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The Palgrave Handbook of International Energy Economics


Über dieses Buch

This open access handbook is distinguished by its emphasis on international energy, rather than domestic energy policies or international geopolitic aspects. Addressing key topics such as energy production and distribution, renewables and corporate energy structures, alongside global energy trends, regional case studies and emerging areas such as the digitalization of energy and energy transition, this handbook provides a major new contribution to the field of international energy economics.

Written by academics, practitioners and policy-makers, this handbook is a valuable and timely addition to the literature on international energy economics.

This book was published open access with the support of Eni.



Economics of Energy Production and Distribution


Open Access

Chapter 1. Economics of Oil and Gas Production

In this chapter, Nadine Bret-Rouzaut analyzes the technical and economic aspects of hydrocarbon exploration and production. The chapter begins with a presentation of the different actors in order to understand their respective roles. Then a focus is made on the different phases of an exploration-production project in order to highlight the cost structure and the nature of the risks related to each phase. Finally, an analysis of rent sharing according to the different taxation systems points out the profitability problems of this capital-intensive industry, which is facing many challenges related to climate change.

Nadine Bret-Rouzaut

Open Access

Chapter 2. Economics of Gas Transportation by Pipeline and LNG

The relatively low energy density of natural gas on a volumetric basis—almost 1000 times lower compared to crude oil—makes it one of the most challenging and expensive primary fuels to transport from the wellhead to the burner tip of end-consumers. Internationally traded natural gas is typically transported either in gaseous form via long-distance pipeline systems or in the form of liquefied natural gas on ships (LNG carriers). This chapter provides a focus on the economics and commercial aspects of these large, often multibillion-dollar infrastructure projects characterized by high upfront investment costs—and requiring complex risk-sharing mechanisms between all parties involved.

Gergely Molnar

Open Access

Chapter 3. Economics of Oil Refining

Refining is a key element of the energy industry. We use gasoline and diesel for transport, not crude oil. The evolution of the refining industry from a simple process to manufacture kerosene the key product at the end of the nineteenth century to a very sophisticated process to deliver high-quality products for sophisticated engines now is impressive. Less demand in Europe, more demand in Asia has deeply changed the structure of the industry with closures of facilities in Europe and development of large, sophisticated plants in the Middle East and Asia. The economics of refining for long very poor are improving with the adaptation of the industry.

Jean-Pierre Favennec

Open Access

Chapter 4. Economics of Hydrogen

Robinius et al. provide valuable information needed for a discussion of the potential role of hydrogen for decarbonizing energy systems. They first discuss major technical and economic characteristics of hydrogen supply systems, followed by potential end-use applications of hydrogen fuels of different origin (“color coding”), fuel supply cost estimates, and an overview of the various hydrogen production, supply, and storage options. Hydrogen-related policy and regulatory aspects are discussed as well as safety and public acceptance issues. Finally, it deals with the willingness to pay of consumers for different alternative fuel vehicle characteristics. The review concludes by arguing that “green hydrogen” is widely accepted among consumers, that costs are expected to decline rapidly with the market diffusion of hydrogen technologies, and that policymakers’ and business interest is presently on the rise.

Martin Robinius, Simonas Cerniauskas, Reinhard Madlener, Christina Kockel, Aaron Praktiknjo, Detlef Stolten

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Chapter 5. Economics of Power Generation

This chapter provides an introduction to the economics of electricity generation, presenting the major economic differences between the multiple power generation solutions and highlighting the comparative advantages and disadvantages of each. In order to provide a satisfactory treatment of power generation technology and economics, a single chapter would have expanded beyond a practical dimension: accordingly the discussion has been divided into a general introduction and a sequence of specific chapters each devoted to a different generation solution: thermal power based on fossil fuels (coal, oil, and gas), thermal power based on nuclear fission, hydroelectricity chapter, solar power, wind power, geothermal power, and power from tides and waves. The present introductory chapter explains where on the load curve the different power generation options should be placed depending on costs, the issue of dispatchability, as well as the difference in the economic cost approach between dispatching and future capacity planning. Also flexibility mechanisms to integrate a large share of non-dispatchable renewable energy sources are discussed. Finally, issues related to space occupation and locational constraints are addressed.

