The Importance Of Energy Security

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Energy is essential to economic growth and sustainable developments. Providing access to affordable, reliable and sustainable energy is a key factor to help ending extreme poverty and promoting universal prosperity. Around 1.1 billion people worldwide still live without access to electricity – most of them in Africa and Asia, and another 2.8 billion rely on wood or other biomass for cooking and heating (World Bank, 2016). Therefore, achieving energy security has to be one of the high priority goals of a country in order to improve living conditions through providing better access to basic infrastructure and services. Energy security of a country has two meaning based on time frame for strategic plan: long term energy security that deal energy…show more content…
The ability to respond collectively in the case of a serious oil supply disruption with short-term emergency response measures remains one of the challenges. In cases, such as the international oil market, where prices are allowed to adjust in response to changes in supply and demand, the risk of physical unavailability is limited to extreme events. Supply security concerns are primarily related to the economic damage caused by extreme price spikes. The concern for physical unavailability of supply is more prevalent in energy markets where transmission systems must be kept in constant balance, such as electricity and, to some extent, natural gas. To improve energy security, it is highly encouraged to increase the share of other alternative energy sources in the energy mix. The IEA continues to work to improve energy security over the longer term by promoting energy policies that encourage diversification. For a better understanding the points of strengths and weaknesses of a particular energy source, Figure 10 indicates the implications of each energy source in the different industries as well as the vulnerability of energy system to unexpected events like supply disruption or extreme price…show more content…
Other sources vary in size of contribution to the total energy consumption but all of them are noticeably less employed in the energy use network than oil and gas. 2.2 World Energy Sources There are many energy sources in the world that are used to produce power necessary to satisfy basic human needs human notably power generation. The section presents a brief overview of the main sources that each constitutes a considerable share in the energy mix:  Fossil Fuels (Coal, Oil and Natural Gas) Fossil fuels are still the dominant energy source that provide power for the most of the world. Crude oil, coal and gas are mixture of hydrocarbons, crude oil exists naturally in liquid state while natural gas is available in gaseous phase and coal and coal is found in the form of black hard rock. Fossil fuels are from sediments rich in organic matter buried underground over hundreds or may be thousands of years, the remaining of organic matters convert to hydrocarbons as a result of the high heat and pressure in the deep layers of earth

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