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SPECIALISED TRAINING COURSE
ON REGULATION OF GAS MARKETS
Course Director :
Sergio Ascari | Florence School of Regulation (FSR)/ Gas Adviser
Training Coordinator:
Hugo Gil | Florence School of Regulation/Robert
Schuman Centre for Advanced Studies/
European University Institute
FLORENCE, 23 – 27 MARCH 2015
 INTRODUCTION
The FSR Specialised Training Course on Regulation of Gas Markets is the most advanced
training course on the gas industry nowadays. It targets at staff from national regulatory
agencies and energy companies with a basic knowledge and experience on the regulation of
energy markets. The pool of instructors includes renowned industry experts and academics,
several of them with an outstanding professional experience as regulators. With this specialized
training course, participants will take their knowledge of the industry and the best way to
regulate gas markets and infrastructure to a new level through a balanced mix of theory and
case studies. Participants will also have a unique opportunity to interact and grow their
networks with a selected group of colleagues and instructors from around the world.
The training course comprises three basic modules. Module 1 is a pre-training on-line module
with background material and interactive activities. Module 2 covers the development and
outlook of the international gas markets while Module 3 is devoted to the development of gas
market regulation in the European Union and elsewhere. These two modules make up the
residential training week in Florence. The three modules combine for a total number of 40
training hours.
 PROGRAMME
Module 2: Development and Outlook of the International Gas Market
Monday, 23 - The gas market context
09:00 – 09:15
Welcome address
Jean-Michel Glachant | Director FSR
09:15 – 09.30
Introduction to the course
Sergio Ascari | Course Director
09.30 – 10.45
The European gas market: development and outlook of demand and supply
 The demand outlook and its uncertainties
 Suppliers of the European markets: perspectives and challenges
Manfred Hafner | Fondazione Eni Enrico Mattei
10.45 – 11.00
COFFEE BREAK
11.00 – 12.15
Market functioning and design. The evolution of contracts and trading
• The economic logic of the traditional gas trading model
• Pros and cons of market liberalisation
• The transition towards liberalized markets and its impact
• Issues with the regulation of organised gas markets
Carlos Lapuerta | Brattle Group
12.15 – 12.45
Roundtable discussion
12.45 – 14.00
LUNCH
14.00 – 15.15
The European gas market: organisation and pricing:
• Contractual structure of gas trading in Europe
• The development of gas exchanges and their services
• A comparison of EU hubs
Patrick Heather | Oxford Institute of Energy Studies
15.15 –16.15
Group Activity – Part 1 (TBC)
16.15 – 16.30
COFFEE BREAK
16.30 – 17.30
Group Activity – Part 2 (TBC)
17.30 – 18.30
WELCOME COCKTAIL AT THE LOGGIA OF BADIA FIESOLANA
Tuesday, 24 - Between market and regulation: LNG, storage, retail, and American pipelines
09.00 – 10.15
LNG, storage, and retail: To regulate or not to regulate, this is the question
Sergio Ascari | Course Director
10.15 – 10.30
COFFEE BREAK
10.30 – 12.00
LNG pricing, markets, and outlook:
• LNG Supply, Shipping & Regasification
• European Market
• LNG Pricing
• Short-term trading of LNG
David Ledesma | Oxford Institute of Energy Studies
12.00 – 13.00
Case study, retail price regulation vs. competition in Hungary
• Retail competition: is it adequate?
• How did the regulator foster competition?
• Should retail prices be regulated? Where and how?
Peter Kaderjak | Corvinus University of Budapest
13.00 – 14.00
LUNCH
14.00 – 15.15
Regulation of the natural gas industry in Europe and America: A comparative
analysis
• The US regulatory model for gas
• Latin American experiences
• A comparative view
Michelle Hallack | Federal Fluminense University, Rio de Janeiro
15.15 – 16.00
Case study: retail price regulation vs. competition in France
• Retail competition: is it adequate?
• How did the regulator foster competition?
• Retail prices regulation: issues and disputes
Benoit Esnault | CRE
16.00 – 16.15
COFFEE BREAK
16.15 – 17.00
Case study: New LNG terminals In Central and Eastern Europe
• Market opportunities: is it worth, and feasible?
