Regulators hope that competitive forces will be enough to create efficiency, and hence we see their persistent policy concerns about market structure, resource adequacy and regional interconnection. Facilitating the latter, in particular, through greater network interconnection capacities, and the harmonization of trading at various local hubs is going to be actively pursued in many parts of Europe with the aim of improving both market efficiency and system reliability. This paper seeks to advance our understanding of the efficiency of European gas spot prices by looking at several regional markets. We pursue this through an analysis of spot prices collected on the following markets: NBP, TTF, Zeebrugge, PSV and Baumgarten. Hence, this paper is going to investigate empirical properties of European Natural gas spot prices, which drives electricity prices across Europe. Furthermore here we propose to understand the state of integration of these markets toward a single European area as suggested by the European Commission and followed by ENTSO-G. Therefore applying Granger's causality tests and Vector Error Correction Models, we test the hypothesis of both short and long run integration process and try to understand which is the nature of interactions among such prices across the European area. © 2012 IEEE.

The European hubs for natural gas: An integration towards a single area? / Gianfreda, Angelica; Grossi, Luigi; Carlotto, Andrea. - (2012), pp. 1-5. ((Intervento presentato al convegno 9th International Conference on the European Energy Market, EEM 12 tenutosi a Florence, Italy nel 10-12 May 2012 [10.1109/EEM.2012.6254707].

The European hubs for natural gas: An integration towards a single area?

Gianfreda, Angelica;
2012-01-01

Abstract

Regulators hope that competitive forces will be enough to create efficiency, and hence we see their persistent policy concerns about market structure, resource adequacy and regional interconnection. Facilitating the latter, in particular, through greater network interconnection capacities, and the harmonization of trading at various local hubs is going to be actively pursued in many parts of Europe with the aim of improving both market efficiency and system reliability. This paper seeks to advance our understanding of the efficiency of European gas spot prices by looking at several regional markets. We pursue this through an analysis of spot prices collected on the following markets: NBP, TTF, Zeebrugge, PSV and Baumgarten. Hence, this paper is going to investigate empirical properties of European Natural gas spot prices, which drives electricity prices across Europe. Furthermore here we propose to understand the state of integration of these markets toward a single European area as suggested by the European Commission and followed by ENTSO-G. Therefore applying Granger's causality tests and Vector Error Correction Models, we test the hypothesis of both short and long run integration process and try to understand which is the nature of interactions among such prices across the European area. © 2012 IEEE.
9th International Conference on the European Energy Market, EEM 12
Florence, Italy
10-12 May 2012
1
5
Gianfreda, Angelica; Grossi, Luigi; Carlotto, Andrea
Gianfreda, Angelica; Grossi, Luigi; Carlotto, Andrea
The European hubs for natural gas: An integration towards a single area? / Gianfreda, Angelica; Grossi, Luigi; Carlotto, Andrea. - (2012), pp. 1-5. ((Intervento presentato al convegno 9th International Conference on the European Energy Market, EEM 12 tenutosi a Florence, Italy nel 10-12 May 2012 [10.1109/EEM.2012.6254707].
File in questo prodotto:
Non ci sono file associati a questo prodotto.
Pubblicazioni consigliate

Licenza Creative Commons
I metadati presenti in IRIS UNIMORE sono rilasciati con licenza Creative Commons CC0 1.0 Universal, mentre i file delle pubblicazioni sono rilasciati con licenza Attribuzione 4.0 Internazionale (CC BY 4.0), salvo diversa indicazione.
In caso di violazione di copyright, contattare Supporto Iris

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11380/1295514
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus ND
  • ???jsp.display-item.citation.isi??? ND
social impact