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7/31/2019 Safeguarding Investments in Natural Gas Infrastructure: Lessons Learned from Regulatory Regimes in the United
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SAFEGUARDING INVESTMENTS IN NATURAL GAS
INFRASTRUCTURE
LESSoNS LEARNED FRoM REGULAToRy REGIMES IN
ThE UNITED STATES AND ThE EURopEAN UNIoN
Tim Boersma
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On the cover: Gas fields in Pennsylvania, United States Corey Johnson
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Safeguarding Investments inNatural Gas Infrastructure
Lessons Learned from Regulatory Regimes in the United Statesand the European Union
Transatlantic Academy Paper Series
July 2012
Tim Boersma1
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Safeguarding Investments in Natural Gas Infrastructure 1
Introduction
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Transatlantic Academy2
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Safeguarding Investments in Natural Gas Infrastructure 3
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Transatlantic Academy4
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Safeguarding Investments in Natural Gas Infrastructure 5
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Safeguarding Investments in Natural Gas Infrastructure 7
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Safeguarding Investments in Natural Gas Infrastructure 9
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Transatlantic Academy10
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Green = green light for the regulatory authority to engage in the referred policy area (for instance affordability)
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* The Gas Security of Supply Significant Code Review is undertaken by OFGEM with support of the British
government in order to determine whether reforms to the current gas balancing arrangements and/or enhanced
obligations are required in order to improve security of supply.
Table 1. Focus o British and Dutch regulatory authorities,
in terms o Lisbon Treaty broad policy goals
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Safeguarding Investments in Natural Gas Infrastructure 11
Whereas in the
European Union,
broader policy
goals are agreed
upon and, as
we have seen,
some regulatory
authorities have
them as core
competences, in
the United State
these broader
policy goals are
not expressed in
U.S. energy polic
documents.
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k , .. (V
H, 8, .6). T j
b b k
, wk
(V, H J. & V, 5, . 436).
W j b ,
FERC b w x x
k , ...
, , b
34 N b b Nb
() b bw wk GTS, , w x
. I q w GTS
4 wk, w
x b. B
w --w b .
35 A w w
FERC Nb 3, .
- w bj
j C,
, b j b...36
Mk x b
x ,
w b j
.37 C,
w w 4 .
T b k . I
/ FERC
x , , ,
,
.55 . T
w b. N
b ,
w, bw 8 9 . I
b , FERC
b b
. I , FERC
k x
b j
b.38
T j FERC
, w Tb . W
E U, b
, w ,
,
U S b
x U.S. .
Hw, FERC
b Lb T,
S P 9-4, w
FERC ... b b, b
36 N G A, 5, 77C, b .
37 Ib. A 77C- 77D, b .
38 D w w FERC .
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Transatlantic Academy12
b k ...39 I ,
FERC wk w
w x
w
(w
b b) b
.
39 S Nb 3 ://www.
./b/-/FY-9-4---.
R E U k
w
U.S.
. R
b G B
N
w
k b
w . O , G B, b b x
k OFGEM 8. I U
S, FERC x
k , b
bw
. T bw w
kb, w E U
wbb 5 w w
U S
.
Table 2. Focus o FERC, in terms o efciency, security o supply,
and sustainability
Green = green light for the regulatory authority to engage in the referred policy area (for instance
affordability)
Red = it does not have a mandate
Efciency/
Aordability
Security o
SupplySustainability
United
States
Ex
U S
N
k
FERC
N
k
FERC
http://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdfhttp://www.ferc.gov/about/strat-docs/FY-09-14-strat-plan-print.pdf7/31/2019 Safeguarding Investments in Natural Gas Infrastructure: Lessons Learned from Regulatory Regimes in the United
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Safeguarding Investments in Natural Gas Infrastructure 13
The question [is]
open whether th
rates of return
in the United
States will trigge
overinvestment
and inefficient
use of capital.
The answer may
well be yes.
T w b
w .
A
b w ,
(V, H J. & V, 5,
.58 ). O ...
w ,
w b w
b
. A bw w , b
w b , b b
bk
(Kwk, 6, .46). A k
G B ...
w
z x k-
b z
. Hw, w b
, z
... (Jb & P, 7,
.664).
A bw
(
)
, b
w b
(Cb & R, ,
.4). T kb,
k
:
b .
Hw, w D wk ,
...
w , w
w w
b k ...(H, H & V T, , .35).
W ,
b
w q w
, b
b . I FERC
, w
w b
E
. I , w
b w b
w
,
b
w. T
U S (V
H, 8, .7). T q
w U
S w
. T w w b .
W w ,
B k E
b w q
w .
I b b - ,
w w
w
. I b
, x
. I
, OFGEM wk w
, (3-). T -
x -
b , .. -
. A D ,
w x w
Private and Public Ownership
and Investments3
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Transatlantic Academy14
b z ;
x G B
w
,
k. Ex
b .
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Safeguarding Investments in Natural Gas Infrastructure 15
Conclusion
4
Q b
w U S
E. T E C
kw
k
w
z. T
k, ,
N
G B b
b x. I k A w x
U S.
T w
. F,
G B N w
b b. B E
w bz
k, B OFGEM x
b , .. w
bw q b E
. Ob x x
OFGEM b b
b (w B
b bw
) B
x j w
- b. I ,
E
, D,
w. S,
U S FERC
b. T b b
b
b w ,
k -
. Y w b
. F,
b
U.S. wk.
M
b. W wk
q b w
, k b
wk ,
k . H , G B,
OFGEM x k
b x w
. T x
, w b
A b.
In Great Britain,
the OFGEM has
an explicit legal
task to safeguar
sustainability
and is currently
exploring how to
fulfill this role.
This is expected
to provide
future insights,
from which its
counterparts on
both sides of the
Atlantic could
reap enormous
benefits.
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Safeguarding Investments in Natural Gas Infrastructure 17
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