Evolution of European natural gas market regulation

Adrien Nicolle and Marzia Sesini

Chapter 4 in European Gas Markets in Transition, 2026, pp 69-84 from Edward Elgar Publishing

Abstract: This chapter traces the evolution of natural gas market regulation in the European Union, focusing on the three Gas Directives and the development of the Gas Target Model (GTM) and network codes. Each section examines not only the key regulatory measures introduced (such as market opening, unbundling, and third-party access) but also the limitations of each regulatory initiative that prompted subsequent reform. The chapter shows how these regulatory layers reflect the EU's shifting priorities, from market liberalization and security of supply to increasing emphasis on sustainability and decarbonization. The GTM and network codes are presented as critical instruments for harmonizing rules and enhancing cross-border integration. Institutional developments, particularly the creation of ACER and ENTSOG, are also discussed as essential to effective implementation. Overall, the chapter argues that while the EU gas market has undergone significant liberalization, regulation continues to evolve in response to persistent market challenges and broader climate objectives.

Keywords: EU gas market regulation; Gas Target Model; GTM; Network codes; Third-party access and unbundling; ACER and ENTSOG; Energy market liberalization and decarbonization; EU energy (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035382958
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