Energy Security Issues

  • Subhes C. BhattacharyyaEmail author


This chapter focuses on the economic issues related to energy security concerns. Security of supply issues have traditionally focused on oil price volatility and the disruption of supply due to fossil fuel depletion. The attention then shifted to threats to infrastructure and the possibilities of disruption due to inadequate investments in infrastructure or market manipulation by market players. The outlook for energy security has changed significantly post-economic crisis of 2008 due to oversupply situation and the rapid penetration of renewable energies. The contemporary thinking on energy security has moved away from the traditional focus and accordingly, this chapter explains the concept, introduces the economic dimension of the problem and discusses the policies that can mitigate the issue.


Energy security Vulnerability Economics Policies Strategic reserve 


  1. Aalto, P. (2016). The new International Energy Charter: Instrumental or incremental progress in.Google Scholar
  2. Ang, B. W., Choong, W. L., & NG, T. S. (2015b). A framework for evaluating Singapore’s energy security. Applied Energy, 145, 314–325.Google Scholar
  3. APERC. (2002). Energy Security Initiative: Emergency oil stocks as an option to respond to oil supply disruption, An APERC background Report, Institute of Energy Economics, Japan.
  4. Baldwin, D. A. (1997). The concept of security. Review of International Studies, 23, 5–26.CrossRefGoogle Scholar
  5. Bazilian, M., Sovacool, B., & Miller, M. (2013). Linking energy independence to energy security. IAEE Energy Forum, 3, 17–21.Google Scholar
  6. Bielecki, J. (2002). Energy security: Is the wolf at the door? The Quarterly Review of Economics and Finance, 42, 235–250.CrossRefGoogle Scholar
  7. Bordoff, J., Halff, A., & Losz, A. (2018). New realities, new risks: rethinking the Strategic Petroleum Reserve, Centre on Global Energy Policy, Columbia University. Retrieved March 4, 2019, from
  8. Cherp, A., Jewell, J. (2014a). The concept of energy security: Beyond the 4As. Energy Policy, 75, 415–421.CrossRefGoogle Scholar
  9. Chester, L. (2010). Conceptualising energy security and making explicit its polysemic nature. Energy Policy, 38(2): 887–895.CrossRefGoogle Scholar
  10. EC. (2000). Towards a European strategy of security of energy supply, Green Paper, Commission of the European Union, Brussels.Google Scholar
  11. Gnansounou, E. (2008). Assessing the energy vulnerability: Case of industrialised countries. Energy Policy, 36, 3734–3744.CrossRefGoogle Scholar
  12. Governance, Energy Research & Social Science 11, 92–96.Google Scholar
  13. Grubb, M., Butler, L., & Twomey, P. (2005). Diversity and security in UK electricity generation: the influence of low-carbon objectives. Energy Policy, 34, 4050–4062.CrossRefGoogle Scholar
  14. Gupta, E. (2008). Oil vulnerability index of oil importing countries. Energy Policy, 36(3), 1195–1211.CrossRefGoogle Scholar
  15. Huntington, H. G. (2009). The oil security problem, Chapter 16 in Evans J. and L. C. Hunt (eds), 2009, International Handbook on the Economics of Energy, Edward Elgar, Cheltenham, U.K.Google Scholar
  16. IAEA. (2005). Energy indicators for sustainable development: Guidelines and methodologies, International Atomic Energy Agency, Vienna, Austria.
  17. IEA. (2002). Energy Security, International Energy Agency, Paris.
  18. IEA. (2007). Energy Security and climate change: Assessing interactions. Paris: International Energy Agency.Google Scholar
  19. Institute for 21st Century Energy, 2016, International Index of Energy Security Risk—2016 Edition, Assessing risk in a global energy market, US Chamber of Commerce, Washington DC.
  20. Jansen, J. C., van Arkel, W. G., & Boots, M. G. (2004). Designing indicators of long-term energy supply security ECN-C–04-007, 35p.Google Scholar
