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Strategic Investment and International Spillovers in Natural Gas Markets / Robert Ritz. Cambridge : Energy Policy Research Group, Feb. 2015, 25 p.http://www.eprg.group.cam.ac.uk/wp-content/uploads/2015/02/EPRG-WP-1505.pdfAuthor's abstract :This paper presents a game-theoretic analysis of multimarket competition with capacity investments, applied to international gas markets. It identi…es a strategic advantage of “focused”pipeline gas producers (e.g., Gazprom) over “diversi…ed”multimarket exporters of lique…ed natural gas (e.g., Qatar). Based on this, the paper examines the spillover impacts of the Fukushima nuclear accident onto European gas markets, both in the short- and longer-term. It also discusses Russia’s gas export strategy, especially the 2014 deals with China. More generally, the analysis shows how a less e¢ cient oligopolist can be more pro…table, and speaks to policy discussions about “security of supply”in energy markets.