Regulation and development of natural gas interconnection facilities in Europe
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1 Regulation and development of natural gas interconnection facilities in Europe Ivan Ghiosso EDF Research & Development Div. Dresden April 14 th,
2 Development of natural gas interconnection facilities European Commission priorities Amount of needed investments Investments and market opening Scope of the analysis 2
3 Regulation and development of natural gas interconnection facilities in Europe Interconnection development and market opening Incentives to investments National and European provisions and measures Real cases Conclusions 3
4 Interconnection development and market opening Primary objectives of the European authorities in the Natural Gas sector: 1. Supply security Demand development Reserves depletion Imports dependency Increasing dependency on exporting countries. Risks and economic effects Importation capacities development Supply diversification 4
5 Interconnection development and market opening Primary objectives of the European authorities in the Natural Gas sector: 2. Markets opening to competition: Importation capacity for the new entrants European market integration Market liquidity and creation of hubs Need for huge investments and time coordination with the evolution of the demand 5
6 Regulation and development of natural gas interconnection facilities in Europe Interconnection development and market opening Incentives to investments National and European provisions and measures Real cases Conclusions 6
7 Incentives to investments Economic risks and Natural Gas infrastructures financing OLD WORLD Integration, classic solutions Planning, centralised decisions Market opening New conditions NEW WORLD Activities unbundling, Third Parties Access Market signals interpretation, number of actors 7
8 Incentives to investments Public authorities role Development and market opening Supply security in an open market «Publics» and «private» interests Guarantee the supply security through market mechanisms Open market and security of supply equilibrium 8
9 Regulation and development of natural gas interconnection facilities in Europe Interconnection development and market opening Incentives to investments National and European provisions and measures Real cases Conclusions 9
10 National and European provisions and measures General approach: Stable and certain regulation framework Clear and shared objectives of the regulatory subjects Regulatory frameworks harmonisation Regulatory authorities coordination Information availability Competent, powerful and independent regulatory authorities A European regulation authority 10
11 National and European provisions and measures Applications: 1. General Tariffs discrimination and investments profitability 2. Special Exemptions to the Third Parties Access provisions (art. 22) 3. Others Simplification of the authorisation procedures. Use of the market signals, driven diversification, preliminary studies financing, planning 11
12 National and European provisions and measures Exemptions to the Third Parties Access provisions (Directive 2003/55, art. 22): granting criteria 1. Contribution to the development of the competition and the supply security 2. The level of risk is such that the investment would not be without the exemption; 3. The owner is other than the gas transporter who operates the pipeline system connected 4. Charges levied on users of the facility 5. The exemption is not detrimental to competition ant o to the efficient functioning of the pipeline system Special criteria defined by national authorities 12
13 National and European provisions and measures Solutions to prevent the «anti-competition» effects of the incitation measures Projects opening to other operators «Open Season» Anti-hoarding measures (UIOLI) Secondary market stimulation Exemption modulation: duration, share of capacity 13 Stimulating the participation of third parties to the projects
14 Regulation and development of natural gas interconnection facilities in Europe Interconnection development and market opening Incentives to investments National and European provisions and measures Real cases Conclusions 14
15 Real cases Categories of interconnection facilities: 1. Pipeline linking the transportation networks of two (or more) countries members of the EU 2. Pipeline for the transit through a member country of natural gas directed to a different country member 3. LNG regasification facilities 15
16 Real cases: 1. Interconnection pipelines Balgzand Bacton Line (BBL), between Holland and UK TPA exemption request and«early guidance» Consultation, «open season», anti-hoarding measures Ofgem recommendations: unbundling of GTS Coordination agreement between the authorities 16
17 Real cases: 1. Interconnection pipelines Euskadour, between France (Lussagnet) and Spain (Bilbao) Authorised asset return 12 % (first phase) for 5 years, 5y extension in case of further phases completion Collaboration of authorities (CRE CNE) TPA exemption foreseen 17
18 Real cases: 2. Transit pipelines Trans Austria Gas pipeline (TAG), Austria Inquiry lead by the Italian anti-trust authority Facilities access condition defined by the operator Capacity fragmentation. No anti-hoarding measures Station de compression Baumgarte A CH Arnoldstei A TAG H I SLO 18
19 Real cases: 3. Regasification facilities «South Hook», Milford Haven, United Kingdom National TPA exemption conditions fulfilled (Gas Act 1986, Section 19) 100% capacity, 25 years (for a further expansion too) Consultation 19
20 Regulation and development of natural gas interconnection facilities in Europe Interconnection development and market opening Incentives to investments National and European provisions and measures Real cases Conclusions 20
21 Conclusions The measures to stimulate the investments are essential to cope with the risks A competitive market is able to guarantee the supply security Wide range of stimulation measures Measures to counter-balance the advantages allowed to investors Efficiency: investments optimisation 21
22 22
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