Gas export pricing in Europe: how to balance ... - Konoplyanik.ru
Gas export pricing in Europe: how to balance ... - Konoplyanik.ru
Gas export pricing in Europe: how to balance ... - Konoplyanik.ru
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Non-renewable energy <strong>pric<strong>in</strong>g</strong>:<br />
economic & legal background<br />
Resource own<strong>in</strong>g state: <strong>to</strong> maximize long-term<br />
resource rent => Sovereign right of <strong>export</strong>er /<br />
resource-own<strong>in</strong>g own<strong>in</strong>g state <strong>to</strong> sell gas <strong>to</strong> <strong>export</strong> market<br />
with highest replacement value (USSR/Russia =><br />
EU):<br />
– Economic basis: Gron<strong>in</strong>gen concept of LTGEC<br />
(Netherlands, 1962) = long-term contract +<br />
<strong>pric<strong>in</strong>g</strong> formula l<strong>in</strong>ked <strong>to</strong> gas replacement values<br />
(prices of replac<strong>in</strong>g fuels with<strong>in</strong> competitive<br />
energy market) + price review (+ net-back <strong>to</strong><br />
delivery po<strong>in</strong>t) => <strong>to</strong> market gas with<strong>in</strong> evolv<strong>in</strong>g<br />
market st<strong>ru</strong>cture & competitive <strong>pric<strong>in</strong>g</strong><br />
environment <strong>to</strong> the mutual benefit of both<br />
producer & consumer<br />
– Legal basis: UNGA Res.1803 (1962) + ECT Art.18<br />
(1994/98) = (permanent) state sovereignty on<br />
natural/energy resources<br />
A.<strong>Konoplyanik</strong>, UNECE <strong>Gas</strong> Work<strong>in</strong>g Group Experts Meet<strong>in</strong>g, Moscow, 30.03.2010 Slide 2
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