Manfred Hafner, Giacomo Luciani

Open Access

Chapter 6. Power Generation from Coal, Oil, Gas, and Biofuels

This chapter provides an introduction to the economics of electricity generation based on four different energy sources: coal, oil, natural gas, and biofuel. It covers the various technologies of power production and their key economics characteristics including CAPEX, OPEX, dispatchability, flexibility, location, and expected service life. The formula and calculations are provided for further analysis of power generation projects in view of optimizing the choice of technology. Some conclusions are drawn from comparative analysis of coal-, oil-, gas-, and biofuel-fired power generation units.

Arash Farnoosh

Open Access

Chapter 7. Power Generation from Nuclear Energy

This chapter discusses the economics of nuclear. It starts with the fundamentals of nuclear economics, with first the cost of nuclear operations and then the revenue side, in both regulated and deregulated markets. Then the chapter goes in depth into analyzing the economics of two specific cases: long-term operations of existing nuclear plants and nuclear new build-covering potential for cost reductions and the case of Small Modular Reactors. The chapter concludes with a review of new research to understand the value of nuclear in future decarbonized electricity systems.

Valerie Faudon

Open Access

Chapter 8. Hydropower

Hydropower is one of the oldest power generation technologies and the source of the largest power stations in the world. Despite a phenomenal rise of new renewable generation technologies, hydropower remains responsible for most of the renewable electricity generation around the globe. This chapter explores the economics of power generation from hydro and its advantages as well disadvantages. It describes the characteristics of the three hydropower generation types: run-of-river, hydro storage and pumped storage in detail and provides an outlook on the future role of hydropower in modern energy systems.

Eike Blume-Werry, Martin Everts

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Chapter 9. Solar Power Generation

Solar energy supplies increasing shares of global energy demand. As a renewable source of energy, it will play a major role in decarbonizing electricity supply. This chapter provides an overview on the solar sector from an economic perspective. It describes the technical characteristics of photovoltaic and concentrated solar power and explains how these affect the economic competitiveness of solar energy. The authors highlight trends in the solar sector and elaborate on how this intermittent source of energy can be integrated into a power system. They conclude with a discussion on how renewable energy support schemes can be designed to foster the deployment of solar power by accounting for the specific characteristics of solar power.

Laima Eicke, Anselm Eicke, Manfred Hafner

Open Access

Chapter 10. Wind Power Generation

Wind power plays a major role in the decarbonization of the power sector. Already now, it supplies increasing shares of the global energy demand. This book chapter provides an overview on the economics of wind energy and highlight global trends in the wind sector. It describes the technical characteristics of onshore and offshore wind energy and explains how these affect the economic competitiveness of the respective technologies. The authors describe how wind power, as an intermittent source of energy, can be integrated into power systems. They also discuss how renewable energy support schemes contribute in fostering the deployment of wind power.

Anselm Eicke, Laima Eicke, Manfred Hafner

Open Access

Chapter 11. Geothermal Power Generation

Geothermal energy is emerging as one of the most reliable sources of renewable energy and gaining relevance over conventional and non-renewable sources of energy because of its constant availability and sustainable nature. Furthermore, the deployment of geothermal energy helps reduce a country’s dependence on fossil fuels. Besides being a clean and renewable energy source with a low levelized cost of electricity, geothermal reservoirs have huge potential for power generation and may become the pillar of local grid systems, meeting the baseload demand. However, the active contribution from policy makers is necessary to design and develop economic and financial instruments and a favourable regulatory framework to decrease the risk of investment and the capital cost for private investors.

Isabella Nardini

Open Access

Chapter 12. Power Generation from Tides and Waves

Marine renewable energy generated from ocean tides and waves has not yet reached wide spread deployment or full commercial availability on par with comparable sources. This handbook chapter describes the global development of marine renewable energy technology and the most promising commercialization pathways, including “blue economy” marine applications, competitiveness in new electric grid paradigms, and emerging economic models for renewable energy development.

Dhruv Bhatnagar, Danielle Preziuso, Rebecca O’Neil

Open Access

Chapter 13. The Economics of Energy Networks

Andrea Bonzanni provides an overview of the economics of transporting electricity and gas through networks, critically discussing the numerous similarities and the crucial differences between the two energy carriers. The chapter describes the physical and economic properties of energy networks, focusing on their monopolistic nature and the implications for electricity and gas systems. It goes onto review how energy networks are treated in competitive energy markets, how access to networks functions and what arrangements are established to ensure efficient economic outcomes and equal treatment of all market participants. Finally, it explains how access to energy networks is charged and how network users exchange energy within a network.

