Security of Energy Supply in Europe
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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.
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Chapter 14: EU Energy Security of Supply: Conclusions

Jean-Michel Glachant, François Lévêque and Pippo Ranci

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14. EU energy security of supply: conclusions Jean-Michel Glachant, François Lévêque and Pippo Ranci 1 INTRODUCTION The chapters in this book have shown that energy security of supply is an extremely political matter. It involves consideration of international relations, geography and infrastructure control. Despite these realities economics has much to offer for improved policy making in the security of supply. In fact, economists can say a great deal about markets and policy. Markets (for example, for balancing, storage, reserves and access to crossborder capacity) as well as investment (which is guided by market prices) play a critical role in delivering security of supply, as does public policy (for example, for energy efficiency, storage obligations, and the fuel mix). Moreover, security of supply can give rise to ‘free-riding’, a phenomenon familiar to economists. This final chapter presents the conclusions of the book and it corresponds to the scientific consensus of the CESSA project at large. While focusing on ‘our’ three sectors, natural gas, nuclear, and hydrogen, we are well aware of the fact that there are plenty of other important issues in energy supply security. Thus, most of our conclusions go beyond the more sectoral level. The conclusions from the CESSA project are as follows: 1. 2. Short- and long-term disequilibria in security of supply are different phenomena. Solidarity between EU member states to cope with energy disruptions is necessary and even more so in the absence of satisfactory market liberalization and market design. Information provision and sharing...

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