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Security of Energy Considering its Uncertainty, Risk and Economic Implications

Security of Energy Considering its Uncertainty, Risk and Economic Implications

SECURE is a research project funded by the European Commission under the Seventh Framework Programme with the scope of building a comprehensive framework that covers the issues related to security of supply inside and outside the EU.

The project developed appropriate tools for evaluating the vulnerability of the EU to the different energy supply risks, and for promoting the optimisation of EU energy insecurity mitigation strategies, including investment, demand side management and dialogue with producing countries. SECURE developed energy security indicators for the major energy sources and technologies so as to identify risk factors and quantify EU exposure.

Costs and benefits of energy security have been evaluated for different energy demand scenarios to help policy-makers provide the most appropriate solutions. In fact, the SECURE project had both a strong quantitative and qualitative component and not only provided a comprehensive methodological framework to measure energy security of supply, but it also proposed policy recommendations on how to improve energy security, taking into account costs, benefits and risks of various policy choices.