Andrea Bonzanni

Open Access

Chapter 14. Economics of Electricity Battery Storage

This chapter deals with the challenges and opportunities of energy storage, with a specific focus on the economics of batteries for storing electricity in the framework of the current energy transition. Storage technologies include a variety of solutions that have been used for different grid services, including frequency control, load following, and uninterrupted power supply. A recent interest is being triggered by the increasing grid balance requirements to integrate variable renewable sources and distributed generation. In parallel, lithium-ion batteries are experiencing a strong market expansion driven by an uptake of electric vehicles worldwide, which is leading to a strong decrease of production costs, making Li-ion batteries an attractive solution also for stationary storage applications.

Michel Noussan

Open Access

Chapter 15. Economics of Sector Coupling

This chapter presents an introduction on the main characteristics of sector coupling, which is often referred to with P2X, where “X” may stand for various applications, such as gas (G), heat (H), vehicles (V) or others. The common feature of these technologies is to provide additional flexibility to the power grid by the integration with other energy networks or sectors, converting electricity into other energy carriers. Sector coupling is still an emerging concept, with its first applications being deployed to exploit the electricity excess from variable renewable sources in specific contexts, but with difficulties in achieving competitive returns due to the limited annual capacity factors. However, decreasing investment costs and increasing needs of long-term electricity storage solutions may trigger an interest in sector coupling technologies.

Michel Noussan

Open Access

Chapter 16. The Integration of Non-dispatchable Renewables

Most governments around the world have put in place policies to support the deployment of wind and solar technologies, as they are going to play a key role in the decarbonisation of energy systems and to achieve United Nations’ Sustainable Development Goals. At low levels of deployment, these technologies typically do not raise significant issues, but to reach high shares of power generation, integration measures will be needed. These include enabling the maximum use of flexibility from existing and new plants, changing the way transmission and distribution grids are operated and expanded, increasing the deployment and availability of storage and demand-side mechanisms. Adequate policies are needed to enable the deployment of these measures while minimising the overall power systems costs, ultimately ensuring their affordability.

Marco Baroni

Open Access

Chapter 17. Financing of Energy Investment

Halbout and Riboud-Seydoux offer a concise yet insightful guide to financing an Energy investment from the perspective of Energy investors and professionals. In the context of the substantial investments required to sustain the development of world’s economies, this chapter reviews the key steps in the financing of an Energy project, from the project viability analysis to the choice of financing instruments and structures. The authors highlight how the source of Energy and other characteristics of a specific project impact and shape its financing, using case studies from renewable Energy and conventional Energy alike and conclude by drawing attention to the innovations taking place across all Energy segments.

Jérôme Halbout, Marie-Noëlle Riboud-Seydoux

Economics of Energy Trading and Price Discovery


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Chapter 18. The Trading and Price Discovery for Crude Oils

What is the price of oil? Most oil in the world is never traded. Value of exchanged oil is set by key ‘benchmarks’ grades or baskets of crude oil that are commonly traded, both as physical and ‘paper’ barrels, in volumes many times greater than the world production. It is the derivative trades in these benchmarks such as Brent, WTI, Dubai and Oman that set the global price of oil and they are the most interesting feature of the oil market. Markets in these benchmarks are the stage on which two distinct categories of players are differentiated: the price makers and the price takers. How and why these benchmarks came to exist, how they work, interact and change over time is the subject of this chapter.

Adi Imsirovic

Open Access

Chapter 19. The Trading and Price Discovery of Oil Products

While crude oil is one of the biggest markets in the world the consumer has little interest in the raw material that comes out of the ground. It is the refined products that can be extracted from the crude oil that the end-user wants to know about. This chapter explains which hydrocarbons are mixed up inside a barrel of crude oil and how the refining process separates, treats and upgrades the composite to extract the usable products needed. It looks at whole crude properties and what these mean for handling and transporting the oil. It defines the different types of refinery processes, from primary distillation to reforming right through to cracking and coking. It describes the range of products that result from refining crude oil and the use to which each product is put.

