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Russian and European gas interdependence. Can market forces balance out geopolitics?

  • Dominique Finon

    (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CIRAD : UMR56 - CNRS : UMR8568 - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - Ecole des Ponts ParisTech - AgroParisTech)

  • Catherine Locatelli

    ()

    (LEPII - Laboratoire d'Economie de la Production et de l'Intégration Internationale - CNRS : FRE2664 - Université Pierre Mendès-France - Grenoble II)

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    This article analyses the economic risk associated with the dominant position of the Russian vendor in the European market, with a view to assessing the relevance of possible responses by European nations or the EU. It considers various aspects of the Russian vendor's dependence on the European market, before turning to the risks that Gazprom exerts market power on the European market. It concludes by considering the relevance of the possible responses open to the EU and member states to limit any risks by creating a gas single buyer or more simply by encouraging the development of a denser pan-European network, with additional sources of supply and increased market integration.

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    Paper provided by HAL in its series Post-Print with number halshs-00129618.

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    Date of creation: Jan 2008
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    Publication status: Published, Energy Policy, 2008, 36, 1, 423-442
    Handle: RePEc:hal:journl:halshs-00129618
    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00129618
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    1. Correlje, Aad & van der Linde, Coby, 2006. "Energy supply security and geopolitics: A European perspective," Energy Policy, Elsevier, vol. 34(5), pages 532-543, March.
    2. Quast, Oliver & Locatelli, Catherine, 1997. "Russian natural gas policy and its possible effects on European gas markets," Energy Policy, Elsevier, vol. 25(2), pages 125-133, February.
    3. Dominique Finon & Catherine Locatelli, 2002. "The liberalisation of the European gas market and its consequences for Russia," Post-Print halshs-00187059, HAL.
    4. Eirik Lund Sagen & Marina Tsygankova, 2006. "Russian Natural Gas Exports to Europe. Effects of Russian gas market reforms and the rising market power of Gazprom," Discussion Papers 445, Research Department of Statistics Norway.
    5. Baumol, William J & Panzar, John C & Willig, Robert D, 1983. "Contestable Markets: An Uprising in the Theory of Industry Structure: Reply," American Economic Review, American Economic Association, vol. 73(3), pages 491-96, June.
    6. Locatelli, Catherine, 2006. "The Russian oil industry between public and private governance: obstacles to international oil companies' investment strategies," Energy Policy, Elsevier, vol. 34(9), pages 1075-1085, June.
    7. Hubert, Franz & Ikonnikova, Svetlana, 2009. "Investment Options and Bargaining Power the Eurasian Supply Chain for Natural Gas," MPRA Paper 17854, University Library of Munich, Germany.
    8. Catherine Locatelli, 2003. "The viability of deregulation in the russian gas industry," Post-Print halshs-00001308, HAL.
    9. Rolf Golombek & Eystein Gjelsvik & Knut Einar Rosendahl, 1995. "Effects of Liberalizing the Natural Gas Markets in Western Europe," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 85-112.
    10. Catherine Locatelli, 2006. "The russian oil industry between public and private governance : obstacles to international oil companies' investment strategies," Post-Print halshs-00002159, HAL.
    11. David G. Tarr & Peter D. Thomson, 2004. "The Merits of Dual Pricing of Russian Natural Gas," The World Economy, Wiley Blackwell, vol. 27(8), pages 1173-1194, 08.
    12. Dominique Finon & Catherine Locatelli, 2002. "The liberalisation of the European gas market and its consequences for Russia," Post-Print halshs-00177828, HAL.
    13. Rudiger Ahrend & William Tompson, 2004. "Russia's Gas Sector: The Endless Wait for Reform?," OECD Economics Department Working Papers 402, OECD Publishing.
    14. Allaz Blaise & Vila Jean-Luc, 1993. "Cournot Competition, Forward Markets and Efficiency," Journal of Economic Theory, Elsevier, vol. 59(1), pages 1-16, February.
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