Overview

In the aftermath of the Arab Spring, Southern and Eastern Mediterranean Countries (SEMCs) urgently need to find a new path of strong and sustainable socio-economic development. Considering its macroeconomic and energy fundamentals, the region has a great potential for triggering of a new development process, and the ongoing political changes can enhance such a new dynamic. The current energy situation in the region is characterized by a rapid increase of energy demand, low energy efficiency, and low domestic energy prices due to extensive universal consumption subsidy schemes. The situation does not appear sustainable and poses several risks to the prospects of socio-economic development of the region. The recent Arab uprisings could provide the EU with the opportunity to play a more meaningful role in the region in the future. Energy is a topic of key importance for both the EU and SEMCs. In view of their geographic proximity, a further market integration would be in the interest of both sides. This book provides a comprehensive overview of the energy markets in SEMCs and proposes a new sustainable energy transition for the overall Mediterranean region. In doing so, the book assesses a number of specific issues, such as the regional outlook for electricity and renewable energy, the current situation of the oil and gas sector and its outlook, and the most recent hydrocarbons developments occurring in the Eastern Mediterranean area. Additionally, it proposes a series of innovative financial schemes aimed at fuelling the sustainable energy transition of the overall Mediterranean region. (Series: European Energy Studies)

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