Market Power and Spatial Arbitrage between Interconnected Gas Hubs
Market Power and Spatial Arbitrage between Interconnected Gas Hubs
复制标题
互联天然气中心之间的市场力量和空间套利
DOI：
10.5547/01956574.39.si2.omas
复制
发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Albert Banal
中科院分区：
文献类型：
--
作者：
O. Massol;Albert Banal
摘要 本文研究了通过管道系统连接的两个天然气批发区域市场之间进行的空间套利的表现。我们开发了一种新的实证方法来（i）检测这些市场是否一体化，即两个市场之间的所有空间套利机会是否都被利用，以及（ii）将观察到的空间价格差异分解为运输成本、运输瓶颈和套利者寡头垄断行为等因素。我们的框架包含了对市场力量存在的新测试，因此能够区分边际成本定价的物理和战略行为约束。我们以连接比利时和英国的“Intercon-nector”管道为例作为应用。我们的实证研究结果表明，两个区域之间的所有套利机会都被利用，但证实了市场力量的存在。
Abstract This paper examines the performance of the spatial arbitrages carried out between two regional markets for wholesale natural gas linked by a pipeline system. We develop a new empirical methodology to (i) detect if these markets are integrated, i.e., if all the spatial arbitrage opportunities between the two markets are being exploited, and (ii) decompose the observed spatial price differences into factors such as transportation costs, transportation bottlenecks, and the oligopolistic behavior of the arbitrageurs. Our framework incorporates a new test for the presence of market power and it is thus able to distinguish between physical and strategic behavior constraints on marginal cost pricing. We use the case of the "Intercon-nector" pipeline linking Belgium and the UK as an application. Our empirical findings show that all the arbitrage opportunities between the two zones are being exploited but confirm the presence of market power.