| Measuring the Security of External Supply in the EU Stockholm School of Economics University of Copenhagen Abstract: The security of energy supply is one of the main objectives of the common energy policy on the EU. In this paper, we provide an index that evaluates the risks associated with the external energy supply of the EU Member States. The index is designed to access the short-term risk to the supply security. The index combines measures of energy import diversification, political risks of the supplying country, risk associated with energy transit, and the economic impact of a supply disruption for each energy type. We provide estimates for a sample of eighteen EU Member States and for three primary energy sources: oil, gas and coal. We construct a separate index for each energy type and demonstrate that European countries exposure to risks differs across energies. Most other studies provide an aggregate index that combines different types of energy. Our results suggest that an aggregate approach might be misleading at least as regards the shortterm response to risks. We also find that the relative contribution to the overall European risk exposure differs across EU Member States. We discuss the implications of our findings for the common energy policy 
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