Currently, the EU imports 53% of its energy and six EU Member States are totally reliant on Russia for gas imports, so President Juncker’s European Commission (EC) unveiled its Energy Union strategy in February.
There are five pillars to be named: a solidarity clause, the free flow across energy borders, energy efficiency before supply, transition to a low carbon society that is to build to last and finally a research and innovation strategy.
According to the EC, energy should be secure and sustainable. The citizens and affordable energy prices are very important in this ‘Energy Union’. As a result, there should be more competition and choice for the consumer. Maroš Šefčovič, who is responsible for the Energy Union, said it is ‘a project that will integrate our 28 European energy markets into one Energy Union, make Europe less energy dependant and give the predictability that investors so badly need to create jobs and growth.’
It is estimated that consumers could save around $40bn a year, due to an appropriately connected European electricity grid.
As Dr Frederik Dahlmann, Assistant Professor of Global Energy at Warwick Business School, said, that the market integration challenges established companies although it offers opportunities for new competitors. What needs to be done is translate the policy efforts into tangible benefits for European consumers, economies and the environment.
For any more information, please contact our office on 01184028520 or email us at mail@syntegragroup.com.
