Security of supply in regulatory and market design discourse

Frank Umbach

Chapter 3 in European Gas Markets in Transition, 2026, pp 44-67 from Edward Elgar Publishing

Abstract: This chapter examines the EU's energy security challenges, focusing initially on its historical and critical overdependence on Russian gas, a vulnerability severely highlighted by the 2022 invasion of Ukraine and subsequent supply cuts. In response, the EU intensified efforts to diversify gas sources, liberalize its markets, and implement measures like demand reduction and increased LNG imports. While gas supply security (alongside import diversification efforts) has improved, the ongoing energy transition towards decarbonization introduces new dependencies, particularly on critical raw materials (CRMs) – essential for renewables, EVs, and digital technologies. The text discusses the EU's strategies, such as the Raw Materials Initiative (RMI) and the Critical Raw Materials Act (CRMA), to address CRM supply risks by promoting domestic production, processing, recycling, and diversifying imports away from concentrated sources like China. The complex nature of energy security, balancing reliable supply with climate goals, is a recurring theme.

Keywords: EU energy security; Russian gas; Critical raw materials; CRMs; Energy transition; Supply diversification; LNG imports (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035382958
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