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Orientador(es)
Resumo(s)
The purpose of this work is to analyse whether the ongoing liberalisation of the natural gas market is achieving its goal, namely the attainment of significant price decreases and technological innovations, through the liberalisation of some non-subadditive market segments. The potential benefits of liberalisation will be stronger the weaker the link between natural gas and oil prices. Hence, in this work we investigate the evolution of the relationship between gas and oil prices in an attempt to determine the level of integration of the submarkets. Using a series of gas, oil and electricity prices for the period 2004-2009, a vector autoregressive model is estimated, and the Johansen procedure and an impulse response function are applied. Empirical results indicate that there is a long-run relationship between gas and oil prices. In the short-run, the relationship between electricity and gas prices is stronger than the oil and gas relation. Thus, interconnection among the energy submarkets should be considered when implementing a liberalisation process
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the Faculdade de Economia da Universidade Nova de Lisboa
Palavras-chave
Natural Gas European Union Liberalisation Networks Cointegration