EU discusses energy measures over Middle East crisis as costs rise by €22bn
On Monday, European commissioners considered possible steps in response to the energy challenges caused by the war in the Middle East. As a result, the EU has already been forced to spend an additional around €22 billion on energy purchases.
President of the European Commission Ursula von der Leyen said this at a briefing in Brussels, Censor.NET reports, citing Ukrinform.
EU loses more than €22 billion because of the energy crisis
"Since the start of the conflict 44 days ago, our spending on fossil fuel imports has increased by more than €22 billion," von der Leyen said, stressing the enormous impact of the crisis on the EU economy.
She recalled that even if the fighting ends quickly, disruptions to energy supplies from the Persian Gulf will continue for some time. That is why the EU College of Commissioners discussed a number of crisis response measures that will be presented to the leaders of EU member states at the next informal meeting of the European Council in Cyprus next week.
Coordinating gas purchases and filling storage facilities
Among the immediate steps that need to be taken, in the European Commission’s view, are ensuring reliable coordination among member states on gas purchases and filling gas storage facilities, as well as on the emergency release of oil reserves, in order to prevent damage to the single market from emergency measures taken by individual EU member states.
The second element of the immediate measures discussed by the College concerns member states’ approaches to protecting vulnerable groups and sectors from rising energy prices.
The measures must be targeted and temporary, she said. Von der Leyen added that the European Commission will share model best practices from various support schemes with member states.
The third element discussed today was ways to reduce demand for energy resources while respecting consumers’ freedom of choice.
Protecting consumers and containing energy prices
At the same time, the European Commission is calling for structural measures to reduce energy prices, including ending dependence on fossil fuels by shifting electricity generation to renewable energy sources and nuclear power, as well as electrifying the economy as quickly as possible.
The electrification strategy will be presented before this summer, von der Leyen said.
As of today, more than 70% of electricity generation in the EU comes from renewable energy sources and nuclear power. However, the European Commission believes these figures can be improved, since "huge volumes of clean energy remain unused."
European Commission prepares strategy for electrifying the economy
Von der Leyen also called on member states to make better use of EU funds to invest in power grids, storage facilities, and batteries, while also urging an increase in private investment in this area.
