By Al Mukthar Al Lawati
This morning the EU Heads of State geared their discussion towards completing the internal energy markets.
In particular the Prime Minister of France, the German Chancellor and the Minister-Chairman of Bulgaria pushed for completing the Single Energy Market.
The EU Single Energy Market may save consumers across the European Union up to €13b per year. It will allow cross-border electricity flows and allow more access to companies to provide more competition and more variety of selection for consumers.
The Single Energy Market is an attractive option for the European Union to increase their energy security, as it does not involve any new imports nor increasing dependence on OPEC nations and Russia. However, there will be significant costs for infrastructure, a concern that has been noted by Croatia, who suggested to involve the private sector.
The consequences, while not immediate, will result in less dependence on imports, as energy can be moved across the EU more efficiently. Over-capacities in countries such as Spain or Italy can then be easily imported to other countries needing more energy.
The EU is set to agree on a conclusion soon, as only technical details will have to be figured out.