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<p>In this paper, we present an abstract view of natural gas markets to offer a theoretical discussion on the existence and uniqueness of equilibrium solutions. In the abstract model, each player solves a separate profit-maximization optimization problem, the first-order optimality conditions of which can be concatenated together along with market-clearing conditions to give rise to a mixed complementarity problem. The equilibrium-based approach features a general framework that allows for the analysis of a convex combination of price-taking and price-making strategies for producers with a particular Cournot coefficient. As a new motivation for such an analysis, we apply the model to a gas market in transition as is the case in Brazil, which has undergone significant regulatory changes aimed at making it more open and competitive. By demonstrating a sensitivity analysis of market competition on an illustrative Brazilian gas network, we offer new insights to competitive natural gas market modeling.</p>

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Theoretical results for gas market equilibrium modeling with application to Brazil

  • 期刊论文

  • 发表日期：

    2025年2月10日

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  • Steven A. Gabriel,
  • Dominic C. Flocco,
  • Filipe Ferreira Mazzini,
  • David Sotelo,
  • Kamaiaji de Souza Castor,
  • Mario Levorato

摘要

In this paper, we present an abstract view of natural gas markets to offer a theoretical discussion on the existence and uniqueness of equilibrium solutions. In the abstract model, each player solves a separate profit-maximization optimization problem, the first-order optimality conditions of which can be concatenated together along with market-clearing conditions to give rise to a mixed complementarity problem. The equilibrium-based approach features a general framework that allows for the analysis of a convex combination of price-taking and price-making strategies for producers with a particular Cournot coefficient. As a new motivation for such an analysis, we apply the model to a gas market in transition as is the case in Brazil, which has undergone significant regulatory changes aimed at making it more open and competitive. By demonstrating a sensitivity analysis of market competition on an illustrative Brazilian gas network, we offer new insights to competitive natural gas market modeling.