Sandu-Daniel Kopp investigates whether carbon reduction targets are compatible with market-driven competition in gas (and power) industries, and whether security of supply is compatible with competitive markets. He examines the policy trade-offs which need to be made between the three different elements, and whether these policy judgements should be economically or politically based. The analysis shows the need for a complex set of politically determined options to protect (competitive) markets from price risks and emergency events and demonstrates that this has thus far failed the policy...