PurposeThe purpose of the paper is to clarify the distinction between vulnerability and energy dependence of a country and to present simple indicators that are used to analyse energy vulnerability.Design/methodology/approachThis paper introduces the different facets of the energy vulnerability concept and discusses the options available to manage risks arising from energy vulnerability.FindingsThe concept of energy vulnerability takes various forms and cannot be reduced to appreciating the degree of dependency of a country concerning energy supplies.Originality/valueThe contribution of the paper lies in offering a coherent set of indicators for analysing the energy vulnerability issue and in identifying a potential research area of developing a composite indicator of vulnerability similar to that of the human development indicator.

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The objective of this paper was to analyse the weight of natural gas in the European Union and to insist on two points: the role of long‐term contracts for supply security and the impact of geopolitical considerations in the relationships with the main suppliers, Russia and Algeria. But for the European Commission, supply security should not be an obstacle to competition. The Commission is also cautious regarding the takeover risks of trans‐Europe natural gas transmission firms. Political considerations strongly affect economic factors in international gas exchanges in Europe.