The article is a synthetic approach to issues concerning energy security in the European Union, set against the background of globalization and the interests of the world`s developed economies. Questions posed by the author give rise to a discussion on the directions of the EU energy policy. Ideas presented in the article undermine the validity of the EU policy regarding the dramatic reduction of CO2 emissions, while the EU`s competitors do not anticipate similar restrictions in the near future. According to the author, this means self-limitation of the EU`s competitiveness in the world markets directly leading to a decline of the European economy. Renewable energy sources are undoubtedly the future for the energy sector in Europe and in the world, however, during the transitional period we face now it is essential to achieve a proper balance of all the opportunities new technologies provide and the maintenance of existing production processes to an extent which allows us to keep pace with global competition. It is argued that the demands formulated by the author are the necessary minimum for the EU to maintain its position among leading economies of the world.