BRUSSELS, April 13 (Reuters) - 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 Calls for Energy Price Coordination Amid Cost Surge from Iran Conflict
EU Response to Rising Energy Costs
Impact of Iran Conflict on EU Energy Bills
BRUSSELS, April 13 (Reuters) - 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.
Measures for Gas and Oil Coordination
Gas Storage Coordination
"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 told reporters in Brussels.
Oil Stock Releases
"And we will coordinate oil stock releases, to achieve the largest possible effect, and we will ensure that member states' emergency measures will not impact the single market."
Upcoming EU Energy Policy Initiatives
Energy Price Proposals
The EU Commission is planning to publish proposals for energy price measures on April 22, to be discussed by EU leaders at their informal summit next week.
Electrification Strategy
Separately the EU's executive arm will present an electrification strategy before the summer, von der Leyen said as she stressed the need for structural measures to lower energy prices as well.
Long-Term Decarbonization Strategy
Challenges of Fossil Fuel Dependency
"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," von der Leyen said.
Importance of Decarbonization
Growing Relevance of Green Strategies
"Our strategy to decarbonize has not only been confirmed in the last years, but is growing in importance day by day," she added.
Additional Information
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Reporting Credits
(Reporting by Mathias de Rozario and Bart Meijer; Editing by Makini Brice)
