SUSTAINABLE DEVELOPMENT OF THE SINGLE INTERNAL GAS MARKET

Mihaela Ionescu Sas ()
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Mihaela Ionescu Sas: University of Oradea, Faculty of Economic Sciences, Doctoral School of Social Sciences & Department of International Business, Oradea, Romania

Annals of Faculty of Economics, 2017, vol. 1, issue 2, 328-335

Abstract: In this article, the author performs an analysis of the energy market and, in particular, of the natural gas in the European Union in the context of the energy policy of liberalization of the European market and of sustainable development. The economic and financial crisis of 2008 had as a consequence the reduction of the world price of oil and, implicitly, of natural gas. The complexity of issues related to energy production, transport and energy consumption has increased greatly over the last decades, as global environmental issues, climate change and natural resource depletion have intensified. In addition, the European Union faces some specific problems, the most serious of which is related to the increased dependence on imported energy resources. A projection of energy resource costs by 2035 shows that there is a very good period for countries with natural gas reserves. The evolution of consumption in relation to the unresolved resources could generate a crisis on the primary energy market around 2035. After this year, for natural gas, European forecasts are to reduce the probable reserves and apply more expensive extraction technologies. Romania is the country with the most developed energy market and the least import dependence. Given that gas production and storage taxes have increased, the gas sales price of domestic production exceeds the price of imported gas. Under these conditions, the profitability of natural gas extraction while having a sustainable development becomes subject of analysis. With a 2050 energy scenario in Romania, natural gas, current resources and new discoveries in the Black Sea basin have been found to be used as a substitute energy for sustainable development amid a reduction in future resources.

Keywords: economic crisis; energy mix; energy strategy; natural gas market (search for similar items in EconPapers)
JEL-codes: Q41 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:ora:journl:v:1:y:2017:i:2:p:328-335

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