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The EU’s fossil fuel import costs have soared over €27bn since the Middle East war began.
Speaking at a plenary debate on the energy crisis in the European Parliament, European Commission President Ursula von der Leyen said, “This is the second major energy crisis in the short span of four years. We cannot be overdependent on imported energy. Our bill for fossil fuel imports has increased by over €27bn, without a single molecule of additional energy.”
High energy prices and limited immediate alternatives mean the EU continues to pay premium prices, with increased reliance on US LNG filling the void.
She added that the crisis should spur home-grown, affordable and clean energy supply, from renewables to nuclear, in full respect of technology neutrality.
Poland’s plans to allocate over €500m ($585m) in subsidies for under the country’s fourth Covid recovery payment were recently approved by the EU.
The EU’s 20th Russian sanctions package includes and terminal services – but it came amid claims that the EU .
Europe’s shared goal is now to see a lasting end to the war. “This includes restoring full and permanent freedom of navigation in the Strait of Hormuz without tolls,” added President von der Leyen.
Chris Kremidas-Courtney, Senior Visiting Fellow at the European Policy Centre, said in a world dividing between systems built on fossil fuel flows and those built on electrification, resilience will depend on how much economies still rely on the former.
“Choices made over the next decade will determine how exposed European economies remain in this new era. Europe still has time to reduce that exposure. But it can no longer claim it did not see this coming.”
