Effects of the structural change on transaction costs between North America natural gas spot markets

The desire to integrate into the European development model stipulated that Ukraine voluntarily assumed international commitments about transformation of the institutional environment according to the European model. The level of political awareness of the content of the necessary changes and how to achieve a systemic balance of reforming different sectors was often declarative in the absence of any sound estimates, including the implications for different economic actors. However, the need to reform the energy sector was determined not only by international obligations, but also by the presence of domestic problems, which over time without the application of systemic changes would become barriers to the entire further economic development of Ukraine. The main content of the implementation of European directives in the energy sector was just intended to systematically transform market relations by changing the rules of market functioning, which was supposed to solve the main crisis problems in various areas of the energy sector. The recent model of Ukrainian natural gas market was featured by all the shortcomings of the pre-reformed state of European markets: the tariff system did not promote rational consumer behavior, which exacerbated the pressure on the state budget; the delivery rules did not guarantee the proper quality of service; the absence of investment in the gas transportation sector made it impossible to expand fixed assets; the established transport and distribution rules became a barrier to free access to third-party networks and the development of competition in the supply segment. The actual implementation of the Second and Third Energy Package standards in the functioning of the national market of the natural year began in 2015, with the adoption of the Law on the Natural Gas Market. Today, an urgent task remains to estimate the process of reforming the natural gas market and to efficiently solve those crisis phenomena that caused the distortion of the institutional environment of the natural gas market. Since the accumulated problems of the previous model of the natural gas market were due to the inefficiency of the institutions, the article attempted to evaluate the effectiveness of the gas sector transformation process and analyze the impact of changes in certain market segments from the perspective of neoinstitutional theory and study the level of transaction costs.

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Directional Caliper Tool Development

Volume 1: Pipeline and Facilities Integrity ◽

10.1115/ipc2018-78242 ◽

2018 ◽

Author(s):

Dylan Davis ◽

Robert Zazuliak ◽

Stephen Westwood

Keyword(s):

North America ◽

Natural Gas ◽

Magnetic Flux ◽

Magnetic Flux Leakage ◽

Tool Development ◽

Baseline Assessment ◽

Natural Gas Pipelines ◽

Assessment Program ◽

Technical Features ◽

Flux Leakage

TransCanada owns and operates more than 91,500km of natural gas pipelines in North America and since 2014 they’ve been aggressively pursuing the assessment of the unpigged portion of their system. To expand the In-Line Inspection coverage in the system TransCanada identified the need to develop a bi-directional caliper tool. This development allowed TransCanada to attain both Magnetic Flux Leakage and Caliper data while reducing the overall cost of its multi-year baseline assessment program. This paper will discuss the technical features of the bi-directional caliper tool and an overview of the model used by TransCanada which drove the development of the bi-directional caliper technology and to demonstrate the advantages of utilizing unconventional In Line Inspection technology in order to obtain MFL and Caliper data.

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How Does the Spillover among Natural Gas, Crude Oil, and Electricity Utility Stocks Change over Time? Evidence from North America and Europe

Energies ◽

10.3390/en13030727 ◽

2020 ◽

Vol 13 (3) ◽

pp. 727 ◽

Cited By ~ 2

Author(s):

Wenting Zhang ◽

Xie He ◽

Tadahiro Nakajima ◽

Shigeyuki Hamori

Keyword(s):

North America ◽

Natural Gas ◽

Crude Oil ◽

Extreme Events ◽

Global Financial Crisis ◽

Spillover Effects ◽

Volatility Spillover ◽

Stock Indices ◽

Current Events ◽

Electricity Utility

Our study analyzes the return and volatility spillover among the natural gas, crude oil, and electricity utility stock indices in North America and Europe from 4 August 2009 to 16 August 2019. First, in time domain, both total return and volatility spillover are stronger in Europe than in North America. Furthermore, compared to natural gas, crude oil has a greater volatility spillover on the electricity utility stock indices in North America and Europe. Second, in frequency domain, most of the return spillover occurs in the short-term, while most of the volatility spillover occurs over a longer period. Third, the rolling analyses indicate that the return and volatility from 2009 to late 2013 remained stable in North America and Europe, which may be a result of the 2008 global financial crisis, and started to fluctuate after late 2013 due to some extreme events, indicating that extreme events can significantly influence spillover effects. Moreover, investors should monitor current events to diversify their portfolios properly and hedge their risks.

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