The Strategist

EC to present a plan to strengthen EU energy security

05/18/2022 - 09:54

On Wednesday, the European Commission will present its suggestions to boost EU energy security in the face of sanctions against Russia, the EU's biggest energy supplier.

According to a draft document obtained by European media, the European Commission would recommend that EU member states prepare for a "sudden and full halt" of Russian gas supply.

Setting a cap on gas costs for consumers, especially industrial consumers, could be a quick fix.

In addition, as part of a €195 billion strategy to phase out Russian fuel by 2027, the European Commission will propose more ambitious renewable energy and energy efficiency targets.

A document on cooperation with the oil- and gas-rich Arab Gulf states is also expected to be released.

In addition, the option of auctioning off a portion of the market stability reserve fund's greenhouse gas emission certificates is being studied. According to the Financial Times, the EC plan involves selling 200 to 250 million certificates from the reserve, which could raise €20 billion.


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