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The EU-Russia Gas Relationship: a mutual dependency

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Author Info

  • Le Coq, Chloe

    ()
    (Stockholm Institute of Transition Economics)

  • Paltseva, Elena

    ()
    (New Economic School, Moscow)

Abstract

Current debate on the energy security in the EU often stresses the EU dependency on gas imports from Russia. However, Russia is no less dependent on the EU – more than half of its gas exports goes to Europe. The purpose of this paper is to characterize this mutual dependency through an index-based approach, and to discuss how the development of gas markets may affect such dependency. We suggest a unified framework to assess the security of gas supply for the EU and the security of gas demand for Russia, and construct dependency indexes for both parties. Our approach accounts not only for the traditional import/export dependency measures but also for the balance of power between Russia and the EU. The proposed methodology is then used to address the evolution of the EU-Russia gas relationship in the view of gas market’s developments. New gas pipelines projects (e.g., South Stream, Nabucco) and increasing use of liquefied natural gas are all likely to impact both the demand side and the supply side of the EU-Russia gas trade, and affect mutual gas dependency between the EU and Russia.

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File URL: http://swopec.hhs.se/hasite/papers/hasite0018.pdf
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Bibliographic Info

Paper provided by Stockholm Institute of Transition Economics, Stockholm School of Economics in its series SITE Working Paper Series with number 18.

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Length: 33 pages
Date of creation: 01 Sep 2012
Date of revision:
Handle: RePEc:hhs:hasite:0018

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Postal: Stockholm Institute of Transition Economics, Stockholm School of Economics, P.O. Box 6501, SE-113 83 Stockholm, Sweden
Phone: (+46 8) 736 9670
Fax: (+46 8) 31 64 22
Web page: http://www.hhs.se/site/
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Keywords: Energy Security; European Union; Gas transit risks; Index; Russia.;

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References

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  1. repec:reg:wpaper:33 is not listed on IDEAS
  2. Finon, Dominique & Locatelli, Catherine, 2008. "Russian and European gas interdependence: Could contractual trade channel geopolitics?," Energy Policy, Elsevier, Elsevier, vol. 36(1), pages 423-442, January.
  3. Roman Inderst & Christian Wey, 2005. "Buyer Power and Supplier Incentives," Discussion Papers of DIW Berlin 464, DIW Berlin, German Institute for Economic Research.
  4. Le Coq, Chloé & Paltseva, Elena, 2012. "Assessing gas transit risks: Russia vs. the EU," Energy Policy, Elsevier, Elsevier, vol. 42(C), pages 642-650.
  5. Franz Hubert & Irina Suleymanova, 2008. "Strategic Investment in International Gas-Transport Systems: A Dynamic Analysis of the Hold-up Problem," Discussion Papers of DIW Berlin 846, DIW Berlin, German Institute for Economic Research.
  6. Le Coq, Chloe & Paltseva, Elena, 2009. "Measuring the Security of External Energy Supply in the European Union," SITE Working Paper Series, Stockholm Institute of Transition Economics, Stockholm School of Economics 2, Stockholm Institute of Transition Economics, Stockholm School of Economics.
  7. Hubert, Franz & Ikonnikova, Svetlana, 2009. "Investment Options and Bargaining Power the Eurasian Supply Chain for Natural Gas," MPRA Paper 17854, University Library of Munich, Germany.
  8. repec:reg:rpubli:33 is not listed on IDEAS
  9. Sovacool, Benjamin K. & Mukherjee, Ishani, 2011. "Conceptualizing and measuring energy security: A synthesized approach," Energy, Elsevier, Elsevier, vol. 36(8), pages 5343-5355.
  10. Peter Havlik, 2010. "European Energy Security in View of Russian Economic and Integration Prospects," wiiw Research Reports 362, The Vienna Institute for International Economic Studies, wiiw.
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