PART TWO: Twenty years of floundered attempts. In spite of its dependency on imports, the EU is incapable of devising a common energy strategy.
The fight over gas supplies in Europe is more of a political and geopolitical battle than an economic one. The EU is highly dependent on energy imports, but when it comes to procurement strategies, the Union appears to be incapable of thinking in terms of the common good. Individual states continue to take their own interests into consideration rather than acting in ways that would benefit the welfare of the collective.
Over half of EU energy (approximately 53% of total consumption) is imported, at a cost of over one billion euros per day. Dependence on imported natural gas, which many view as critical, is even greater: close to 66% of total consumption. Gas is considered to be of greater concern than oil because its market model is much more restricted (around 90% of all oil products are shipped by sea).
In terms of EU gas pipeline imports, 39% come from Russia (half of which currently goes to Ukraine), 34% from Norway and 14% from Algeria. Libyan imports experienced a drastic reduction after the country was torn apart by civil war. While liquefied natural gas (LNG) is also shipped by sea, that method only accounts for about 10% of supplies.
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PART TWO: Twenty years of floundered attempts. In spite of its dependency on imports, the EU is incapable of devising a common energy strategy.
