The first panel at this Policy Dialogue addressed the energy union’s possible approaches to modernising the European energy market, reducing the EU’s reliance on perceived unreliable suppliers, improving price competitiveness within the EU, upgrading energy transportation systems and ensuring that the EU is price competitive in the global energy market. Hedberg noted that EU energy policies and targets are intrinsically linked to climate policies and targets. How the EU approaches de-carbonising Europe’s economy is another issue to be addressed by the energy union. The second panel examined the energy union’s likely external consequences for countries and companies based outside the European Union.