| dc.description.abstract | In late 2008 and 2009, the world was hit by the financial and economic crisis. This had a direct impact on the demand for energy, causing unpredicted falls in the price of oil on the international markets. This, in turn, impacted on gas and electricity prices. A dispute between two companies outside the EU (Gazprom of Russia and Naftogaz of Ukraine) led to an unprecedented crisis in the EU's gas supply. Between 6 and 20 January 2009, gas flows from Russia to the EU via Ukraine were interrupted, affecting several Member States. 2009 was also an important year because the third internal energy market package1 was adopted on 13 July 2009. The third package strengthens the regulatory framework that is needed in order to make market opening fully effective, in the interest of achieving the lowest possible energy prices, better energy security and sustainability. This report2 discusses how the developments described above have impacted on the EU electricity and gas markets over the past year and how they are likely to affect market developments in the future. |
