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CONTENTS. One example each Regulatory issue Standard-setting issue Why these issues are important What is ECE’s interest/role Procedures, method of work, etc. REGULATORY ISSUE. Opening up and liberalization of natural gas and electricity markets. ENERGY POLICY PARADIGM SHIFT.

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    1. CONTENTS • One example each • Regulatory issue • Standard-setting issue • Why these issues are important • What is ECE’s interest/role • Procedures, method of work, etc.

    2. REGULATORY ISSUE Opening up and liberalization of natural gas and electricity markets

    3. ENERGY POLICY PARADIGM SHIFT • Prior to mid-1990s • Characterized by economies of scale • Inherent monopolies (natural gas & electricity) • Government guidance/supervision • Post mid-1990s • Market liberalization in buying and selling • Transport and distribution infrastructure: inherent monopoly

    4. EU COMMON RULES • Market opening (timing & level of opening) • Unbundling (Chinese walls, legal, ownwership) • Third party network access • Tarification, transparency • Regulatory systems

    5. PROFOUND IMPACT • Liberalization & re-regulation • Market and industry structures • Nature of competition • How business is conducted • Behaviour of governments • Problems & concerns

    6. UNECE’S ROLE/INTEREST • Assess & understand transformation/ potential implications • Dialogue and exchange experiences • Transfer EU country experience to non-EU countries • Approach: • Reports, studies, etc. • Addressed by Cttee, WP, Ad Hoc Experts, Workshops • 2 UNECE Gas Centre Task Forces • EU Directives • Transportation issues

    7. PERFORMANCE TO DATE • Significant market opening • Incomplete liberalization (EU) • 17 countries notified • 5 under active investigation (anti-competitive behaviour) • Efficiency gains/lower prices? • Concerns • Consolidation • National champions • Regulatory diversity

    8. STANDARD SETTING United Nations Framework Classification For Fossil Energy and Mineral Reserves and Resources

    9. WHAT IS THE UNFC? • Classification system for Fossil Energy and Mineral Reserves & Resources • Framework to harmonize existing terminologies & definitions • Simple, universally applicable scheme for classifying and evaluating • Flexible system for application at global, national, industrial, institutional or financial level

    10. Classification Principles Total in-place Field project status and feasibility Economic and commercial viability Geological knowledge • G1 Reasonably assured • G2 Estimated • G3 Inferred • G4 Potential • E1 Economic • E2 Potentially economic • E3 Intrinsically economic • F1 Justified • F2 Contingent • F3 Undefined UN Framework Classification (UNFC)

    11. WHY THE UNFC? • Enhance international communications • Support business processes & improve efficiency of resource management • Facilitate international financial reporting • Enhance security of energy supplies (transparency) & associated financial resources

    12. HISTORY OF UNFC • Initiated in 1992 • 1997 ECOSOC resolution for mineral and solid fuels (60 countries tested or using) • 2004 ECOSOC resolution for Fossil Energy and Mineral Resources (to apply system worldwide) • Develop one common global code for energy & minerals (incl. definitions, specifications, guidelines) • Plus institutional governing structure to keep UNFC relevant & updated

    13. STAKEHOLDER PARTICIPATION OR SUPPORT • Governments, incl. G7 Ministers of Finance and Governors of Central Banks, NGOs and business community/private sector • International organizations/ associations, incl. IAEA, IEA, IEF, OPEC, WEC and WPC. • Professional associations incl. AAPG, CRIRSCO, EFG, IASB, IOSCO, IVSC and SPE.

    14. AHGE BUREAU • Norway (1), Russian Federation (1) & US (1) • NGO (1) & private sector (2) • OPEC (1) • Combined Reserves International Reporting Standards Cttee (CRIRSCO) (1) • Society of Petroleum Engineers (SPE) (1)

    15. UNFC Governing Structure