---

This book discusses and explains the economics of each stage of the natural gas value chain, including the economic impact of restrictions, rules and decisions that are ostensibly technical in nature, as well as commercially relevant contractual stipulations. Each chapter features several real-world examples illustrating the essential points.
Natural gas is broadly considered the (leading) conventional source of primary energy. Complementing renewable energies´ utilization and offering a highly flexible yet relatively clean fuel, the worldwide natural gas markets are expected to grow. Despite the fact that Europe - where a degree of stagnation in natural gas consumption is being observed and is expected to continue - is not following this trend, international natural gas markets are becoming increasingly interdependent. Therefore, any analysis and discussion of natural gas markets at each level has to have an international rather than national focus.

---

1. Prologue.- 2. Introduction.- 3. Market data.- 4. Non-Economic and Non-Commercial Fundamentals.- 5. Economic and Commercial Fundamentals.- 6. Sales along the Value Chain.- 7. Transportation.- 8. Storage.- 9. Portfolio Management.- 10. Epilogue.

---

Andrej Pustisek teaches energy economics at the University of Applied Science, Stuttgart, Germany and at the University of Karlsruhe (KIT), Germany, owns a consulting companys providing services to international natural gas and energy companies, inter alia, in arbitration proceedings, and lectures international courses on natural gas. He studied Geophysics and Economy in Vienna, Cologne and Münster. He holds a Ph.D. in Geophysics and a Ph.D. in Economy. In 1990, he started in international natural gas purchasing of Wintershall, Kassel, Germany. As of 1993 he headed different departments of WINGAS, Kassel, Germany (a Gazprom and BASF joint venture). From 2002 to 2012, he worked for E.ON Ruhrgas, Essen, Germany; first as Senior Vice President International Natural Gas Sales and from 2008 as Senior Vice President Portfolio Management.

Michael Karasz is managing director of THE ENERGY HOUSE GmbH a company he founded in 2011. He holds master degrees in Geology and Business Administration from the University of Cologne, Germany. His long-lasting involvement in the natural gas business started in the early 90´s at WINGAS, Kassel, Germany (a Gazprom and BASF joint venture). As of 1998 he held different senior management positions (inter alia, natural gas purchasing and portfolio management) both, in Germany and Central & Eastern Europe with E.ON, EEX, RWE, and Bayerngas. In these positions he successfully negotiated and concluded complex long-term purchase, transportation, storage, and sales agreements. He has extensive expertise in preparing and successfully executing international arbitration proceedings.

---