The European Commission has unveiled a new package of measures called AccelerateEU, which aims to protect European households and industry from the impact of the fossil fuel crisis while accelerating the transition to clean and domestic energy sources. The proposal comes at a time when Europe is once again facing the consequences of its dependence on energy imports.

For the second time in less than five years, Europeans are paying a high price for their dependence on imported fossil fuels. Since the escalation of the conflict in the Middle East, the European Union has spent an additional EUR 24 billion on energy imports due to rising prices, without obtaining any additional supplies. The Commission believes that the current geopolitical situation clearly demonstrates the need to accelerate the energy transition.

President of the European Commission Ursula von der Leyen stressed, that decisions taken today will affect Europe's ability to face future crises. The AccelerateEU strategy is intended to bring both immediate help to citizens and businesses and long-term structural measures leading to energy independence and greater resilience to geopolitical shocks.

A key element of the proposal is to strengthen coordination between Member States. The Commission wants to ensure that measures are implemented in a consistent manner, including the replenishment of gas stocks, the possible release of oil reserves or the availability of transport fuels. A new fuel observatory is also to be set up to monitor EU-wide fuel production, imports, exports and stocks.

The package also includes targeted and temporary measures to protect consumers from price fluctuations. These include, for example, income support, energy vouchers and reductions in electricity taxes for vulnerable households. The Commission also plans to temporarily relax state aid rules to allow Member States to react more quickly to the impact of the crisis.

Accelerating the transition to clean energy also plays an important role. The Commission is preparing an electrification action plan to remove barriers in industry, transport and construction. Emphasis will also be placed on the development of sustainable fuels, particularly in aviation.

The transformation of the energy sector is also linked to the need to modernise energy networks. The Commission wants to speed up investment in infrastructure while adjusting the rules to give electricity a tax advantage over fossil fuels. Rapid modernisation of renewable sources such as wind and hydroelectric power is also envisaged.

The financing of the entire transformation will also be crucial. In addition to public funding from European funds, including the Recovery and Resilience Facility, private investment will need to be mobilised. The Commission has therefore adopted a clean energy investment strategy and plans to organise a summit to link the financial sector with industry.

The AccelerateEU measures are a response to the call by EU leaders in March for concrete steps to tackle the sharp rise in energy prices. The proposal will be discussed at the informal European Council in Cyprus.

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