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Christian Egenhofer, CEPS Senior Research Fellow, looked at whether EU Energy Policy is fit to address the modern security of supply challenge.  He charted the Union's 50 year journey towards acceptance of the need for an EU energy policy but questioned whether the political will exists to follow through on the Hampton Court Consensus of 2005.

He analysed some of the key forces driving the Union towards a common energy policy such as the completion of the internal market; depeletion of indigenous sources of energy; climate change and energy’s increasing role in external policy. 

He highlighted recent developments which point towards the emergence of a common energy policy.  These are: the 3rd liberalisation package; EU energy/climate package; the Lisbon Treaty and increased EU competency in energy issues; the Second Strategic Energy Review, the Commission’s investment in energy infrastructure as part of the Economic Recovery Plan  and recent regulation in the gas sector.

Under the Lisbon Treaty,  security of supply remains the responsibility of EU Member  States, but solidarity provisions have been introduced.  Mr Egenhofer highlighted the following challenges which now face the EU namely agreement on security of supply risks, determining the EU’s added value on the issue and avoiding the issue of Moral Hazard once the EU takes on a greater responsibility for the energy security of Member States.

The slides from Mr Egenhofer’s presentation are available below.