The European Commission is proposing a comprehensive package of measures to protect consumers and the economy from the effects of rising energy prices amid tensions in the Middle East. Brussels warns that the EU is once again paying the price for its dependence on imported fossil fuels.
In an official statement, the European Commission announces the launch of the „AccelerateEU” strategy, a set of short and long-term measures aimed at reducing bills and accelerating the transition to clean energy.
According to the institution, since the escalation of the conflict in the Middle East, the European Union has paid an additional €24 billion for energy imports, without receiving "any additional molecules."
"Dependence on fossil fuels costs us dearly"
The President of the Commission, Ursula von der Leyen, says that the current crisis shows how vulnerable Europe is.
She warns that the decisions made now will influence the EU's ability to face future crises and emphasizes that the AccelerateEU strategy will bring both immediate measures and structural changes.
"We need to accelerate the transition to clean energy produced in Europe. This will give us independence and energy security and help us better cope with geopolitical storms," said the Commission's chief.
Aid for the population and industry
Brussels proposes quick measures to protect consumers from rising energy prices.
These include targeted financial support schemes, energy vouchers, as well as reduction of electricity taxes for vulnerable households.
At the same time, the Commission will introduce a temporary state aid framework to allow governments to support the most affected economic sectors.
The measures are intended to be "targeted, temporary, and coordinated" at the European level to avoid market distortions.
A "Fuel Observatory"
A new element is the creation of a fuel market monitoring mechanism.
The so-called "Fuel Observatory" will monitor production, imports, exports, and stocks of fuels in the EU to quickly detect any crises or shortages.
At the same time, member states will need to more closely coordinate measures such as filling gas storage facilities or releasing oil reserves to avoid imbalances.
Accelerating clean energy and electrifying the economy
In the medium term, the focus is on reducing dependence on oil and gas.
The Commission will present a plan by summer for the electrification of the economy - meaning transitioning as many activities as possible from fossil fuels (gasoline, diesel, gas) to electricity, with ambitious targets and measures to eliminate barriers in industry, transport, and the building sector.
Furthermore, there is a rapid expansion of renewable energy, including the modernization of existing wind farms and hydroelectric power plants.
Massive investments: 660 billion euros per year
The European executive acknowledges that the energy transition requires massive investments.
The estimated requirement is €660 billion annually until 2030, well beyond the capacity of public financing. In this context, the Commission aims to attract private capital and will organize a summit dedicated to investments in clean energy.
At the same time, member states are encouraged to use European funds more efficiently, including those from the Recovery Plan already available.
Energy shock for Europe
The AccelerateEU strategy comes after a request from European leaders, made at the European Council on March 19, to find solutions to rising energy prices.
The package will be discussed by heads of state and government at the informal European Council meeting in Cyprus scheduled for April 23-24.
This is the second major energy crisis in less than five years, following the one triggered by the war in Ukraine, and Brussels warns that dependence on fossil fuels remains a strategic vulnerability.
G.P.