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Natural Gas Market Reform in the Apec Region

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Natural Gas Market Reform in the Apec Region ASIA PACIFIC ENERGY RESEARCH CENTRE NATURAL GAS MARKET REFORM IN THE APEC REGION 2003 Published by Asia Pacific Energy Research Centre Institute of Energy Economics, Japan Inui Bldg.-Kachidoki 16F, 1-13-1 Kachidoki Chuo-ku, Tokyo 104-0054 Japan Tel: (813) 5144-8551 Fax: (813) 5144-8555 Email: [email protected] (administration) ã 2003 Asia Pacific Energy Research Centre APEC#203-RE-01.2 ISBN 4-931482-23-6 Printed in Japan PAGE II FOREWORD Many APEC economies have begun to reform their natural gas markets in recent years in an effort to make them more competitive and limit the costs of gas to consumers. Other economies are considering whether and how they might do so. Consequently, APERC has undertaken a study of natural gas market reform to assess where reform efforts stand, to evaluate the impacts they have had so far, and to suggest ways in which member economies might benefit from further reform. This is a matter of interest not only to individual economies but to the APEC region as a whole, in which there is a strong interdependence of gas importers and exporters. While market reform may help importing economies deliver gas more cheaply, it may also help exporting economies produce gas more efficiently and expand their gas markets. This report is published by APERC as an independent study and does not necessarily reflect the views or policies of the APEC Energy Working Group or individual member economies. But we hope that it will serve as a useful basis for discussion and analysis both within and among APEC member economies as gas market reform efforts proceed. Masaharu Fujitomi President Asia Pacific Energy Research Centre PAGE III ACKNOWLEDGEMENTS We would like to thank all of those who contributed to this study, which could not have been successfully completed without the hard work and inspiration of many individuals. Within APERC, every single researcher assisted the principal author in providing thorough information for the gas market sketches upon which the analysis is based. Kind assistance was also received from APERC administrative staff in the report’s publication. Especially valuable advice and insights were received from several participants in APERC workshops, including Joe Dimasi and Michael Williams of Australia, Glenn Booth of Canada, Wei Lu of China and Dongin Lee of Korea. We would also like to thank members of the APEC Energy Working Group (EWG), APEC Expert Group on Energy Data and Analysis (EGEDA), and APERC Advisory Board, along with numerous government officials, for their stimulating comments and current information. APERC CONTRIBUTORS PROJECT LEADER: Jeffrey Skeer (United States) PROJECT PARTICIPANTS: Ahmad Bin Haji Mohamad (Brunei Darussalam) Iván Jaques (Chile) Yanjia Wang (China) I Gusti Suarnaya Sidemen (Indonesia) Naoko Doi (Japan) Jeong-Hwan Kim (Korea) Jaya Singam Rajoo (Malaysia) Juan Ramón Mota Aguilar (Mexico) Gary Eng (New Zealand) Martin Bonou (Papua New Guinea) Desiderio Añora Fuerte, Jr (Philippines) Oleg Sinyugin (Russia) Chung-Yang Lin (Chinese Taipei) Vichien Tantiwisarn (Thailand) Binh Nguyen (Viet Nam) ADMINISTRATIVE SUPPORT Sutemi Arikawa, Shohei Okano, Sachi Goto, Mizuho Fueta and Chie Koshino. PAGE IV C ONTENTS Foreword ....................................................................................................................................................iii Acknowledgem ents.................................................................................................................................... iv List of Figures.......................................................................................................................................... vii List of Abbreviations ................................................................................................................................ix EXECUTIVE SUMMARY................................................................................................................1 INTRODUCTION..............................................................................................................................3 GAS MARKET MODELS................................................................................................................5 GAS MARKET CHARACTERISATION ................................................................................ 11 IMPACTS OF GAS MARKET REFORM................................................................................ 21 OPTIONS FOR GAS MARKET REFORM............................................................................ 35 NATURAL GAS MARKET SKETCHES FOR APEC ECONOMIES ........................ 41 Australia ....................................................................................................................................... 43 Brunei Darussalam.................................................................................................................... 50 Canada.......................................................................................................................................... 54 Chile.............................................................................................................................................. 64 China ............................................................................................................................................ 69 Hong Kong, China ................................................................................................................... 75 Indonesia ..................................................................................................................................... 79 Japan ............................................................................................................................................. 85 Korea............................................................................................................................................ 93 Malaysia........................................................................................................................................ 99 Mexico........................................................................................................................................104 New Zealand ............................................................................................................................110 Papua New Guinea.................................................................................................................114 Peru.............................................................................................................................................117 Philippines .................................................................................................................................120 Russia..........................................................................................................................................124 Singapore...................................................................................................................................129 Chinese Taipei..........................................................................................................................133 Thailand .....................................................................................................................................138 United States ............................................................................................................................143 Viet Nam...................................................................................................................................151 NATURAL GAS PRICE DATA................................................................................................155 REFERENCES .............................................................................................................................159 PAGE V PAGE VI L IST OF FIGURES Figure 1 Past and Projected Growth of Natural Gas Use in APEC Regions .......................................3 Figure 2 Vertically Integrated Monopoly Model ...........................................................................................6 Figure 3 Wholesale Competition (Single Buyer) Model ..............................................................................7 Figure 4 Customer Choice (Retail Competition) Model .............................................................................9 Figure 5 Export Share of Gas Production in Selected APEC Economies ..........................................11 Figure 6 Import Share of Gas Supply in Selected APEC Economies...................................................12 Figure 7 Residential and Commercial Share of Gas Use in APEC Economies with Extensive Natural Gas Distribution Infrastructure...................................................................13 Figure 8 North American Gas Transmission Grid .....................................................................................24 Figure 9 Sectoral End Use Gas Prices vs Oil Prices in North America, 1985-2000 .........................25 Figure 10 Henry Hub Daily Spot Prices 1999-2001 vs Normal Range 1998-1999..............................26 Figure 11 Indicative LNG Terminal Charges in APEC Economies and Europe, 1999.....................27 Figure 12 Sectoral End -Use Gas Prices and Crude Oil Prices in Japan, 1985-2000............................28 Figure 13 Industrial Gas Prices in Japan, Korea, Chinese Taipei and Thailand ...................................29
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