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Energy Economics

Edited By Abdulkadir Develi and Selahattin Kaynak

Energy resources, the basic input in every area of the economy, have a fundamental function for society’s welfare. Traditional energy resources are, however, rapidly decreasing. Energy supply has been falling behind in meeting global demand, and is causing increased focus on efficiency and economy concepts in recent energy policies. Since the existing energy resources are not spread evenly among the countries, but instead are concentrated in certain regions and countries, a monopolistic situation arises. Equally, supply assurance is an issue, since the energy supply is held by certain regions and countries who have monopolistic pricing power. Both the EU and many other countries are studying how to marketize energy. This book focuses on the importance of energy and the problems posed by it. It will be useful for the academic community, related sectors and decision makers.

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The Nabucco Project, Energy Supply Security andInternational Politics*

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101 The Nabucco Project, Energy Supply Security and International Politics* Gökhan Özkan Introduction It is estimated that global oil consumption will increase one percent per year and global natural gas consumption will increase 1.5 percent per year on average so that total global energy demand will increase 45 percent by 2030.1 Growing energy demand and its economic and political consequences have enhanced the importance of energy supply security. Energy supply security is defined as the continuous and stable supply of energy from reliable sources, in sufficient amounts, at reasonable prices and via reliable means of transport. It has become more important for world politics since economic parameters are now perceived as being just as important as political and military parameters for national security in the 21st century.2 The increasing significance of energy supply security in world politics has multiplied the geopolitical importance of countries that are rich in hydrocarbon reserves. After the end of the Cold War and the dissolution of the Soviet Union, many countries in Central Asia and the Caucasus gained independence. Global and regional actors struggled to shape this hydrocarbon-rich region in line with their interests. This struggle was called the “new great game”. The main players in this “new great game” are Turkey, Russia, Iran, China, Afghanistan and Pakistan as regional players and the US, the EU and Japan as global players.3 As energy security and national security became interconnected; the Middle East and Eurasia, where around 70 percent of the proven oil and natural...

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