|Author (Corporate)||European Commission: Secretariat General|
|Series Details||COM (2022) 108|
|Content Type||Blog & Commentary, News, Policy-making|
Communication published by the European Commission on 8 March 2022, aimed at improving the European Union's energy security and reducing dependency from Russian fossil fuels.
This Communication was published in a context of rising prices in the energy markets and dramatic changes to the European Union's security situation following Russia's invasion of Ukraine.
It presents additional guidance on addressing energy prices, and it confirms the possibility to regulate those prices in exceptional circumstances. It sets out how EU Member States can redistribute revenue from high energy sector profits and emissions trading to consumers. It positions EU State Aid rules as offering options to provide short-term support to companies affected by high energy prices, and help reduce their exposure to energy price volatility in the medium to long term. The additional guidance follows up on the Toolbox published by the European Commission in October 2021. A number of other actions and future legislative initiatives are also presented in this plan.
The Commission also proposes the phasing out of EU dependence on fossil fuels from Russia by well before 2030. This can be achieve through the development of a so-called REPowerEU plan aimed at increasing the resilience of the EU-wide energy system. This is carried out via diversification of gas supplies and faster reduction of the use of fossil fuels in homes, industry and the power system.
|Subject Categories||Energy, Security and Defence|
|Subject Tags||Energy Security, Fossil Fuels|
|Keywords||Natural Gas, Security of Energy Supply
|International Organisations||European Union [EU]|