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Energy supply security is often defined as the availability of an adequate supply of energy at a reasonable cost. Even a partial supply disruption can have severe consequences, which the European Union has experienced on several occasions. Over the years, eneBriefing - Security of energy supply - 26-09-2024
Energy supply security is often defined as the availability of an adequate supply of energy at a reasonable cost. Even a partial supply disruption can have severe consequences, which the European Union has experienced on several occasions. Over the years, energy market developments have affected the EU's economic situation time and again, from the 1970s oil crisis to the 2009 gas crisis and 2022 energy price crisis following Russia's full-scale invasion of Ukraine. With the exception of coal, the EU's energy resources are limited, leaving it particularly vulnerable to disruption, particularly for oil and gas supplies. The EU has a relatively high dependency on energy imports (62.5 % in 2022) and this rate has been increasing since 1990. The EU has built a legislative framework to ensure the security of its energy supplies. The electricity sector is subject to a regulation on risk-preparedness that mandates Member States to implement tools for preventing and managing potential electricity crises – and to work together once such crises occur. The Oil Stocks Directive requires Member States to hold a minimum reserve and inform the European Commission about the stock they hold. The EU Regulation concerning measures to safeguard the security of gas supply ('Security of Gas Supply Regulation') introduces a solidarity mechanism between Member States and a supply standard ensuring continuous gas supply to protected customers. Despite this comprehensive framework, significant challenges remain on the road towards a fully-fledged EU energy security strategy. The planned revision of the EU regulation, expected for 2025, could provide the impetus to adapt the existing security framework to new challenges resulting from the decarbonisation of the energy market and new import patterns. The security framework could be broadened to reflect a new way of perceiving energy supply security, based not only on energy sources, but also on the ability to produce energy domestically (including through renewable energy). The issue of energy security will likely remain a long-term challenge for the EU. Scope remains for stronger coordination between Member States and legislative intervention to complete the framework. Source : © European Union, 2024 - EP Read more
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