Gilardoni The World Market for Natural Gas

Implications for Europe
1. Auflage 2008
ISBN: 978-3-540-68208-0
Verlag: Springer-Verlag
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 210 Seiten

This book is a product of investigations conducted within the Global Utility Research Unit (Guru) of Agici Corporate Finance (Milan, Italy). More specifically, it is the result of a project developed by the Observatory on Alliances and Strategies in the Pan-European Utility Market set-up seven years ago with the contribution of Accenture. The project, entitled 'Pan-European Gas Industry Scenario - Truth and Lies', was presented at the 2008 Milan annual international conference (www. agici. it). I would therefore like to thank Luca Cesari, Claudio Arcudi and Massimo Pagella from Accenture for their continued support. The scope of this book is to shed some light on a market, that of natural gas, which is highly complex and at the same time of fundamental importance for Europe for at least the next 20 years. We do not intend to build a theory but only to develop a better understanding of the key factors. We fully recognise that the each of the issues we cover deserves further investigation and we are also well aware that we may have omitted a number of important considerations and topics. These shortcomings are - at least in part - justified by the desire to keep the book to a r- sonable size for editorial reasons.

Autoren/Hrsg.

Gilardoni, Andrea

Inhaltsverzeichnis

1;Preface;5
2;Contents;6
3;What Direction Should European Policy Take on Natural Gas?;7
3.1;1.1 The Relevance of Natural Gas for Europe;8
3.2;1.2 Falling European Reserves and Resources;9
3.3;1.3 The Growing European Dependence on Natural Gas Imports;9
3.4;1.4 The Relationships with the Exporting Countries;10
3.5;1.5 The Infrastructure Challenge;10
3.6;1.6 The Fundamental Question of Natural Gas Prices;11
3.7;1.7 The Leading Players in the Market;13
3.8;1.8 Where Does European Policy Go?;14
4;Gas Reserves and Production;17
4.1;2.1 Evolution of Reserves by Region;18
4.1.1;2.1.1 Europe (EU 25);20
4.1.2;2.1.2 North America;20
4.1.3;2.1.3 South America;21
4.1.4;2.1.4 Africa;21
4.1.5;2.1.5 Middle East;23
4.1.6;2.1.6 Former Soviet Union;23
4.1.7;2.1.7 Asia and Pacific;24
4.2;2.2 The “Resources” Question;24
4.3;2.3 Evolution of Gas Production by Region;26
4.3.1;2.3.1 Europe (Eu 25);28
4.3.2;2.3.2 North America;28
4.3.3;2.3.3 South America;30
4.3.4;2.3.4 Africa;30
4.3.5;2.3.5 Middle East;31
4.3.6;2.3.6 Former Soviet Union;32
4.3.7;2.3.7 Asia and Pacific;33
4.4;2.4 Evolution of Gas Reserves and Production: Declining and Rising Countries;34
4.4.1;2.4.1 Declining Countries;34
4.4.2;2.4.2 Rising Countries;38
4.5;Sources;42
4.6;Online Publications;43
4.7;Presentations;43
5;Demand for Natural Gas: Trends and Drivers;44
5.1;3.1 Drivers and Evolution of World Gas Demand;44
5.1.1;3.1.1 Europe (EU 25);46
5.1.2;3.1.2 North America;47
5.1.3;3.1.3 Asia;49
5.2;3.2 Consumption Trends in the Main European Countries;50
5.2.1;3.2.1 Germany;50
5.2.2;3.2.2 United Kingdom;51
5.2.3;3.2.3 Italy;51
5.2.4;3.2.4 France;53
5.2.5;3.2.5 Spain;55
