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Energy Security
Energy Security can be described as ”the uninterrupted physical availability at a price which is affordable, while respecting environment concerns”. The need to increase “energy security” was the main objective underpinning the establishment of the IEA. With particular emphasis on oil security, the Agency was created in order to establish effective mechanisms for the implementation of policies on a broad spectrum of energy issues: mechanisms that were workable and reliable, and could be implemented on a co-operative basis.Oil security remains a cornerstone of the IEA, with each IEA member required to hold oil stocks equivalent to at least 90 days of net imports and to maintain emergency measures for responding collectively to sudden disruptions in oil supply. At the same time, the IEA recognizes the broader needs of ensuring energy security and is progressively taking a more comprehensive approach to the security of supplies, including for example natural gas supplies and power generation.
Energy Security has many aspects: long-term energy security is mainly linked to timely investments to supply energy in line with economic developments and environmental needs. On the other hand, short-term energy security is the ability of the energy system to react promptly to sudden changes in supply and demand.
Another way to look at energy security is to study the different energy sources (coal, oil, gas, and renewables), intermediate means (electricity, refineries) and transportation modes (grids, pipelines, ports, ships). All of these have risks of supply interruptions or failures, challenging the security of undisturbed energy supply.
Today, the need to ensure energy security is more urgent than ever. Since its inception, the IEA has grown in size and expanded its range of expertise. The IEA works towards improving energy security by:
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