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European Gas Market Liberalisation European Gas Market Liberalisation Competition versus security of supply? Energy Delta Institute/Castel International Publishers Groningen, the Netherlands European Gas Market Liberalisation Competition versus security of supply? N. Haase Energy Delta Institute/Castel International Publishers Groningen, the Netherlands Table of Contents Proefschrift 1. In search of an optimal market design Ter verkrijging van 1.1 So far so good? 14 de graad van doctor aan de Universiteit Twente, 1.2 Economic governance: the modernised theory of the state op gezag van de rector magnificus, meets the extended theory of the firm 17 Prof. Dr. H. Brinksma, 1.2.1 European governance in flux 17 volgens besluit van het College voor Promoties 1.2.2 Theoretical responses to changes in the economic in het openbaar te verdedigen governance in utilities 18 op 18 juni 2009 om 15:00 uur 1.2.3 The second generation: challenging the theories of economic regulation 20 1.3 Research questions 25 Dit proefschrift is goedgekeurd door de promotoren: 1.4 Thesis outline 28 Prof. Dr. J.Th.A. Bressers 2. Regulation in the age of governance Dr. Maarten J. Arentsen 2.1 Governance in the European Union: its modes and applications 33 2.1.1 The notion of governance 33 Cover: 2.1.2 The conceptual trinity: policy, politics and polity 34 Industry gas and oil pipes. Photo provided by Istockphoto. 2.1.3 Multilevel governance in European gas markets 37 EDI headquarters, Groningen the Netherlands, 2007. Photo provided by 2.1.4 The Madrid Forum – a classic example of Aerophoto Eelde. transnational network governance 41 2.2 Regulation as a mode of governance 44 Concept and realisation: Castel International Publishers 2.2.1 Regulation 44 © 2009 Energy Delta Institute/Castel International Publishers 2.2.2 Independent regulatory authorities 46 2.2.3 Regulation-for-competition 49 2.2.4 Regulation in the name of public interest 51 No part of this publication may be reproduced, stored in a retrieval system, or 2.2.5 Regulation and the structure-conduct-performance transmitted, in any form or by any means, electronic, mechnical, photocopying, paradigm 53 recording, or otherwise, without the prior written permission of the publisher. 2.3 Convergence of regulatory regimes. A conceptual clarification 55 2.3.1 Regulatory regimes in the context of European gas market reform 55 ISBN 978 90 79147 08 3 2.3.2 Regulatory convergence 59 NUR 600 2.4 Summary 62 www.energydelta.com 3. Theoretical considerations www.castel.nl 3.1 Introduction 66 3.2 New institutional core: institutions, bounded rationality and opportunism 67 3.3 Williamson’s conceptual framework and institutional change 71 5.3 Generating panel data: sources and obstacles 135 3.3.1 Conceptual applications to the European gas 5.4 Assessing the comprehensiveness of a regulatory regime 137 market reform 73 5.5 Choice of Indicators 138 3.3.2 Criticism of the four-layer model 76 5.6 Indicators for the dimension of regulatory function 139 3.3.3 Towards an applied conceptual framework for 5.7 Indicator for the dimension of regulatory competences 142 analysing European gas market governance 79 5.8 Index: Aggregation and weighting of Indicators 143 3.4 Transaction cost economics in a nutshell 83 5.9 Index: Components and scaling of Indicators 146 3.4.1 Discriminating alignment hypothesis 84 5.10 Scoring of Indicators describing the dimension of regulatory 3.4.2 Transactions and modes of governance 86 function 146 3.4.3 Transaction characteristics and governance 5.10.1 Legal market opening 147 structures of European gas markets 91 5.10.2 Network access conditions and tariffication 147 3.4.4 Economic performance, efficiency and 5.10.3 Gas balancing rules 155 transaction costs 97 5.10.4 Third party access to storage 155 3.4.5 Public sector transactions and political opportunism 101 5.10.5 Gas release programme 155 3.5 Principal agent relations in European gas market governance 106 5.10.6 Trading facilities 156 3.6 Regulation-for-competition versus regulation-for-security- 5.10.7 Unbundling 157 of-natural-gas-supply? 