出版社：Energiewirtschaftliches Institut an der Universität zu Köln
摘要：In 2007, Germany changed network access regulation in the natural gas sector and intro duced a so-calledentry-exit system. The re-regulation's spot market e.ects remain to be examined. We use cointegrationanalysis and a state space model with time-varying co e.cients to study the development of natural gasspot prices in the two ma jor trading hubs in Germany and the interlinked Dutch spot market. To analyseinformation e.ciency in more detail, the state space mo del is extended to an error correction model. Overall,our results suggest a reasonable degree of price convergence between the corresponding hubs. However,allowing for time-variant adjustment processes, the remaining price di.erentials are only partly explained bytransp ortation costs, indicating capacity constraints. Nonetheless, market e.ciency in terms of informationprocessing has increased considerably among Germany and The Netherlands
关键词：natural gas market; regulation; cointegration; price convergence; time-varying coe.cient
