Name: Argentina gas prices – Part II: Market distortions, Plan Gas 4 and alternative pricing mechanisms
Brand: Wood Mackenzie
SKU: 130593
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Author: Wood Mackenzie

Insight 23 June 2020

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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Despite the promising gas resources in Argentina, it is difficult to justify investment in new production projects. Government intervention limits the influence of supply and demand fundamentals in setting prices. To deal with a declining production due to price controls, the government is considering reverting to the old recipe: a gas price subsidy program for producers (Plan Gas 4). We see concerns with Plan Gas 4 due to payment risks, lack of long-term foreseeability to sustain new E&P investments, unfair competition, among other factors. Moreover, in this report we assess a number of pricing and contracting mechanisms and policy tools that Argentina could apply that will bring more efficiency to the market and at the same time alleviate the gas expenses in low-income households.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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        <a href="#918eb399-810f-415c-9e7b-749babe48ce0" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="918eb399-810f-415c-9e7b-749babe48ce0" aria-expanded="false">
            Price distortions
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        <ul id="918eb399-810f-415c-9e7b-749babe48ce0" class="panel-toggle push-half--left push-half--bottom">
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        State control of gas and LNG imports means import parity pricing is not reflected
    </li>

</ul>
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        <a href="#fa8ef2f7-3273-4501-a305-0662fa6c3d96" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="fa8ef2f7-3273-4501-a305-0662fa6c3d96" aria-expanded="false">
            Price caps
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        <ul id="fa8ef2f7-3273-4501-a305-0662fa6c3d96" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Price subsidies to producers
    </li>

</ul>
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        <a href="#9393ccad-0244-4aa7-b83c-e9ac6435d4f6" class="js-toggle-local list__link-toggle dark-link font-semibold" role="button" aria-controls="9393ccad-0244-4aa7-b83c-e9ac6435d4f6" aria-expanded="false">
            Structural factors
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        <ul id="9393ccad-0244-4aa7-b83c-e9ac6435d4f6" class="panel-toggle push-half--left push-half--bottom">
                <li class="push-quarter--bottom">
        Summer prices driven by short-run marginal costs
    </li>
    <li class="push-quarter--bottom">
        Argentine gas peso inflation
    </li>
    <li class="push-quarter--bottom">
        End-user payment capacity
    </li>
    <li class="push-quarter--bottom">
        Market share of gas production
    </li>

</ul>
    </li>

<li class="list__item-toggle font-semibold">
        Plan Gas 4 trade-offs
    </li>

<li class="list__item-toggle font-semibold">
        Alternative pricing and contracting mechanisms
    </li>

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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">CAMMESA price caps versus spot prices for Neuquén and Tierra del Fuego and LNG import parity</li><li class="list__item push-quarter--bottom">Pricing and contracting mechanisms</li><li class="list__item push-quarter--bottom">Curtailment of contestable demand by State gas and LNG imports</li>
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        <ul class="list list--bullets panel-toggle" id="5c7d15fd71444bb4ae1e25037b1978e4">
            <li class="list__item push-quarter--bottom">Gas prices for local distribution companies versus exchange rates</li><li class="list__item push-quarter--bottom">Gas prices for end-users in residential and industrial sectors in Latin America (based on Q4-2019 tariff and exchange rate, taxes included)</li><li class="list__item push-quarter--bottom">Average household gas expense versus household incomes by deciles (based on Q4 2019 data, taxes included)</li><li class="list__item push-quarter--bottom">Domestic production by company equity in Argentina, Brazil, Colombia and Mexico (base 2019)</li>
        </ul>
        
    </div>

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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >Argentina gas prices – Part II: Market distortions, Plan Gas 4 and alternative pricing mechanisms</p>
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