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Energy relations between Russia and EU with emphasis on natural gas

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  • Yuri Yegorov
  • Franz Wirl

Abstract

Russian gas exports play a crucial role in political discussions today. This paper argues that the European strive for energy diversification at present is economically inefficient, given the nearby resources and existing or committed transport network to Russia. Furthermore, this present diversification strategy will put Europe into competition with other consuming regions in the future, when the sources available for diversification turn dry. Hence, the current policy pursued by the EU faces a serious trade off of risking future supplies for present energy security (after all its questionable whether some of these sources are secure). We use the methodology based on the dynamics of gas reserves and path dependency in trade flows based on investment in pipeline infrastructure. Copyright 2008 The Authors. Journal compilation 2008 Organization of the Petroleum Exporting Countries.

Suggested Citation

  • Yuri Yegorov & Franz Wirl, 2008. "Energy relations between Russia and EU with emphasis on natural gas," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 32(4), pages 301-322, December.
  • Handle: RePEc:bla:opecrv:v:32:y:2008:i:4:p:301-322
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    References listed on IDEAS

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    1. Wirl, Franz, 1987. "Joint production of substitutable, exhaustible resources, or: Is flaring gas rational?," Journal of Economic Dynamics and Control, Elsevier, vol. 11(4), pages 499-511, December.
    2. Stern, Jonathan, 2005. "The Future of Russian Gas and Gazprom," OUP Catalogue, Oxford University Press, number 9780197300312.
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    Cited by:

    1. Söderbergh, Bengt & Jakobsson, Kristofer & Aleklett, Kjell, 2010. "European energy security: An analysis of future Russian natural gas production and exports," Energy Policy, Elsevier, vol. 38(12), pages 7827-7843, December.

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