  21. Jewell, J., Cherp, A., & Riahi, K. (2014). Energy security under decarbonisation scenarios: An assessment framework and evaluation under different technology and policy choices. Energy Policy, 65, 743–760.CrossRefGoogle Scholar
  22. JRC. (2008). Handbook on constructing composite indicators: Methodology and user guide, OECD Publications, Paris.
  23. Kobayashi, Y., & Anbumozhi, V. (2015). Oil Stockpiling and Emergency Response Coordination of East Asia, ERIA Research Project Report 2014–32, ERIA, Jakarta. Retrieved March 9, 2019, from,
  24. Kruyt, B., van Vuuren, D. P., de Vries, H. J. M., & Groenenberg, H. (2009). Indicators for energy security. Energy Policy, 37, 2166–2181.CrossRefGoogle Scholar
  25. Le Coq, C., & Paltseva, E. (2009). Measuring the external security of energy supply in the European Union, 37(11), 4474–4481.Google Scholar
  26. Leiby, P. N. (2007). Estimating the energy security benefits of reduced U.S. oil imports, ORNL/TM-2007/028, Oak Ridge National Laboratory, Tennessee, USA.Google Scholar
  27. Leiby, P. N., Jones, D. W., Curlee, T. R., Lee, R. (1997). Oil Imports: An assessment of benefits and costs, Oak Ridge National Laboratory, Oak Ridge, USA.
  28. Li, H., Sun, R. J., Dong, K. Y., Dong, X. C., Zhou, Z. B., & Leng, X. (2017). Selecting China’s Strategic Petroleum Reserve sites by multi-objective programming model. Petroleum Science, 14(3), 622–635.CrossRefGoogle Scholar
  29. Marchamadol, J., & Kumar, S. (2013). An aggregated energy security performance indicator. Applied Energy, 103, 653–670.CrossRefGoogle Scholar
  30. Markandya, A., & Hunt, A. (2004). The externalities of energy security, Final Report, Externe-Pol, Bath University, UK.
  31. Metcalf, G. E. (2013). The economics of energy security, National Bureau of Economic Research, Working paper 19729, Cambridge, MA
  32. Narula, K., & Reddy, B. S. (2015). Three blind men and an elephant: The case of energy indices to measure energy security and energy sustainability. Energy, 80, 148–158.CrossRefGoogle Scholar
  33. Narula, K., & Reddy, B. S. (2016). A SES (sustainable energy security index) for developing countries. Energy, 94, 326–343.CrossRefGoogle Scholar
  34. Owen, A. D. (2004). Oil supply insecurity: Control versus damage costs. Energy Policy, 32(16), 1879–1882.CrossRefGoogle Scholar
  35. Parry, I. W. H., & Darmstader, J. (2003). The costs of US oil dependency, RFF Discussion paper no 03–59, Resources for the Future, Washington, D.C.
  36. Percebois, J. (1989). Economie de l’energie, Economica, Paris.Google Scholar
  37. Percebois, J. (2007). Energy Vulnerability and its management. International Journal of Energy Sector Management, 1(1), 51–62.CrossRefGoogle Scholar
  38. Razavi, H. (1997). Economic, security and environmental aspects of energy supply: a conceptual framework for strategic analysis of fossil fuels, for Pacific Asia Regional Energy Security Project.
  39. Sovacool, B. (2013). An international assessment of energy security performance. Ecological Economics, 88, 148–158.CrossRefGoogle Scholar
  40. Taylor, J., & Van Doren P. (2005). The case against the Strategic Petroleum Reserve, Policy Analysis, 555, Cato Institute.
  41. Toman, M. A. (1993). The economics of energy security: Theory, evidence and policy, chapter 25, Handbook of Natural Resources and Energy Economics, Vol. 3, Edited by A. V. Kneese & J. L. Aweeney, Elsevier Publishers.Google Scholar
  42. Vivoda, V. (2009). Diversification of oil import sources and energy security: A key strategy or an elusive objective. Energy Policy, 37, 4615–4623.CrossRefGoogle Scholar
  43. Vivoda, V. (2014). LNG import diversification in Asia. Energy Strategy Reviews, 2, 289–297.CrossRefGoogle Scholar

Copyright information

© Springer-Verlag London Ltd., part of Springer Nature 2019

Authors and Affiliations

  1. 1.Institute of Energy and Sustainable DevelopmentDe Montfort UniversityLeicesterUK

Personalised recommendations