MARKET AND PRICE
FU Yaxuan, SUI Zhaoxia, ZHANG Dan, XIE Xuguang, YANG Luming, CAO Wei
As the accelerating market-oriented natural-gas reform in China, such fair and open infrastructures as pipelines and their connectivity have reinforced the competition in natural-gas upstream and downstream markets after the establishment of PipeChina. However, mechanisms to form previous segmented price is not able to mirror a competitive relation between gas price and source under market conditions. So, changes in China's natural-gas industrial chain and value chain after the pipeline network independence were investigated and the price transmission was examined from the perspectives of industrial chain and value chain. Then, integrating these two chains, a "dual-chain" mode was proposed. Furthermore, both price formula and natural-gas competitiveness analysis model (NGCAM) were constructed. At last, the competition among national and regional natural-gas markets was analyzed by this model. Results show that (i) the newly-constructed model can, to some extent, represent operating mechanisms on these markets after opening the pipeline network, imply the price transmission in the natural-gas industrial chain, and highlight the competition among gas-gas, gas-liquid and liquid-liquid in this chain; (ii) in terms of national market competitiveness, this model presents the competition among gas sources such as domestic gas, imported pipeline gas and LNG, and the distribution of preferential markets, namely, LNG resources in coastal areas gradually infiltrating into inland and unconventional gas like coal gas into mid-eastern China with the help of the pipeline network, resulting in an increasingly prominent collaborative development among gas sources; and (iii) in terms of regional market competitiveness, the model assumes competitive results among various sources and many changes of supply structure in the next markets, indicating that as a sort of flexible regulatory resources, LNG is supportive to pipeline gas each other, and its source has became more competitive than before.