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Growing energy trade and energy investment flows, along with the need to govern related technological, geopolitical, and environmental issues, have listed energy as a priority on the global policy agenda. As a result, a range of institutions of governance engage with energy issues today. This paper seeks to identify sector characteristics and emergent issues that underscore the importance of energy governance. It, further, provides a functional classification of energy institutions, offering a framework to understand the ‘nebulous’ area of energy governance. With the notion of ‘energy security‘ closely tied with sovereignty, and military and economic security, it is argued here that the international governance of energy is the governance of private energy goods to facilitate the provision of a public good in individual national contexts — energy security. This is not to suggest that energy governance is necessarily carried out in a zero-sum game arena. This, however, does offer an explanation for why global governance which is affiliated with equity and inclusion is difficult to operationalize in the case of energy. Yet, the need for governance of energy at the international level is getting more and more pronounced with accelerated growth of energy trade and investment and the concomitant need for rule enforcement and redress; recognition of the trans-border impacts of energy development and use; and call for increased transparency in sector operations and accountability from state and non-state actors.