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The Economics of Seasonal Gas Storage

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  • Corinne Chaton

    (Crest)

  • Anna Creti

    (Crest)

  • Bertrand Villeneuve

    (Crest)

Abstract

We propose a model of seasonal gas markets which is flexibleenough to include supply and demand shocks while also consideringnatural gas as an exhaustible resource. Using US data, we estimate themodel’s structural parameters and test economically founded restrictions.We analyze, theoretically and using the estimates, the impactof policies (price caps, tariffs, cross subsidies) on prices and quantitiesconsumed or stored. This evaluation gives insights into past orenvisaged public interventions.

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Bibliographic Info

Paper provided by Centre de Recherche en Economie et Statistique in its series Working Papers with number 2005-52.

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Length: 35
Date of creation: 2005
Date of revision:
Handle: RePEc:crs:wpaper:2005-52

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  1. Williams,Jeffrey C. & Wright,Brian D., 1991. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, number 9780521326162, October.
  2. 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).
  3. Wright, Brian D & Williams, Jeffrey C, 1982. "The Economic Role of Commodity Storage," Economic Journal, Royal Economic Society, vol. 92(367), pages 596-614, September.
  4. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
  5. 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.
  6. Bryan R. Routledge & Duane J. Seppi & Chester S. Spatt, 2000. "Equilibrium Forward Curves for Commodities," Journal of Finance, American Finance Association, vol. 55(3), pages 1297-1338, 06.
  7. 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.
  8. MacAvoy, Paul W. & Pindyck, Robert S., 1973. "Alternative regulatory policies for dealing with the natural gas shortage," Working papers 659-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  9. 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.
  10. Cremer, Helmuth & Gasmi, Farid & Laffont, Jean-Jacques, 2003. "Access to Pipelines in Competitive Gas Markets," Journal of Regulatory Economics, Springer, vol. 24(1), pages 5-33, July.
  11. Newbery, D., 2005. "Why Tax Energy? Towards a More Rational Energy Policy," Cambridge Working Papers in Economics 0508, Faculty of Economics, University of Cambridge.
  12. 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.
  13. Creti, Anna & Villeneuve, Bertrand, 2009. "Gas storage and security of Supply," Economics Papers from University Paris Dauphine 123456789/5383, Paris Dauphine University.
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Cited by:
  1. de Villemeur, Étienne, 2007. "Une tarification saisonnière pour le gaz? Les coûts d'un schéma de régulation rigide pour un bien stockable dont la demande varie," IDEI Working Papers 434, Institut d'Économie Industrielle (IDEI), Toulouse.

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