Liz Bossley

Open Access

Chapter 20. The Trading and Price Discovery for Natural Gas

This chapter argues that pricing mechanisms are a key element of gas trade, as they concur to determine price levels and define commercial strategies. It explains why gas suppliers traditionally defended long-term oil-indexed contracts and analyses the main features of historical contracts. The old consensus on oil indexation, which had been a pillar of international gas trade for a decade, has been eroded in several regions. The chapter discusses how more impersonal market exchange now prevails. Beyond Europe and North America, Asia is also gradually moving towards a larger share of hub indexation, although it is still lagging behind in the process of establishing its own hubs. The chapter concludes that gas prices remain regional even if additional convergence is materialising thanks to the globalising effect of flexible LNG.

Manfred Hafner, Giacomo Luciani

Open Access

Chapter 21. The Trading and Price Discovery for Coal

Fernández offers a view of coal production, consumption and trade both at global and regional level. Given China’s dominance of coal markets, this chapter describes the geography of Chinese coal supply chain in some detail. Fernández briefly explains some concepts of geology and mining to facilitate a better understanding of the different coal qualities and grades, which play a more important role in coal trading and pricing than for other fossil fuels. This chapter offers a historical perspective of the evolution of the international coal market to describe the current market, very dynamic and liquid, with increasing variety of qualities. Fernández concludes with a brief note on the recent developments of the coking coal markets and derivatives in China, a proof of that dynamism.

Carlos Fernández Alvarez

Open Access

Chapter 22. The Trading of Electricity

After having introduced the theoretical foundations of electricity markets and some of the main design features such as marginal pricing of electricity, spatial distribution of electricity prices and the question of system adequacy, the authors discuss how they function in practice. After a description of the functioning of wholesale electricity markets with a focus on the derivatives and the spot market, the authors analyse their main features such as trading venues, traded products, rules and the processes but also some key trends that can be observed. Going forward, with the energy transition, electricity systems around the world are undergoing nascent but profound changes as market architecture and regulatory framework evolve to meet ambitious climate targets while maintaining efficient investment incentives and security of supply. The authors highlight the need to identify the future requirements of the power system and align them with global policy objectives in order to adapt and enhance the way electricity markets generate social welfare.

Philippe Vassilopoulos, Elies Lahmar

Open Access

Chapter 23. The Trading of Carbon

This chapter explores the concept of carbon pricing, with a specific focus on the trading of carbon via emissions trading systems (ETSs). The analysis starts with an overview of the main design options for a cap-and-trade system, presenting the experience of the European Union (EU) ETS as a real-world example of how such systems work. The history of the EU ETS is thoroughly examined, explaining what the main challenges and benefits of the system are, and what lessons can be learnt from the world’s biggest ETS. Using the European experience as a benchmark, other major ETS markets are also analysed, highlighting the potential for interconnection of different systems as well as the prospects for international cooperation mechanisms under Article 6 of the Paris Agreement.

Andrei Marcu, Federico Cecchetti

Open Access

Chapter 24. Unbundling, Markets, and Regulation

Energy market restructuring and liberalisation has produced mixed results. While wholesale market design and competition has matured, retail competition has remained static. This chapter discusses the reasons that contribute to the success and failure of energy market unbundling with the use of global examples. The new trends and policies in energy markets are discussed from a regulatory perspective including active investor participation, technological innovation, and the growth in renewable energy.

Eleanor J. Morrison

Global Energy Trends


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Chapter 25. Macroeconomics of the Energy Transition

This chapter attempts at disentangling the multiple contrasting interactions between economic conditions and energy transitions. It goes without saying that the net effect, resulting from the balance of such multiple contrasting interactions, is extremely difficult, or even impossible to predict. It very much depends on the specific characteristics of the economy facing the need to decarbonize, notably its current energy system, rate of growth of energy demand, available energy resources, and opportunities for decarbonization. All of these parameters are extremely variable country by country. It also greatly depends on the specific transition path pursued, and especially the intended speed of the transformation. This chapter lays special emphasis on the need to shift resources from consumption to investment and the consequent increase in the capital-output ratio, which has also consequences for the distribution of income.

Giacomo Luciani

Open Access

Chapter 26. Energy Demand Drivers

Countries with similar level of economic development and energy prices may show significant differences as regards energy/cap and dynamics of energy demand in relation to GDP and prices. Climate, endowment in natural resources and geography are obviously discriminating factors. Policies and cultural habits also, through technology choices and social behaviour orientations. This chapter helps to better understand which are the actual drivers of energy demand and how they play. It proposes first an overview of the issue: the actual needs behind energy demand, the specific role of actors and social forces in the energy dynamics and its timing and so on. It then discusses in greater depth the critical aspects of energy demand in the three consuming macro-sectors: industry, transport and buildings. Finally, the determinants of increasing electrification are discussed.

