The European Union and its Energy Security Challenges
Journal of World Energy Law and Business, Vol. 8, 2015, Oxford University Press
46 Pages Posted: 10 Jun 2015 Last revised: 13 Jul 2015
Date Written: June 9, 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 security of supply appears to be more uncertain than ever after its umpteenth fallout 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 looks at the creation of a single EU energy market through integration of energy networks in the EU. It then examines various ways to diversify the EU’s energy supply, whether through increasing the import of liquefied natural gas, through its relations with the Eurasian Union, the promotion of renewable energy or the construction of alternative pipelines and energy routes. The paper then offers an analysis of the latest developments of the Energy Charter Conference. 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: EU energy security, EU single energy market, diversification of energy supplies, liquefied natural gas, shale gas, Southern Gas Corridor, Turkish Stream, Trans-Anatolian pipeline, International Energy Charter, Yukos
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