research
research projects and work in progress.
⚙️ Work in Progress
Market Integration in Natural Gas: Evidence from the Spanish Market
This project studies how institutional integration can improve efficiency in fragmented infrastructure markets. We focus on Spain’s liquefied natural gas (LNG) system, where, until 2020, transactions occurred at terminal-specific platforms, requiring retailers and sellers to coordinate locally. Using comprehensive data on LNG shipments, terminal activity, and wholesale gas trade from 2018–2024, we analyze Spain’s 2020 reform, which centralized trading through a unified market. The empirical analysis reveals increasing LNG trade volume, improved terminal utilization, and more cost-efficient routing decisions.