A priority for 35% of Europeans (Eurobarometer January 2007); A priority for 35% of Europeans (Eurobarometer January 2007); Security = Availability of reliable, sustainable energy at a reasonable price; An economic, environmental, and geopolitical issue.
Fear is the path to the dark side. Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering.
Security = cost; Security = cost; Security ≠ price stability; Trade off tra between “security”, “price stability”, and “low prices”; Liberalizations: the system becomes more flexible and reactive Globalization: arbitrage becomes easier.
Competition between sources Competition between sources Competition between companies Deregulation Unbundling - Proprietary is better – require less regulation;
- Non discrimination;
- Investment policies.
Fail to meet a target? Commit to a stricter one! Fail to meet a target? Commit to a stricter one! Three major questions - Is it feasible?
- Is it significant?
- Is it efficient?
Investments displacement: who needs more natural gas? Investments displacement: who needs more natural gas? Demand control (consumption reduction) Supply control (renewables + emissions reduction) Price control (renewables + emissions reduction)
Peace is the best strategy to pursue (energy) security; Peace is the best strategy to pursue (energy) security; Integration vs. Protectionism The Challenge is not to reduce reliance on imports, but to better integrate our economies; Europe can play a major role - Internally: Build networks, promote unbundling;
- Externally: create conditions for the free market;
- Create a market, not a bureaucracy;
- Avoid inconsistencies!
Promote an Energy Doha.
Meet its energy demand Meet its energy demand - New power plants – especially to substitute for Ignalina nuclear power plant (state-owned, 70% of the country’s need) – but not “too many”!
- More interconnections with the rest of Europe;
- Deregulate electricity/gas imports
“Electricity interconnections with Western and Scandinavian electricity systems would enhance the level of competition.” (Source: National Control Commission for Prices and Energy, 2007)
Deregulate prices even though “this may lead to increasing electricity prices for small, thus more vulnerable customers whose electricity consumption is usually less efficient” (NCCPE, 2007); Rationalize consumption - Technological improvement;
- Remove regulatory barriers;
- Let the market do its job!
Create a real market for energy - Ownership – not just legally – unbundling; and privatize!
- Privatize state-owned former monopolists:
- “In the absence of competition in both the generation and supply sector, the actual opening of the electricity market is equal to 13% out of possible 74% of the national electricity consumption” (NCCPE, 2007);
- European integration;
- Consistent policies.
You (and we) need more Europe… You (and we) need more Europe… …but the right Europe, not the wrong one: More imports, but also more security Impact of financial crisis: need for fresh capitals… …to fund economically efficient, socially desirable investments:
Thank You for Your Attention Thank You for Your Attention Carlo Stagnaro Director, Research & Studies Istituto Bruno Leoni carlo.stagnaro@brunoleoni.it
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