What is the relationship between marketers and brokers and financing entities such as investment banks?
Since these four questions are interrelated, and all are intended to gain an understanding of the degree of vertical integration in California’s natural gas market, the state agencies have responded to these questions with a single comprehensive response, rather than respond to each of these questions individually. California’s natural gas industry includes both integrated companies and companies focused on particular segments of the natural gas business. We have identified specific companies that have a significant presence in one or more part of California’s gas market. For each of these companies, we have used publicly available data to identify each company’s role in several key market segments. We used this data to identify the degree of vertical integration. Overall we have found that the largest companies operating in California’s natural gas market vary in terms of their degree of vertical integration. Some are specialized in one or two market segments such as natural gas produ
