Die Dissertationsschrift thematisiert die Frage nach den Kosten und Nutzen einer Diversifikationsstrategie im europäischen Erdgasmarkt und gliedert sich in neun Kapitel. In einer Vorbetrachtung beschreiben die Kapitel eins bis vier die Ausganglage mit Blick auf Angebots- und Nachfragestrukturen sowie der Gasinfrastruktur. Unsicherheiten in Bezug auf die Entwicklung der Nachfrage, Importverfügbarkeit und Preisniveaus werden diskutiert. In einem analytischen Rahmen wird das Thema Diversifikation in den Kontext der Energiesicherheit eingeordnet. Die Kapitel fünf bis sieben befassen sich mit der Beschreibung und der Analyse des europäischen Gasmarkts. Dafür wird ein lineares Modell, GAMAMOD-EU, entwickelt, welches als stochastische Optimierung den Ausbau der Erdgasinfrastruktur unter Einbezug von drei Unsicherheitsdimensionen in den Jahren 2030 und 2045 abbildet. Zusätzlich werden drei Diversifikationsstrategien in Hinblick auf Infrastrukturentwicklung und Versorgungssicherheit analysiert. In einer Erweiterung wird der Import Grüner Gase in die Betrachtung einbezogen. Kapitel acht stellt das deutsche Gasnetzmodell GAMAMOD-DE mit einer Fallstudie vor, die die Versorgungslage im kalten Winter 2012 nachmodelliert. Im abschließenden Kapitel neun werden die zu Beginn aufgeworfenen Forschungsfragen beantwortet, politische Handlungsempfehlungen gegeben und der weitere Forschungsbedarf skizziert.:Table of Contents List of Figures List of Tables Abbreviations Country Codes Nomenclature: GAMAMOD-EU Nomenclature: GAMAMOD-DE 1 Introduction 2 Uncertainties in Gas Markets 3 Diversification in Gas Markets to Ensure Security of Supply 4 Natural Gas Infrastructure 5 The European Natural Gas Market Model (GAMAMOD-EU) 6 Results on Security of Supply in the European Gas Market 7 Impact of Green Gas Imports on Infrastructure Investments 8 The German Natural Gas Market Model (GAMAMOD-DE) 9 Conclusion and Outlook Laws and Communication Papers References Appendix / The dissertation addresses the question of the costs and benefits of a diversification strategy in the European natural gas market and is divided into nine chapters. In a preliminary analysis, chapters one to four describe the initial situation with regard to supply and demand structures as well as the gas infrastructure. Uncertainties regarding the development of demand, import availability and price levels are discussed. In an analytical framework, the topic of diversification is placed in the context of energy security. Chapters five to seven deal with the description and analysis of the European gas market. For this purpose, a linear model, GAMAMOD-EU, is developed, which maps the expansion of the natural gas infrastructure as a stochastic optimisation, taking into account three uncertainty dimensions in the years 2030 and 2045. In addition, three diversification strategies are analysed with regard to infrastructure development and security of supply. In an extension, the import of green gases is included in the analysis. Chapter eight presents the German gas grid model GAMAMOD-DE with a case study, which models the supply situation in the cold winter of 2012. In the concluding chapter nine, the research questions raised at the beginning are answered, political recommendations for action are given and the need for further research is outlined.:Table of Contents List of Figures List of Tables Abbreviations Country Codes Nomenclature: GAMAMOD-EU Nomenclature: GAMAMOD-DE 1 Introduction 2 Uncertainties in Gas Markets 3 Diversification in Gas Markets to Ensure Security of Supply 4 Natural Gas Infrastructure 5 The European Natural Gas Market Model (GAMAMOD-EU) 6 Results on Security of Supply in the European Gas Market 7 Impact of Green Gas Imports on Infrastructure Investments 8 The German Natural Gas Market Model (GAMAMOD-DE) 9 Conclusion and Outlook Laws and Communication Papers References Appendix

