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NATURAL GAS: Terminology

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Natural Gas: Externalities. Extraction ... How is natural gas used by its retail purchasers? World data, source, EIA ... Future of gas in the electric generation mix: ... – PowerPoint PPT presentation

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Title: NATURAL GAS: Terminology


1
NATURAL GAS Terminology What is natural
gas? How is it found in nature (besides as a
cap on oil deposits)?
Unrefined gas mostly methane other gases and
elements Refined gas purer form of methane
thermogenic methane vs. biogenic methane
2
NATURAL GAS Terminology US Proved reserves Total
reserves World Proved reserves Total
reserves Consumption
3
World Dry Natural Gas Consumption, 1980-2000 (in
Bcf), Source US EIA
1980 2000
4
SOURCE EIA
5
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6
  • Natural Gas Externalities
  • Extraction
  • How do the externalities associated with
    producing natural gas compare to those of other
    fossil fuels?

7
How is natural gas used by its retail purchasers?
World data, source, EIA
8
How is natural gas used by its retail purchasers?
US data, source, EIA
9
  • Natural Gas Externalities
  • Extraction
  • How do the externalities associated with
    producing natural gas compare to those of other
    fossil fuels?

10
  • NATURAL GAS
  • Transferable principles
  • Property rights
  • Water pollution
  • Air pollution
  • Strange history of economic regulation

11
  • Natural Gas Externalities
  • Extraction
  • How do the externalities associated with
    producing natural gas compare to those of other
    fossil fuels?
  • Combustion
  • How do the externalities associated with natural
    gas combustion compare to those associated with
    other fossil fuels?

12
(No Transcript)
13
Future of gas in the electric generation mix In
the industrialized world, roughly 90 of the new
power plants built in the last decade of the 20th
century were gas-fired. Future?
14
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15
Traditional Market Structure
Producer Pipeline/Transporter LDC End User
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line
16
Pre-1978 Regulation of Natural Gas How was
production, transportation and distribution of
natural gas in the U.S. regulated under the
Natural Gas Act of 1938? Phillips decision and
wellhead prices NGPA of 1978 solution
17
  • Natural Gas Restructuring
  • Natural Gas Policy Act of 1978
  • Slow, staged movement from regulated wellhead
    prices to deregulated prices
  • Pipeline owners not required to provide
    transportation to third parties
  • Interstate vs. intrastate gas
  • old vs. new gas

18
  • Natural Gas Restructuring
  • Natural Gas Policy Act of 1978
  • Gradual price decontrol, 1978-85
  • What happened?

pipeline
producer
LDC
Take or pay contracts
Industrial user
19
Natural Gas Prices Paid by Consumers (annual
avg.) Source EIA High prices
Oversupply
20
Natural Gas Restructuring
Solution unbundling competition in production
and supply
21
New Market Structure same, but transportation
is separated from sales, and prices are market
driven
Producer Pipeline/Transporter LDC End User
Pipeline is a common carrier and must provide
service to all takers on equal terms
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line
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