The security of gas supply regulation is not without its faults, but it represents a major shift in thinking, writes Jacek Saryusz-Wolski, MEP, in an article for “The Parliament Magazine”.
“The security of gas supply (SoS) regulation is an important step towards achieving true energy security and solidarity in Europe. It illustrates a deeper understanding of energy geopolitics and, following a fundamental paradigm shift introduced in the 2010 security of gas supply regulation, introduces precise instruments for risk management and emergency response” – writes Saryusz-Wolski. He underlines the importance of the energy union. “It paves the way for an integrated and fully transparent energy market that will benefit citizens and businesses” – writes Saryusz-Wolski.
He adds that there is a strong need to “counter the information asymmetry that facilitates abusive market practices by external state monopolies”. In his opinion “the EU needed more transparency, through the creation of an information exchange mechanism concerning all major gas contracts”.
He admits that the adopted regulations are not perfect. “Nonetheless, despite its shortcomings, the adopted regulations represent a major shift in thinking. Regionalisation and ‘Europeanisation’ of energy security represents a move from a two-speed Europe of energy security, in which the low prices of some states are subsidised by the unfair market practices enforced on central and eastern Europe” – he writes.
Read the full article on “The Parliament Magazine” website.