Speaking today at the U.S.-EU Energy Council in Lisbon, Portugal, Secretary Clinton said, "You know how vitally important I think energy issues are to our security and prosperity, so for us to have this opportunity to look broadly at what we need to be mindful of as we plan for the future is especially useful. We have a great agenda ready to tackle. And I think this council is a very promising forum in which to do so, because it does provide the opportunity for coordinating policies and actions. It also gives us a chance to determine how to respond to what is shaping our energy markets, from shifts in demand linked to the pace of economic recovery to new sources of supply from liquefied natural gas and shale, to the advances in clean technologies and renewables.
"I'm hoping that out of this, we can come up with an agenda and the practical steps that we can take together. We've already accomplished some significant steps since we began this just a year ago. We are working to secure new sources of natural gas for Europe by expanding cooperation with partners in the Middle East and the Caspian region, including Azerbaijan; a new supply route through Georgia, Turkey, and into Europe. The Southern Gas Corridor will help open the European market to more diverse energy sources and bolster European energy security. And we're working with Ukraine as it tries to chart a path toward being a more reliable energy partner for Europe.
"I also believe that we have an extraordinary opportunity for the United States and European Union to lead the world in developing and implementing new and more efficient technologies -- smart electrical grids and electrical vehicles. The third energy directive passed in 2009 will increase competition and access to energy resources in Europe, and then I think the new energy 2020 strategy aimed at creating a more integrated internal market can help adapt to supply shocks and shifts.
"And as Europe prepares for the first EU energy summit in February, I think we can play a part in helping to fulfill the goals that you are setting to quicken the tempo of our engagement. We have Ambassador Morningstar as our Special Envoy for Eurasian Energy, and we also want to work together not only bilaterally, but in multilateral fora as well. So I am excited by this. I thank you for diving into it and making it a priority on your extraordinarily packed agenda, and we look forward to the exchange today."
The full transcript is available here.
After the meeting, the United States and European Union released a joint statement, which read in part:
"Energy is an important component of the U.S.-EU dialogue in the 21st century, because it has effects across our foreign, economic and development policies. By working together on energy, the United States and the European Union are increasing our mutual security and prosperity; underpinning stable, reliable and transparent global energy markets; and coordinating our regulatory regimes and research programs to speed the deployment of tomorrow's clean and efficient energy technologies.
"Our cooperation supports economic growth and job creation, and advances our climate change goals. The United States and the European Union established the U.S.-EU Energy Council at the ministerial level in November 2009 to deepen our dialogue in these areas. The Energy Council met again today to review progress and delegate new projects to the working groups on security, technology and policy. Ministerial-level Participants on the U.S. side were U.S. Secretary of State Hillary Clinton, and Deputy Secretary of the U.S. Department of Energy Daniel Poneman, and on the EU side EU High Representative Catherine Ashton, Energy Minister Freya Van den Bossche for the EU Presidency and Commissioner for Energy Günther Oettinger.
"We, the Principals, reviewed the work of the Energy Security Working Group and were encouraged by progress since the last meeting in the development of a Southern Corridor to diversify sources and routes to help meet Europe's long-term natural gas requirements.
"We noted the June 7, 2010, signing of a gas transit and pricing agreement between Turkey and Azerbaijan, which opened the way for producers and shippers to negotiate contracts to bring Caspian gas to European markets.
"We look forward to the conclusion of commercial agreements with the Shah Deniz II consortium in early 2011, which will trigger actual construction of the necessary infrastructure.
"We considered additional, non-Caspian sources of gas for the Southern Corridor, agreeing that Iraq has the potential to export while meeting its own domestic requirements. In this context, we call on the Iraqi authorities to implement new hydrocarbon and revenue sharing legislative arrangements.
"We recognized that the principles set out in the EU-Iraq MOU of January 18, 2010, on a Strategic Energy Partnership will be a basis for discussion of energy cooperation with Iraq. We also discussed the potential implications of the changes in global gas markets, including the rapid development of unconventional gas resources and the shift in trade patterns for liquefied natural gas (LNG).
"We reviewed progress on our shared goal to foster a more stable, transparent and efficient energy market in Ukraine. We were encouraged by the initial steps Ukraine has made to reform its energy market, notably, the passage of the natural gas market law (July 2010), aligning domestic gas tariffs to market conditions (August 2010), and signing the Protocol of Accession to the Energy Community (September 2010). We also expressed our intention to seek further progress in the implementation of the March 2009 Joint Declaration on the modernization of the Ukrainian gas transit system that was signed by the European Commission, Ukraine and the International Financial Institutions."
The full text of the statement is available here.