Security of Energy Supply in Europe

Security of Energy Supply in Europe

Natural Gas, Nuclear and Hydrogen

Loyola de Palacio Series on European Energy Policy

Edited by François Lévêque, Jean-Michel Glachant, Julián Barquín, Christian von Hirschhausen, Franziska Holz and William J. Nuttall

In economic, technical and political terms, the security of energy supply is of the utmost importance for Europe. Alongside competition and sustainability, supply security represents a cornerstone of the EU’s energy policy, and in times of rising geopolitical conflict plays an increasingly important role in its external relations. Within this context, the contributors analyse and explore the natural gas, nuclear, and hydrogen energy sectors, which will be of critical significance for the future of energy supplies in Europe.

Chapter 1: Supply Security and Natural Gas

Christian von Hirschhausen, Franziska Holz, Anne Neumann and Sophia Rüster

Subjects: economics and finance, energy economics


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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