EUROPEAN GAS AND POWER BALANCING SHORT- AND LONG-TERM GOALS

Ten new member states are joining the European Union, a new Parliament has been elected, and a new Commission has been formed. However, these developments will not alter the course of slow but profound changes taking place in the European energy industry.

- The European Commission is still a powerful prime mover in increasing competition in the industry.
- Amidst conflicting interests that may put liberalization at risk, Europe is trying to find the right balance between cheap and secure access to energy, the competitiveness of the European energy industry, and its commitment to reduce greenhouse gas emissions.
- Security of energy supply is back on the agenda, reinforcing the need to introduce some forms of regulation in the liberalization process.

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