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Infrastructure integration and incomplete contracts: natural gas in the Southern Cone

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  • Navajas, Fernando H.
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    Abstract

    This paper uses evidence on policies, markets and private transactions to discuss the experience of natural gas infrastructure integration in the Southern Cone of Latin America. The argument is that contracts on international exchanges supported by infrastructure may become incomplete due to contingencies related to policy-induced price distortions not anticipated at the moment of writing. Beyond regulatory risk mitigation, it calls for back-up contract provisions designed to cope with aggregate imbalances and for some supranational coordination related to information about market conditions and on energy planning dialogues that test consistency and stress situations in markets where exports originate

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    File URL: http://mpra.ub.uni-muenchen.de/31025/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 31025.

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    Date of creation: Jan 2008
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    Handle: RePEc:pra:mprapa:31025

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    Related research

    Keywords: Natural gas; integration; long-term contracts;

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    References

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    1. Anne Neumann & Christian von Hirschhausen, 2006. "Long-Term Contracts and Asset Specificity Revisited – An Empirical Analysis of producer-Importer Relations in the Natural Gas Industry," Working Papers 0610, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
    2. Masten, Scott E, 1988. "Minimum Bill Contracts: Theory and Policy," Journal of Industrial Economics, Wiley Blackwell, vol. 37(1), pages 85-97, September.
    3. Paulina Beato & Juan Benavides & Diego Bondorevsky & Diego Petrecolla & Manuel Dussan & Edmar Luiz Fagundes de Almeida & Felipe Balmaceda & Pablo Serra & Geoffrey Cannock & Carlos Lapuerta & Nicholas , . "Gas Market Integration in the Southern Cone," IDB Publications 33038, Inter-American Development Bank.
    4. Masten, Scott E & Crocker, Keith J, 1985. "Efficient Adaptation in Long-term Contracts: Take-or-Pay Provisions for Natural Gas," American Economic Review, American Economic Association, vol. 75(5), pages 1083-93, December.
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    Cited by:
    1. Navajas, Fernando H., 2009. "Engel curves, household characteristics and low-user tariff schemes in natural gas," Energy Economics, Elsevier, vol. 31(1), pages 162-168, January.

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