EU’s integration as a negotiating bloc in the world energy market is a geopolitical game-changer in the global energy security picture, but this External Energy Policy has might come too late, argues Alexander Mirtchev, President of Krull Corp. and Vice-President of the Royal United Services Institute for Defence and Security Studies.
EU’s Energy dependence on Russia and Africa is fragmentizing the internal market, bears supply instability and reduced competitiveness. This new “information exchange mechanism” could reduce price volatility, strengthen political stability, enhancing regional and global energy security and geopolitical balances in the global energy market, endowing the EU with a new power in global energy markets which is greater than the sum of its parts.
That is, of course, if the new external energy policy ever becomes a reality – which is a big “if”, doubts Dr. Alexander Mirtchev.
Policy success will stem from engaging suppliers as stakeholders in the EU future energy security and determined by the specific interests of external countries and needs of the EU as a unified energy consumer block that directly engages key suppliers. But, Dr. Alexander Mirtchev stresses, that it is necessary at the same time to expand on alternative energy megaprojects when non-fossil energy may gain importance in EU energy balances.
The Policy is a beneficial game-changer in the global political and energy. Its very existence could change the energy and geopolitical balances of the 21st century.