International commercial gas sale agreements are often characterised by a duration of twenty years or more. Consequently, when unforeseen events alter market conditions the contractual equilibrium originally found by the parties is disrupted, giving rise to the necessity to renegotiate and adapt the agreement. If negotiation fails, the parties in most cases submit the matter to arbitration. This comprehensive analysis of what can happen under such circumstances proceeds from an in-depth consideration of the power of arbitrators to intervene on the agreement in the light of arbitrability and procedural law. The author fully explains the complex special nature of gas pricing and contract clauses, and takes into account such features as the following, especially in the wake of the 2009 crisis as it affected the gas sector: - take or pay clauses; - mechanisms for gas price calculation; - price review and price re-opener clauses; - hardship provisions; - problems arising from the absence of a specific clause providing for adaptation/adjustment; - effect on contracts of the emergence and development of spot or traded gas markets; and - trend toward introducing spot-market elements into an oil-indexed price formula. The analysis draws on interviews with lawyers and arbitrators who have been involved in recent proceedings regarding gas sale contract adaptations, and also considers court decisions issued in setting aside or enforcing arbitration awards handed down in energy disputes. A central discussion throughout this book is the possible responses to the question of whether it is possible to determine a principle of law justifying the arbitrator’s power to intervene in contract adaptation. All professionals involved in the production, wholesaling, or distribution of gas will find this book indispensable. It will also be of special value to practitioners, policymakers, and regulators in the fields of energy law and environmental law.

This book is open access under a CC BY 4.0 license. This book examines how China can increase the share of natural gas in its energy system. China’s energy strategy has global ramifications and impact, and central to this strategy is the country’s transition from coal to gas. The book presents the culmination of a two-year collaboration between the Development Research Center of the State Council (DRC) and Shell. With the Chinese government’s strategic aim to increase the share of gas in the energy mix from 5.8% in 2014 to 10% and 15% in 2020 and 2030 respectively, the book outlines how China can achieve its gas targets. Providing both quantifiable metrics and policy measures for the transition, it is a much needed addition to the literature on Chinese energy policy. The research and the resulting recommendations of this study have fed directly into the Chinese government’s 13th Five-Year Plan, and provide unique insights into the Chinese government and policy-making. Due to its global impact, the book is a valuable resource for policy makers in both China and the rest of the world.

Because the EU depends on a very small number of external suppliers for its natural gas, energy security issues inevitably arise. In theory, competition law should regulate and adjudicate such issues. Yet, because contracts between EU companies and producers are highly sensitive and politically charged, the application of EU competition law to natural gas contracts is far from clear. This important book, drawing on ECJ case law, Commission administrative cases and inquiries, and the full range of relevant legal and economic theory, provides an extremely valuable and detailed study of how EU competition law can be applied to long-term natural gas capacity reservation and commodity contracts. Issues and topics such as the following arise in the course of the analysis: Third Gas Market Directive provisions; Article 102 TFEU cases on strategic under-investment; pre-liberation or "legacy" gas contracts (e.g., with Algeria and Russia); "right of first refusal"; take-or-pay requirement; third-party access; ownership unbundling; effect of elimination of priority access regimes; short-term trading; spot markets; and law and economics of vertical restraints. Focusing on the foreclosing effect of long-term upstream commodity contracts, the author recommends restrictions on the use of capacity reservation contracts, and analyses the efficacy of security of supply as a competition law defence in cases relating to such contracts.

The history of the United States of America is also the history of the energy sector. Natural gas provides the fuel that allows us to heat our homes in winter and cool them in summer with the touch of a button or turn of a dial—when the industry runs smoothly. From the oil crisis of the 1970s to the fall of Enron and the California electricity crisis at the turn of the century to contemporary issues of hydraulic fracking, poorly conceived government policies have sometimes left us shivering, stranded, or with significantly lighter wallets. In this expansive narrative, Charles Blanchard traces the rise of natural gas and the regulatory missteps that nearly ruined the market. Beginning in the 1880s, The Extraction State explains how the New Deal regulatory compact came together in the 1920s, even before the Great Depression, and how it fell apart in the 1970s. From there, the book dissects the policies that affect us today, and explores where we might be headed in the near future.

This book discusses and explains the economics of each stage of the natural gas value chain, including the economic impact of restrictions, rules and decisions that are ostensibly technical in nature, as well as commercially relevant contractual stipulations. Each chapter features several real-world examples illustrating the essential points. Natural gas is broadly considered the (leading) conventional source of primary energy. Complementing renewable energies’ utilization and offering a highly flexible yet relatively clean fuel, the worldwide natural gas markets are expected to grow. Despite the fact that Europe – where a degree of stagnation in natural gas consumption is being observed and is expected to continue – is not following this trend, international natural gas markets are becoming increasingly interdependent. Therefore, any analysis and discussion of natural gas markets at each level has to have an international rather than national focus.