The Energy Strategy and Energy Policy of the European Union

Georgy Chankov and Nikolay Hinov

Economic Studies journal, 2021, issue 8, 3-31

Abstract: Energy integration is considered to play a key role in the successful development of the European Union. It is assumed that purely market-based mechanisms in this sector, according to the neo-liberal model, can secure a constant supply at low prices. This is the basis of the Union’s energy policy, launched by the European Commission (EC). The main goal of this paper is to examine the adequacy of this model and the extent to which the energy policy succeeds in achieving its objectives. There is a difficult combination of technological, economic and political factors expressed in the Union’s energy mix. In particular, the document examines the gap between neo-liberal free-market postulates and the practices of modern protectionism, assessing the sustainability of the EU’s energy strategy and policy, which often avoid taking efficiency into account. Significant attention is paid to the link between energy and national security, as well as the politically justified intervention of the European Commission in energy projects related to energy supplies for the whole Union. Our research is based on statistics for a long period of time, allowing a comparison between stated intentions and achieved results. Our results stress on the direct link between energy, foreign policy and national security. This link, the cause of the unsatisfactory results, casts doubt on the full integration of the industry and contradicts the views of the Commission.

JEL-codes: F52 Q42 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2021:i:8:p:3-31

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