Natural gas plays an important role in Europe. It is a bridging technology for the transition of the electricity system and has also a significant potential to reduce CO2 emission in the mobility and heating sectors. Nevertheless, Europe is strongly dependent on imports of natural gas. While it...

This paper is the first to discuss the design of futures hedging strategies in European natural gas markets (NBP, TTF and Zeebrugge). A common feature of energy prices is that conditional mean and volatility are driven by seasonal trends due to weather, demand, and storage level seasonalities....

The European Gas Directive introduced the concept of liquefied natural gas (LNG) storage in 2003. The purpose of LNG storage is to provide open access and to facilitate competition in the gas market. However, due to the unclear definition and scope of the LNG storage concept and the development...