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’Implications of a global gas market for traditional gas economical paradigms’, in February 2018

The article is the – updated and expanded – English version of the ‘Gastkommentar’ (guest commentary) in GVS’s  monthly ‘Gasmarkt-Telegramm’ ( published in January 2018. I.a., Wolfgang additionally documents the destinations of US American LNG cargoes since February 2017, underpinning that deliveries would go where the highest net-backs could be achieved (‘money talks…’). Moreover, Read more Wolfgang demonstrates by means of the January 2018 price spreads between East Asian M+1 vs. TTF that a permanent (as opposed to an occasional, e.g. in case of market tightness) reliance on LNG supplies would have required a TTF price of 31.60 €/MWh instead of the settled January price of 20.29 €/MWh, i.e. more than 50% higher, to compete for LNG. The pipeline gas volume pressure on the European traded markets ensures low prices to the benefit of European end consumers, whilst the marginal quantity of LNG supply sets the maximum price achievable. This ‘end-user welfare benefit’ has convincingly been demonstrated by the renowned ewi Institut in its report ‘Impacts of Nord Stream 2 on the EU Natural Gas Market’ (ewi Energy Research & Scenarios gGmbH;


’Gastkommentar: Implikationen eines globalen Gasmarktes für überkommene gaswirtschaftiche Paradigmen’, in ‚GVS Gasmarkt-Telegramm‘ in January 2017

GVS had asked Wolfgang to write a ‘Gastkommentar’ (guest commentary) in its monthly ‘Gasmarkt-Telegramm’ ( The article puts in writing the messages from the most recent presentations, e.g. at the ’23. Euroforum-Jahrestagung (Erd-)Gas 2017’ in Berlin, on 15 November 2017 and the 5th Frankfurt Gas Forum’ in Frankfurt on 13 December 2017: Read more The emergence of a global gas market, with destination flexible LNG supply able to respond to price signals, liquid European hubs capable of sending price signals and ample unutilized LNG regasification capacity to receive LNG thus attracted, has transformed previous bi-lateral physical dependencies into a functionality of price signals. Hence, the previous ‘Putin-phobia’ (an expression coined by Jonathan Stern: ‘The future of gas in decarbonizing European energy markets: the need for a new approach’, by Jonathan Stern, January 2017, OIES Paper NG 116, was no longer warranted and the traditional gas-economical paradigm of security of supply needed to be re-visited.


“Interview with Dr. Heiko Lohmann in ‚ener|gate gasmarkt‘“ in September 2016

The renowned expert on gas markets, Dr. Heiko Lohmann, conducted an interview with Wolfgang (available both in German and English) on a long list of subjects, Read more straddling long-term contracts in the face of oil- and gas price decoupling, the emergence of hubs, but also the reasons for the failure of Nabucco and, last but not least, Nordstream 2 and, in this context, the need to apply the rule of law in Europe instead of politicizing.


“THE CASE FOR GAS POST COP21: Natural gas is the ‚low hanging fruit‘ for material and immediate reduction of greenhouse gases“, in September 2016

The article, which received wide attention and distribution, including the posting on various websites, is a further refined and elaborated version of the previous article published for the Euroforum Newsletter in August 2016. Read more

Wolfgang explains in more detail that, absent grid parity of renewables, an “affordable subsidy constraint” exists which is reflected in the individual pledges of the countries being party to the COP21 treaty. He backs this up by reference to respective analysis of the IEA in its WEO 2015. He demonstrates that immediate and material effects for the carbon budget can be achieved by expanding the role of gas in the fuel mix. Furthermore, he points out the – frequently forgotten – positive effect of natural gas on clean air, not only in the power generation space, but also in the heat and transport sectors. Last but not least he proposes ‘gas advocacy reloaded’, namely to claim more assertively the rightful place for natural gas in the fuel mix.

“Erdgas – eine ‘low hanging fruit’ für die zeitnahe Reduzierung der Treibhausgase” in August 2016

As a contribution to the Euroforum Newsletter published along the ‘22nd Euroforum Jahrestagung “Erdgas 2016’, Wolfgang discusses the implications of COP21 Read more , namely what he qualifies as the “affordable subsidy constraint” for countries absent grid parity of renewables. He demonstrates that immediate and material effects for the carbon budget can be achieved by expanding the role of gas in the fuel mix.


“Ölpreisverfall – Auswirkungen auf die Gaspreise und Relevanz für den Energiemix ” in July 2015

As a contribution to the Euroforum Newsletter published along the 19th Handelsblatt Jahrestagung – Energiewirtschaft Österreich 2015‘ in Vienna, on 12 November 2015, Wolfgang discusses the various ‘cycles’ that have been seen around price revisions in the context of oil and gas price decoupling. Read more

Whilst first, because of the enormous cash drain, importers were accepting temporary base price reductions, almost all long-term contracts now contained “structural solutions”, namely indexation to hub pricing. Whilst in theory, producers could now dispose of their volumes themselves, this offered a new business model for midstreamers as service providers to dispose of bulk volumes in the traded markets against a service fee.