EC Presents Energy Security Package, Outlines New LNG Strategy
On 16 February, the European Commission (EC) presented a package of energy security measures aimed at strengthening the EU’s resilience to potential gas supply interruptions. As part of the package, the EC also expressed strong support to projects that improve access to the global LNG market (including the future LNG terminal on the Island of Krk), as well as construction of storage facilities for LNG across Europe.
Energy security, with a forward-looking climate change policy, has been recognised as one of the key political priorities of the Juncker Commission. Therefore, the above package includes measures that should equip the EU for possible gas shortages as a result of global developments and is also connected with the Paris agreement on climate change signed by world leaders in December 2015.
The Energy Security Package consists of four main elements. The first is the security of gas supply registration, in which the EC proposes a shift from national approach to a regional approach when preparing security of supply measures, and a solidarity among member states in case of a severe energy crisis. The second element is a decision on Intergovernmental Agreements in energy, which basically stipulates that the Commission has to conduct ex ante compatibility check of energy agreements between member states and third countries with EU law. Third, the EU executive proposed a Heating and Cooling Strategy, which focuses on removing barriers to decarbonisation in buildings and industry…