Brussels: The European Union’s member states must coordinate on energy prices amid a 22 billion euro ($25.70 billion) increase in fossil fuel bills since the start of the Iran war, EU Commission President Ursula von der Leyen said on Monday, A News reports.
According to Azeri-Press News Agency, von der Leyen emphasized the need for coordinated efforts among EU member states, particularly concerning gas storage and oil stock releases. She stated, “We’re also looking into … coordination of member states’ gas storage filling to avoid that many member states go to the market at the same time.” Von der Leyen also mentioned plans for coordinating oil stock releases to maximize their impact and ensure that emergency measures do not disrupt the single market.
The EU Commission is preparing to unveil proposals for energy price measures on April 22, which will be reviewed by EU leaders at their upcoming informal summit. Additionally, the EU’s executive arm is set to present an electrification strategy before summer, highlighting the need for structural reforms to reduce energy costs.
Von der Leyen underscored the financial burden posed by the continent’s reliance on fossil fuels, indicating that this dependency will continue to result in high energy costs in the foreseeable future. She affirmed, “We are paying a very high price for our global dependency on fossil fuels, and the grim reality for our continent is fossil fuel energy will remain the most expensive option in the years to come.” She reiterated the importance of the EU’s decarbonization strategy, noting its increasing significance in recent years.