. "Access to natural gas storage facilities: Strategic and regulation issues," Energy Economics, Elsevier, vol. 41(C), pages 19-32.

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