The main aim of the thesis is to perform the financial analysis of company E.ON Energie, a.s. based on the accounting data from 2006-2010, to critically assess the development of the data and important ratios and to compare the results with the best company in the industry sector. The thesis is divided into two main parts: the theory and the practical application. The theory explains the methods that I decided to choose for the financial analysis -- horizontal and vertical analysis, ratios of profitability, leverage, liquidity and activity, the DuPont analysis and selected bonity and bankruptcy models. In the theoretical part I also assess the explanatory power of financial statements and its main threats. In the practical part I present the company as an electricity and natural gas retailer. The energy industry has recently undergone a market liberalization, which had a large impact on the energy companies. As the sector analysis of Michael Porter confirmed, the industry faces greater competition than before. The energy companies are also influenced by macroeconomic developments, e.g. GDP and energy consumption, prices in the electricity market and the euro exchange rate. The main result of the performed financial analysis is the fact that E.ON Energie, a.s. follows its strategy to become a leader in the electricity market. In the years 2009 and 2010 E.ON Energie, a.s. caught up with CEZ Prodej, s.r.o. in the liquidity, leverage and activity ratios. In addition to this, it improved its profitability. Moreover, the revenues grow at a faster pace than in CEZ Prodej, s.r.o. In the future it will be interesting to see how the company will develop despite the increasing competition in the market.

Magistro baigiamajame darbe išanalizuotas pasaulinės gamtinių dujų rinkos veikimo modelis, suskystintų gamtinių dujų terminalų technologijos įtaka pasaulinei gamtinių dujų rinkai bei atskiriems pasaulio regionams priklausomai nuo išvystytos dujų transportavimo infrastruktūros, sukurtas ekonominis SGDT teikiamų valstybės reguliuojamų paslaugų kainų nustatymo modelis Lietuvoje, iškeltos SGDT funkcionavimo ekonominio poveikio gamtinių dujų kainų pokyčiams Lietuvoje (izoliuotoje rinkoje) problemos bei pagal atliktus empirinio tyrimo rezultatus pateikti siūlymai rinkos dalyviams bei kitiems suinteresuotiems asmenims dėl galimų veiksmų pradėjus veikti SGDT 2014 m. gruodžio mėn. Lietuvoje. Pirmajame skyriuje sudaromas pasaulinės gamtinių dujų rinkos veikimo modelis, nagrinėjami ryšiai tarp pagrindinių jo sudedamųjų dalių (gavyba, transportavimas, vartojimas vidaus rinkoje), naujai atrandamų technologijų įtaka kiekvienai iš jų. Antroje dalyje analizuojama Lietuvos gamtinių dujų rinka ir ją supanti teisinė, ekonominė bei politinė aplinkos, aptariamos SGD galimos perspektyvos Lietuvoje. Trečioje dalyje analizuojamas autoriaus kartu su Valstybinės kainų ir energetikos kontrolės komisijos specialistais parengtas ekonominis SGDT teikiamų paslaugų kainos skaičiavimo modelis, aptariama importo kainos prognozavimo metodika, įvertinami pasirinktos metodikos trūkumai ir privalumai, aprašomi kt. metodai, kuriais remiantis ketvirtoje dalyje atliekamas empirinis tyrimas šiame darbe iškeltai... [toliau žr. visą tekstą] / This Master thesis contains: presentation of global natural gas market functioning model and LNGT technology impact on this market, as well as regions according to their infrastructure of gas transportation; creation of economic model for calculating natural gas import prices forecasts and forecasts for prices of regulated LNGT services in Lithuania; presentation of economic problems of LNGT impact on natural gas prices in Lithuania (as an isolated market) and considering the results of empirical research, suggestions of possible actions for market players and third parties after Lithuanian LNGT begins its operations in December, 2014. The first part of the thesis includes examination of global natural gas market functioning, the relations between its main components (extraction, transportation, consumption in domestic markets) and influence of the new technologies for each of them. The second part analyses Lithuanian natural gas market: its legal, economic and political environment, as well as presents LNG perspectives in Lithuania. The third part consists of introducing the economic LNGT services’ price model which was created by author of this thesis in collaboration with specialists of National control commission for prices and energy, also the methodology of calculating forecasts for natural gas import prices, its advantages and disadvantages, as well as other methods which were employed to solve the main problem of the Master thesis in the last part of this work.

