European energy security: Role of Southern Gas Corridor

This study identifies the explanations of the energy security concept offered by the existing body of academic literature, within the framework of the realist and the liberalist approaches. The author emphasizes the importance of energy in sustainable economic growth, analyzing in particular the essential components of the transportation of energy resources among supplier, transit and consumer countries. Uninterrupted, economically viable and environmentally sustainable energy supplies are key to ensuring national energy security. The study discusses European energy security and draws attention to the dramatic increase in Europe's energy import dependency and specifically, its overdependence on single supplier, namely Russia. In this context, the paper examines European Union policies and legal regulations aimed at dissolving the energy monopoly by liberalizing the energy markets, taking into consideration the primary energy demands of the member states. The study examines the production and consumption capacities of Europe's current suppliers in light of economic and political factors, and seeks to discern whether or not these suppliers can meet Europe's growing energy demand in the short and medium term. In addition, the study evaluates alternative solutions to European energy security such as the development of domestic shale gas resources, U.S. shale gas supplies, and the increase in LNG shipments. The concluding section provides an examination of the long term economic and political benefits of the Southern Gas Corridor to Europe. Keywords: Energy, Energy Security, Europe, Shale Gas, Southern Gas Corridor.