Download Energy Economics and Financial Markets by André Dorsman, John L. Simpson, Wim Westerman PDF

By André Dorsman, John L. Simpson, Wim Westerman

ISBN-10: 3642306004

ISBN-13: 9783642306006

Energy matters characteristic often within the monetary and monetary press. particular examples of topical power matters come from world wide and sometimes drawback economics and finance. the significance of strength construction, intake and exchange increases basic fiscal concerns that influence the worldwide financial system and monetary markets. This quantity provides examine on power economics and monetary markets concerning the subjects of provide and insist, environmental effect and renewables, strength derivatives buying and selling, and finance and effort. The contributions by means of specialists of their fields take an international viewpoint, in addition to proposing instances from numerous nations and continents.

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Export returns ðRg Þ are calculated by subtracting the value of a gas export price index PgtÀ1 from the value of that export price index at time t and dividing the resultant number by the value of the gas price index at time t À 1. That is, Rgt ¼ ðPgt À PgtÀ1 Þ=PgtÀ1 ð3:1Þ As the returns of the gas price index equate to the changes in the amount of export/buyer credit required (DCgt ), then. DCgt ¼ ðPgt À PgtÀ1 Þ=PgtÀ1 ð3:2Þ This number can be treated endogenously in a univariate model where the export returns (that is, the changes in credit required) for each selected importing country are a function of the change in the country risk ratings.

These variables reflect the percentage change in gas export prices and they also reflect the change in the amount to be borrowed if buyer credit is to be provided for the entire export price. The change in country risk for a country i at time t (denoted DSCRi ) is proxied by a variable based on ICRG composite risk ratings. The following equation represents the first basic model to be tested in this study; DCgt ¼ agt þ bgt ðDSCRit Þ þ egt ð3:3Þ In this case the regression intercept is agt , (representing the base spot gas export returns or the base change in export/buyer credit required).

It also requires conversion into Australian dollars. The natural gas price benchmark in the Americas is the Henry Hub (HH). This price is determined at a physical location in Louisiana USA and has a greater potential than the National Balancing Point (NBP) price in the UK as a candidate to become a global benchmark price for natural gas (Mazighi 2005). This is because more gas in the UK market is sold on long-term contracts with prices indexed to oil. Even though the HH is said to show less normality in fluctuation 3 Buyer Credit Pricing for Natural Gas Exports 37 than the NBP price, the US is the largest market (estimated in 2005 at more than 660 billion cubic meters compared to around 100 billion cubic meters in the UK).

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