Abstract This article scrutinises the volatility that has characterised European natural-gas prices in recent years, situating these fluctuations within the broader canvas of energy security and macroeconomic governance across the Union. Grounded in an exhaustive appraisal of specialised scholarship, the investigation interweaves qualitative interpretation with statistical examination of peer-reviewed data sets, thereby illuminating the constellation of geopolitical frictions, market imperfections and infrastructural rigidities that configure contemporary supply trajectories. The analysis reveals a pronounced synchronicity between price turbulence and diplomatic tensions affecting transit corridors from the Russian Federation, a dynamic that exposes latent systemic fragilities in member states whose import portfolios remain highly concentrated. Diversification initiatives—spanning liquefied-natural-gas terminals, interconnector upgrades and expanded strategic stockpiles—have softened short-term shocks yet have not yielded durable price convergence. A lasting recalibration appears contingent upon an accelerated incorporation of renewable sources, a shift expected to temper exposure to exogenous disturbances while sharpening the Union’s competitive stance within an increasingly decarbonised global economy. By tracing the intricate interplay of regulatory design, market behaviour and geostrategic contention, the study enriches ongoing debates and furnishes a textured analytical template for policy architects and future empirical inquiry.
Mihai Sandu (Tue,) studied this question.