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Rethinking Market Governance and Energy Security

Chapter
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Part of the SpringerBriefs in Environment, Security, Development and Peace book series (BRIEFSSECUR, volume 1)

Abstract

Energy security is no longer just a matter of securing access to adequate energy supplies—it is concerned with other aspects as well, such as the environmental and social costs of energy use. This chapter presents the principles of good market governance and argues that proper market governance in the energy sector, combining government regulatory measures and the workings of the free market, would be instrumental in ensuring long-term energy security. Japan is presented as a case country. The chapter illustrates that Japan, by adopting proper market governance in the energy sector, has not only ensured the sustainability of energy supplies but also mitigated accompanying environmental and sociopolitical risks of energy use, albeit the Fukushima accident, which has forced it to review and upgrade its market governance.

Keywords

Energy governance Energy security Fukushima accident Principles of market governance 

Abbreviations

FERC

United States Federal Energy Regulatory Commission

GHG

Greenhouse gas

GW

Gigawatt

HSS

School of Humanities and Social Sciences

IEA

International Energy Agency

IPCC

Intergovernmental Panel on Climate Change

mmbd

Million barrels per day

NEA

National Environment Agency, Singapore

NMD

National Missile Defence

NTS

Non-traditional security

NTU

Nanyang Technological University

OECD

Organisation for Economic Co-operation and Development

R&D

Research and development

RSIS

S. Rajaratnam School of International Studies

SLOC

Sea lines of communication

SME

Small- and medium-sized enterprise

UK

United Kingdom

US

United States

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Copyright information

© The Author(s) 2012

Authors and Affiliations

  1. 1.HSS-04-65, Division of Economics, School of Humanities and Social SciencesNanyang Technological UniversitySingaporeSingapore
  2. 2.S. Rajaratnam School of International Studies (RSIS)Nanyang Technological University (NTU)SingaporeSingapore

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