Through an application of Regional Security Complex Theory and empirical examination, this article explores the pros and cons of regional and inter-regional energy co-operation. In spite of present unilateral and bilateral manoeuvres on the part of EU Member States to the contrary, a common energy security policy appears feasible over the next five to ten years. However, EU-Russian co-operation in the energy sector is not likely to improve considerably over this period, and EU attempts to counterbalance the dominant and growing position that Russia has occupied in the supply of gas to EU countries by seeking alternative energy supply from central Asia are likely to be thwarted by countervailing Russian measures. Copyright (c) 2010 The Author(s). Journal compilation (c) 2010 Blackwell Publishing Ltd.