The FINANCIAL -- According to the European Commission, the European Commission is hosting on December 17 the second meeting of the EU Network of Energy Security Correspondents (NESCO) in Brussels. The Network correspondents from the European Commission, the Council Secretariat and the EU Member States will discuss a report on the functioning of the Network since its establishment in May 2007.
Commissioner for External Relations and European Neighbourhood Policy, Benita Ferrero-Waldner noted: “The EU Network of Energy Security Correspondents makes an important contribution to EU’s efforts to enhance external energy security. NESCO is proving its usefulness as we see an increasing number of incidents with the potential to impact negatively on the EU’s security of energy supply, such as disruptions of oil and gas supplies, pipeline explosions, oil spills or mine accidents in the European neighbourhood and beyond”
This Network was endorsed by the European Council in December 2006, as a new instrument for enhancing the EU’s energy security. Through its continuous monitoring and exchange of information, NESCO supports decision making and contributes to developing increased co-operation between all EU energy actors. The Networks operates through a dedicated web portal with controlled access, to guarantee secure communication for the correspondents. It plays a role in stepping up the EU's capacity to collect and share real-time information and to provide and early warning of potential threats to the security of energy supply.
Even though the Network has been operational only since May 2007 it has already proven its usefulness on a number of occasions. The latest being the explosion of a gas transit pipeline in Ukraine on 7 December. In this case the Network was instrumental in sharing information between the EU Member States and in monitoring in real time the continuity of gas supplies from Russia through Ukraine to the EU.