BRUSSELS, April 13 (Reuters) – European Union member states must coordinate energy prices amid a 22 billion euro ($25.70 billion) increase in fossil fuel bills since the start of the United States and Israel’s war on Iran, EU Commission President Ursula von der Leyen said on Monday.
‘We are also studying…coordinating the gas supply of Member States to avoid too many Member States entering the market at the same time,’ Von der Leyen told reporters in Brussels.
‘And we will coordinate oil stockpile releases to achieve the greatest possible effect and ensure that Member States’ emergency measures do not affect the single market.’
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The EU Commission plans to publish proposed energy price measures on April 22, to be discussed by EU leaders at their informal summit next week.
Separately, the EU’s executive arm will present an electrification strategy before the summer, Von der Leyen said as she emphasized the need for structural measures to also reduce energy prices.
‘We are paying a very high price for our global dependence on fossil fuels, and the sad reality for our continent is that fossil fuel energy will continue to be the most expensive option for years to come,’ said Von der Leyen.
“Our decarbonization strategy has not only been confirmed in recent years, but is growing in importance every day,” she added.
(Reporting by Mathias de Rozario and Bart Meijer)
