Price Convergence and Information Efficiency in German Natural Gas Markets
Christian Growitsch (),
Marcus Stronzik and
Rabindra Nepal ()
German Economic Review, 2015, vol. 16, issue 1, 87-103
type="main" xml:id="geer12034-abs-0001"> In 2007, Germany changed network access regulation in the natural gas sector and introduced a so-called entry–exit system. The spot market effects of the reregulation remain to be examined. We use cointegration analysis and a state space model with time-varying coefficients to study the development of natural gas spot prices in the two major trading hubs in Germany and the interlinked spot market in the Netherlands. To analyse information efficiency in more detail, the state space model is extended to an error correction model. Overall, our results suggest a reasonable degree of price convergence between the corresponding hubs. Market efficiency in terms of information processing has increased considerably among Germany and the Netherlands.
References: Add references at CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
Working Paper: Price convergence and information efficiency in German natural gas markets (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bla:germec:v:16:y:2015:i:1:p:87-103
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1465-6485
Access Statistics for this article
German Economic Review is currently edited by Bernhard Felderer, Joseph F. Francois, Ivo Welch, Urs Schweizer and David E. Wildasin
More articles in German Economic Review from Verein für Socialpolitik Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().