Energy in the 21st century

  Oil prices are on the rise again in the last few weeks of February. This time the reasons are the tough winter in this part of the hemisphere and tensions with Iran. In any case, petrol prices at the pump are reaching record highs. The Fukushima disaster after Japan's earthquake and tsunami last year is starting to fade from the memory but its effects on the public's perception of nuclear energy are unlikely to be erased for a long time yet. Conflicts related to natural gas regarding the security of supply and the deployment of gas conduits are reaching levels of diplomatic concern. The international struggle to contain greenhouse gas emissions and mitigate their effects is at odds with the great powers. Spain's policy to stimulate renewable energy sources has become highly controversial. Can anyone doubt that the energy sector is a high voltage issue?

  Market efficiency and security in supply are traditionally the main concerns of national energy policymakers. In addition to these, in countries that have to import the energy they consume, there is the need to reduce dependency on other countries to prevent their energy bill from weighing heavily on their balance of payments. Now they also have to tackle the reduction in greenhouse gas emissions in generating energy. Finding the right policy is no easy task.

  At an international level, the next few decades will see two big challenges. The first is to meet the growing energy demands of developing countries. The second is to reduce greenhouse gas emissions in order to combat climate change. It's very difficult to tackle these two challenges at the same time, as 87% of the energy consumed in the world comes from oil, coal or natural gas, the contaminating sources. «Clean» energy (hydroelectric, solar, wind, etc.) doesn't even account for 8%, while the rest is nuclear energy. Developed countries are making a big effort to contain their carbon emissions. Total carbon dioxide emissions have remained stable over the last 10 years in the 34 countries that make up the Organization for Economic Cooperation and Development. But in developing countries emissions have doubled over the same period. Maintaining the growth and development of these countries without increasing emissions is complicated and very expensive. At the recent climate change summit in Durban (South Africa), once again there were signs of great resistance to attempts to limit emissions, although we must admit that some progress was made.

  Spain is highly energy deficient as its domestic production hardly covers a quarter of its total consumption. This takes its toll every year due to energy imports. If we deduct the energy balance from 2011's current deficit (3.9% of the gross domestic product), the country's accounts would almost be balanced. In line with the strategy agreed with the rest of the countries in Europe, Spain has decided to reduce its energy dependency and greenhouse gas emissions by increasing the proportion of renewable energy sources used to generate power. However, achieving this target involves a significant change in the generation mix, something that, far from easing controversy, presents even greater challenges for the sector's regulatory policy over the coming years. Undoubtedly, the controversy regarding many of the aspects surrounding energy policy will continue to plague the sector for a long time to come.

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