Experiences of developing European gas trading hubs and their implications for China
- Publication Type:
- Journal Article
- Citation:
- Natural Gas Industry, 2017, 37 (8), pp. 108 - 117
- Issue Date:
- 2017-08-25
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| Filename | Description | Size | |||
|---|---|---|---|---|---|
| 欧洲天然气交易枢纽发展经验及其对中国的启示.pdf | Published Version | 659.1 kB |
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© 2017, Natural Gas Industry Journal Agency. All right reserved. Making efforts to establish Chinese natural gas prices, China has built up two gas exchanges while opening its gas markets step by step. In view of this, this paper first studies and summarizes the successful experiences of developing European gas trading hubs in the following aspects: (1) necessary conditions like market liberalization, competitive market, non-discriminatory third-party access to pipeline, regulations and reforms on the dominant market players, etc. (2) natural conditions like domestic production, trade traditions, diversified supply, market surplus, etc. and (3) some other factors like reforms in policies and regulations, regulation of markets, change of governance, etc. Also, this paper provides good advices and references for the development of gas trading hubs in China. (1) Compared with Europe, China is now facing some favorable conditions (like multi-source supply, domestic production, demand increase, etc.) and unfavorable (like low marketization level, poor infrastructure, dominance of long-term contracts, vertically integrated operation, strained supply, etc.). (2) China should focus on promoting market liberalization, unbundling gas businesses and promoting the third-party access. (3) In particular, China should take such measures like defining gas trading hubs, improving gas grid construction, integrating the spots and futures markets, etc., and consolidating the foundation through trade creation, spots and futures markets, prices report agencies, and transition of long-term contract pricing mechanisms and so on.
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