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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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11984.

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Date of creation: 21 Jul 2008
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Handle: RePEc:pra:mprapa:11984

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Keywords: Gas storage; energy policy; US;

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References

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  1. Williams,Jeffrey C. & Wright,Brian D., 2005. "Storage and Commodity Markets," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521023399.
  2. Massell, Benton F, 1969. "Price Stabilization and Welfare," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 83(2), pages 284-98, May.
  3. 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, Elsevier, vol. 8(4), pages 551-563, November.
  4. Amundsen, Eirik Schroder, 1991. "Seasonal fluctuations of demand and optimal inventories of a non-renewable resource such as natural gas," Resources and Energy, Elsevier, Elsevier, vol. 13(3), pages 285-306, September.
  5. Uria, Rocio & Williams, Jeffrey C., 2005. "The "supply-of-storage" for natural gas in California," 2005 Annual meeting, July 24-27, Providence, RI, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 19288, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  6. 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, The RAND Corporation, vol. 13(2), pages 341-353, Autumn.
  7. 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, MIT Press, vol. 86(3), pages 351-65, August.
  8. 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, International Association for Energy Economics, vol. 0(Number 3), pages 1-36.
  9. MacAvoy, Paul W. & Pindyck, Robert S., 1973. "Alternative regulatory policies for dealing with the natural gas shortage," Working papers, Massachusetts Institute of Technology (MIT), Sloan School of Management 659-73., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  10. Modjtahedi, Bagher & Movassagh, Nahid, 2005. "Natural-gas futures: Bias, predictive performance, and the theory of storage," Energy Economics, Elsevier, Elsevier, vol. 27(4), pages 617-637, July.
  11. Pyatt, Graham, 1978. "Marginal Costs, Prices and Storage," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 88(352), pages 749-62, December.
  12. Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, Econometric Society, vol. 57(1), pages 1-40, January.
  13. Hirschhausen, Christian von, 2008. "Infrastructure, regulation, investment and security of supply: A case study of the restructured US natural gas market," Utilities Policy, Elsevier, Elsevier, vol. 16(1), pages 1-10, March.
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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, Elsevier, vol. 41(C), pages 19-32.

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