Saturday

1st Oct 2016

EU warning system to tackle potential energy shocks

  • Russia accounts for 25 percent of oil and gas imports to the EU (Photo: wikipedia)

In response to a sudden cut in oil supplies coming from Russia earlier this year, the European Union is setting up an early-warning system for potential gas and oil supply shocks.

Brussels has announced it will put in place a network of energy security correspondents tasked to monitor, assess and exchange information about brewing crises that could affect the 27-nation bloc.

Dear EUobserver reader

Subscribe now for unrestricted access to EUobserver.

Sign up for 30 days' free trial, no obligation. Full subscription only 15 € / month or 150 € / year.

  1. Unlimited access on desktop and mobile
  2. All premium articles, analysis, commentary and investigations
  3. EUobserver archives

EUobserver is the only independent news media covering EU affairs in Brussels and all 28 member states.

♡ We value your support.

If you already have an account click here to login.

It will be "a crucial part of the union's efforts to have a credible long-term energy policy", EU external relations commissioner Benita Ferrrero-Waldner said, according to press reports.

The network – to be discussed at the upcoming EU-Russia summit in Samara (17-18 May) – will use services of the EU's 130 delegations worldwide, EU governments, energy advisory panels and the European commission' external relations crisis room.

Energy security has topped the EU's political agenda since January, when Moscow closed the Druzhba oil pipeline supplying Eastern and Western Europe through Belarus because of a price row with Minsk.

The oil disruption – following a similar unilateral move in 2006 involving Ukraine – affected several EU states, including Germany, Poland, Hungary, Slovakia and the Czech Republic.

The row also prompted the EU's shift towards renewable sources of energy, such as solar, wind or biomass, which are believed will decrease the bloc's dependency on external energy sources as well as help combat climate change.

In March, the 27 member states legally bound themselves to use 20 percent renewable energy and cut CO2 emissions by 20 percent by 2020.

For the European Union, Russia is the single most important external supplier of energy, as a quarter of the bloc's gas as well as a quarter of its oil originates from the vast country.

According to Brussels, the dependency is likely to increase, with forecasts saying the EU will import 70 percent of its energy by 2030.

Analysis

Renzi's EU attacks are survival strategy

Faced with a difficult referendum campaign, the Italian prime minister is playing the antiestablishment card, including verbal attacks on the EU and Germany.

Stakeholders' Highlights

  1. EFAEFA Supports a YES Vote in the Hungarian Referendum
  2. ACCAFinTech Boom Needs Strong Guidance to Navigate Regulatory Hurdles
  3. Counter BalanceWhy the Investment Plan for Europe Does not Drive the Sustainable Energy Transition
  4. Nordic Council of MinistersThe Nordic Region Seeks to Make Its Voice Heard in the World
  5. Taipei EU OfficeCountries Voice Support for Taiwan's Participation in ICAO
  6. World VisionNew Tool Measuring Government Efforts to Protect Children Released
  7. GoogleDid You Know Europe's Largest Dinosaur Gallery Is in Brussels? Check It Out Now
  8. IPHRHuman Rights in Uzbekistan After Karimov - Joint Statement
  9. CISPECloud Infrastructure Providers Unveil Data Protection Code of Conduct
  10. EFAMessages of Hope From the Basque Country and Galicia
  11. Access NowDigital Rights Heroes and Villains. See Who Protects Your Rights, Who Wants to Take Them Away
  12. EJCAppalled by Recommendation to Remove Hamas From EU Terrorism Watch List