structure in the Eurasian trade of natural gas. Two pipelines, `Nord Stream' and `South Stream', allow Russian gas to bypass … the observed investment patterns. Nord Stream's strategic value is huge, easily justifying the high investment cost for … nucleolus in contrast, none of the pipelines has any strategic relevance at all, which appears to be at odds with the empirical …

behavior of market agents, such as when LNG capacity provides ex-ante flexibility (e.g., in Ukraine to hedge for a possible …Recent supply security concerns in Europe have revived interest into the natural gas market. Here, we investigate … investment behavior and trade in an imperfect market structure under uncertainty in both supply and demand. We focus on three …