The energy balance equation is considered for an electromagnetic wave in a
medium with frequency dispersion; It is shown that the energy density consi
sts of two parts representing the field energy and the energy stored in the
medium, respectively. The energy transport is carried solely by the field
energy. A corresponding transport velocity is introduced. It differs from t
he group velocity and is always smaller than (or equal to) the vacuum speed
of light, even in the case of superluminal group velocities.