Bertrand Château

Open Access

Chapter 27. Energy Subsidies

Energy subsidies are widespread among OECD and non-OECD countries and exist for all energy types. Governments often give noble and legitimate rationales for the introduction and continuation of various energy subsidies, but the reality of energy subsidy policies is nearly always more complex than the stated rationale. Governments have tried to balance the energy trilemma by implementing several types of energy subsidies at once. This has resulted in a complex political economy of pervasive subsidies across energy production and consumption. Even when some policy priorities clearly change, the phasing out of existing subsidies may prove politically challenging when powerful vested interest groups exercise their influence over governmental decision-making. This chapter goes in depth on the types, size, objectives, and politics of subsidies to fossil fuel consumption and production and those to renewable electricity.

Tom Moerenhout

Open Access

Chapter 28. Economics of Access to Energy

Energy services underpin the socio-economic development of nations and their prosperity. This chapter discusses the key obstacles that have so far prevented 840 million people worldwide from gaining access to electricity and 2.9 billion from accessing clean cooking facilities. The authors argue that the problem of access to modern commercial energy is fundamentally an economic one. They explore the different yet common roots linking energy access to technological, governance, and financing aspects. The electricity and clean cooking challenges are firstly discussed separately to highlight the specific techno-economic issues underlying each service. This is beneficial to a conclusive discussion of the key economic policy instruments and financing approaches necessary to achieve universal access to modern energy.

Giacomo Falchetta, Simone Tagliapietra

Open Access

Chapter 29. Disruptive Technologies

History shows that sudden disruptions are very rare in the energy industry, due to the relatively slow diffusion process of new technologies. Technological change is always ongoing but has remained manageable and predictable so far, given the long technical lifetime of assets in the energy industry. However, in some sectors disruption could be imminent, largely driven by consumers, because their purchasing decisions are not only guided by economic principles. Rooftop solar has already demonstrated its disruptive potential between 2008 and 2012, mainly triggered by generous government incentives at that time. In the forthcoming decade, a new disruptive wave could be triggered by easy-to-install solar kits and affordable multi-junction cells, which increase the amount of solar energy per square metre that a panel can harvest. Moreover, current technology trends indicate that a new wave of electrification is imminent, this time targeting the transport and heating sectors. This by itself would constitute a major disruption of the energy industry. Instead, whether hydrogen could also give rise to a disruption will mainly depend on energy policy and how seriously the fight against global warming is pursued.

Fabio Genoese

Open Access

Chapter 30. The Impact of Digitalization

Previous energy transformations have been driven by the exploitation of a new energy resource. In contrast, although the digitalization of energy is delivering cost reductions in the supply and transportation of energy; digitalization is truly transformational because it brings the demand side into play, facilitating the move to a more integrated, highly flexible and customer-centric energy system which will ultimately unlock deep decarbonization of our societies. This fertile new energy landscape will be dominated by data-rich organizations able to establish direct relationships with consumers, resulting in the provision of new services which enable the integration of energy consumption with weather-dependent renewable production. Much of the focus is on the intelligent management of demand and supply from connected buildings and electric vehicles, leading to a proliferation of new business models. This increased connectivity comes with risks: increased danger of cybersecurity attacks and disruption of existing business relationships, staffing and organizational structures and a re-positioning of the role of the customer at the heart of the system. This commercial disruption is inherent to the digital transformation of the energy sector: an essential step in the transition to a carbon-neutral global economy.

Stephen Woodhouse, Mostyn Brown

Energy and the Economy


Open Access

Chapter 31. Energy and the Economy in China

China’s rapid economic growth has generated a voracious appetite for energy. Despite large domestic resources of coal, oil and gas, the country has emerged as a key importer of oil and natural gas, exposing it to vulnerabilities associated with import dependence. Over the course of China’s economic expansion, its energy policy has been geared towards ensuring adequate supplies at affordable prices to end-users, preferring to use administrative measures to regulate supply and demand rather than market mechanisms. Yet as the country’s economic structure shifts away from heavy industry and towards consumer services, its energy needs and choices are changing, while the role of markets is expanding. And the negative environmental impact of China’s energy choices has now become a social concern, as well as an industrial opportunity.

