Intro Acknowledgements Contents Abbreviations List of Figures List of Maps List of Tables Part I: Setting the Scene Chapter 1: Introduction: Natural Gas Reforms and Motivations 1.1 Introduction 1.2 Natural Gas Reforms and Motivations 1.3 Objectives and Scope 1.4 Approach and Data Sources 1.5 Organisation of the Book References Legal Resources Chapter 2: Liberalisation and Competition: Theoretical Backgrounds and Institutional Analysis 2.1 Introduction 2.2 Theoretical Backgrounds and Institutional Analysis 2.2.1 Public Choice Theory 2.2.2 Theory of Natural Monopoly 2.2.3 Economic Theory of Regulation 2.2.4 An Analysis: Regulation or Deregulation? 2.2.5 Privatisation and Subsidies 2.3 Price Regulations 2.3.1 Cost-Plus Regulation 2.3.2 Incentive Regulation 2.3.2.1 Price-Cap Regulation 2.3.2.2 Rate of Return Regulation 2.4 Institutional Transformations: Competition in and for Market? 2.4.1 Competition for Market: Franchise Biddings 2.4.1.1 Vertical Separation (Unbundling) as a Solution? 2.4.2 Competition in the Market 2.4.2.1 Yardstick Competition 2.4.2.2 Contestable Markets 2.5 Pricing Structures in Liberalised Energy Markets 2.5.1 Oil-Linked Prices Versus Market-Based Prices 2.5.2 European Gas Hubs and Hub-Based Pricing References Chapter 3: Natural Gas Market Liberalisation in the Context of the EU 3.1 Introduction 3.2 Natural Gas Liberalisation in the Context of the European Union 3.2.1 Regulatory Regimes: The EU Natural Gas Directives and Mandatory Instruments 3.2.1.1 National Energy Regulatory Authority 3.2.1.2 Unbundling 3.2.1.3 Market Opening 3.2.1.4 Third-Party Access Capacity Allocation Mechanisms and Congestion Management Procedure Gas Balancing Arrangements Transmission Tariff Structures 3.3 Conclusion References Part II: The Evolution of Turkish Natural Gas Market Chapter 4: An Overview of the Turkish Natural Gas Market 4.1 Introduction 4.2 Country Overview in Economic and Political Terms 4.3 The Evolution of Turkish Energy Markets 4.4 Emergence of Natural Gas: A Background to Turkey's Natural Gas Industry 4.4.1 Reserves and Production 4.4.2 Shale Gas Developments 4.4.3 Consumption 4.4.4 Imports 4.4.4.1 Imports by Long-Term Contracts 4.4.4.2 Imports of LNG and Spot LNG 4.4.4.3 Gas Release Programme 4.4.5 Distribution 4.4.6 Exports 4.4.7 Storage 4.4.7.1 Underground Natural Gas Storages (UGS) 4.4.7.2 LNG Terminals 4.4.8 Transmission 4.5 Conclusion References Legal Resources Chapter 5: Turkey's Natural Gas Market Liberalisation in the Context of the EU 5.1 Introduction 5.2 The Turkish Natural Gas Market Structure: Before and After the Natural Gas Market Law of 2001 5.2.1 Pricing Regulations and Subsidies