This book is a product of investigations conducted within the
Global Utility Research Unit (Guru) of Agici Corporate Finance
(Milan, Italy). More specifically, it is the result of a project
developed by the Observatory on Alliances and Strategies in the
Pan-European Utility Market set-up seven years ago with the
contribution of Accenture. The project, entitled "Pan-European Gas
Industry Scenario - Truth and Lies," was presented at the 2008
Milan annual international conference (www. agici. it). I would
therefore like to thank Luca Cesari, Claudio Arcudi and Massimo
Pagella from Accenture for their continued support. The scope of
this book is to shed some light on a market, that of natural gas,
which is highly complex and at the same time of fundamental
importance for Europe for at least the next 20 years. We do not
intend to build a theory but only to develop a better understanding
of the key factors. We fully recognise that the each of the issues
we cover deserves further investigation and we are also well aware
that we may have omitted a number of important considerations and
topics. These shortcomings are - at least in part - justified by
the desire to keep the book to a r- sonable size for editorial
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