EU proposes energy security regulation

BRUSSELS, July 16 (UPI) -- The European Commission adopted new regulation calling on member states to monitor gas supplies with the aim of averting a potential energy crisis.

A January dispute between Kiev and Moscow over gas contracts and debt prompted Russian energy giant Gazprom to cut the flow of gas to Ukraine. That left Europe in the cold for weeks as 80 percent of its Russian gas supplies flow through Ukrainian pipelines.

The EU said gas represents more than 25 percent of the energy supply for Europe. By 2020, Europe expects to import 80 percent of its energy needs.

As a result, the European Commission said it would require member states to appoint a "competent authority" to monitor gas supply developments, determine any risks and recommend the appropriate preventive actions to prevent an energy crisis.

"Increasing energy security will be one of the top priorities in the coming years," said Jose Manuel Barroso, the president of the commission. "We need to work for the best but make sure we are prepared for the worst."

Furthermore, the new regulation calls on member states to prepare for any disruptions in energy supplies by cooperating with stakeholders and other members of the European community.

For his part, European Energy Commissioner Andris Piebalgs called for swift approval of the new regulations, calling the existing mechanisms "insufficient."