Impact of global financial crisis on the energy sector and EU policies to counter its effects

The economic crisis did not altered the deep structural changes underway in global energy markets - growing energy demand in developing countries and growing concerns about limiting carbon emissions - and revealed how oil, coal and gas markets could help solving major energy challenges ahead. The current crisis has led to declining prices and slower economic growth. But this is nothing more than a break. Resource-rich countries continue to use their assets to promote their own interests, to expand areas of influence and to create alliances with partners similar to them. Similarly, transit countries and importing energy are trying to assert their positions. These forces are about to change the nature of international business. The future security of supply will depend on the new interconnections both within and outside the EU, the increased energy saving practices, promoting smart networking and measuring technologies. Affordable energy for industrial and private consumers, will continue to be a challenge, but addressing it at a common European level, will be more effective and will generate economies of scale for the benefit of consumers.