The European Commission on Wednesday unveiled a package of measures called “AccelerateEU” to help member states manage energy pressures and prepare for future disruptions stemming from the war in the Middle East.
Commission officials said Europe’s energy system has so far shown resilience to global market shocks, but warned that price spikes and fuel shortages remain risks across the bloc. EU Energy Commissioner Dan Jorgensen called the crisis “a wake-up call and a turning point,” urging an accelerated move away from fossil fuels. He added that even a diplomatic solution to the standoff between Iran and the United States would not erase effects felt for years.
Key actions proposed in the toolbox include:
– Reducing taxes on electricity to encourage uptake of electrification measures such as heat pumps and lower reliance on oil and gas.
– Speeding the transition to domestic clean energy to replace oil, gas and fossil transport fuels.
– Coordinating the timing of gas purchases to avoid synchronized price hikes and considering mechanisms to facilitate oil stock releases.
– A fertiliser action plan to diversify supply chains and bolster domestic production.
– Loosening state aid rules to allow governments to subsidize up to 50% of price increases for oil and fertilisers that have occurred since the war began.
One immediate focus is jet fuel availability ahead of the summer travel season. The EU imports around 40% of its jet fuel and about half of that passes through the Strait of Hormuz. A Commission guidance note to capitals said Europe must maximise the operational capacity of its oil refining sector to meet current demand, especially for jet fuel.
Planned steps include mapping transport fuel supplies, coordinating alternative sourcing, improving distribution within the bloc, exploring greater imports from the United States and potentially requiring member states to hold minimum jet fuel reserves. Commissioner for Transport and Tourism Apostolos Tzitzikostas said there were no immediate signs of widespread flight cancellations but stressed preparedness.
The Commission also noted the bloc has relied on diversified gas and oil supplies, strategic reserves and expanded LNG import capacity to maintain security of supply so far. Still, Brussels estimates an additional €24 billion has been spent on energy imports since the Iran war began as a result of higher prices — “without receiving a single extra molecule of energy,” the Commission said.
Edited by: Alex Berry