"Central to the EU proposals is a focus on reducing reliance on oil and gas, to cushion against future fossil fuel supply disruptions and price spikes. The commission set out plans today to change EU tax rules, to ensure electricity is taxed below natural gas, confirming draft plans previously reported by Reuters."
"The proposal will also make it easier for governments to cut energy-intensive industries' and vulnerable households' electricity taxes to zero, to curb bills in the near term. Brussels will make legal proposals to amend the tax rules in May."
"Electricity taxes and levies in the EU are, on average, around twice as high as those for natural gas, according to analysis by think tank Strategic Perspectives. The Commission will also propose an electrification target before summer, to push industries to switch from fossil fuels to electricity."
"Brussels will also facilitate possible releases of oil stocks, by coordinating the timing and volumes in the EU, the Commission said. International Energy Agency members - which include most EU countries - agreed last week to take coordinated action."
The European Commission has introduced measures to address surging energy prices due to the Iran war's impact on energy markets. Key proposals include reducing reliance on oil and gas, changing EU tax rules to tax electricity lower than natural gas, and facilitating tax cuts for energy-intensive industries and vulnerable households. The Commission plans to set an electrification target to encourage industries to switch to electricity. Additionally, it will coordinate efforts to fill gas storage and manage oil stock releases to prevent price spikes.
Read at Irish Independent
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