Natural gas, a vital primary source of energy for the twenty-first century economy, is poised to play a major role in the medium- to long-term outlook of energy systems worldwide. Its supply to power markets for electricity generation and other energy purposes through the stages of exploration, production, gathering, processing, transmission, and distribution have been a key driver in gas commercialisation over the past two to three decades. This book discusses insights from law and economics pertaining to gas and energy supply contracts, regulation, and institutions. It provides an in-depth 'law-in-context' analysis of the approaches to developing competitive and secure gas-to-power markets in an increasingly international, interrelated, and interconnected value chain.
Recognising a general move towards structural reforms and economic regulation of gas and energy markets globally, the author incisively addresses the following questions:
- Is there a single 'ideal' model or approach for ensuring effectiveness in the restructuring and regulation of gas supply to power markets? If not, then what constitutes the matrix of models and approaches?
- What are the underlying principles, assumptions, and institutional structures that will enhance the modern approaches to developing competitive, secure, and sustainable gas supply to power markets?
- What are the factors that determine or affect the effectiveness and efficiency of such approaches and regulatory frameworks?
The book critically explores the instrumental role of regulation and organisational institutions in the restructuring and development of gas supply markets. It examines the evolution of economic approaches to regulation, competitiveness, and security of gas supply in the United States and the United Kingdom. It considers the EU as a supranational union of developed economies and Nigeria as a developing economy, in the process of applying these paradigms of economic regulation and restructuring of gas-to-power markets.
In a law and policy environment where training and educational centres, lawyers, and public and corporate energy advisors are becoming more concerned about competitiveness and efficiency in gas resource allocation and pricing - and about high-quality governance frameworks for industries that depend on reliable gas supplies - this vital book will be warmly welcomed by lawyers, policymakers, energy consultants, analysts, regulators, corporate investors, academics, and institutions concerned with and engaged in the business of exploration, production, and supply of gas for energy purposes.
Dr Tade Oyewunmi specialises in Energy and Natural Resources Law, Competition Law and Regulated Industries, as well as International Investment Law. He teaches International Oil and Gas Transactions and Energy Regulation at the Center for Climate Change, Energy and Environmental Law, Law School, University Eastern Finland (UEF). Between 2013 and 2017, Tade carried out his doctoral research project focusing on the restructuring and regulation of gas-to-power markets in Nigeria and the European Union and was a Visiting Scholar at the University of Houston Law Centre, Houston, TX, USA in 2015-2016. Following his Bachelor of Laws degree at the University of Ibadan, Nigeria and professional qualification as a Barrister and Solicitor in 2004-2005, he commenced his legal advisory and consulting career, particularly, in the areas of commercial transactions, energy law and policy, oil and gas law and dispute resolution. Tade's scholarly and research interests border on the application of economic analysis of law, international and comparative law approaches to examining the role of regulation and institutions in commercial, industrial and socioeconomic contexts. He obtained his Master of Laws (Oil and Gas) with Commendation at the University of Aberdeen, UK in 2011 and Doctor of Laws (European Law) with Distinction at the UEF Law School, Finland in 2017.