EU Policy and Economic Perspectives on Proposed New Gas Imports via Turkey

摘要

Late February this year the European Commission presented its views on how to achieve a true Energy Union. The Commission pointed to the need for actions in five fields, which in fact are, to varying degree, interrelated:1.Energy security, solidarity and trust;2.A fully integrated European energy market;3.Energy efficiency contributing to moderation of demand;4.Decarbonising the economy, and5.Research, Innovation and CompetitivenessEU policy and regulation set the framework for the internal market, including for the Energy Community. Internal market policy has since 2008 been supported by underlying market fundamentals. The result is what we wanted to see: gas-to-gas competition, lower import prices, and lower retail prices. But nothing comes for free: we also got more volatility and a redistribution of risks in the gas chain. Retailing has become more risky and transportation more regulated. In this context, we need to address how a European Energy Union will secure investments in major new infrastructure, such as the ones needed for new gas imports from Turkey.