The challenging economics of energy security: Ensuring energy benefits in support to sustainable development
AbstractEnergy is a key-resource to economic development and is required to be available continuously and in adequate amounts. Also, it is expected to be affordable and environmentally friendly. Ensuring this is a challenge, yet strategic to maintain economies running under a sustainable pattern. Energy security is neither a new concept, nor a new concern. However, because of new issues, it requires a novel, broader approach. Such an approach should address both demand (security of supply) and supply (security of demand) sides, as well as take into account energy scarcity situations and surplus opportunities. In addition, it should allow for both private (markets) and public (policies and regulations) initiatives. This paper presents a theoretical and practical basis for the economics of energy security. Energy security is defined, in this context, as the ability of an economy to provide sufficient, affordable and environmentally sustainable energy services so as to maintain a maximum welfare state, even when issues would press it otherwise. We introduce the notion of energy security gap to represent the economy's failure to show such ability. Additionally, we also propose a framework to support the evaluation, planning and implementation of energy security in an economy. This framework relies on the concepts of resilience, adaptability and transformability (Walker et al, 2004) to prescribe indicators to assess the energy security of an economy. Furthermore, it proposes mechanisms to enhance energy security, as well as a continuous process to increasingly achieve this.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Energy Economics.
Volume (Year): 34 (2012)
Issue (Month): 6 ()
Contact details of provider:
Web page: http://www.elsevier.com/locate/eneco
Energy security; Energy policies; Sustainable development;
Find related papers by JEL classification:
- Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
- Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- He, Hua. & Pindyck, Robert S., 1989.
"Investments in flexible production capacity,"
2102-89., Massachusetts Institute of Technology (MIT), Sloan School of Management.
- Gupta, Eshita, 2008. "Oil vulnerability index of oil-importing countries," Energy Policy, Elsevier, vol. 36(3), pages 1195-1211, March.
- Grubb, Michael & Butler, Lucy & Twomey, Paul, 2006.
"Diversity and security in UK electricity generation: The influence of low-carbon objectives,"
Elsevier, vol. 34(18), pages 4050-4062, December.
- Grubb, M. & Butler, L. & Sinden, G., 2005. "Diversity and Security in UK Electricity Generation: The Influence of Low Carbon Objectives," Cambridge Working Papers in Economics 0511, Faculty of Economics, University of Cambridge.
- Chester, Lynne, 2010. "Conceptualising energy security and making explicit its polysemic nature," Energy Policy, Elsevier, vol. 38(2), pages 887-895, February.
- Giorgio Vicini & Francesco Gracceva & Anil Markandya & Valeria Costantini, 2005.
"Security of Energy Supply: Comparing Scenarios From a European Perspective,"
2005.89, Fondazione Eni Enrico Mattei.
- Costantini, Valeria & Gracceva, Francesco & Markandya, Anil & Vicini, Giorgio, 2007. "Security of energy supply: Comparing scenarios from a European perspective," Energy Policy, Elsevier, vol. 35(1), pages 210-226, January.
- Chamorro Gómez, José Manuel & Abadie, Luis M., 2005.
"Valuing Flexibility: The case of an Integrated Gasification Combined Cycle Power Plant,"
2005-21, Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I.
- Abadie, Luis M. & Chamorro, José M., 2008. "Valuing flexibility: The case of an Integrated Gasification Combined Cycle power plant," Energy Economics, Elsevier, vol. 30(4), pages 1850-1881, July.
- Cabalu, Helen, 2010. "Indicators of security of natural gas supply in Asia," Energy Policy, Elsevier, vol. 38(1), pages 218-225, January.
- Kruyt, Bert & van Vuuren, D.P. & de Vries, H.J.M. & Groenenberg, H., 2009. "Indicators for energy security," Energy Policy, Elsevier, vol. 37(6), pages 2166-2181, June.
- Adil Najam & Cutler Cleveland, 2003. "Energy and Sustainable Development at Global Environmental Summits: An Evolving Agenda," Environment, Development and Sustainability, Springer, vol. 5(1), pages 117-138, March.
- Löschel, Andreas & Moslener, Ulf & Rübbelke, Dirk T.G., 2010. "Indicators of energy security in industrialised countries," Energy Policy, Elsevier, vol. 38(4), pages 1665-1671, April.
- Gnansounou, Edgard, 2008. "Assessing the energy vulnerability: Case of industrialised countries," Energy Policy, Elsevier, vol. 36(10), pages 3734-3744, October.
- von Hippel, David & Suzuki, Tatsujiro & Williams, James H. & Savage, Timothy & Hayes, Peter, 2011. "Energy security and sustainability in Northeast Asia," Energy Policy, Elsevier, vol. 39(11), pages 6719-6730.
- Bustelo, Pablo, 2008. "Energy security with a high external dependence: the strategies of Japan and South Korea," MPRA Paper 8323, University Library of Munich, Germany.
- Turton, Hal & Barreto, Leonardo, 2006. "Long-term security of energy supply and climate change," Energy Policy, Elsevier, vol. 34(15), pages 2232-2250, October.
- Shimon Awerbuch, 2006. "Portfolio-Based Electricity Generation Planning: Policy Implications For Renewables And Energy Security," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 11(3), pages 693-710, May.
- Coaffee, Jon, 2008. "Risk, resilience, and environmentally sustainable cities," Energy Policy, Elsevier, vol. 36(12), pages 4633-4638, December.
- Charles Perrings, 1998. "Resilience in the Dynamics of Economy-Environment Systems," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 11(3), pages 503-520, April.
- Rutherford, J.P. & Scharpf, E.W. & Carrington, C.G., 2007. "Linking consumer energy efficiency with security of supply," Energy Policy, Elsevier, vol. 35(5), pages 3025-3035, May.
- Manuel Frondel & Christoph M. Schmidt, 2008. "Measuring Energy Security – A Conceptual Note," Ruhr Economic Papers 0052, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
- Zhang, Hai-Ying & Ji, Qiang & Fan, Ying, 2013. "An evaluation framework for oil import security based on the supply chain with a case study focused on China," Energy Economics, Elsevier, vol. 38(C), pages 87-95.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.