110 5.11 Scoring of indicators describing the dimension 3.7 Impact of European legal provisions on the convergence regulatory competences 158 of regulatory regimes 112 5.11.1 Third party access 159 3.8 Summary of expectations 114 5.11.2 Decision of capacity allocation rules 160 5.11.3 Approval of balancing conditions 160 4. Research Design 5.11.4 Dispute settlement 160 4.1 Introduction 118 5.11.5 Type of regulator 160 4.2. Part two: quantitative case study design 119 5.11.6 Ratio market size/staff number of the regulator 161 4.2.1 Case selection 119 5.11.7 Ratio market size/budget of the regulator 161 4.2.2 Time frame 120 5.12 Summary 163 4.2.3 Considered causal relationships and their operationalisation 121 6. European gas market reform, 1998 - 2007: a road map 4.3 Qualitative case study design 123 6.1 Introduction 166 4.3.1 Causal relationships and their operationalisation 123 6.2 Evolution of the reform 167 4.3.2 Case study selection 128 6.3 First phase – first Directive 168 4.3.3 Pitfalls of drawing interference, and triangulation 6.4 Acceleration phase: second Gas Directive 170 of data sources as a counter strategy 130 6.5 Security of Supply Directive 175 4.4 Summary 132 6.6 Regulation 1775 176 6.7 Exploring the potential: evaluation and reinforcement phase 178 5. Methodology to assess regulatory regimes in European 6.8 Concluding considerations 185 gas markets 6.8.1 Conclusion and expectation 186 5.1 Introduction 134 6.8.2 Outlook 186 5.2 Regulatory variables and the use of regulatory indices in econometric models 134 7. Regulatory requirements of the European gas market 9. The effect of new market designs on economic performance reform: how much leeway do member states have? in European Union’s natural gas markets 7.1 Legal framework of the European gas market reform 189 9.1 Introduction 250 7.2 Objectives and principles of the reform 190 9.2 Regulation and economic performance – a literature review 251 7.2.1 General principles 191 9.3 Economic performance 253 7.2.2 Issue related principles 192 9.3.1 Efficiency 254 7.3 Mandatory instruments 193 9.3.2 Natural gas prices 255 7.3.1 Legal market opening 194 9.3.3 Tariffs 258 7.3.2 Third party access 195 9.3.4 So far so good? 259 7.3.3 Unbundling 197 9.4 Impact of the regulation-for-competition on investments 7.3.4 Balancing 199 in the EU 259 7.3.5 Regulator 200 9.4.1 Literature on investment in energy markets 260 7.4 Conclusion and expectations 201 9.4.2 Is there empirical evidence of a hold-up problem in the European gas markets? 262 8. European gas market regulation: do regulatory regimes 9.4.3 Contract duration 264 converge towards best practice? 9.4.4 European TPA exemption practice and the impact 8.1 Introduction 206 of unbundling on investment 265 8.2 Regulatory comprehensiveness at a glance 206 9.5 Conclusion 269 8.3 Convergence of regulatory functions 211 8.3.1 Legal market opening 211 10. The revision of Dutch incentive regulation 8.3.2 Network access conditions and tariffication 213 10.1 Introduction 272 8.3.3 Balancing period 220 10.2 The Dutch natural gas market in a nutshell 274 8.3.4 Third party access to storage 221 10.3 Institutional set up 277 8.3.5 Gas release programme 221 10.4 Dutch incentive regulation and its interrelatedness 8.3.6 Trading facilities 222 with investments 281 8.3.7 Unbundling on transmission system level 225 10.5 Dutch tariff performance and the Jepma effect 287 8.3.8 Unbundling on distribution system level 227 10.6 “The Gas roundabout” - a new strategic vision 290 8.4 Overview: convergence of regulatory functions 230 10.7 The revision of revenue-cap regulation 291 8.5 Convergence of regulatory competences 235 10.8 Conclusion 297 8.5.1 Type of decision-making by regulatory authority 235 8.5.2 Decision over capacity allocation rules 236 11. The UK gas storage regime 8.5.3 Approval of balancing conditions 237 11.1 Introduction 300 8.5.4 Dispute settlement 238 11.2 UK gas market in a nutshell 301 8.5.5 Type of regulator 239 11.3 The institutional setting 303 8.5.6 Ratio of consumption of national gas market 11.4 Rising natural gas wholesale prices 307 and staff number of national regulator 240 11.5 The Gas Probe 309 8.5.7 Ratio of consumption of national gas market 11.6 A liberal regulatory regime challenged 313 and budget of national regulator 242 11.6.1 Projected gas storage and supply situation 8.5.8 Overview: convergence of regulatory competences 245 between 2005 and 2010 313 11.6.2 Strategic gas storage in the UK? 316 11.7 Conclusion 320 Acknowledgement 12. Concluding considerations 12.1 Introduction 324 12.2 Concluding theoretical considerations 325 12.3 Public regulation approach 329 12.4 Convergence of regulatory regimes towards best practice 331 12.5 Impact of European law and energy policy objectives on regulation 335 12.6 The effect of regulation on economic performance 338 12.7 Case study results 341 12.8 Main findings 344 References 346 Bibliography 366 My own observations suggest, and the experiences of other researchers at various stages Summary in Dutch 398 of their careers have verified, that writing a PhD thesis is as much a personal adventure as it is a scientific journey.
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