5.3;3.3 Natural Gas for Power Generation in Europe: Present Situation and Future Trends;56
5.3.1;3.3.1 Germany;58
5.3.2;3.3.2 United Kingdom;59
5.3.3;3.3.3 Italy;60
5.3.4;3.3.4 France;62
5.3.5;3.3.5 Spain;62
5.4;Sources;64
5.5;Online Publications;65
5.6;Presentations;65
6;Infrastructure Developments for Europe;66
6.1;4.1 Pipeline Projects;66
6.1.1;4.1.1 Existing Gas Pipelines in Europe;67
6.1.2;4.1.2 Planned Gas Pipelines for Europe;74
6.2;4.2 LNG Projects;81
6.2.1;4.2.1 Existing LNG Terminals in Europe;81
6.2.2;4.2.2 Planned LNG Terminals in Europe;88
6.3;4.3 Gas Liquefaction Plants;97
6.3.1;4.3.1 Existing Liquefaction Plants;98
6.3.2;4.3.2 Planned Liquefaction Plants;105
6.4;4.4 Storage Infrastructures;111
6.4.1;4.4.1 Germany;111
6.4.2;4.4.2 United Kingdom;113
6.4.3;4.4.3 Italy;116
6.4.4;4.4.4 France;117
6.4.5;4.4.5 Spain;118
6.5;Sources;119
7;Price Determinants: Investments, Costs, Markets and Taxes;120
7.1;5.1 Natural Gas Price Determinants;120
7.1.1;5.1.1 Phase of the Chain;121
7.1.2;5.1.2 Price Seasonality;121
7.1.3;5.1.3 Costs of Production, Transportation, Storage and Distribution;121
7.1.4;5.1.4 Region/Country Specificity;122
7.1.5;5.1.5 Political Relationships Between Nations;122
7.1.6;5.1.6 Size/Type of Customer;122
7.1.7;5.1.7 Contractual Structure of the Supply Agreements;123
7.1.8;5.1.8 Linkage with Oil;123
7.1.9;5.1.9 Risk Markets and Speculation;123
7.1.10;5.1.10 Regulation;124
7.1.11;5.1.11 Taxation;124
7.1.12;5.1.12 Balance of Supply and Demand;124
7.1.13;5.1.13 Natural Events;125
7.1.14;5.1.14 Expectations;125
7.2;5.2 Investments in the Natural Gas Industry to 2030;125
7.2.1;5.2.1 Investment Costs;128
7.3;5.3 Linkage to Oil;132
7.3.1;5.3.1 How to Develop a Different Linkage?;136
7.4;5.4 The Impact of Speculation on Gas Prices;137
7.5;5.5 Gas Prices and Taxation: The Case of Europe;138
7.6;Sources;142
7.7;On Line Publications;143
7.8;Presentations;143
8;The Leading Players: Strategic Models;144
8.1;6.1 The Big Sisters: A Global Strategy;145
8.1.1;6.1.1 ExxonMobil;145
8.1.2;6.1.2 Shell;147
8.1.3;6.1.3 BP;149
8.1.4;6.1.4 Chevron;152
8.1.5;6.1.5 ConocoPhillips;154
8.1.6;6.1.6 Total;156
8.2;6.2 The Utility Companies: Moving Upstream;159
8.2.1;6.2.1 ENI;159
8.2.2;6.2.2 Suez-Gaz de France Group;161
8.2.3;6.2.3 E.ON;164
8.2.4;6.2.4 RWE;165
8.3;6.3 The State-Owned Companies;167
8.3.1;6.3.1 Moving Downstream;168
8.3.2;6.3.2 Gazprom;168
8.3.3;6.3.3 Sonatrach;170
8.3.4;6.3.4 Focus on Resources Exploration and Production;172
8.3.5;6.3.5 Other Strategic Models;177
8.4;Sources;180
9;Which European Policy?;181
9.1;7.1 Theoretic Rationales of Natural Gas Regulation ;183
9.1.1;7.1.1 What Does Regulation Mean?;183
9.1.2;7.1.2 Why Regulate Gas Utilities?;185
9.2;7.2 The Natural Gas European Directives ;191
9.2.1;7.2.1 Basic Principles;191
9.2.2;7.2.2 The Degree of Implementation: State of the Art;199
9.2.3;7.2.3 Impact of Directives: A First Evaluation of Results;202
9.3;7.3 Rethinking European Policy;206
9.3.1;7.3.1 The Shortcomings of the Existing Regulatory Framework;206
9.3.2;7.3.2 How the Context Has Changed Since the Directives Were Approved;209
9.3.3;7.3.3 Current Priorities for Europe’s Energy Policy;210
9.4;Sources;214