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The European natural gas market is currently being
reformed and restructured to increase competition.
This study assesses the current approach in light of
the changes on this market that are creating a new
context for gas regulation.
The theoretical part criticizes the current
neoclassical approach towards reform and argues that
an alternative approach based on transaction
cost economics will result in better
outcomes in terms of market behavior in the new
regulatory context.
The empirical part undertakes case studies on two
recent amendments to gas regulation the
possibility for certain investments to be exempted
from the provisions to provide third party access,
and the enlarged scope for concluding downstream
long-term gas supply contracts in order to assess
whether the theoretical critique is also valid in
practice. Both case studies confirm the theoretical
critique. The current regulatory approach appears to
be stuck between the neoclassical and the
transaction cost perspective.
Recommendations are provided in order to better
align current regulation with the insights provided
by Transaction Cost Economics.
reformed and restructured to increase competition.
This study assesses the current approach in light of
the changes on this market that are creating a new
context for gas regulation.
The theoretical part criticizes the current
neoclassical approach towards reform and argues that
an alternative approach based on transaction
cost economics will result in better
outcomes in terms of market behavior in the new
regulatory context.
The empirical part undertakes case studies on two
recent amendments to gas regulation the
possibility for certain investments to be exempted
from the provisions to provide third party access,
and the enlarged scope for concluding downstream
long-term gas supply contracts in order to assess
whether the theoretical critique is also valid in
practice. Both case studies confirm the theoretical
critique. The current regulatory approach appears to
be stuck between the neoclassical and the
transaction cost perspective.
Recommendations are provided in order to better
align current regulation with the insights provided
by Transaction Cost Economics.