Toward the Integration of European Natural Gas Markets: A Time-Varying Approach

Patricia Renou-Maissant ()
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Patricia Renou-Maissant: EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique

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Abstract: Over thepastfifteenyears,Europeangasmarketshaveradicallychanged.Inordertobuildasingle Europeangasmarket,anewregulatoryframeworkhasbeenestablishedthroughthreeEuropeanGas Directives.Thepurposeofthisarticleistoinvestigatetheimpactofthereformsinthenaturalgas industryonconsumerprices,withaspecificfocusongaspricesforindustrialuse.Thestrengthofthe relationshipbetweentheindustrialgaspricesofsixwesternEuropeancountriesisstudiedbytesting the LawofOnePricefortheperiod1991–2009.Estimationswerecarriedoutusingbothcointegration analysisandtime-varyingparametermodels.Resultshighlightanemergingandon-goingprocessof convergencebetweentheindustrialgaspricesinwesternEuropesince2001forthesixEUmember states.Thestrengthandthelevelofconvergencedifferwidelybetweencountries.Strongintegrationof gas marketsincontinentalEurope,exceptfortheBelgianmarket,hasbeenestablished.Itappearsthat the convergenceprocessbetweencontinentalcountriesandtheUKisnotcompleted.Thus,the integrationofEuropeangasmarketsremainsanopenissueandthequestionofhowfarintegrationwill proceedwillstillbewidelydiscussedinthecomingyears.

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Date: 2012
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Citations: View citations in EconPapers (31)

Published in Ultreïa !, 2012, 51, pp.779-790

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02562543

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