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Additional info for Security Of Gas Supply In Open Markets: Lng And Power At A Turning Point
Example text
There is growing recognition on the part of both producers and consumers of the increasing role of short-term and spot sales. These sales play a niche function to sell spare build-up capacity on the producing side, and to complement long-term purchases for buyers. While long-term contracts will remain dominant in the foreseeable future, spot sales (which mean short-term deals or the sale of one cargo) are expected to take a growing share. However, most experts agree that this development will not lead to large-scale trading as happens in the oil market, with an extensive paper as well as physical market.
It is therefore not surprising that security of supply issues differ greatly from country to country. In Japan and South Korea, security of supply issues are linked with import dependence, the possible conflict between the opening of the markets and the need to rely on long-term import contracts. The internal dimension of security of supply is linked with investment into new gas infrastructure, the issue of facility concentration and investment in insurance assets for low-probability events. The interface between the electricity and gas sectors is not yet a relevant issue as the share of gas in the power sector is limited and neither sector has yet opened to competition in the two countries.
This way decisions can be fine-tuned close to the time when the gas is needed. However, companies responsible for reliable supplies are limited by the depth and liquidity of the marketplace. Otherwise they will have to rely on more long-term contractual arrangements or other instruments. At the retail level, gas distribution will usually be a regulated monopoly and include supervision of the adequacy of the grid, in particular for defined extreme weather conditions. Ensuring sufficient supply under these defined conditions will be left to the gas retailer.