A priority for 35% of Europeans (Eurobarometer January 2007); a priority for 35% of Europeans



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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

    • Nuclear;
    • Renewables;
  • Competition between companies

    • Privatization;
  • Deregulation

    • Demand;
    • Supply;
    • Prices;
  • 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

  • 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

    • The Russian problem;
  • 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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