Juan Alemany Ríos

The Creation of a European Energy Union

Energy security is one of the main problems that humanity faces today and the European Union (EU) has to rely on energy-rich countries for its energy needs. The European Innovation Union, the Energy Community, and the Europe 2020 initiative address energy security as a priority, but policies seem to be reactive instead of addressing energy security in its complexity. This problem can be solved with appropriate legal tools. Energy governance has links with several policies: trade, investment, environmental protection, energy transit, energy security, finance, et cetera. Of these policies, energy trade has a high impact for European energy security policy. Currently, the international community does not address trade in energy as a cohesive entity and its governance is fragmented. The paper explores the institutional legal framework for the creation of a European energy union, whose aim is to achieve affordable, secure and sustainable energy. This energy union is based on five pillars, which are analyzed: security, solidarity and trust; the completion of a competitive internal market; moderation of demand; the decarbonization of the EU energy mix (i.e., greater use of renewable energy); and technologies. The EU is the first region in the world to set up the ambitious target of decarbonizing its economy by 2050. The paper then looks at the energy union in the context of the rule of law. All of this could be reproduced in other regions of the world and eventually create a new international energy order. This requires a fresh and comprehensive approach to legal instruments.

The European Union and its energy security challenges: engagement through and with networks

Energy security remains a vital issue for the European Union (EU), even more so in the wake of the events that unfolded in early 2014 in Ukraine. The EUs already fragile position in the international energy arena in terms of security of supply appears to be more uncertain than ever after its umpteenth fallout with its historic energy supplier, Russia. This situation is untenable and calls for swift and decisive action to adequately tackle the issue once and for all. The article looks at the creation of a single EU energy market through the integration of energy networks in the EU. This article then examines various ways to diversify its energy supply, whether through increasing the import of liquefied natural gas or through its relations with the Eurasian Union. It then explores the International Energy Charter as an example of the EUs engagement with transnational policy networks. It concludes that from energy transit, to technology transfer, to investment protection, energy and trade present interplays across various fields. Improvements can be made to the EU trading system to ensure greater energy security and more efficient energy markets.

Multilateral, Regional and Bilateral Energy Trade Governance

The current international energy trade governance system is fragmented and multi-layered. Streamlining it for greater legal cohesiveness and international political and economic cooperation would promote global energy security. The current article explores three levels of energy trade governance: multilateral, regional and bilateral. Most energy-rich countries are part of the multilateral trading system, which is institutionalized by the World Trade Organization (WTO). The article analyzes the multilateral energy trade governance system by focusing on the WTO and energy transportation issues. Regionally, the article focuses on five major regional agreements and their energy-related aspects and examines the various causes that explain the proliferation of regional trade agreements, their compatibility with WTO law, and then provides several examples of regional energy trade governance throughout the world. When it comes to bilateral energy trade governance, this article only addresses the European Union’s (EU) bilateral energy trade relations. The article explores ways in which gaps could be filled and overlaps eliminated whilst remaining true to the high-level normative framework, concentrating on those measures that would enhance EU energy security.

Contents: summary of

The Creation of the IMF The Establishment of the Gold Exchange Standard The Membership of the IMF The Legal Structure of the IMF The Political Structure of the IMF Quotas and their Significance The Availability of Financial Resources Credit Tranches, Stand-By Arrangements and Conditionality The Variety of Financial Facilities Developing Countries and the Debt Crisis Global Political Change and Reform of the IMF Conclusions