The Economics of Seasonal Gas Storage
We propose a model of seasonal gas markets which is flexible enough to include supply and demand shocks while also considering natural gas as an exhaustible resource. Using US data, we estimate the model’s structural parameters and test economically founded restrictions. We analyze, theoretically and using the estimates, the impact of policies (price caps, tariffs, cross subsidies) on prices and quantities consumed or stored. This evaluation gives insights into past or envisaged public interventions.
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