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DELIVERING ENERGY SECURITY AT HOME: THE CREATION OF AN INTERNAL EUROPEAN ENERGY MARKET

The creation of an internal, pan-European energy market is a signifier of Europe’s institutional strength in achieving energy security. Establishing a single European gas and electricity market is a founding principle of the EU and its previous incarnation, the European Economic Community. The EU has consistently pushed for an internal energy market to ensure fair prices for citizens and industries. Opening Europe’s energy markets to competition is a key element in securing Europe’s energy supplies. This is a policy long advocated and practised in the UK. Opening up markets to competition and interconnection between markets will promote investment in power generating capacity and transmission networks, whilst at the same time allowing for greater solidarity between member states in the event of supply disruptions. It will also encourage, for example, small companies that invest in renewable energies to access new energy markets.