Thursday, 12 February 2015 00:00

Energy Security: A Paradigm Shift

Written by  Velichka Milina
Since the middle of the first decade of the twenty-first century, energy security has been among the highest priorities in the security strategies and policies of developed countries. The potential risks and threats related to energy security mainly grew out of two circumstances: the predicted upcoming production peak of hydrocarbon resources vital for the modern economy, and the security of their supplies. Two key factors in the past years, however, have dramatically changed the energy sector. The first factor is the global economic crisis of the 2010s, and the other is the strategic shock from the yield of non-conventional hydrocarbon resources. Today, energy security policy requires a paradigm shift and a new model of factors and conditions for its implementation. This article offers an analysis and assessment of the changes demanding a new paradigm of efficient energy security that is adequate to the changed realities of energy markets and global economic development.