The European Union and Its Energy Security Challenges

Abstract

Energy security remains a vital issue for the European Union (EU), even more so in the wake of the events that unfolded in early 2014 in Ukraine. The EU´s already fragile position in the international energy arena in terms of supply security appears to be more uncertain than ever after umpteenth fall out with its historic energy supplier, Russia. This situation is untenable and calls for swift and decisive action to adequately tackle the issue once and for all. The chapter looks at the creation of a single EU energy market through integration of energy networks in the EU. The chapter then examines various ways to diversify its energy supply, whether through increasing the import of liquefied natural gas or through its relations with the Eurasian Union. The chapter concludes that from energy transit, to technology transfer, to investment protection, energy and trade present interplays across various fields. Improvements can be made to the EU trading system to ensure greater energy security and more efficient energy markets.