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ABSTRACT
In this article we focus on the interconnection of the natural gas infrastructure in Eastern Europe. We identify three distinct factors that together deeply influenced the contemporary trends at the regional gas market: the gas crises at the security level, the European energy policy at the policy level, and the unconventional revolution at the economics level. Within this framework, we analyze the contemporary infrastructure development and its contribution to the change in the market design from bilateral long-term arrangements toward hub-based short-term trading. Finally, we elaborate on the additional obstacles that slow down this market transformation as well as identify its “winners” and “losers”.
Acknowledgments
The text was prepared within Masaryk University’s research project “Energetická infrastruktura a její vliv na energetickou bezpečnost” (MUNI/M/0081/2013) and within specific research project “Contemporary Issues of European and International Politics II”.