Emfesz and Europe’s Energy Security

The quote below from Judy Dempsey’s New York Times piece puts it rather lightly:

“If the E.U. wants energy security then it should examine how trading companies supply gas to the member states,” said Tom Mayne, energy expert at Global Witness. “So little of the energy trade is open to scrutiny or subject to strict disclosure requirements, or transparency over how the prices for the consumers are set. These issues are intrinsically related to energy security.”

That is why the recent changes in the ownership structure of Emfesz should concern Brussels.

Really?  Surely the fact that overnight 20% of the Hungarian natural gas market was taken over by a heretofore unknown front company called RosGas isn’t any reason to worry about corruption in the Russian gas trade.  The EU is really asleep at the switch on this issue.