Energy plays a significant role in economic development, as well as in individual welfare. Instability in energy prices and supplies can result in increased costs and disruptions to the supply chain. In contrast, energy consumption can result in environmental externalities, which may be detrimental to ecological conditions. As a result, the issue of energy is multifaceted. The concept of ES was proposed by APERC (2007) in order to achieve a generalization in our understanding of the energy domain: Energy Security is defined as “the ability of an economy to guarantee the availability of the supply of energy resources in a sustainable and timely manner with the energy price being at a level that will not adversely affect the economic performance of the economy”.

A variety of perspectives can be taken into account when considering ES. An energy system’s health on the supply side is considered by the first group of aspects. There are a wide range of energy sources included in this category, based on their physical availability (availability), their affordability with regard to price (affordability), and their accessibility in relation to transportation and geopolitical considerations (accessibility). The use of sustainable energy is assessed as part of the second group, by examining the implications of energy consumption for the economic and environmental aspects (acceptability), the relationship between carbon emissions generated by primary energy sources and energy structure (developability), and the use of renewable energy sources to develop a sustainable energy system (sustainability). In addition to the factors that influence an economy and its geopolitical environment, technological advancements, environmental impact, behavioral changes, and institutional changes can actively influence the use of energy.