Energy Security οf Central and Eastern Europe in the Context of Geopolitical Tensions and Diversification of Raw Material Supplies
Purpose: The purpose of this paper is to analyse the energy security status of Central and Eastern Europe in view of the modern geopolitical tensions, especially those related to the Russo-Ukrainian conflict. The author focussed on the importance of diversification of sources and directions of energy raw material supplies as the key element improving the resilience of countries in the region. The paper is also intended to assess the activities undertaken by the countries and international institutions towards the strengthening of energy independence. Design/Methodology/Approach: The analytical-descriptive approach was used in the paper, based on the analysis of statistical data, strategic documents and field literature relating to energy security. The study includes both the geopolitical context, as well as the activities of countries in the region, relating to diversification of energy sources. Findings: In view of the geopolitical tensions, the energy security of Central and Eastern Europe requires extensive expansion of the energy infrastructure and diversification of energy raw material sources. Projects such as Baltic Pipe, the development of LNG terminals and investments in renewable energy are the key elements of energy security policy in the region. Additionally, international cooperation, both within the EU and the Three Seas Initiative, is of key importance in the drive towards building a more stable and diversified energy market, enabling the lower dependence on individual energy raw material suppliers. Practical Implications: The conclusions from this paper may provide support for political decision makers and institutions responsible for energy security in shaping long-term diversification strategies for raw material supplies. The paper indicates the need to intensify investments in energy infrastructure, development of renewable energy sources and tightening the cooperation in the region in order to limit the dependence on unstable geopolitical partners. Originality/Value: The paper provides value through the analysis of the impact of the modern day geopolitical tensions on the energy security of Central and Eastern Europe and an assessment of diversification activities undertaken in the region.