The Russian Federation supplies an important part of EU’s energy needs. In recent years, EU has shown a special interest in the Caspian region’s energy; the signing of NABOCO Pipeline protocol on July 13, 2009 is a sign of this interest. What are the reasons for EU’s interest in the Caspian region’s energy? This paper proposes that the increasing energy needs in Europe, limited domestic resources, dependence on the Russian federation, and EU’s growing doubts over Russia as a provider of stable energy have contributed to this new energy policy. The paper is based on official statistics and those of specialized energy institutions, as well as analysis of economic and political developments in Europe and the Caspian region.