La regulación para la integración de mercados de gas en América Latina, a la luz de las nuevas condiciones del mercado y tecnológicas

Abstract

The abundance of gas in Latin America is a valuable input, but insufficient for the consolidation of a regional market. Gas is an important source of income for several Latin American countries and has led to the creation of economic policies and regulations based on guaranteeing supply, providing reliability to electricity systems and playing a fundamental role in the energy transition. The current situation in Latin America is the result of several factors that are under study and also of several attempts to consolidate a regional gas market, but none has materialized beyond the already existing international electricity and gas interconnections between some countries. The research presented here analyses the existence and gas potential of the region, as well as the application of new technologies at different stages of the value chain from a technical, economic and legal point of view. The possibility of implementing more transparent transactions, in less time and knowing details of the entire value chain through technologies such as blockchain, big data, smart contracts and the Internet of Things, affect the regulation of the gas market in Latin America and the consolidation of the integration of a Latin American gas market. The research is justified by the need to analyze the new conditions of the gas market and the incorporation of new technologies. To do so, it starts from the characterization of gas markets in Latin America as a baseline for the research. Geographical and political characteristics are determining factors in the evolution and current situation of the gas industry in the region and its regulation. From the second chapter onwards, international regulatory models for the integration of natural gas markets are analyzed and described. The comparative experience is reviewed in order to find common interests and elements at a time when economic reactivation and accelerating the energy transition towards cleaner sources is urgent. The third chapter covers regulation for the integration of natural gas markets in Latin America based on the characteristics of national markets and international models. Experiences are contrasted to synthesize strengths, opportunities and weaknesses of market integration in order to propose a model for gas market integration. Finally, Chapter IV, based on principles of security of supply, economic efficiency and environmental sustainability, a proposal is presented with the aim of helping overcome political, administrative, contractual, technological and fiscal barriers in order to consolidate the integrated development of the gas market in Latin America and highlight the importance of the necessary regulatory harmonization, as well as the eminent impact on the incorporation of new technologies.