• Contractual model: role of suppliers, buyers, banks and State
• Regulatory regime and issues
Representative TBC
17.00 –17.30
Roundtable discussion with the day's speakers
17.45
GUIDED TOUR OF FLORENCE
Module 3: Development of Gas Market Regulation in the European Union and
elsewhere
Wednesday, 25 - Regulation of gas pipeline systems in the EU and elsewhere
09.00 – 09.30
Transmission regulation: overview of theoretical issues
• Tariffs
• Network access and congestion management
• Balancing
• Interoperability and transparency
• Markets
Sergio Ascari | Course Director
09.30 – 10.45
Transmission regulation in Europe. From the Target Model to the Network Codes
• Regulatory challenges for the completion of the integrated European market
• The target model
• Regulation at National and European level
• The Network Codes
Markus Krug | E-control
10.45 – 11.00
COFFEE BREAK
11.00 – 12.45
A critical view of the gas market regulation in the EU after the 3rd package
• EU energy policy goals
• European gas market integration models and issues
• New infrastructure and security of supply
Jacques de Jong | CIEP
12.00 –12.45
Roundtable discussion
12.45 – 14.00
LUNCH
14.00 –15.00
Case study, storage in France and the UK
• The role of storage towards markets, flexibility and security of supply
• Regulatory regimes and their pros and cons
• Storage and the European market Target Model
• The French and UK case
George Liens TBC | Storengy
15.00 – 16.15
Transmission and Distribution Tariffs after the Third package
• Tariff models for gas transmission
• Issues of cross border transmission tariffs and the need for harmonization
• Benchmarking opportunities for transmission and distribution tariffs
Konstantin Petrov | Kema
16.15 – 16.30
COFFEE BREAK
16.30 – 17.30
Case study: TPA, Tariffs, Balancing: a TSO view of the German experience
• Legal and regulatory requirements
• Merging balancing zones
• Auctioning of primary capacity
• Congestion management procedures ahead
• Co-ordination with neighbouring hubs
Oliver Altenhoff | Open Grid Europe
17:30 – 17:45
Roundtable discussion
20.00
GROUP DINNER IN FLORENCE CITY CENTRE
Thursday, 26 - Financing and enhancing infrastructure capacity
09.00 – 10.00
New infrastructure: The European framework and the new Infrastructure Package
• TPA and exemptions: the European experience
• The role of Europe in the promotion of new infrastructure
• The new Infrastructure Package
Adam Romanowski | European Commission, DG Energy
10.00 – 11.00
New infrastructure: co-ordinating European efforts
• The role of TSOs, ENTSOG, NRAs and ACER
• The Ten Years Network Development Plan
• Cost benefit analysis: regulatory practices
• Common CBA methodology and European coordination
Boyko Nitzov | ACER
11.00 – 11.15
COFFEE BREAK
11.15 – 12.15
New infrastructure: a TSO view
• How to develop new infrastructure under uncertain demand growth
• New infrastructure and security of supply: Implementing Regulation 994/2010
• The current situation: results of stress tests about Europe’s SoS
Christophe Poillion | GRT-gaz
12.15 – 12.45
Roundtable discussion
12.45 – 14.00
LUNCH
14.00 –15.30
Case study: The Iberian experience of CAM implementation
• Implementing the capacity allocation network code
• The Iberian pilot project for a joint CAM implementation
• Capacity allocation and new infrastructure
Rocio Prieto | CNE
15.30 – 15.45
COFFEE BREAK
15.45 – 16.45
Distribution Tariffs and Their Regulation in Europe
• Incentive regulation: price caps, revenue caps, benchmarking
• Tariffs structures: responsibilities and results
• Pursuing special objectives: quality of supply and smart grids
Sergio Ascari | Course Director
16.45 – 17.15
Roundtable discussion
Friday, 27 - Balancing and spot markets
09.00 – 09.15
Introduction: theoretical issues in balancing
Sergio Ascari | Course Director
09.15 – 09.30
The Balancing Network Code
• The discussion on the Balancing Network Code
• The main provisions
• Suggestions for national implementation
Nigel Sisman | SEC
10.30 – 11.00
DELIVERY OF CERTIFICATES TO PARTICIPANTS. COFFEE BREAK
11.00 – 12.15
Case study: developing the balancing market in Italy
• Gas network balancing: European requirement
• The Italian case: issues and solutions
• Market results
• Balancing and gas spot markets and exchanges
Massimo Ricci | GME
12.15 – 13.30
Case study: Balancing and Market Centres in the U.S.
• Balancing rules in the U.S.
• The roles of market centres and pipeline companies
• Balancing and market liquidity
Jeff Makholm | NERA
13.30 – 14.30
END OF TRAINNG COURSE AND LUNCH