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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: webmaster@cera.com@ENRON X-To: clients@cera.com X-cc: X-bcc: X-Folder: \SHARRIS1 (Non-Privileged)\Harris, Steven\Deleted Items X-Origin: Harris-S X-FileName: SHARRIS1 (Non-Privileged).pst Title: The Spanish Gas Auction: A Precedent for Europe? URL(s): http://www.cera.com/eprofile?u=35&;m=2811; *********************************************************************** A SMALL STEP FOR SPAIN, BUT AN IMPORTANT STEP FOR EUROPE The recent auction of contract gas in Spain represents an early initiative both to release gas from preexisting long-term contracts and to make it available to aspiring market entrants. As such, CERA believes it could provide a precedent for other European markets (and for their regulators) where release gas programs have not so far been on the public agenda. * The Spanish gas release program, as currently devised, will have limited impact on domestic competition. However, pressure will grow in Spain to extend the program. * By setting a unique precedent across Continental Europe, Spain has signaled a possible path for the reforms needed on the supply-side to complete the European gas internal market. * The role of credit risk and sovereign guarantees will be critical in any reallocation or renegotiation of long-term contracts. **end** Follow above URL for complete Insight (4 printed pages). E-mail Category: Insight CERA Knowledge Area(s): European Gas *********************************************************************** ************************************************************************************** CERAWeek February 11-15, 2002 - http://www.cera.com/ceraweek SPECIAL OFFER: Register on-line before November 30th, and a 2-Day Pass will be upgraded to a 4-Day Pass (maximum $1,800 value). Day 1: Global Oil/Refined Products; Day 2: Natural Gas/Global Energy; Day 3 & 4: Electric Power ************************************************************************************** To make changes to your cera.com profile go to: http://www.cera.com/client/updateaccount Forgot your username and password? Go to: http://www.cera.com/client/forgot This electronic message and attachments, if any, contain information from Cambridge Energy Research Associates, Inc. (CERA) which is confidential and may be privileged. Unauthorized disclosure, copying, distribution or use of the contents of this message or any attachments, in whole or in part, is strictly prohibited. Terms of Use: http://www.cera.com/tos Questions/Comments: webmaster@cera.com Copyright 2001. Cambridge Energy Research Associates
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