Hat das liberale EU-Energiemarktmodell ausgedient?

The war in Ukraine, record high gas and electricity prices, and a structurally strained market for liquefied natural gas (LNG) are posing a fundamental challenge to the liberal EU energy market model. Two key elements are converging. First, policy responses to the energy crisis are profoundly interventionist and developing path dependencies. This raises the question of whether the liberal paradigm that has characterized market integration over the past decades will continue to play a central role in future market design. Second, the crisis is "securitizing" the energy transition. Instead of climate policy, the goal of national security is now driving renewables and decarbonization. What are the options for the EU? This article argues that a return to the established, "liberal" model is unlikely. Instead, the choice remains between different degrees of "more government" in European energy governance. Both, however, involve important trade-offs.