Up to now, the European natural gas trade was dominated by bilateral long-term upstream agreements between producers and midstreamers that fixed a minimum volume to be exchanged (Take Or Pay) and a price formula that was usually indexed on oil products prices. These arrangements were believed to...

An efficient congestion management system is a necessary condition to remove obstacles to the cross border trade of electricity in Europe and hence to move towards an internal electricity market. Locational marginal pricing (LMP)is progressively becoming the benchmark of congestion management in...