The European Commission will present legislative proposals on electricity taxes and grids charges in May to help reduce energy bill costs amid the fossil fuel crisis caused by the ongoing war in the Middle East.
"We will also coordinate oil stock releases, to achieve the largest possible effect of these releases. And we will ensure that Member States' emergency measures will not impact the Single Market," Commission President Ursula von der Leyen said Monday, noting that the EU's bill for fossil fuel imports has surged by more than 22 billion euros since the war began 44 days ago.
In her speech regarding the impact of the war on the European Union, von der Leyen stressed the importance of coordination among EU member states to deal with the energy crisis and the need to hasten the electrification of the bloc's economy by shifting electricity generation to renewable and nuclear power "as rapidly as possible."