Scarce storage capacity and distortions in access to storage can lead to market foreclosure in liberalized gas markets. We consider rules currently adopted in Europe for storage allocation, and discuss efficient rationing mechanisms as based on the value of storage, when other flexibility inputs...

Voluntary agreements with industry offer many examplesof overcompliance with respect to environmentalstandards. Such phenomena seem to be irrational butappear less surprising considering firms' strategiesare aimed to internalise environmental quality. Wemodel the choice of the environmental...