EU Unveils Major Energy Plan to Cut Fossil Fuel Dependency

(MENAFN) The European Commission has put forward a sweeping package of measures designed to wean Europe off imported fossil fuels and tackle surging energy costs driven by ongoing Middle East tensions, according to a press release issued Wednesday.

Under the flagship "AccelerateEU" initiative, the Commission warned that Europeans are bearing the cost of energy dependency for the second time in under five years — with an additional €24 billion (approximately $25.6 billion) spent on energy imports since the Middle East conflict escalated, yielding no increase in supply.

European Commission President Ursula von der Leyen said the strategy targets both short- and long-term relief. "The choices we make today will shape our ability to face the challenges of today and the crises of tomorrow," she said, adding that accelerating the shift to "homegrown, clean energies" would strengthen resilience to geopolitical shocks.

The plan encompasses coordinated action among member states on gas storage, oil reserves, and fuel supply management, along with a new fuel observatory to track EU-wide flows and stock levels. Consumer and industrial support measures — including energy vouchers, income assistance schemes, and temporary state aid flexibility — are also envisaged.

Longer-term provisions call for accelerated electrification, expanded renewables infrastructure, and reinforced power grids across the bloc. The Commission urged faster deployment of major EU funding instruments, including the Recovery and Resilience Facility and cohesion funds, while stressing that private investment must cover an estimated €660 billion in annual energy transition needs through 2030.

EU leaders are expected to take up the proposal at an informal European Council summit in the Greek Cypriot Administration on April 23–24.

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