Natural Gas, Nuclear and Hydrogen
Loyola de Palacio Series on European Energy Policy
Chapter 1: Supply Security and Natural Gas
Christian von Hirschhausen, Franziska Holz, Anne Neumann and Sophia Rüster1 There is no inherent conflict between the liberalization of electricity and gas sectors that meet reasonable supply security goals as long as the appropriate market, industry structure, market design, and regulatory institutions are developed and implemented. Paul Joskow, Beesley Lecture, London, October 25, 2005, p. 2 More transparency on prices and flows and more competitive internal markets could bring beneficial effects from international competition in the long-term, as well as improving gas security. IEA (2008): Natural Gas Market Review 2008, p. 15 1 INTRODUCTION Energy security, and in particular the security of natural gas supplies, is currently the subject of intense discussion. In times of increasing competition for world natural gas supplies accompanied by increasing import dependency of many countries, the European Union (EU) has to position itself in the world natural gas market and develop a strategy for future energy policies. This chapter has two objectives: (i) to summarize the main issues about (European) supply security regarding natural gas, as discussed at the CESSA conferences; and (ii) to introduce the reader to the breadth of the research and policy debate that was carried out within the CESSA project, summarizing the important chapters, chosen among the nine working papers, that cover both regulatory and geopolitical aspects, including a North American and a European perspective. The current discussion about security of natural gas supply is taking place amidst the most fundamental changes that the industry has seen for decades: ● The...
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