The Global Energy Outlook in the United Kingdom


Essay, 2018
7 Pages, Grade: 80.00

Excerpt

Table of contents:

The Global Energy Outlook

Political Factors

Economic Factors

Social Factors

Technological Factors

Legal Factors

Environmental Factors

Transnational Energy Infrastructure Projects and the United Kingdom

References

The Global Energy Outlook

Sustainable energy supply is increasingly becoming a paramount concept within the concepts of state security, economic and sociopolitical prosperity. European Union (EU) classification integrates energy supply in the provisions of general economic underscores the significance of achieving energy sustainability. Nonetheless, energy sustainability is not an interpretation or emphasis of energy independence or natural financial systems in the contemporary fiscal structure (Yergin 2016, 69). As a consequence, energy regulation processes in attempts to achieve sustainability has intensified across different regions across the world, including the European Union. Energy policies within the EU region are crafted to guarantee sustainability and security in energy supply among the participating countries. These regulatory frameworks are often aligned with prevailing socioeconomic and political situations. For instance, it is estimated that the ongoing Baltic Pipe project will reinforce the sustainability and security of energy supply throughout the Central and Eastern Europe (Maigre 2010, 2). The resulting benefits are attributed to energy source diversification, which protects the EU from an imminent crisis. This underscores the significance of evaluating potential opportunities influenced by the existing energy viewpoints in transnational energy projects. In particular, the PESTLE utilities provides a systematic analytical approach for establishing the impact of transnational energy collaborations as manifested by the Baltic Pipe on energy security in the EU region.

Political Factors

Cooperation, solidarity, and uniformity of nations in policies, investments along with actions is fundamental in the implementation of suitable strategies to attain a higher level of secure and sustainable in energy supply. On the other hand, similar collaborations have been used in the past by oil-producing countries to regulate oil prices at self-centered interests at the expense of energy security of other nations (Aalto 2016 44). This is exemplified by the role of the Organization of Petroleum Exporting Countries (OPEC), in which the state members have in the past used these regulations to influence global oil prices and market quotas in their favor. Nevertheless, the presence of Baltic Pipe projects and similar infrastructures means enhanced bilateral agreements and flexible trade tariffs and restrictions. This will significantly improve energy sustainability and security as a result of diversified oil sources with friendly policy restrictions attributed to bilateral oil supply agreements in the EU region (Aalto and Korkmaz, 2014, 760). Political processes in transnational energy infrastructures are essential in reaching bilateral contracts on within taxation and policy frameworks that reduce emission and energy demands, which enhances the efficiency in energy consumption and supply hence attaining self-sustainability among the member-states (Colgan 2010, 12). The International Energy Agency provides a political framework guiding the member states on how to deal with oil disruptions and prevent potential crises in the energy sector. This allows the state-members to rely on oil supply reserves in a systematic manner, which prevents adverse impacts associated with the oil crisis.

Economic Factors

Diverse growth rates characterize the EU due to the availability of natural resources. Some countries may have rich energy resources while others have significant deficiencies due to variations in the distribution of natural resources. Similarly, other nations may be well-equipped with innovative energy consumption approaches, which is paramount in offsetting the differences observed in oil production distribution (Aalto 2016, 46). As a result, Baltic Pipe project will play a central role in offsetting inequalities in oil production through the development of shared approaches towards accomplishing sustainability in energy consumption. Similar projects are paramount in promoting the redistribution of fossil fuel to the regions (Goldthau 2016, 11). The distribution of innovative energy consumption techniques across the region as transnational energy project perpetrators seek ways to achieve energy security and sustainable utilization for economic developments. These approaches are likely to help stabilize the price fluctuations along with the availability of natural resources across the EU region.

Social Factors

Social factors outline everyday energy consumption lifestyles. Currently, most regions in the European Union are experiencing high population growth. This is accompanied high industrialization features characterized by increased demands on various products and services. As a consequence, social lifestyles in different regions are likely to reduce or increase the sustainability of energy security. Transnational energy collaborations enhance conservative approaches in addressing the needs of population growth that are more focused on consumption-led developments. In this case, individual nations are likely to reskill domestic labor resources in attempts to promote efficient energy utilization (Aalto and Korkmaz 2014, 761). State-funded local policies and projects are likely to alter the national attitudes towards the significance of promoting efficient energy conservative lifestyles. This is likely to foster the utilization of green products along with renewable energy sources, decreasing the demand for oil energy.

Technological Factors

Technological issues affect energy supply and demand aspects in the EU region. It entails significant infrastructures affecting energy storage, the use of non-renewable energy resources along with transportation utilities. Normally, bilateral agreements achieved during the implementation of transnational energy infrastructure projects design various treaties compelling state members to implement specific policies that favor the use of alternative sources of energy in attempts to reduce overreliance on oil-based energy production (Karnitis 2011, 11). These policies may entail building the construction of innovative cities that combat urban sprawl and other undesirable features that may lead unsustainable energy security demands and supply. Therefore, Baltic Pipe and other transnational energy projects may help in accomplishing sustainable technological development, which focus on reliable energy demand and supply across the EU region. The passing of legislation favoring the use of highly energy efficient residential, commercial, and industrial tools among the participating members is likely to promote security by reducing the dependence of fossil fuels while enhancing the use of renewable energy resources across the EU region.

Legal Factors

Transnational energy infrastructures are established based on international regulations that govern the manner in which these projects are implemented. These policies often influence the manner in which energy resources are utilized. Transnational infrastructure energy regulations often promote the consensus on energy utilities and supplies. In particular, the Energy Charter Treaty encourages energy efficiency by governing competitive energy market in approaches that promote the sovereignty and sustainable energy resources. It also provides a legal mechanism that seeks to achieve amicable solutions in the manner in which energy consumption disputes are resolved (Goldthau 2016, 22). This plays a sustainable role in promoting long-lasting energy collaborations among the partnering companies.

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Excerpt out of 7 pages

Details

Title
The Global Energy Outlook in the United Kingdom
College
Kenyatta University
Grade
80.00
Author
Year
2018
Pages
7
Catalog Number
V428639
ISBN (eBook)
9783668727281
File size
458 KB
Language
English
Tags
global, energy, outlook, united, kingdom
Quote paper
Leonard Kahungu (Author), 2018, The Global Energy Outlook in the United Kingdom, Munich, GRIN Verlag, https://www.grin.com/document/428639

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