Of the findings, the European Commission established in its report on Energy Sector Inquiry, market manipulation constituted a major concern for the functioning and integrity of EU energy sectors. The Commission argued that the responsibility for high prices in wholesale energy markets could be attributed to manipulative practices of energy incumbents and the trust in the operation of operation of sector was largely compromised, due to these practices. Remedies, EU competition law provided, were considered as insufficient to resolve these shortcomings and thus should be supplemented with regulatory-based tools. The findings of the Energy Sector Inquiry and subsequent consultation documents by multiple EU institutions paved the way for the adoption of the Regulation on wholesale energy market integrity and transparency, REMIT, which incorporated into an anti-manipulation rule, specifically designed to prohibit and prosecute manipulative practices in EU wholesale energy markets. Nevertheless, as EU case law on market manipulation has yet to develop and there are uncertainties with respect to the concept of market manipulation. Furthermore REMIT does not preclude the jurisdiction of EU competition law, questions arise as to the scope and the extent of the application of this prohibition. Throughout its chapters, this book explores the scope of and the case law on market manipulation to determine what types of market practices are regarded as manipulative and thus prohibited under anti-manipulation rules. It also focuses on the interplay between REMIT and EU competition law and evaluates factors and circumstances that determine when and what market misconduct can be subject to enforcement proceedings under both anti-manipulation and antitrust rules. As the development of a single, coherent, rulebook that can be relied upon by market participant is fundamental for the functioning of EU wholesale energy markets, the book, finally, provides proposals and measures that can mitigate and resolve the legal uncertainties regarding the regulatory framework REMIT established.

Made available in DSpace on 2014-12-17T14:52:55Z (GMT). No. of bitstreams: 1 LucianaIS.pdf: 335332 bytes, checksum: 5f89f072ec91d24abe9ce4db952202cc (MD5) Previous issue date: 2006-05-19 / This study presents itself as a contribution to the solidification of the Natural Gas industry, within the scope of the development of new products. The goal of this paper is to analyze the factors that lead to the success of new products through the evaluation of the activities done during the process of development of these products in the Natural Gas sector. To achieve this goal a case study was done in a small company of this segment. At first, as a basis for the study, a bibliographical research was done with books, theses, dissertations, monographies, publications in national and international periodicals, congress annals and publications in the internet related to the subject. Afterwards, a case study was done, aiming at the acquisition of further knowledge about the real process of development of products in a small company of the Natural Gas sector, allowing for the performance of the evaluation. The case study was done at Gas Project and Systems do Brasil, a company that works with the development of electronic equipment to the conversion of car engines to natural gas, through direct observations and interviews with the person responsible for the development and management of products. Through the evaluation of the process it was observed that the activities related to it are done in an informal way and some activities are considered unnecessary for their success. The results also suggest an emphasis in the technological activities, something that was not observed in the activities related to the market. The instruments used in this evaluation prove to be efficient to evaluate the process of development of new products in other companies, including those of different areas. Taking into account the relevance of the studied theme to the strengthening of the Natural Gas industry, it is necessary to do further complementary studies / O presente estudo apresenta-se como uma contribui??o ? solidifica??o da Ind?stria de G?s Natural, no ?mbito do desenvolvimento de novos produtos. O objetivo deste trabalho foi analisar os fatores que conduzem ao sucesso de novos produtos, atrav?s da avalia??o das atividades realizadas durante o processo de desenvolvimento desses produtos, no setor de G?s Natural. Para atingir tal objetivo, foi realizado um estudo de caso em uma pequena empresa deste segmento. Para fundamentar o estudo, foi realizada, inicialmente, uma pesquisa bibliogr?fica em livros, teses, disserta??es, monografias, artigos em peri?dicos nacionais e internacionais, anais de congressos, publica??es dispon?veis na internet, relacionadas ao tema de interesse. Posteriormente, foi realizado o estudo de caso visando obter um maior conhecimento sobre um processo real de desenvolvimento de produtos, em uma pequena empresa, no setor de G?s Natural, permitindo a realiza??o da avalia??o. O estudo de caso foi realizado na Gas Project & Systems do Brasil, empresa que atua no desenvolvimento de equipamentos eletr?nicos para convers?o automotiva em G?s Natural, a partir de observa??es e entrevistas com o respons?vel pelo gerenciamento e desenvolvimento de produtos. A empresa em estudo ? a ?nica do Nordeste a fabricar equipamentos que comp?em o kit de convers?o. Atrav?s da avalia??o do processo foi observado que as atividades a ele relacionadas s?o realizadas de maneira informal e algumas delas s?o consideradas desnecess?rias para o sucesso dos mesmos. Os resultados sugerem, tamb?m, uma ?nfase nas atividades tecnol?gicas, o que n?o foi observado para as atividades ligadas ao mercado. Os instrumentos utilizados para esta avalia??o mostram-se eficientes para avaliar o processo de desenvolvimento de novos produtos em outras empresas, inclusive de diferentes ?reas. Diante da relev?ncia do tema em estudo para o fortalecimento da Ind?stria de G?s Natural, faz-se necess?ria a realiza??o de estudos posteriores que o complementem

