Addressing the Russia Energy Challenge: Why Regulation Trumps Geopolitics
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Europe's dependence on Russian gas has raised security concerns, especially in response to Russia's aggression against Ukraine. But this threat is overestimated. The truth is that the EU market, a large market with relatively high prices is very important for Gazprom. What is more, Europe's regulatory apparatus is well-equipped to deal with market power and discriminatory pricing, which is at the core of the real problem Russian gas poses to Europe.
Andrea Goldthau is a professor of public policy at Central European University, an associate with the Geopolitics of Energy Project at Harvard's Belfer Center for Science and International Affairs, and a fellow with the Global Public Policy Institute.
The Trans-Atlantic Energy Action Project is funded in part by the European Union. Learn more here.