Towards a Single Energy Market
Edited by Jean-Michel Glachant and François Lévêque
6. Investing for sustainability Ignacio Pérez-Arriaga and Julián Barquín1 INTRODUCTION European energy policy has to confront a number of major concerns: the security of energy supply, currently and in the future; the guarantee of the freedom of choice for consumers at aﬀordable prices; eﬃciency in energy production and consumption; an acceptable environmental impact; and the maintenance of the competitive position of the EU, while ﬁxing, when needed, possible market failures. But all these objectives make sense in the long term only if obtained in a sustainable manner, which means that there should be a lasting and dependable access to primary energy sources; adequate infrastructures to generate and transport the required amount of electricity in a reliable way; energy-related activities performed so that no irreparable environmental damage is caused; compatibility with an adequate economic development; and ﬁnally a guarantee that there will be fair universal access to modern forms of energy supply in Europe and also worldwide. Environmental care and human development are two inextricably linked concepts, and no durable advances can be made on one front without proper consideration of the other one. Sustainability subsumes both kinds of considerations under a single name. This chapter addresses long-term policy issues in the electricity sector, which are related to the sustainability of the European energy model. It is divided into two parts. The ﬁrst one consists of a diagnosis. The sustainability problems of the current energy model are addressed, and the results of recent prospective analysis are...
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