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Market-based Options for Security of Energy Supply

Author

Listed:
  • Christian Egenhofer

    (CEPS)

  • Kyriakos Gialoglou

    (CEPS)

  • Giacomo Luciani

    (CEPS)

  • Maroeska Boots

    (ECN)

  • Martin Scheepers

    (ECN)

  • Valeria Costantini

    (ENEA and Fondazione Eni Enrico Mattei)

  • Francesco Gracceva

    (ENEA and Fondazione Eni Enrico Mattei)

  • Anil Markandya

    (World Bank and Fondazione Eni Enrico Mattei)

  • Giorgio Vicini

    (Fondazione Eni Enrico Mattei)

Abstract

Energy market liberalization and international economic interdependence have affected governments’ ability to react to security of supply challenges. On the other side, whereas in the past security of supply was largely seen as a national responsibility, the frame of reference has increasingly become the EU in which liberation increases security of supply mainly by increasing the number of markets participants and improving the flexibility of energy systems. In this logic, security of supply becomes a risk management strategy with a strong inclination towards cost effectiveness, involving both the supply and the demand side. Security of supply has two major components that interrelate: cost and risk. This paper focus the attention on costs in the attempt to develop a market compatible approach geared towards security of supply.

Suggested Citation

  • Christian Egenhofer & Kyriakos Gialoglou & Giacomo Luciani & Maroeska Boots & Martin Scheepers & Valeria Costantini & Francesco Gracceva & Anil Markandya & Giorgio Vicini, 2004. "Market-based Options for Security of Energy Supply," Working Papers 2004.117, Fondazione Eni Enrico Mattei.
    • Handle: RePEc:fem:femwpa:2004.117
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    File URL: https://feem-media.s3.eu-central-1.amazonaws.com/wp-content/uploads/NDL2004-117.pdf
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    References listed on IDEAS

    as
    1. David Fisk, 2004. "Transport Energy Security. The Unseen Risk?," Working Papers 2004.118, Fondazione Eni Enrico Mattei.
    2. Valeria Costantini & Francesco Gracceva, 2004. "Social Costs of Energy Disruptions," Working Papers 2004.116, Fondazione Eni Enrico Mattei.
    3. Valeria Costantini & Francesco Gracceva, 2004. "Oil Security Short- and Long-Term Policies," Working Papers 2004.115, Fondazione Eni Enrico Mattei.
    4. Patrick Cayrade, 2004. "Investments in Gas Pipelines and Liquefied Natural Gas Infrastructure. What is the Impact on the Security of Supply?," Working Papers 2004.114, Fondazione Eni Enrico Mattei.
    5. Giacomo Luciani, 2004. "Security of Supply for Natural Gas Markets. What is it and What is it not?," Working Papers 2004.119, Fondazione Eni Enrico Mattei.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Chuang, Ming Chih & Ma, Hwong Wen, 2013. "An assessment of Taiwan’s energy policy using multi-dimensional energy security indicators," Renewable and Sustainable Energy Reviews, Elsevier, vol. 17(C), pages 301-311.
    2. Muñoz, Beatriz & García-Verdugo, Javier & San-Martín, Enrique, 2015. "Quantifying the geopolitical dimension of energy risks: A tool for energy modelling and planning," Energy, Elsevier, vol. 82(C), pages 479-500.
    3. Weisser, Hellmuth, 2007. "The security of gas supply--a critical issue for Europe?," Energy Policy, Elsevier, vol. 35(1), pages 1-5, January.
    4. Jensen, Thomas C. & Møller, Flemming, 2010. "Incorporating the value of changes in price volatility into cost-benefit analysis--an application to oil prices in the transport sector," Energy Policy, Elsevier, vol. 38(1), pages 573-579, January.
    5. Bolle, Friedel & Ruban, Rostyslav, 2007. "Competition and Security of Supply: Let Russia Buy into the European Gas Market!," Discussion Papers 258, European University Viadrina Frankfurt (Oder), Department of Business Administration and Economics.
    6. Jamasb, Tooraj & Pollitt, Michael, 2008. "Security of supply and regulation of energy networks," Energy Policy, Elsevier, vol. 36(12), pages 4584-4589, December.

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    More about this item

    Keywords

    Energy supply; Market-based options;

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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