Au lendemain de son indépendance, l’Algérie était confrontée au problème du développement de son potentiel gazier. Pour se soustraire à l’emprise de la France sur ses hydrocarbures, elle décida de placer son gaz dans le marché américain. Cette option visait à développer l’industrie du GNL et à optimiser la rente pour pouvoir financer le développement économique du pays. Après l’échec de ce choix, l’Algérie s’est retournée vers le marché européen. Depuis, les échanges se sont intensifiés au point où l’Algérie est considérée aujourd’hui comme un partenaire énergétique stratégique de l’Union européenne. Cette situation lui donnera-t-elle la possibilité de continuer à approvisionner l’Europe en gaz ? Au regard des contraintes liées à la gestion du secteur de l’énergie, la concurrence des deux gaz russe et qatari et l’entrée prévisible en production des gisements en Mediterrannée orientale, la part du gaz algérien dans la sécurité énergétique de l’Europe constitue-t-elle un enjeu géopolitique ? La présente thèse a pour objectif de confirmer ou d’infirmer la réalité de cet enjeu. Pour cela, elle pose des questions inhérentes aux différentes politiques initiées par l’Algérie durant plus d’un demi-siècle, à sa marge de manœuvre pour se maintenir au troisième rang des fournisseurs de gaz à l’Europe, et à la dépendance de cette dernière en matière de gaz et à ses perceptions géopolitiques à l’égard de ses fournisseurs (principalement, la Russie et les pays producteurs de la rive Sud). / After the National Independence (1962), Algeria was dealing with the difficulties of developing its gas potential. In order to escape the French hegemony of its hydrocarbons resources, Algeria decided to place and invest its gas resources in the US market. This economic option was motivated by the urgent need to develop the LNG industry and to maximize incomes in order to improve the national economic development. After the failure of this economic option, Algeria got back to the European market. Since then, EU – Algeria economic relations have been intensified. Nowadays, Algeria is considered as a strategic EU partner, in the field of energy resources. Does this situation enable Algeria to supply the European economy with gas for a long time? Given the international constraints related to the management of the energy sector, competition from both Russia and Qatar and the new discovered gas reserves in Eastern Mediterranean basin, does the Algerian gas and its importance in EU energy security represent a geopolitical issue?This thesis aims to examin the pertinence of this issue. It seeks to respond to questions related to the various policies initiated by Algeria for more than half a century, to Algeria’s strategy to maintain its position as the third strategic gas supplier of Europe, and to the European energy dependence and its geopolitical perceptions towards its suppliers (especially Russia and the South side of Mediterranean basin producers).

This Master's thesis analysed integration process of national energy markets through non- legislative and legislative EU documents. The aim was to study integration of national energy markets and aspects that had influence on the integration process through interpretative content analysis. Additionally, the definition of internal energy market was augmented. The internal energy market requires not only competitiveness, market-based approach, customer orientation and flexibility, but it is also necessary to ensure security of supplies, diversification of suppliers, sustainability, and transparency. Four aspects were analysed. It was partially proven, that several initiatives and proposals made by the European Commission were implemented by the member states in binding EU legislation (energy packages) in the period from 2000 to 2019. The initiatives presented by the European Commission were far more ambitious. However, as it was pointed out several times in Commission's publications that progress was rather slow in transposition of EU legislation into national laws by the member states which significantly prolonged integration process. Main problems were deregulation of gas prices for end users, ownership unbundling and independence of national regulatory authorities. Next, geopolitics within the EU...

L’analyse du droit applicable aux relations sur l’approvisionnement du gaz russe dans l’UE a démontré l’impuissance du droit international de l’énergie, ainsi que les insuffisances du droit local russe et de celui des pays de l’UE et de l’UE. La solution globale à tous les problèmes pourrait être la fourniture de garanties favorisant les opérations d’achat-vente de gaz entre Gazprom et les entreprises des pays de l’UE et le développement des relations de la participation directe des entreprises russes et de l’UE sur les marchés. Les bases de la réglementation de ces relations pourront être fixées dans le nouvel Accord international entre la Russie et l’UE et dans la législation locale. / The current legal rules restrain the development of both frameworks now existing – that is, long-term contracts and opened-up markets. The solution to this problem could be the maintain of the first group of relations and the development of the second group. Therefore, it is important to suggest an alternative framework. The basis of such alternative framework could be fixed in an international treaty between Russia, EU and the member-states. This new regulation will also require the adjustment of the local legislation.