Michal Meidan

Open Access

Chapter 32. Energy and the Economy in Russia

This chapter provides an overview of the Russian energy sector and its role in the Russian economy, also in the context of energy transition. Russia, ranking fourth in the world in primary energy consumption and in carbon dioxide emissions, adheres to the strategy of “business as usual” and relies on fossil fuels. Decarbonization of the energy sector is not yet on the agenda; a skeptical attitude to the problem of global climate change prevails among stakeholders. GDP energy intensity remains high, supported by relatively low energy prices and high cost of capital. The share of solar and wind energy in the energy balance is insignificant and is not expected to exceed 1% by 2035. The challenge for Russia in the coming years is to develop a new strategy for the development of its energy sector, which enters the zone of high turbulence—even in the absence of the influence of the climate change agenda—due to COVID-19, increasing global competition, growing technological isolation and financial constraints.

Tatiana Mitrova

Open Access

Chapter 33. Energy and the Economy in the Middle East and North Africa

The Arab region consists of a diverse set of countries with different national contexts, including in the case of energy. However, most countries remain exceptionally reliant on fossil fuels with a highly limited role played by clean energy alternatives; while the region also lags behind other region’s progress in energy efficiency. In the Arab LDCs, energy access remains incomplete, severely obstructing socio-economic progress.Arab countries need to better integrate sustainable energy as a fundamental element of national development policies by directly linking policy goals across sectors such as energy, transport and urban planning; as well as elevating topics such as natural resource management, air and environmental protection along with more inclusive ways to ensure energy is used and produced sustainably to matters of explicit national interest.

Radia Sedaoui

Open Access

Chapter 34. Energy and the Economy in Sub-Saharan Africa

Sub-Saharan Africa embodies a paradox. Although the region is blessed with energy resources and has long attracted the oil and gas industry, the majority of its population lacks access to energy, especially electricity, which hinders their economic and social development. For decades the dominant discourse, from governments as well as international development agencies and economic actors, has considered that the exploitation of its energy resources would prompt the economic growth of the continent by giving the countries the financial means to undertake development strategies. Unfortunately, the reality seems much bleaker as most energy producing countries in Sub-Saharan Africa seem to underperform in terms of economic development, plagued by the so-called resource curse. Nigeria, the main oil-producing country on the continent, offers a dramatic illustration of this situation. However, a new approach has recently emerged which focuses on the development of access to energy for the population. As a consequence, all over the continent new initiatives have been put in place to boost access to energy for the local population. This access has at last been acknowledged as a key driver for economic development.

Philippe Copinschi

Open Access

Chapter 35. Energy and the Economy in North America

Chow and Rincon review the energy sector of North America, which plays a critical role in the economy of the U.S., Canada, and Mexico. The American shale oil and gas revolution, which drove production to historical peaks, will have diminished but still significant impact, including globally. High energy consumption rates in the U.S. and Canada challenge reaching climate policy goals, under heightened public pressure, and the search for alternatives to fossil fuels. Mexico will be more focused on economic development and energy access. The U.S. will continue to emphasize energy innovation, driven by public investment in research and development and private capital in commercial applications.

Edward C. Chow, Jorge-Andres Rincon-Romero

Open Access

Chapter 36. Energy and the Economy in Europe

Europe’s energy landscape is characterized by a great heterogeneity due to differences in terms of population, economy, energy resources (availability of different energy sources) and differing policies in favor or against specific energy sources. Over the decades, the European energy mix has undergone important transformations. The EU set an energy policy framework based on three pillars (security of supply, competitiveness and sustainability) with the goal to address three different priorities: competitiveness (affordable prices), security (of energy supply) and sustainability (clean energy). These three pillars appear to pursue contradictory goals, especially in the short term, but they are seen as converging in the longer term. This chapter aims to analyze how these different objectives have been key drivers of the European energy policy and economics. To illustrate this, the authors also present five case studies: the United Kingdom, Italy, France, Germany and Poland. Lastly, the chapter presents the “European Green Deal”, whose ultimate goal is to reach carbon-neutrality by 2050. The chapter analyzes how a climate-neutrality goal requires a substantial transformation of the EU economy, which comes with some internal and external frictions.

Manfred Hafner, Pier Paolo Raimondi
The Palgrave Handbook of International Energy Economics
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Dr. Manfred Hafner
Dr. Giacomo Luciani
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