COMMENT A small ray of sun broke through the clouds over Europe’s energy policy on Monday as a deal on the Nabucco pipeline was signed by the five countries it will cross – but European energy security still faces serious challenges.
Nabucco remains far from a done deal: it is unclear where the gas will come from. Iran, Turkmenistan and Iraq have large reserves, but hardly qualify as riskless sources of supply. Azerbaijan can play Europe off against a Russia seeking supplies for its rival South Stream pipeline.
