Energy security matters because energy is essential to economic growth and human development. That’s why counties should give more importance for their energy security policies in order to have sustainable economic growth.
Energy Security can be described as: ‘the uninterrupted physical availability at a price which is affordable, while respecting environment concerns’.
Energy security means having: adequate, affordable, reliable, timely, clean and uninterrupted supplies of energy.
Short-term threats to security concern unexpected disruptions, whether of a political, technical, accidental or malevolent nature. No energy system can be entirely secure in the short term, because disruptions or shortages can arise unexpectedly, whether through sabotage, political intervention, strikes, technical failures, accidents or natural disasters.
Long-term threats relate to a lack of deliverability, caused by deliberate or unintentional under-investment in capacity. In the longer term, under-investment in energy production or transportation (and refining) capacity can lead to shortages and consequently unacceptably high prices.
The two are linked: under-investment also renders the energy system more vulnerable to sudden supply disruptions, accentuating their impact on prices, while experience of short-term disruptions shakes market confidence in supply, increasing the risk of under-investment in production