safeguarding investments in natural gas infrastructure: lessons learned from regulatory regimes in...

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p a p e r s e r i e s

SAFEGUARDING INVESTMENTS IN NATURAL GAS

INFRASTRUCTURE

LESSoNS LEARNED FRoM REGULAToRy REGIMES IN

ThE UNITED STATES AND ThE EURopEAN UNIoN

Tim Boersma


2/19

2012 Transatlantic Academy. All rights reserved.

No part of this publication may be reproduced or transmitted in any form or by any means

without permission in writing from the Transatlantic Academy. Please direct inquiries to:

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This publication can be downloaded for free at www.transatlanticacademy.org.

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About the Transatlantic Academy

The Transatlantic Academy was created in 2007 as a partnership between the German Marshall

Fund of the United States (GMF) and the ZEIT-Stiftung Ebelin und Gerd Bucerius. The Robert

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On the cover: Gas fields in Pennsylvania, United States Corey Johnson
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3/19

Safeguarding Investments inNatural Gas Infrastructure

Lessons Learned from Regulatory Regimes in the United Statesand the European Union

Transatlantic Academy Paper Series

July 2012

Tim Boersma1

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4/19

Safeguarding Investments in Natural Gas Infrastructure 1

Introduction

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5/19

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6/19


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7/19


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8/19


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11/19


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Transport Tariffs or Infrastructure

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12/19


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Green = green light for the regulatory authority to engage in the referred policy area (for instance affordability)

Red = it does not have a mandate

Yellow = a shared policy domain between legislature and regulatory authority

* The Gas Security of Supply Significant Code Review is undertaken by OFGEM with support of the British

government in order to determine whether reforms to the current gas balancing arrangements and/or enhanced

obligations are required in order to improve security of supply.

Table 1. Focus o British and Dutch regulatory authorities,

in terms o Lisbon Treaty broad policy goals
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13/19


Whereas in the

European Union,

broader policy

goals are agreed

upon and, as

we have seen,

some regulatory

authorities have

them as core

competences, in

the United State

these broader

policy goals are

not expressed in

U.S. energy polic

documents.

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14/19


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R E U k

w

U.S.

. R

b G B

N

w

k b

w . O , G B, b b x

k OFGEM 8. I U

S, FERC x

k , b

bw

. T bw w

kb, w E U

wbb 5 w w

U S

.

Table 2. Focus o FERC, in terms o efciency, security o supply,

and sustainability

Green = green light for the regulatory authority to engage in the referred policy area (for instance

affordability)

Red = it does not have a mandate

Efciency/

Aordability

Security o

SupplySustainability

United

States

Ex

U S

N

k

FERC

N

k

FERC
http://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdf


15/19


The question [is]

open whether th

rates of return

in the United

States will trigge

overinvestment

and inefficient

use of capital.

The answer may

well be yes.

T w b

w .

A

b w ,

(V, H J. & V, 5,

.58 ). O ...

w ,

w b w

b

. A bw w , b

w b , b b

bk

(Kwk, 6, .46). A k

G B ...

w

z x k-

b z

. Hw, w b

, z

... (Jb & P, 7,

.664).

A bw

(

)

, b

w b

(Cb & R, ,

.4). T kb,

k

:

b .

Hw, w D wk ,

...

w , w

w w

b k ...(H, H & V T, , .35).

W ,

b

w q w

, b

b . I FERC

, w

w b

E

. I , w

b w b

w

,

b

w. T

U S (V

H, 8, .7). T q

w U

S w

. T w w b .

W w ,

B k E

b w q

w .

I b b - ,

w w

w

. I b

, x

. I

, OFGEM wk w

, (3-). T -

x -

b , .. -

. A D ,

w x w

Private and Public Ownership

and Investments3


16/19


b z ;

x G B

w

,

k. Ex

b .


17/19


Conclusion

4

Q b

w U S

E. T E C

kw

k

w

z. T

k, ,

N

G B b

b x. I k A w x

U S.

T w

. F,

G B N w

b b. B E

w bz

k, B OFGEM x

b , .. w

bw q b E

. Ob x x

OFGEM b b

b (w B

b bw

) B

x j w

- b. I ,

E

, D,

w. S,

U S FERC

b. T b b

b

b w ,

k -

. Y w b

. F,

b

U.S. wk.

M

b. W wk

q b w

, k b

wk ,

k . H , G B,

OFGEM x k

b x w

. T x

, w b

A b.

In Great Britain,

the OFGEM has

an explicit legal

task to safeguar

sustainability

and is currently

exploring how to

fulfill this role.

This is expected

to provide

future insights,

from which its

counterparts on

both sides of the

Atlantic could

reap enormous

benefits.


18/19


References

5

B H, A. & P, M. (9). E wk: A

. Energy Policy, 37 (),

584-583

Cb, C. & R, L. (). I

:

E .Journal of Regulatory

Economics, 38 (), -6

Cw, M.A. & K, P.R. (). R

E: Tw Y P?Journal of

Regulatory Economics, (), 5-

E C (). P

R -E

b 364/6/EC

://-x../LxUS/LxUS.

?=COM::658:FIN:EN:PDF

Jb, T. & P, M. (7). I

b wk: L

x B. Energy Policy, 35 (),

663-687

Jb, T. & P, M. (8). S

wk. Energy

Policy, 36 (), 4584-4589

Jb, T., P, M., & Tb, T. (8).

P U.S.

: A E

. Energy Policy, 36 (9), 3398-34

H, R., H, D., & V T, H. ().

I R: T D

Ex. The Electricity Journal, 3 (5), 34-46

H, C. (8). I,

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A U.S.

k. Utilities Policy, 6 (), -

H, C., Bk, T., & Bk, A.(4). I

- . Utilities

Policy, (4), 3-

H, W., R, J., & V, I. ().

Tw b -

x.Journal of Regulatory Economics, 38

(), 3-43

Kwk, J. (6). T R C

N M: C, Pb Ow,

R. Review of Industrial

Organization , 9 (-), 7-47

Kwk, J. & Mj, K. (7). Mk Mk

Wk: T S C E. The

Electricity Journal, (9), 4-36

M, G. & V H, C. (8).

Y N G S R

G W S F S-

R A A

(Vbb). Zeitschrift fr

Energiewirtschaft, 3, 7-76

T-M, A. & Kwk, J. (). I

, q, U.S.

b.Journal of Regulatory

Economics, 38 (3), 58-73

V, W.K., H J., J.E., & V, J.M.

(5). Economics of Regulation and Antitrust

fourth edition. MIT P, Cb

M.

V, I. (). I R

C Pb U Mk: A-Y P.Journal of Regulatory

Economics, (), 5-7
http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0658:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0658:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0658:FIN:EN:PDFhttp://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0658:FIN:EN:PDF


19/19

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