Development and Finance from issue 2008/3

Miklós Hegedűs

Position and Outlook of Common European Energy Procurement

- Abstract -

The energy dependence of the European Union and Hungary in particular has increased significantly in recent years. Despite the fact that the EU strongly encourages energy conservation and that the use of renewable sources of energy is spreading, the dependence on imports and the resulting vulnerability will continue to increase in the decades to come. The position of the players in the oligopolistic and in some cases even monopolistic (Russian and Arab) supply markets is strengthening parallel to the aforementioned processes. In this expected situation - at first glance - some major economic advantages would be offered to the importing European Member States if there was common energy procurement at EU level. The Hungarian economy has a fundamental interest in ensuring the research, technical and technological conditions to prepare for the period when the oil supply is depleted, as well as in accelerating innovation in the area of exploiting renewable sources of energy, as Hungary's traditional energy sources are scarce and not competitive. The EU can no longer put off reconsidering the role and possibility of nuclear energy, especially as regards the acceleration of research and development efforts aimed at creating new-generation nuclear reactors.

Miklós Hegedűs, PhD, CEO (GKI Energy Research and Consultancy Co.)

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