EU unveils ‘AccelerateEU’ plan to cut energy dependence

For the second time in less than five years, Europe is facing the economic consequences of its reliance on imported fossil fuels. Following the escalation of tensions in the Middle East, the European Union has spent an additional €24 billion on energy imports without receiving extra supply.

European Commission President Ursula von der Leyen stressed the urgency of the shift: “The choices we make today will shape our ability to face the challenges of today and the crises of tomorrow. We must accelerate the shift to homegrown, clean energies. This will give us energy independence and security.”

The proposed measures combine immediate relief with long-term structural reforms. These include coordinated actions among member states on gas storage and oil reserves, as well as the creation of a new Fuel Observatory to monitor supply and prevent shortages.

To protect consumers, the Commission suggests targeted support such as energy vouchers, income assistance and reduced electricity taxes for vulnerable households. Additional flexibility under state aid rules is also planned to support the most affected sectors.

Looking ahead, Brussels will introduce an Electrification Action Plan by summer, aimed at accelerating the use of clean electricity across industry, transport and buildings. Investments in grid infrastructure and renewable energy capacity will also be expanded.

The initiative highlights the scale of the challenge, with an estimated €660 billion in annual investment needed through 2030. EU leaders are expected to discuss the proposals at the upcoming European Council meeting in Cyprus.

Earlier, Qazinform News Agency reported that global oil prices surged in Monday trading amid renewed geopolitical tensions in the Middle East, underscoring growing volatility in energy markets.