How Can the EU Diversify its Energy Supply to Improve its Energy Security?
23 Pages Posted: 30 Jan 2015 Last revised: 4 May 2015
Date Written: January 29, 2015
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 paper deals with the establishment of a single EU energy market through integration of energy networks in the EU; it then offers various ways for the EU to diversify its energy supplies (whether increasing the import of liquefied natural gas, the promotion of renewable energy or the construction of alternative pipelines and energy routes) and analyzes the current and future role of the Energy Charter. The paper 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.
Keywords: single EU energy market; energy supply; liquefied natural gas; renewable energy; Southern Gas Corridor; Nabucco pipeline; Trans-Anatolian pipeline; Trans-Adriatic pipeline; International Energy Charter; Energy Charter Treaty
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